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← Russell Trust

2025-04-05-accounts

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

for the year ended 5 April 2025

Scottish Charity No: SC004424

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST CONTENTS

Trustees’ report 1-3
Independent auditors’ report 4-7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10-18

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

TRUSTEES’ REPORT

The Trustees present their report and financial statements of the Trust for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard.

Objectives and Activities

The Trustees hold the fund and the income thereof to pay or apply the same to or for the benefit of or in furtherance of such purposes, objects or institutions charitable in law and in such proportions and manner as the Trustees shall from time to time in their absolute discretion think fit, provided always that in exercising their discretion as aforesaid the Trustees shall give primary consideration to support charitable organisations and purposes in the Kingdom of Fife.

Donation Application and Policy

The policy of the Trustees has been to fully apply net income from investments to charitable purposes. Preference historically has been given to donations to charitable bodies which are local in character and in support of projects which are new and require initial rather than continuing support.

A summary of donations is detailed in note 3 to the financial statements.

The Trustees plan to continue to apply the Trust’s net income to support suitable projects, but focus their activity more within a handful of areas each year to enable more significant sums to be allocated to a fewer number of charities.

Governance Document and Objectives

The Trust was established by a Trust Deed dated 12 February 1985, documenting a merger between a Trust for charitable purposes by Sir David Russell dated 20 March 1947, and a Trust by David Francis Oliphant Russell and Mrs Catherine Joan Russell dated 24 March 1969, with a view to establishing a settlement for charitable purposes. The Trust Deed was updated in May 2016 by way of a Supplementary Deed or Trust to revise the mechanism for the appointment of Trustees. This amendment was in line with good governance and consent for this reorganisation was received from the Office of the Scottish Charity Regulator (“OSCR”).

Financial Position

The financial position of the Trust is shown in the financial statements which accompany this Report and funds available are considered sufficient to permit the Trust to continue in operation for the foreseeable future.

Investment Policy

The majority of the investments of the Trust are in shares of Tullis Russell Group Limited and are held as the main part of the endowment. The Trustees have reviewed the other investments and consider them appropriate at the present time. The investments are reviewed on an annual basis and the review considers both their performance and suitability in furthering the aims and objectives of the Trust.

1

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

TRUSTEES’ REPORT (Continued)

Reserves Policy

The Trust is required to maintain a level of reserves which will be sufficient to meet its commitments. Donations from the Trust are discretionary in nature and will be granted depending on the income received from investments and the reserves available. Individual requests for donations are considered on merit and the overall level of donations granted is reported to the Trustees at every meeting and reviewed in light of the reserves available. The “free” reserves of the Trust at the year-end were £700,932 (2024: £748,796).

Risk Management

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate our exposure to major risks.

Organisation Structure

The Trustees who held office during the year ended 5 April 2025 and to date were:

==> picture [240 x 108] intentionally omitted <==

The Chairman and three other representatives (selected from time to time by the Company) of Tullis Russell Group Limited are to be Trustees. In addition, at least two other family Trustees are to be appointed from among the descendants of Sir David Russell. New Trustees are given a brief and informal induction on the Trust’s activities and have access to the Trust’s statutory documents. Guidance is also provided to all the Trustees regarding their responsibilities as charity trustees.

Trustee meetings are held on a regular basis with a sub-committee receiving donation applications and making recommendations for projects to support.

The Secretary and Advisors of the Trust during the year ended 5 April 2025 and to date were:

==> picture [89 x 42] intentionally omitted <==

Secretary

Administrator

Auditors

Auditors MHA 6 St Colme Street, Edinburgh EH3 6AD Solicitors Turcan Connell, Solicitors Princes Exchange, 1 Earl Grey Street, Edinburgh EH3 9ER Bankers The Royal Bank of Scotland plc 36 St Andrew Square, Edinburgh EH2 2YB

The principal address of the Trust is 2.19, 2[nd] , Block B, 1 Summerhall, Edinburgh, EH9 1PL

Scottish Charity Number: SC004424

2

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

TRUSTEES’ REPORT (Continued)

Trustees’ Responsibilities Statement

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on the behalf of the Trustees

==> picture [192 x 69] intentionally omitted <==

3

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE RUSSELL TRUST

Opinion

We have audited the financial statements of The Russell Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

4

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE RUSSELL TRUST (Continued)

Other information (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are requested to report by exceptions

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

5

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE RUSSELL TRUST (Continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx.

This description forms part of our auditor’s report.

6

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE RUSSELL TRUST (Continued)

Use of the report

This report is made solely to the charity’s Trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

October 30, 2025

MHA

Statutory Auditor 6 St Colme Street Edinburgh EH3 6AD

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership registered in England and Wales (registered number OC455542).

MHA is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

7

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2025

Notes
Income from:
Donations and legacies
Investment income:
Dividends receivable
Interest receivable
Other income
Total income
Expenditure on:
Raising funds:
Investment management fees
Charitable activities:
Donations to charitable organisations
3
Support costs
4
Total expenditure
Net (expenditure)/income before investment
gains
Net (losses) on revaluation of
investment assets
7
Net movement in funds
Total funds brought forward
10
Total funds carried forward
10		 Unrestricted
Funds
£
188,000
13,795
7,742
150
209,687
1,763
207,952
30,034
239,749
(30,062 )
(17,802)
(47,864)
748,796
700,932		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
(273,970)
(273,970)
5,313,916
5,039,946		 Total
Total
2025
2024
£
£
188,000
271,000
13,795
9,886
7,742
10,000
150
-
209,687
290,886
1,763
-
207,952
246,689
30,034
33,368
239,749
280,057
(30,062)
10,829
(291,772)
(1,277,692)
(321,834)
(1,266,863)
6,062,712
7,329,575
5,740,878
6,062,712

8

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

BALANCE SHEET
at 5 April 2025
Notes
Fixed Assets
Investments
7
Current Assets
Cash at bank
Debtors
8
Creditors:Amounts falling due within one year
9
Trade creditors and accruals
Net Current Assets
Net Assets
Represented by:
Funds
Capital – endowment
10,11
Income – unrestricted
10,11		 2025
£
5,423,928
323,060
1,692
324,752
(7,802)
316,950
5,740,878
5,039,946
700,932
5,740,878		 2024
£
5,313,916
752,821
-
752,821
(4,025)
748,796
6,062,712
5,313,916
748,796
6,062,712

Approved and authorised for issue by the Board of Trustees and signed on their behalf by:

==> picture [192 x 89] intentionally omitted <==

9

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

1 Accounting Policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of Preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment assets. The financial statements are presented in sterling which is the financial currency of the Trust and rounded to the nearest £.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and UK Generally Accepted Accounting Practice.

The Trust constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. Trustees regularly monitor the funding streams and evaluate the projected expenditure and the free reserves which are available and have concluded that there is a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

Income

All income is recognised once the Trust has entitlement to the income, there is sufficient certainty receipt so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when they have been communicated as receivable in writing which is when the Trust becomes entitled to the income.

Interest on funds held on deposit is recognised 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.

Expenditure

Expenditure is recognised as expenditure once there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is included on an accruals basis. All costs, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. The Trust is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

10

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

Expenditure (continued)

Donations payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. Awards which are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attached to the grant are outside the control of the Trust.

Support costs include those costs necessary in the delivery of the charitable objectives as well as governance costs. Governance costs comprise all costs involving public accountability of the Trust and its compliance with regulation and good practice, including costs relating to the audit.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The ordinary shares held in Tullis Russell Group Limited, an unlisted company, have been valued using an internal company valuation. The special share value is deemed to be its par value.

Investments are included at market value at the year end. Gains and losses on disposals and revaluation of investments are charged or credited to Statement of Financial Activities.

Debtors

Debtors are measured at their recoverable amount and included when reasonable certainty exists over their receipt.

Cash at Bank

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

Financial Instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at that settlement value.

11

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

Fund Accounting

Unrestricted funds are those that can be used in accordance with the objectives to the Trust at the discretion of the Trustees. Endowment funds represent those from which the original Trust settlement, which must be held by the Trust but are expendable in certain circumstances.

2 Taxation

As a charity the Trust is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the Trust during the current or prior year.

3 Donations to Charitable Organisations Unrestricted Unrestricted
2025 2024
£ £
46thFife Scout Group - 2,000
Aero Space Scientific Educational Trust 2,000 -
All Strong Scotland 2,000 -
Allsorts Pre-school - 2,000
Alzheimer Scotland – Action Against Dementia - 3,000
AOEC Trust Ltd - 2,000
ASSET - 3,000
Asthma and Lung UK 3,000 -
Auchtermuchty Community Centre - 2,000
Back on Track Manchester - 2,000
Beatson Cancer Charity 2,000 -
Bladder Cancer Scotland - 2,000
Blind Activities Support Base (BASE) 2,000 -
Blind Veterans UK 2,000 -
Bollington Pre-School - 2,000
Camphill School Aberdeen 2,000 -
Ceres Highland Games - 2,000
CFCM-UK - 2,000
Chest Heart and Stroke Scotland - 2,000
Children’s Adventure Farm Trust - 2,000
Children’s Health Scotland 2,000 -
Children’s Hospital Pyjamas - 3,000
CLC Sargent Cancer Care for Children 2,000 2,000
Community Help and Advice Bureau 2,000 -
Compass Therapy Community Support 2,000 -
Contact 2,000 -
Cosgrove Care - 4,000
Cr8 Macclesfield 3,000 -
Curiosity Collective - 2,000
Dean Orphanage and Cauvin Trust - 2,000
Discovery Camps Trust - 2,000
Down’s Syndrome Research Foundation 2,000 -
East Cheshire Hospice - 3,500

Carried forward

30,000

46,500

12

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

3
Donations to Charitable Organisations (continued)
Brought forward
East Neuk Festival
Edinburgh International Book Festival
Edinburgh Young Carers
Engineering Development Trust
Fife College
Fife Employment Access Trust
Friends for leisure
Get2gether
Give a Dog a Bone
Glasgow Care Foundation
Glasgow Children’s Hospital Charity
Glasgow’s Golden Generation
Grampian Society for the Blind
Guide Dogs for the Blind Association
Happy Days Children's Charity
Hearts & Minds
Home for Good
Home-start Perth and Kinross
Inclusive Surfing School
Justness
Kettleshulme PTA
Kidney Kids Scotland
KIDS OUT UK
Kindred Advocacy
Kingdome Theatre Company
LifeCare Edinburgh
Light Up Learning
LUPUS UK
Lyra
Man On! Inverclyde
Mitchell’s Miracles
Moidart Coastal Rowing Club
Moira Anderson Foundation
Move On
Muirhead Outreach Project Ltd
Newburgh Community Trust
Ocean Youth Trust Scotland
PLC Foundation
Pleasance Theatre Trust Ltd
React
Red Noted Ensemble Ltd
Remake Scotland
Rock UK Adventure Centres Ltd
Ronald McDonald House Charities
Carried forward		 Unrestricted
2025
£
30,000
-
2,000
-
2,000
25,000
-
-
-
-
-
3,000
-
-
2,000
-
-
-
-
-
2,000
3,000
-
-
-
2,000
-
2,000
-
-
-
2,000
-
-
2,150
-
-
2,000
-
3,000
-
-
2,000
2,000
-
86,150		 Unrestricted
2024
£
46,500
2,000
-
2,000
2,000
15,000
7,000
2,000
2,000
2,000
2,000
-
2,000
2,000
-
2,000
3,000
2,000
2,000
2,000
-
-
2,000
2,000
2,000
-
3,000
-
2,000
2,000
2,000
-p
5,000
2,000
-
2,500
2,236
-
2,644
-
2,120
2,000
-
-
2,500
133,500

13

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 5 April 2025
3
Donations to Charitable Organisations (continued)
Brought forward
Rowan Alba
RSPB Scotland
Second Bollington Scout Group
Scottish Huntington’s Association
Scotland the Bread
Scotland Yard Adventure Castle
Scottish Spina Bifida Association
Scottish Youth Dance
Seamab
Seashell Trust
Speech and Language UK
SSAFA the Armed Forces
St Vincent’s Hospice
Starr in the Community CIC
Strange Town
Stroke Association
Superpower Agency
The British Limbless Ex-Servicemen's Association
The Christie Charity
The Polar Academy
The Royal College of Surgeons Edinburgh
The Salvation Army
The Seafarers Charity
The University of Aberdeen
The University of St Andrews
Together for Short Lives
Venture Trust
Visual Arts Scotland
Wild Things
Wilson Memorial
Total donations made of less than £2,000
Write-back of unused donations		 Unrestricted
2025
£
86,150
2,000
-
2,000
2,682
-
-
-
-
2,500
-
-
-
2,000
2,000
2,000
-
2,000
3,000
2,000
20,000
5,000
-
-
2,000
8,800
-
2,000
-
2,000
-
148,132
62,020
(2,200)
207,952		 Unrestricted
2024
£
133,500
-
2,000
-
-
2,450
2,000
2,000
2,000
2,500
3,000
2,000
2,500
3,000
-
-
3,000
-
-
2,000
-
3,000
3,000
2,000
-
10,000
2,000
2,000
2,000
-
2,000
187,950
68,366
(9,627)
246,689

14

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

4
Support Costs
Administrator’s salary and expenses
Office rental and service charges
Bank charges
Legal fees
Governance costs (see note 5)
5
Governance Costs
Auditors’ remuneration		 Unrestricted
2025
£
20,205
3,901
168
960
4,800
30,034
Unrestricted
2025
£
4,800		 Unrestricted
2024
£
20,653
3,936
110
4,644
4,025
33,368
Unrestricted
2024
£
4,025

Trustees are not remunerated. No trustees (2025: no) received reimbursement for travel related expenses during the year amounting to £nil (2024: £nil).

The key management personnel of the Trust comprise the Board of Trustees and the Secretary. All Trustees and the Secretary give their time freely and did not receive any remuneration in the current or prior year.

7 Investments

Market value at 5 April 2024
Acquisitions at cost
Net (losses)/gains on revaluation
Cash held by brokers – capital account
Market value at 5 April 2025
Historic cost at 5 April 2025		 2025
£
5,313,916
395,286
(291,772)
6,498
5,423,928
449,867		 2024
£
6,591,608
-
(1,277,692)
-
5,313,916
48,083

15

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

The following investments exceed 5% of the portfolio value:

2025 2024
£ £
Tullis Russell Group 3,937,825 4,176,481
Rathones 383,981 -
Alliance Witan PLC 248,860 281,980
Scottish Mortgage Investment Trust 853,262 855,455
The 11,932,800 Ordinary Shares in Tullis Russell Group Ltd have been valued at 33p (2024: 35p)
per ordinary share based on an internal valuation carried out by the company.
8
Debtors
Accrued income
Prepayments
9
Creditors
Trade creditors
Accruals		 2025
£
389
1,303
1,692
2025
£
2,138
5,664
7,802		 2024
£
-
-
-
2024
£
-
4,025
4,025

16

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

10 Analysis of Movement in Funds

2024/25
Unrestricted fund
Endowment fund
2023/24
Unrestricted fund
Endowment fund		 At 6 April
£
748,796
5,313,916
6,062,712
737,967
6,591,608
7,329,575		 Income
£
209,687
-
209,687
290,886
-
290,886		 Expenditure
£
(239,749)
-
(239,749)
(280,057)
-
(280,057)		 Gains/
(Losses)
£
(17,802)
(273,970)
(291,772)
-
(1,277,692)
(1,277,692)		 At 5 April
£
700,932
5,039,946
5,740,878
748,796
5,313,916
6,062,712
11
Analysis of Net Assets Between Funds
Unrestricted
Funds
£
Investments
383,982
Net current assets
316,950
At 5 April 2025
700,932
Investments
-
Net current assets
748,796
At 5 April 2024
748,796
12
Commitments
Total future minimum payment under operating leases payable:
In one year		 Endowment
Funds
£
5,039,946
-
5,039,946
5,313,916
-
5,313,916
2025
£
706		 Total
£
5,423,928
316,950
5,740,878
5,313,916
748,796
6,062,712
2024
£
662

17

Docusign Envelope ID: 4CE43840-1D07-4F38-8F25-2C5D2C7BA33D

THE RUSSELL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025

13 Related Party Transactions

The Trust was recharged expenses including staff cost and office costs of £19,893 (2024: £20,653) by Tullis Russell Group Limited, a company in which three Trustees of The Russell Trust are directors.

The Trust also received a donation of £188,000 (2024: £271,000) in the year from Tullis Russell Group Limited.

18