Welcome to the forum. I found this picture online of a Toastmaster Router is this like what you have ? There should be some kind of lock mechanism that you would release to move the router in its base when you turn the ring. It may be the black hand knob on the left side of the image try loosening it and see if the router will move when you turn the ring. Hope that helps if you could post some pictures that may help also.
Turning the ring should raise or lower the motor compared to the base. That changes how much the bit protrudes below the baseplate (depth of cut). Some fixed-base routers also have a lock but I'm not sure that kind does. There should be threads and that ring should move on the threads like a nut does on a bolt. Perhaps it's thread are stripped? There's a manual here for a Craftsman router that adjusts height in a similar way. Maybe that will be of help.
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