Blackadders THE RUSSELL QUINTON CHARITY Accounts for the year to 5 April 2024. Charity Commission Ref. No. 282173 30 & 34 Reform Street Dundee, DDI IRJ Tel.. 01382 229222 www.blackadders.co.uk 074799-0001 THE RUSSELL UINTON CHARITY Trustees Miss Linda Hills Mrs Anne Elizabeth Douglas Rev Rita Carr Mr5 Lindsey Kay Aquilar Gomez Mr Bruce Calder Address Blackadders LLP 30 & 34 Reform Street Dundee DDI IRJ Charity Commission Ref. No 282173 Independent examiner David Taylor CA Henderson Loggie LLP Vision Building 20 Greenmarket Dundee DDI 40B Bankers Barclays Bank Stowmarket & Needham Market Suffolk Solicitors Blackadders LLP 30 & 34 Reform Street Dundee DDI IRJ Investment Managers Blackadders Wealth Management LLP 30 & 34 Reform Street Dundee DDI IRJ Page 2 The Trustees present their annual report and accounts lor the year ended 5 April 2024. This Report is prepared in accordance with the constitution ol the charity and the recommendations of the Statement ol Recommended Practice and Accounting and Reporting by Charities." Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Structurè Gov•rnanc• and Mana •m•nt Constitution The fund was constituted by a Deed of Trust dated 9 April 1973. Appointment of Trustees The Trustee5 throughout the year and at the date ol this report are shown on page 2. Trustee5 are nominated bv the then existing Trustees and their appointrnent confirmed by a formal Deed of Assumption. The Trustees have considered è policy on trustee inductions and training prior to new trustees being approached. This includes awareness of a trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee receives copies ol the previous year's accounts, minutes of the Trustees, meetings and the Charity Commission leaflet 'The Essential Trustee.. What you need to know, what you need to do" if appropriate. Training is given to existing trustees as required. Organlsatlon The Trust is administered under thè supervision of the Trustees who meet regularly. The Trustees agree the br08d strategy 8nd are8s of activity for the Trust, including consideration of grant making, investment, reserve5 and risk manacjement policies and performance and receive reports from the secretaries in connection with the recent 8Ctivities of the TrLJSt. Day to day administration is carried out by the Trust's olfici81s. Risk m8na9ement The TrLJStees h8ve assessed the m8jor risks to which the ch8rity is exposed, in p8rticular those related to the operations and finances ol the Trust. Apart from sustained downward stockmarket movements the Trustees do not believe there are 8ny m8jor financial risks to which the Trust is &xposed. The stockmarket risk is mitigated by retaining expert investment managers and having a diversified investment portfolio. The Main form ol financial risk laced by the charity is that ol volatility in èquity markèts and investment markets due to wider economic conditions, the attitudes of investors to investment risk, and changes in sentiment concernino eouities and within particular sectors or sub sectors. The Trustees consider the board of Trustees to comprise the key management personnel ol the charity in charge of directing and controlling the charity, and running the charity on a Llay to day basis. The Trustees received no remuneration or expenses in the year ol this account or thè previous year. How our activities deliver public benefit Our main activities and who we try to help 8re described on the next page. Our m8in ch8rit8ble 8Ctivity in the current year locuses on maintainino buildings as outlined. Who used and benefited from our services? All users of the buildings maintained by the charity benefited from the improved facilities. Page 3 THE RUSSELL UINTON CHARITY ort Of The Trustees For The Year Ended 5 A ril 2024 contd Objectives The objectives of the Russell Quinton Charity are to apply both capital and income generally upon such charitable trusts and for such charitable purposes as the Trustees, after consulting Wlth the elders, as herein8ftÈr provided shall from to time determine. The Trustees have resolved within their general discretion, and subject to regular review, to apply the capital and income lor the following purposes". For the purpose5 01 a recreation ground playing field or open space lor the benefit of such persons as the Trustees sh811 determine. For repairs andlor alterations to buildings owned by Christchurch after requests from the elderslchurch meeting. For repairs andlor alterations to buildings owned by U.R.C. and Methodist Churches within a 20 mile radius of Christchurch Needham Market. For the assistance ol young people's work in which Christchurch is involved. For the assistance ol young people's work in U.R.C. 8nd Methodist Churches within 8 20 mile r8dius of Christchurch Needham Market. In response to requests from a church of 8ny denomination within the locality provided they subscribed to the Apostles and Nicene Creeds. For any other purpose that the Trustees consider to be within the stated purposes of the 1973 Convey8nce. Investment policy and performance In accDrd8nce with the trust deed, the Trustees have the power to invest in such stocks, shares, investments and property in the UK £s they see lit. Blackadders Wealth Management LLP provide advice and portfolio management services. A J Bell Nominees Ltd have responsibility for custody ol stock and to provide collection 8nd other services. The investment objective is to achieve a balanced return from income and from capital growth. Reserves policy The reserves ol the Trust originate from original and subsequent donations together with the growth in value of investments. The Trustees have adopted a reserves policy that ensures the Continuing ability of the Trust to meet its objectives. Capital and Revenue balances are retained to meet significant requests lor financial assistance and stockmarket risks. The level ol free reser¢es (unrestricted) held at 5 April 2024 was £1,120,515.14 (2023 - £1,098,485.84). Restricted funds are funds ol Quinton Lodge Trust which are lor the repair or renewal of the Minister's residence known as Quinton Lodge and or any dwellinghouse which from time to time be substituted therefor. The fund balance was £11,641.76 at 5 April 2024 (2023 - £11,641.76). Financial rèvièw The results ol the year are set out in the statement of financial activities. This shows the Trustees continuing to support orqanisations covered by the Trusts objectives. Future Pollcy As the Trust is predominantly a grant giving charity and has no material ongoing commitments, world events have not materially allected the Trust's operations. However the Trustees are mindful both ol the potentially increased needs of many traditional beneficiaries and the potential decrease in future investment income and will manage the Trust's allairs in a manner that will ensure the Trust's sbility to achieve its charitable objectives in the medium to long term can be met. Approved by the Trustees and $19ned on thelr behalf by: Linda Hills Date". 25.9.2024 Linda Hills Page 4 THE RUSSELL UINT N CHARITY Statement of Trustees, res onsibilities The Trustees are responsible lor preparing the Report ol the Trustees and the sccounts in 8¢cordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and lair view of the charity's state ol affairs for the year and of the incoming resources and application ol resources lor the charity for that period. In preparing these accounts the Trustees are required to.. select suitable accounting policies and then apply then consistently,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject to aT)y material departures disclosed and explained in the accounts,. and prepare the 8¢counts on the going Concern basis unless it is inappropriste to presume that the ch8rity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011 and the provisions ol the charity constitution. They are also responsible for safeguarding the assets of the charity and hence lor taking reasonable steps for the prevention and detection of Iraud and other irregularities. Page 5 THE RUSSELL UINTON CHARITY Inde endent examiner's re ort to the Trustees I report to the trustees on my examination of the accounts of the Russell Quinton Charity Ithe Trust) for the year to 5 April 2024 as set out on pages 7 to 11. This report is made to the trustees, as a body, in accordancè with the terms of my engagement letter 10 July 2024. My work has been undertaken to enable me to report my opinion set out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the trustees, as a body, for my work or lor this report. R•sponslbllltl•s and basls of r•port As the charity trustees ol the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act). I report in respect ol my examination ol the Trust's 2CCOLJnts carried our under section 145 of the 2011 Act and in carryincj out my examination I have tollowed all the applicable Directions given by the Charity Commission under sections 14515)Ibl of the Act. Independent examiner's statement I have Completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any respect.. accounting récords wèré not képt in respèct of the Trust as required by seetion 130 of the Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the lorrn and content ol accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a m8tter considered as part ol an independent ex8mination. I have no concerns 2nd have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ol the accounts to be re2ched. Date-. 1111012024 David Taylor, CA For and on behalf of Henderson Loggie LLP, Chartered Accountants 20 Grèénmarkét Dundee DDI 40B Page 6 THE RUSSELL UINTON CHARITY Note 2024 2023 Flxed Asset5 Investments £ 1,001,569.00 970,259.00 Current Assots Barclays Bank PIC Bank ol Scotland Cash with A J Bell Nominees Ltd 101,509.67 56.38 34,375.71 135,941.76 105,693.11 270.03 38,712.99 144,676.13 Current Liabilities Due to agents 5,355.93 5,355.93 4,807.53 4,807.53 Net Current Assets 130,585.83 139,868.60 Total Assèts Less Currant Liablliti•s £ 1,132,154.83 1,110,127.60 Represented by Restricted Funds Unrestricted Funds 11,64176 1,120,515.14 11,641.76 £ 1,098,485.84 £ 1,132,156.90 1,110,127.60 Approved by the Trustees and signed on their behalf by: Linda Hills 25.9.2024 Date.. Linda Hills Page 8 Notes to the Accounts l Accounting polici•s The following accounting policies have been applied consistently in de81ing with items which are considered material in relation to the trust's accounts. Basis of preparatitsn The accounts have been prepared in aceordance with applicable accounting stanclards and recommended practice under the historical cost accounting rules as modified by the rev81uation of investments and include the results of The Russell Quinton Charity's operations, all of which are continuing. The accounts have been prepared in 8ccordance with applicable accounting st8ndards and the Statement of Recommended Practice Aecounting and Reporting by Charities, prep8ring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued in October and the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland (FRS 1021, comply with the Charities Act 2011 No statement of cash flows has been produced as the Trustees have adopted the provisions of the Charities SORP IFRS1021 update bulletin I, which exempts the charity from the requirement to produce a slatement of cash flows on the basis it is not a large charity. The charity constitutes 8 public benefit entity as defined by FRS 102. The ollicials consider that there are no mÈterial uncertainties Èbout the charities ability to continue as a goino concern. The following is a summary of the significant aceounting policies 8dopted by the ch8rity in the preparation of accounts. Income recognltlon All income is recognised once the charity has er)titlement to the income, it Is probable that the income will b received and the amount of income receivable can be measure reliably. Donations, Sre recognised when the charity has been notified in writing of both the amount and the settlement d8te. In the event that a donation is subject to conditions that require 8 level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are tully met, or the fulfilment of those conditions is wholly within the control of the charity 8nd it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on deposit when receivable 8r)d the amount can be measured reliably by the ch8rity,' this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investmer)t portfolio. Page 9 THE RUSSELL UINTON CHARITY Expendlture recognltlon Liabilities are recognised a8 expenditure as soon as there is 2 legal construetive obligation committing the ¢harity to that expenditure, it is probable that a settlement will be required and the amount of the obligation csn be measured All expenditure is accounted for on an accrua15 bssis. A11 expenses including support costs and governance costs are allo¢ated or apportioned to the appli¢able expenditure headings For more information on this attribution refer to allocation of support and governance costs. Irrecoverable VAT Irrecoverable VAT is ch8rged 8gainst the expenditure he8ding for which it was incurred. Allocatlon of support and governance costs Support Costs have been allocated between governance cost8 and other support CO8t8. Govern2nce co8t8 comprise all costs ir)volving the public accountability of the charity and its compliance with regulation and good practice. These ¢osts in¢lude Costs related t(> the independent examination and leg21 fees t(>gether with an Èpportionment of overhead 8nd support costs. Investment Policy Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair values 8$ the balance sheet date using the closing quoted market price. The statement of financi818Ctivities includes the net g8ins and losses arising on rev8lu8tion and disp0881s throughout the year. The ¢harity does not a¢quire put options, derivatives c>r other cc>mplex finan¢iÈl instruments. The main form of finsncial risk faced by the charity is that of volatility in equity markets and investment markets due to wider e¢onomi¢ ¢onditions, the attitudes of investors to investment risk, and ¢hanges in sentiment concerning equities 8nd within particu18r sectors or sub sectors. Reallsed galns and losses All g8ins 2nd losses are t2ken to the Statement of Financial Activities as they arise. RÈalised g8ins and losses on investments are calculated as the difference betweer) sales proceeds ar)d their opening value or their purchase value if acquired subsequent to the first day of the finan¢ial year. Unrealised gains and losses are tal¢ulated as the difference between the fair value St the year end and their carrying value. Reali5ed and unrealised investment gains and losses are Cofllbined in the Statement ol Financial Activitie5. Grants Grsnts are those approved by the Trustees during the year. Funds All income and expenditure is de81t with through the Statement of Financi81 Activities. Unrestricted funcls comprised those funds which the Trustees are free to use in accordance with the objectives ol the Trust. Page 10 THE RUSSELL UINTON CHARITY 2024 2023 Investments Fair value at 5.4.2023 Additions at cost 970,259.00 328,800.97 1,299,059.97 340,628.50) 958,431.47 43,137.53 1,067,037.00 920.35 1,007,957.35 Less.. Disposals at carrying value 1£ 1,007,957.35 97,698.351 970,259.00 Unrealised gain on investments Fair valuè at 5.4.2024 1,001,569.00 Loss on realisation Unr&alised gain on investments Net gainl(loss) on investments 15,448.021 43,137.53 87,689.51 (E (£ 97,698.351 97,698.851 All investments held are UK listed securities Charitable Activities The ch8rity did not undertske 8ny activity directly but met its charitable purposes by making Grants. Grants aid St Mary's Church Hinderclay Old Newton Methodist Church Stowmarkét Methodist Church Christchurch Needham Market 2,500.00 3,000.00 5,000.00 19,000.00 23,000.00 1,135.00 29,500.00 5,355.93 24.135.00 4,641.60 Add.. Support Costs (pèr Note 51 34,855.93 28,776.60 Cost of Raising Funds Investment Management Costs 8,049.58 8,086.53 Support Costs Independent Examiner's Remuneration Management Costs 1,281.93 4,074.00 1,209.00 3,432.00 5,355.93 4,641.60 Page 11