FRANK RUSSON CHARITABLE TRUST
Registered Charity Number.. 237598
TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024

Frank Russon Charitable Trust
Index to the Accounts
Year Ended 5 April 2024
Page
Reference and Admlnistrative Information
Trustees Annual Report
9-10 Independent Examlner's Report
li
Statement of Financial Activlties
12
Balance Sheet
13- 15 Notes to the Accounts

Frank Russon Charitable Trust
Page I
Reference and Administrative Information
Year Ended 5 Aprll 2024
Governing Document
The Trust is governed by a Declaration of Trust dated 16 April
1964 as amended on 19 November 2018.
The Trust's registered charity number is 237598.
Trustees
Mrs Pamela Clare Hagon
Mr Timothy Gerald Tyler Hagon
Mr David John Nightingale
Clerk to the Trustees
Ms Kirsty M McEwen
Solicitors
Higgs LLP
3 Waterfront Business Park
Brierley Hill
West Midlands
DY5 ILX
Investment Managers
LGT Wealth Management
14 Cornhill
London
EC3V 3NR
Bankers
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
ME19 4TA
Independent Examiners Churchill Taxation
835 Birmingham New Road
Tption
DY4 8AS

Frank Russon Charitable Trust
Page 2
Trustees Report
Year Ended 5 April 2024
Report of the Trustees for the year ended 5 April 2024
The Trustees present thelr annual report and financial statements of the Trust for the year
ended 5 April 2024. The financial statements have been prepared in accordance with the
accounting policies set out in the accounts and comply with the Trust's Governing
Document, the Charities Att 2011 and the Statement of Recommended Practice applicable
to the charities preparing their accounts with the Financial Reporting Standard applicable
on l January 2019.
Structure. Governance and Management
The Trust was registered with the Charity Commission on 10 November 1964 under
registered charity number 237598 and is governed by the Declaratlon of Trust dated 16
April 1964 as amended on 19 November 2018 ("the Governing Documents").
The Trust does not artively fundraise and seeks to continue the charitable work desired by
the Settlor through the careful stewardshlp of its existing resources.
The Governing Documents provide for there to be three Trustees.
Trustees are appointed for a term of office for three years, with no maxlmum number of
terms of office. Trustees terms of office took effect from their current term of office as
served at the date of resolution passed on 19 November 2018.
The Trustees must hold one meeting each year. The quorum at any meeting is at least one
third of the totèl number of Trustees at the time, or two, whlchever is the greater.
At the Trustees, meetings, the Trustee5 agree the broad strategy and areas of activities for
the Trust, including consideration of grant making, investment pollcy, level of reserves and
risk management.
The day to day administration of grants and the processing and handling of applications
prior to consideration by Trustee5 15 delegated to the Clerk. The Clerk will consider the
monitoring information concerning the performance of grants to date and make
recommenclètions to the Trustees concerning the extension, cessation or Suspension of
exlsting grant approvals.
The Trustee5 would take account of the recommendètions of the ICSA best prartice gulde
'Recruitment, Appointment and Induction of Charity Trustees, should the need to recrult
new Trustees arise. The Trustees would look to recruit In light of an appropriate skills
audit of the current Board and taking into account the experlence, expertise and diversity
of the current Board, as well as their knowledge of the Trust's beneficlal dass.

Frank Russon Charitable Trust
Page 3
Trustees Report
Year Ended 5 April 2024
New Trustees may be sought by open advertisement or through a dialogue with local
communlty groups respecting the ethos of the Trust. To continue the charitable work
intended by the Settlor, the Trustees actively seek those with a knowledge of the local
are4 when consldering any prospettive candidate. The ultimate decision on selettion 15 a
matter for the Trustee5.
On appointment new Trustees sign a Trustee Declaratlon and Undertaking commltting
them to the givlng of thelr time and expertise. It also confirms their ability to art in the
role of Trustees. The induction process has been changed to follow the ICSA good practice
guide with a formal induction programme for any newly appointed trustee being led by the
Clerk, to include initial tralning in the grant making process, the duties and responsibilities
of the Trustees and the role of any sub committees. The welcome pack includes, amongst
other information and guidènce, a brief history of the Trust, copy of recent Trustee
minutes, a copy of the last three years of annual reports and accounts, a copy of the
Governing Document and a copy of the Charity Commission's guidance 'The Essential
Trustee.. What You Need to Know, and 'Charities and Public Benefit,.
The Trustees intend in the upcoming year, with the support of the Clerk, to developing a
code of conduct for Trustees including formal statements of roles and responsibilities and
to undertake work on the Charity Governance Code..
All Trustees give of their time freely and no Trustee remuneration was paid in the year.
Trustee5 are entitled to claim reasonable out of pocket expenses and where they do those
are noted in the accounts.
Trustees are required to disclose annually (and as they arise) any potential interest5 which
might conflict and register them with the Clerk and In accordance with the Trust's written
confllcts of interest policy.
Rlsk Management
The Trustees have considered the major risks to whlch the Trust is exposed and have
reviewed those risks and established systems and procedures to manage those risks.
The major financial risk is the variability of investment retum5 on the portfolio and its
impact on income levels and capital growth. The Trustees have actively sought to manage
this risk by appolnting LGT We6lth Management as Discretlonary Managers of the
investment portfollo. Their role is to monitor the performance of the portfolio, to take
appropriate artion to mitigate any loss to the portfolio, and to ensure that the objectives
as detailed in the Investment Policy Statement are following and reviewed annually.
The major operational risk is the extent to which grants awarded to charitable or not for
profit organisations advances the objects of the Trust and demonstrate sufficient public
benefit. The Trust ha5 managed its risk by retaining Trustees of sufficient expertise and
experience, and through the quality of the institutlons and the people who they support.
In addition, the Trustees rely on the Clerk to undertake appropriate and proportionate due
diligen￿ on applications and ensure all grant giving retains a focus on the public benefit.

Frank Russon Charitable Trust
Page 4
Trustees Report
Year Ended 5 April 2024
The major regulatory irnpart of the Common Reporting Standard {'the CRS.), on the
operation of the Trust. CRS 15 being an international tax trènsparency regime aimed at
preventing tax evasion. CRS came into force from l January 2016 and the Trust is now
required to provide information about their beneficiaries, tax residency status to HMRC,
who will then share thls information with the appropriate tax authority in other
Jurisdictions.
The Trust is subject to this reglme because it relies on investments for more than 50 % of
its income arTrd those investments are professionally managed by a financial institution
under discretionary mandate. This means the Trustees are required to carry out due
diligence to establish a tax residency status of all beneficiaries, keep records of efforts to
comply with the regime, register with HMRC as a financial institution ("Financial
Institution") if they have reporting requirements and report to HMRC if required.
The grant application process is reviewed annually and the grant appllcation form
expanded to collect the necessary due diligence information that is required in order to
establish tax residency status of all grènt recipients. Thls includes additional informètion
Including tèx resident jurisdiction and entity status (for organisations)- The Trustees will
keep this under review.
The Trust rnanages thSs regulatory risk by retaining Trustees of sufficient skill and
expertise and through the qLJality of the institutions and people who they support. In
addition, the Trustees rely on the Clerk to ensLJre any review process retalns a focu5 on the
public benefit derived from the funding of the individuals and projects.
Objects and Activities for the Public Benefit
The objerts of the Trust are to make grants for general charitable purposes.
The Trustees confirm that they have referred to the guidance contained in the Charity
Cornmission's general guidance on public benefit when reviewing the Trust's objects and
purposes and in planning future attlvities and setting the grant making policy for the year.
The Trust carries out its objects by providlng grants to charitable and not for proflt
organisations (for exclusively charitable purposes).
By focusing on these areas of grant attivity, the Trnst achieves its Strategic priority of
maintaining a stable grant making prograrnme, balancing support to both individuèls and
voluntary organisations (for exclusively charitable purposes).
Grant Making
The Trustees have power to spend the income and capltal In furtherance of the objects, but
have during the course of the year, the Trustees have resolved to spend only the income,
retaining the capital.

Frank Russon Charitable Trust
Trustees Report
Page 5
Year Ended 5 April 2024
The Trust has established its grant making policy to achieve its object5 for the public
benefit, to support charitable and not for profit organisations. The Trustees review the
grènt making policy annually to ensure It reflects the Trust's objects and thereby advances
public benefit.
Grants are awarded to chèritable or not for profit organlsations (for exclLJslvely charltable
purposes) for capital projects, but the Trustees will not meet core administration costs
such ès staff costs or property costs etc.
The general policy of the Trustees is not to glve retrospective grants and the Trustees will
only conslder one application per year from any applicant.
Grant Making Procedure
Appllc3tions can only be considered If they are on the Trust's standard applicatlon form.
The application form must be completed and returned (together with a copy of any
supporting irTrformation relevant to the applicètion) to the Clerk at least four weeks befo
the meeting at which the application Is to be considered.
The Trustees meet once a year to consider applications.
It is the pollcy of the Trustees to consider grants on an equal opportunities basis,
regardles5 of gender, religion and ethnic background.
Public Beneflt
The Trustees confirm that they have referred to the information contained in the Charity
Commission's guidance on public benefit when reviewing the Trust's objects and activlties,
their grant making policy and plans for future periods.
The objects and activities of the Trust are largely determined by the provisions of the
Governing Docurllents, and from there the Trustees exercise a discretion in considering
how best to meet the public benefit test and ensure that as many charitable and not for
profit organisations (for exclusively charitable purposes) benefit. Further detalls of the
grants made are set out in schedule to the accounts at Appendlx A.
Monitoring and Achievement
The Trustees have continued wlth an aspirètion to seek a reasonable return over the long
term. In recent year5 the portfolio has shown a welcomed recovery and it Is considered
that the long-term objectives to meet income needs and grow the capital remain
obtainable.
Durlng the year the performance of the principal investment portfolio was marTraged by LGT
Wealth Management and was considered satisfactory with 811 benchmarks being largely
achieved.

Frank Russon Charitable Trust
Trustees Report
Page 6
Year Ended 5 April 2024
Grènts awarded during the period are listed at Anrlex A in the accounts.
Financial Review
The Trust's work is entirely reliant on income and investment returns from its capital. As at
5 Aprll 2024, the value of the Trust fund stood at £1,142,163. During the year the
investment income of the Trust amounted to £34,523.
Investment Policy and Performance
The investment powers of the Trustee5 are wide and allow the Trustees to invest funds in
any manner (after taking such advice as they consider necessary) and having regard to the
suitability of investments and need for diversification.
The principal investment holdings of the Trust comprise funds and portfoli05 of quoted
securities. As at 5 April 2024, the value representecl 100 % of the Trust's Investments. The
management of the portfolio Is undertaken on a discretionary management basis by LGT
Wealth Management and the written investment policy is revlewed on at least an annual
basis by the Clerk in corljunttion with the investment managers and ultimately approved by
the Trustees.
The value of the investment portfolio as at 5 April 2024 was £1,138,852 as compared wlth
the value as at 5 April 2023 of £1,057,290.
As at 5 April 2024 the Trustees held cash on deposit with CAF Bank of £3,476 (as
compared with cash on deposit with LGT Wealth Management of £2,325).
Reserves Policy
The whole of the Trust's capital Is expendable and this distlnctlon between capital and
income is not relevant. The Trustees appreciate that the general principles of charity law
reouire Trustees to spend their income within a reasonable period of receipt.
The Trustees have set and agreed a policy which broadly identifies the framework within
which the Trust will operate its reserves. The intention is that the Trust will retain an
appropriate and reasonable level of reserves whilst concurrently ensuring that it Ljses the
income in a manner that is within the objetts at the best interests of the Trust and its
benefficiarles.
Since the Trust receives all of its income from the Investment portfolio, the Trustees are
mindful that the source of income can be volètile and subjert to sudden changes in the
market. They are concerned that in any year there is a risk that they cannot meet their
ongoing administration and professional expense commitments as and when they arise,
due to any fluctuations in the market whlch may prevent or signlficantly reduce income.

Frank Russon Charitable Trust
Trustees Report
Page 7
Year Ended 5 April 2024
The Trustees hève therefore cons￿dered, In conjunttion with the professional advisers, the
level of reserves to retain from surplus unrestricted funds. They have decided to bulld up a
pot of reserves equivalent to one year'5 admlnistrative and professional expenses but
excluding grant commitments. This will ensure that should there be any fluctuation5 in the
market which reduce the income available for dlstrlbution, the Trust can use its reserves to
continue to meet it5 obligations and liabilities as and when they fall due.
Plan for Future Periods
The Trustees believe thelr grants have translated into significant public benefit. The Trust
is a lasting testimony to the generosity and charitable concerns of the Settlor. In
cementing the arrangements already in place, and continuing with its current activities as
set out in thi5 report, so that the many and varied charitable and not for profit
organisations may continue to benefit In real terms from its finèncial support. The Trust
aims to provide a longer term commitment and thereby encourage and support charitable
and not for profit organisations.
The intention is to continue a programme of grant glving which will translate into
significant public benefit. The Trustees will focus on those voluntary organisations who
would benefit in real terms (impact) from its financial support, thus provlding and ensuring
a longer-term commitment to support.
Trustees. Responsibilities in Relation to the Financial Statements
The Trustees are responsible for preparing the Trustees, Report and the financial
statements in accordance with applicable law and regulations and United Klngdom
Accounting Standards. The law applicable to charities in England and Wales required the
Trustees to give a true and fair view of the state of affairs of the Trust and of the incoming
resource5 and application of resources, including Income and expenditure of the Trust for
that period.
In preparing these financial statements, the Trustees are required to..
select suitable accounting policies and then apply thern consistently,.
observe the methods and principles of the Charities SORP,.
make judgements and estimates that are reasonable ènd prudent..
state whether applicable accounting standards have been followed, subject to any
material departure5 disclosed and explained in the financial statements,. and
prepare the financial statements on the going concern basis unless It is
inappropriate to presume that the Trust's wlll continue in operation.
The Trustees are responsible for keeplng adequate accounting records th8t are sufficient to
show and explain the Trust's transactions and disc105e with reasonable accuracy at any
time the financial position of the Trust and enable them to ensure that the financial
statements comply with the Charities Act 2011, the Charity {Accounts and Reports)
Regulations 2008 and the Governing Document.

Frank Russon Charitable Trust
Page 8
Trustees Report
Year Ended 5 April 2024
They are a150 responslble for safeguardlng the assets of the Trust and hence for taking
reasonable steps for the prevention and detection of fraud any other irregularities. The
Trustees are responsible for the maintenance and integrity of the Trust and financial
information included on the Register of Charities.
Approved by the Trustees and signed on their behalf by the Chair:
Pamela Clare Hagon
Chair

Frank Russon Charitable Trust
Page 9
Independent Examiner's Statement
Year Ended S April 2024
I report on the accounts of the Trust for the year ended 5 April 2024 which are set out on
pages 11 to 15.
Respective Responsibilities of Trustees and Examiner
A5 the Trust's Trustees you are responsible for the preparation of the accounts,. you
consider that an audit Is not required for this year under section 122(2) of the Charities Att
2011 (the 2011 Act) and that an independent examination is needed. It is my
responsibility to:
Examine the accounts under settlon 145 of the 2011 Art;
To follow the procedures lald down in the general Directions given by the Charlty
Comrnission under section 145(5)(b) of the 2011 Art,. and
To state whether partlcular matters have come to my attention state.
Basis of Independent Examiner's report
My examination was carried out In accordance wlth the General Directions given by the
Charity Commissioners. An examination includes a review of the accounting records kept
by the Trust and a comparison of the accounts presented with those records. It also
includes consideration of any unusual items or disclosures in the accounts, and seeking
explanations from you as Trustees concerning any such matters. The procedures
undertaken do not provide all the evidence that would be required in an audit, and
consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner's Statement
In connection wlth my examination, no matter has come to my attention..
(i)
which gives me reasonable cause to believe that in any material respect the
requirements
to keep accounting records in accordance with Section 130 of the 2011 Act;
and
to prepare accounts which accord with the accountlng records and to comply
with the accounting requlrements of the 2011 Act
have not been met,. or
(2)
to which, in my oplnion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.

Frank Russon Charitable Trvst
Page 10
Independent Examlner's Statement
Year Ended 5 April 2024
Signed..
Name.. S11-P4rta i É i LL
Relevant professional qualification or body..
Addre5S
OYi* 8&5
Date..
2ililLS

Frank Russon Charitable Trust
Page 11
Statement of Financial Activities
Year Ended 5 April 2024
Incoming Resources
Investment income
Bank interest
34,523
341
33,736
41
Total Incoming Resources
34,864
33,777
Resources Expended
Dlrect Charitable expenditure
Other expenditure
administration
1.000
15,328
13,931
Total Resources Expended
Net incoming resources
18,536
19,846
Gains (losses) on investments
Realised
Unrealised
86,622
Net movements in funds
73,398
166,776)
Accumulation fund at 5 Aprll 2023
Accumulation fund at 5 April 2024
1 068,765
1,135 541
1 142 163
1,068 765

Frank Russon Charitable Trust
Balance Sheet
Page 12
Year Ended 5 April 2024
02
Fixed Assets
Investments
Total Fixed Assets
1,138,852
1,138,852
1,057,290
1,057,290
Current Assets
Cash at bank
Debtors
5,801
120
16,155
120
Total Current Assets
5,921
16,275
Liabilities
Creditors: amounts fallin9 due
within one year
(2,610)
(4,800)
Net current assets
3,311
11,475
Total assets les5 current
Ilabilities
1,142,163
1,068,765
Accumulated Fund
1,142,163
1,068,765
The notes at pages 13 to 15 form part of these accounts
Approve(J by the Trustees and signed on their behalf by the Chair..
Parnela Clare Hagon
Chair

Frank Russon Charitable Trust
Notes to the Accounts
Pa9e 13
Year Ended 5 April 2024
l. Accounting Policies
(a) Basis of preparation
The financlal statements have been prepared under the hlstoric cost convention, wlth the
exception that investments are included at market value. The financial statements have
been prepared In accordarTrce with the Statement of Recommended Practice.. Accounting
and Reporting by Charities (FRSEE) issued in January 2015 and applicable UK Accounting
Stèndards and the Charities Act 2011.
Ib) Funds structu
The Trust has one fund, an unrestritted income fund. This is a fund whlch the trustees are
free to use for any purpose in furtherance of the charitable objects.
(c) Incoming resources
All incoming resources are recognised once the Trust has entitlement to the resources, it IS
certain that the resources will be received and the monetary value of incoming resources
can be measured with sufficient reliability.
(dl Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or construrtive
obligation committing the Trust to the expenditure. All expenditure 15 accounted for on an
accruals basis and has been classified under headings that aggregate all costs related to
the category.
Grant5 payable are payments made to in the furtherance of the charitable objectives of the
trust.
(e) Other expenditure adrninistration
The costs of generating funds consists of investment management fees, legal fees,
accountancy fees and other governance and regulatory fees.
(Q Direct charitable expenditure
The cost5 of charitable attivities include grants made.
(g) Fixed asset investments
Investments are stated at market value as at the balance sheet dète. The statement of
financial activities Includes the net gain and losses arising on revaluation and disposals
throughout the year.
(h) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activlties as they arise.
Realised gains and losses on investments are calculated as the dlfference between sales
proceeds and opening market value (purchase date if later). Unrealised gains and losses
are calculated as the dlfference between and market value at the year end and openlng
market value (or purchase date if later). Realised and unrealised gains are not separated in
the Statement of Financial Activities.
2. Related party transactions and trustees. remuneration
Trustees received no remuneration and claimed no expenses In the year.

Frank Russon Charitable Trust
Notes to the Accounts
Page 14
Year Ended 5 April 2024
Adminlstration
Trustee Expenses
Investment Management Fee
Bank Charge
Higgs LLP fee
Accounts Examination fee
8,527
63
6,210
528
15,328
iii
8,465
75
4,800
480
13,931
Trustees
No remuneration was paid to the Trustees.
Quoted Investments
Market value at start of accounting year
Cash movements re.. Share changes
Realised gain/(Ios5)
Unrealised galn/(loss)
Market value at end of accounting year
1,057,290
26,700
1,125,430
18,482
54,862
1,138,852
86,622
1 057,290
Cash at Bank
CAF
LGT Wealth Management
3,476
2,325
5,801
3,451
12,704
16,155
Debtors
Higgs LLP
120
120
120
120

Frank Russon Charitable Trust
Page 15
Notes to the Accounts
Year Ended 5 April 2024
02
02
Creditors." amounts falling due within
one year
Unrepresented cheques re.. Donations
Higgs LLP
2,610
2,610
4,800
4,800
9 Analysis of charitable expenditure
The Charity undertakes its charitèble attlvlties through grant making and aw8rding grants
to a number of organisations in furtherance of its charitable artivitie5.
Grant funded activities:
Royal Trinity Hospice
1,000