REGISTERED CHARITY NUMBER.. SC036372
Report ofthe Trustees and
Unaudilad Financial Statements
for the Year Ended 31 Mareh 2026
The Russell Foundatlon
Glbson McKerTell Burrows Llmfjtèd
28 Ruuand Square
Edinburgh
EH12BW

The Russell Foundatlon
Contents of the Financial Statements
for the Year Ended 31 March 2026
Page
R•port of th• TrustO•S
1 to 2
Ind•pondont Examlnorfs Roport
Ststsment of FInancI￿ ActlvlV8S
Statement of Financia] Posrlion
Notes io the Flnanc181 Ststemants
6 to 9
Dotallod Stat•mont of Flnandal A￿6vIllag
10

The Russell Foundatlon
Report of the Trustees
forthe Yoar Ended 31 March 2026
The Trustees present their rep)rt and the financial StateM￿ts of the Charity for the year ended 31 March 2026. The
finandal statements have b￿n prepar￿ In accordance ￿th Ihe accounting pol￿￿eS set out in Note 1 to the Awvnts
and eompty wfth the Charitys Trust Oeed, the Charities and Trustee Investment (Scolandl Act 2005. the Charities
Accounts Iscouandl Regulations 2006 {as amend8dl and Accounting and Rgporting by CharlUe8 Statwent of
Recommended Practtce appliiable to charities preparing their accounts in accordan￿ wth the Finanual Repothng
Slandard applicab￿ In the UK and Repubuool IreLind {FRS 10216ffeetive 1 January2019.
OBJECTIVES AND ACTIVJTES
Oblectlves and alms
Th8 fLJThds shall bg held for the benefit of the advancement of h￿th, thg relief of those in need by reason of ag
dH)ealth, disability, finan¢Aal harfship or0th￿￿ksathiantage.
Grant Maklng Pollcy
Tha Trustees have agre8d uwn 8 policy of maknng donations to those organisations they feel requlre most suppc*t and
wh)se purposes fall within the spectrjm of the Trust Deed.
Réptsrt on th& Actfvltlès
The Trustees have ￿￿1Ved a number of 2ppllcaUons to the Trust for fundlng," several of whlth were met in full uliIi&rYd
some ofthe ino)m6 rOtaIn￿ in pr￿tyj$ yaars.
FINANCIAL REVIEW
FinanrAal R•viaw
Durlng th8 P8rfod of Ihes8 AC￿￿nIS th8 Charity receDi8d investment income of £17,819, with unresthcted funds of
£782,638. Th8r8 were net gains in investments of £n,712. The unrestricted expendiiure was £25,096. T*lls resulted in a
finanaal Surpth of£70.435
Resetws poll¢y
Ther8 were unr85trict8d 98ner81 fund5, designated by Ihe I￿￿e8S of£782,638 atth8 year end￿ 31 M￿h 2028.
We prinUpaI￿ hokl unre$lrf¢ted reserves to:
- protect the contlnulty of ourwoth against uncertaln fLrture irKome streems
- provlde the capllal needed to finance Inveslment in operations
- provide funds to repla￿ assets
- to (xwerfor specific liabilities and id8ntffiabl8 risk5
- to albw u8 to ￿81￿)rKI to unexpgcted opp(xiunil95 Ihat¢an further ourmls8lon
- to auow u8 to rn9gt wntra¢knal obtytion8.
D8&gnated FuThJs
It is the policy of the charity to have the following unrestiicted funds held fvr de8wJnal8d strategic development. The
totsl value of these ￿Trds is £782,638
STrUCTURE, GOVERNANCE AND MANAGEMEwr
Appointment of Now TTUSt885
The power to appolnt naw Trustees Is Vest￿ In Ihe setttors dudno th&lr Ilfettm8 and the sU￿VOr of them so k)ng as they
retsin cap8uty to do so.
REFERENCE AND ADMINISTRATIVE D￿AlLs
Registered Charfty number
SC036372
Prlnclpal addrwas
8 Bamton Avenue West
Edinburgh
EH48DE
Trusteg
S J Russell MBE
Mrs C M J Russdl
Dr C Russ61
P8ge 1

Tho Rus8•11 Foundatlon
Report of the Trust8es
for the Ygar Endgd 31 March 2026
REFERENCE AND ADMINISTRATiVE D￿AlLs
Independent Examiner
Julian Cordery FCCA FCA CA
Glbson McKerrell Burrvws Umlted
28 Ruttand Square
Edinburgh
EH12BW
Apwoved by orderof the board of trustees on 7 July 2026 and signed on Its behalf by..
S J Russell MBE- Trustee
Page 2

Independènt Examln8es Raport to Ihe fru8tses of
The Russell Foundation
I reporton Ihe aco)unls forthe year ended 31 Marth 2026 58t L￿rt on pag8s f(￿r to nin8.
RaspaCt1￿ raspon￿b]Ittl￿ of trust•¢s and èxaminar
The Iwustees are resw)nsitle for the preparat￿n of the ac¢ounts in accordan￿ wth the terms of the Charities
8nd Truste8 Inveslment (Scotlandl Act 2005 and the Chaiities Accounts Iscotlandl Ragulations 2006 las atnendeill.
The tharitls trustees consider that the audit requirement of Regulation 1011llal to Icl of the Acu>unts Regubtions doas
not apply. It 15 rny r85por15ibility to exatnine the a(xounts as rgquirwj undw Se¢tton 441111¢) of the Act and to state
ether partlculèr matters havè (x)mè to ry atten)on.
Basi5 of the independent examineffs report
My fjxamEnallon was ¢arrtod wt In a(urdanGe with Regulatton 11 of the Charfltes AGGounts ISLxJtlandl RWalions
2006. An examination includes a miew ofthe accounting ￿cordS kept by the chartty and a comparfson of the accounts
presented ￿th those records. It also includes consideration of any unusuaI iteryts or disdosur6s in thè 8ec(yJntS, 8nd
seeklng expLanalons from you Bs trustee5 concerning any such m8tt8rs. The pr(￿dureS undert8k8n éo not pmMd8 811
tho ewdenG8 th81 Mould b8 r8quir8d in an audit, and consequently I do not express an audit oiynM)n on thè view gNen by
the aC￿nts.
Independent examlnerfs statement
In conn8Ction wfth my 8x8mlnafjon. no mattèr ￿S ￿me to my attention..
(11 whlth glves me rea8onabb w88 to bdieve thaL in any materfal Tesp8cL th8 requ1￿ments
to keep accounting records in accordanco vmth Sectlon 4411llal of Ihe 2(K)5 Ad and Regulation 4 of the 2006
Accx)unls Regulations.. and
to prèpare accounts whlch aceord V￿th the 8wounting re￿rdS and to (xxfiply wlth Regulalkjn 8 of th8 2006
Aeo)unts RegulatK)ns
have I￿l been metr, or
121 to which. In rny oplnion. atterrftan Sh￿k1 bs drawn in order to enable a prop8r und8rstandlng of th8 8tt0unts to be
ullan Co
ry FCCA FCA CA
The Insutute of Chartered Account8nt8 of ScotLqnd
Gibson Md(errell Burmws Limited
28 Rutknd Squa
Edinburgh
EH12BW
7 JU￿ 2026
Page 3

The Ru88ell Foundatlon
stat8m8nt of Flnancial Activities
fortho Year Endad 31 March 2026
31.3.26
Total
funds
31.3.25
Total
fund5
Unrestricted
fijnd
Restricted
fund
INCOME AND ENOOWMENTS FROM
Inve5bnant incomè
17.819
17,819
20,721
EXPENDrruRE ON
Charitable actmtles
Donations
23,267
23,267
24.301
Olher
1.829
Total
25.096
25.096
24,801
N8t gains on inv8sttn8nts
77.712
77,712
NEf INCOME
70.435
70,435
5,986
RECONCILIATION OF FUNDS
Total ftjnds brought forbwdrd
712,203
712,203
706,217
TOTAL FUNDS CARRIED FORWARD
782,838
782,838
712,203
The notfjs forrn part of these finan¢ial ststernents
Page 4

The Russoll Foundatlon
Statement ot FlnanclBI Posltlon
31 March 2026
31.3.26
Total
funds
312.25
Total
funds
Unrestricted
fund
ResthLXed
fund
Notes
FIXED ASSETS
Investrnents
762,538
762,538
704,920
CURRENT ASSETS
Cath at bank and In haThJ
21.900
21,900
CREDITORS
Amounts fallTng due w¢hTn one year
11.6001
I1.8￿)
11.8001
NET CURRENT ASSETS
20.100
20.1CK)
7,283
MTALASSETS LESS cURRE￿r LIABILMES
782.638
782.838
712.203
NET ASSETS
782,638
782,638
712,203
FUNDS
UnrestTheted funds
782,638
712,203
TOTAL FUNDS
782.$38
712.203
The finandal statements wèré appyoved by thé Board of fru8t885 and auth(xised for issue on 7 July 2026 and were
s￿ned on its beha￿ by..
S J Russell MBE- Trusteo
The notes fom) part ofthèsa flnaneial stataménts
Page 5

The Russell Foundatlon
Notes to the Financial Ststements
fortha Y•ar EndÉd 31 March 2026
ACCOUNTING POLICIES
Basls of preparlng the 1Snandal ststem8nts
The finan￿al statements of th8 charity, is a public b8n8fit 8ntity undw FRS 102, h8ve tEen pr8par8d in
accordan¢e ￿rtth the Charitie5 SORP IFRS 1021 'Acownting and Reporting by Charfl85: Ststement ol
R￿mmended Pra¢b￿ applicable to charities p￿paring their awounts in accordan￿ with the Finanual
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 201gi', Finarrial
Reporbng Standard 102 The Financial R8POrting Standard applicable in the UK and Republlc of IreIand' and the
Charitiey and Tyustee I1W￿trnenI IScol8ndl Act 2005. The finandal ¥tatements have been prepared the
historical (x)st eonventlon. vrith the ex￿ptIon of investments whlch are included at market value, as mod1fi￿ by
the rewdlu8tion olcert8in ass8ts.
Income
I Income k% r8eognlGed in Ihe Statement of Financ4al ActNiltes un￿ the th8rfty has entluement lo the funds. it
[8 probabje th8tthe inume will be receNed 8nd the amount can be me8sured reliabty.
Expendlture
Liabilities are r8cognisèd as exp8ndituie as s(K)n a5 Ih8r8 18 a 18gal or constructive obllgallon commltting th&
charEty to that expenditu￿, it Is probab￿ that 8 transfer of econom1¢ benefits ￿11 be raqUi￿d In settlement aThJ
th8 amount of the obligatK)n b8 m8asured reliabty. Expenditur8 is a(￿ounted for on an a￿ruar5 basis arKJ
has b88n da85tfied und8r h88dl￿S that aggr8gat8 811 wst relat8d to the cat8gory. Wh8re costs cannot b8
diredly atbibuied to pattcxjlar headings tw have been 811opAted to acbwties on 8 basis consistent wilh the use
of resources.
Grants Sub￿ to condltions whlth have not been met at the y6ar end daio are noted as a CA)mmttment
t*Jt not acttued as expendlture.
Taxaflon
The charity is axempt from tsx on its chari18bl8 acttvthes.
Fund acoountlng
Unrestricted funds can b8 u58d in accordanL¥ ¥rilh th8 tharitab18 thj8thv85 at th8 dis£Trlion of lh8 tru5te85.
Restrlct8d funds can only be used for parti￿￿8r restr¢¢¢ed purpcA%es within the objects of the ch8rty. RestrTr*ons
arlse when 8pedffed by the donororwhen funds are ralsed ts pardojlar restri(tsd purposes.
FurtherÉxKl&naticm of nalurÈ aNI purpose of èaeh fund k Includéd sn the rK)tes to the flnandal s12t8men
INVESTMENT INCOME
31.3.26
31.3.25
Investtnent inojrne
17,819
20,721
TRUSTEES. REIAUNERATION AND BENEF￿s
Ther8 were no tnJste8s' r8rnun8r8t￿ or Olher benefits for the year end8d 31 Marth 2028 nor for Ih8 year 8ncJ8d
31 Ma￿h 2025.
Truste¢8' gxpgnse
Therè w8re no twsts88' expen895 paid f(￿ the y88r end￿ 31 M8rth 2026 for the yoar ￿ded
31 March 2025.
Page 6
continued...

The Russ811 Foundatlon
Notes to Ihe Flnanclal Ststsments- contlnued
for the Ygar Endad 31 March 2026
COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcTI￿lES
Unrestrtcted
fund
Restllcted
fund
Total
fund8
INCOME AND ENDOWMENTS FROhl
Inveslment income
20,721
20.721
EXPENDITURE ON
Chadtablo adlvlll88
DonaSons
24.301
24.301
Net gains on investsnents
9.566
9.586
NET NCOME
5.986
RECONCIUATION OF FUNDS
Total funds brought forward
706,217
7C62f7
TOTAL FUNDS CARRIED FORWARD
712.203
712,203
FIXED ASSET INVESTMEKrs
Listed
inv8slments
MARKET VALUE
At 1 WI 2025
ReValuad￿lS
704,920
57,618
At 31 M8rth 2026
762J38
BOOKVALUE
At 31 Marth 2026
762,538
At 31 March 2025
704.920
ThereweTe no Envestmenl &8sets outside Ihe UK.
Cost orvaluauon at31 March 20￿ Js reprasenied by.
Listed
investments
Valuation In 2021
Valu8Ion In 2022
V8lualon in 2023
Valuation in 2024
Valu8lon in 2025
Valualion in 2026
Cost
112.718
35.952
164.1061
68.452
{2,7631
57,618
554,667
762.538
fix￿ asset Investments had not be8n revalued theywould have been Sncluded al the followlng hlstorfca Cost..
31.326
31.3.25
Cost
554,667
554,667
Page 7
o)ntSnued...

The RLBBell Foundatlon
Notss to th8 Flnanclal Statements- eontlnuèd
forthe Year Ended 31 March 20
CREDrroRS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR
31.326
31.3.25
Other¢redltors
1.800
MOVEMENT IN FUNDS
N*
At
31.3.26
At 1.4.25
in funds
Unrestrlcted funds
G8n8r81 fund
712,203
70,435
782,638
TOTAL FUNDS
712.203
70.435
782,638
Net ￿￿ement in lund8. indud8d in the 8bove are as folk)ws.'
Incjyning
rvsourc
Gains and
Movement
In funds
eyp8nd9d
Unrg$trl¢ted fund8
G8n8rd tund
17,819
125,098)
77,712
70,435
TOTAL FUNDS
17,819
125,0961
77,712
70.435
Comparattves for movement In fun(ts
Net
movement
in fvnds
At
31.325
At 1.424
Unre8tr1cted fvn(ts
General lund
706,217
5,986
712,203
TOTAL FUNDS
706,217
5,986
712,203
Comparative net movement in funds. induded in the abavè aro As follows..
In(x>ming
r880urc&8
R&8our
8XP8nd8d
Gains arK(
Movgrngnt
in funds
Unrestrlcted funds
General fvnd
20.721
124,3011
9￿66
5,986
TOTAL FUNDS
20,721
124,3011
9.566
P8ge 8
o)ntlnued...

The Ru8Bell Foundatlon
Notes to the Flnanclal Statsments- contlnu8d
fortho YearEndgd 31 March 2026
MOVEMENT IN FUNDS. contlnued
A cwrent year 12 months aNJ prioryear 12 month6 posttlon Is as folbws..
N8t
rnovemenl
in funds
Al 1.4.24
31.3.26
Unr•strfGtsd fund•
General fund
706.217
76.421
782,638
TOTAL FUNDS
706,217
76,421
782,638
A ¢uThent year 12 months and ￿or year 12 months rnmblned net movernenl In fund4 induded tn the atove a
as follows:
Inwmlng
Resourc
Galns and
losses
Mov8m8nt
in fvnds
Unrestricted fund5
General fund
38,540
149.3971
87.278
76.421
TOTAL FUNDS
38,540
149,3971
87,278
76,421
RELATED PARTY DISCLOSURES
There were no reL*ed patytransacuons fr*the ended 31 March 2028.
Page 9

Th8 Rus5811 Foundatlon
Detalled Statement of Flnandal Actlvftles
for the YearEnded 31 March 2026
21.3.26
31.3.25
INCOME AND ENDOWMENTS
Investment Income
Inv8stsllenl in(x)m8
17,819
20.721
Totsl Incomlng resources
17,819
20.721
EXPEND￿uRE
Charltable actMtle8
Grdnts
15,7
15,￿)
Support costs
Managgmgnt
Management expenses
Sundries
7.517
7.173
78
T,251
Govemance costs
IrKJepend8nt 8xamination
Ac￿unt￿￿ fee
600
1,2
1,200
1,e(M)
1,800
Total reswr¢es oyndgd
25,096
24.301
Nat axp•nditu
(1,2771
(3.580)
Thls pagè doès not f(xm part of the st8tutoryfinanrJ￿ staiements
Pa￿ 10