2023-04-05-accounts

THE FITZGERALD FAMILY FOUNDATION

REPORT AND STATUTORY ACCOUNTS

YEAR ENDED 5 APRIL 2023

THE FITZGERALD FAMILY FOUNDATION

I N D E X
Year ended 5 April 2023
	Page
Report of the Trustees	2
Independent examiner’s report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7

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THE FITZGERALD FAMILY FOUNDATION

R E P O R T O F T H E T R U S T E E S

Year ended 5 April 2023

The trustees present their annual report and accounts of the charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Structure, governance and management

The Trust was constituted on 13 July 2015, and is governed by the trust deed. The identification and appointment of new trustees is considered by the existing trustees. The trustees who served during the year are shown in the ‘Reference and administrative details’ section below. All trustees give their time freely and no trustee remuneration was paid in the year.

The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.

Objectives and activities for the public benefit

The Trust’s Objects are to promote such Charitable Purpose or Charitable Purposes as the trustees shall in their absolute discretion think fit. Such Objects include but are not limited to the following:

• to support any Charities and promote any Charitable Purposes for the benefit of the general public.

The Trust makes grants to charities and other Charitable Purposes in accordance with its Objects, and are agreed by the trustees.

The trustees, having regard to the public benefit guidance published by the Charities Commission, in accordance with Section 17 of the Charities Act 2011, consider that the purpose of activities of the charity satisfy requirements of the public benefit as set out in Section 4 of the same Act.

Financial review

The accounts are set out on pages 5 to 10.

The charity received donations totalling £170,400 (2022 - £114,600) from the settlor and trustee, Mr S Fitzgerald during the year. The trustees made grants to 6 (2022 - 10) charities during the year totalling £131,250 (2022 - £167,198).

The trustees’ policy is to hold an endowment fund in order to generate income, which will be used to help cover running costs or for exceptional circumstances. It is the trustees’ intention to obtain further voluntary income to help supplement those costs as and when they arise.

Gifts of expendable endowment funds are designated to be held as capital, but the trustees have the discretionary power to use the funds as income.

At the year end the charity had reserves of £2,256,032 (2022 - £2,079,864), of which £2,256,032 (2022 - £2,079,864) relates to the expendable endowment fund and £nil (2022 - £nil) relates to the unrestricted income fund. The trustees will distribute income for charitable purposes in line with the Trust’s objectives and capital will be distributed at the trustees’ discretion.

The financial performance of the charity is dependent on the donations it receives from the settlor, Mr S Fitzgerald, and the investment markets in which expendable endowment funds are invested.

At 5 April 2023 the market value of quoted investments was £1,841,970 (2022 - £1,738,667). The charity’s total gain on investments for the year was £99,977 (2022 – gain of £243,769).

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THE FITZGERALD FAMILY FOUNDATION

R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )

Year ended 5 April 2023

Achievements and performance

Donations are made to other charitable organisations in furtherance of the objectives of the charity at the trustees’ discretion. A list of donations made in the year ended 5 April 2023 appears in note 5 of the financial statements. The total donations for the year were £131,250 (2022 - £167,198).

During the year the charity made grants to:

British Museum Chatham House The Longford Trust Kings College London Royal Flying Doctor Service – Friends in the UK Waterloo Uncovered

Plans for future years

The charity’s plans for the future rest on the charitable intentions of the settlor who will provide donations to the Trust to further its charitable objectives at his own discretion.

Reference and administrative details

Settlor Mr S Fitzgerald Date of settlement 13 July 2015 Charity registration number 1164336 Trustees Mr S Fitzgerald Mrs J Fitzgerald Mr A Wilson

Investment Managers Lombard Odier (Singapore) Ltd 9 Raffles Place #46-02 Republic Plaza Singapore 048619 Independent Examiner G P Smye-Rumsby ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS Registered address 2 Clabon Mews London SW1X 0EJ

Approved by the trustees on 23 January 2024 and signed on their behalf by:

MR S FITZGERALD Trustee

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THE FITZGERALD FAMILY FOUNDATION

I N D E P E N D E N T E X A M I N E R ’ S R E P O R T

Year ended 5 April 2023

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE FITZGERALD FAMILY FOUNDATION

I report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am a partner has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

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 material respect:

1. accounting records were not kept in respect of the Trust as required by section 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 form and content of 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 matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

G P SMYE-RUMSBY ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS

23 January 2024

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THE FITZGERALD FAMILY FOUNDATION

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 5 April 2023

Unrestricted Expendable income endowment Note fund fund £ £ Income and endowments from: Donations and legacies: Donations of expendable endowment 4 - 170,400 Gift aid receivable - 42,600 Investments: Investment income 16,806 - Total income and endowments 16,806 213,000 Expenditure on: Raising funds - 18,101 Charitable activities 5 135,514 - Total expenditure 135,514 18,101 Net gain on investments - 99,977 Net income/(expenditure) (118,708) 294,876 Transfers between funds 118,708 (118,708) Net movement in funds - 176,168 Reconciliation of funds: Total funds brought forward - 2,079,864 Total funds carried forward - 2,256,032	Unrestricted Expendable Total income endowment 2023 fund fund £ £ £ 170,400 - 114,600 42,600 - 28,650 16,806 14,880 - 229,806 14,880 143,250 18,101 - 18,198 135,514 171,245 - 153,615 171,245 18,198 99,977 - 243,769 176,168 (156,365) 368,821 - 156,365 (156,365) 176,168 - 212,456 2,079,864 - 1,867,408 2,256,032 - 2,079,864	Total 2022 £ 114,600 28,650 14,880 158,130 18,198 171,245 189,443 243,769 212,456 - 212,456 1,867,408 2,079,864

All income and expenditure derive from continuing activities.

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THE FITZGERALD FAMILY FOUNDATION

B A L A N C E S H E E T

At 5 April 2023

Unrestricted Expendable income endowment fund fund £ £ Fixed assets Investments 6 - 1,841,970 Current assets Cash at bank 2,700 414,062 Other debtors - - Total current assets 2,700 414,062 Liabilities Creditors: amounts falling due within one year 7 (2,700) - Net current assets - 414,062 Total net assets - 2,256,032 The funds of the charity Expendable endowment fund - 2,256,032 Unrestricted income fund - - Total charity funds - 2,256,032	Unrestricted Expendable Total income endowment 2023 fund fund £ £ £ 1,841,970 - 1,738,667 416,762 2,700 341,119 - - 78 416,762 2,700 341,197 (2,700) (2,700) - 414,062 - 341,197 2,256,032 - 2,079,864 2,256,032 - 2,079,864 - - - 2,256,032 - 2,079,864	Total 2022 £ 1,738,667 343,819 78 343,897 (2,700) 341,197 2,079,864 2,079,864 - 2,079,864

The financial statements set out on pages 5 to 10 were approved by the trustees on 23 January 2024 and were signed on their behalf by:

MR S FITZGERALD Trustee

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THE FITZGERALD FAMILY FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

1. Accounting Policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

The financial statements are presented in Sterling which is the financial currency of the trust and rounded to the nearest £.

(b) Fund accounting policy

The charity comprises of an unrestricted income fund and an expendable endowment fund. Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity. Expendable endowment funds are capital funds that may be freely converted into spendable income as the trustees see fit.

(c) Income

Donations are recognised when the trustees have received confirmation of the amount and timing of gifts and have reasonable assurance of receipt.

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Interest is recognised in the period in which it is earned and dividends are recognised on the ex-dividend date. Dividend income is recognised net of tax deducted at source.

Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

(d) Expenditure and liabilities

Grants payable are recognised when approved by the trustees and the recipient has been notified of the grant.

(e) Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end.

(f) Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.

(g) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.

(h) Foreign currency transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of transaction. Exchange differences are taken to the statement of financial activities.

Exchange differences on the retranslation of cash held in other amounts are taken to investment gains and losses in the statement of financial activities.

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THE FITZGERALD FAMILY FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

2. Trustees’ remuneration and expenses

The trustees all give their time and expertise freely without any form of remuneration or other benefit in cash or kind.

3. Employees

The Trust did not have any employees during the year (2022 – nil).

4. Related party transactions

The charity received donations during the year of £170,400 (2022 - £114,600) from the settlor and trustee, Mr S Fitzgerald, without conditions attached.

5. Analysis of charitable expenditure

The charity undertakes its charitable activities through grant making and awards grants to institutions in furtherance of its charitable objectives.

of its charitable objectives.
Funded from unrestricted income fund: Grant making Bank charges Accountancy fees Total Accountancy fees payable to the independent examiner’s firm as follows: - Examination - Accountancy Recipients of institutional grants: Australian Chamber Orchestra Australian Wildlife Conservancy British Museum Chatham House The Longford Trust Kings College London Prostate Cancer UK Royal Botanic Gardens – Kew Royal Flying Doctor Service - Friends in the UK Carried forward	2023 £ 131,250 364 3,900 135,514 1,140 2,760 3,900 2023 £ - - 25,000 25,000 5,000 25,000 - - 11,250 91,250	2022 £ 167,198 387 3,660
		171,245
		1,020 2,640
		3,660
		2022 £ 20,000 20,000 - 25,000 - 25,000 250 10,000 -
		100,250

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THE FITZGERALD FAMILY FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

5. Analysis of charitable expenditure Brought forward Sophia Point St Michael’s Hospice The National Theatre Waterloo Uncovered	2023 £ 91,250 - - - 40,000 131,250	2022 £ 100,250 37,000 1,005 11,443 17,500 167,198

All grants were made to the institution with no restrictions attached and are to be used by the charity to meet its general objectives.

6. Fixed asset investments Market value as at 6 April 2022 Disposals at cost Additions to investments at cost Net gain on revaluation of investments Market value as at 5 April 2023 The investments are listed on a recognised stock exchange and are analysed as follows: Equities	2023 £ 1,738,667 (355,302) 445,403 13,202 1,841,970 1,841,970 1,841,970	2023 £ 1,738,667 (355,302) 445,403 13,202 1,841,970 1,841,970 1,841,970	2022 £ 1,758,376 (694,309) 618,677 55,923 1,738,667 1,738,667 1,738,667
7. Creditors: amounts falling due within one year Accruals		2023 £ 2,700 2,700	2022 £ 2,700 2,700

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THE FITZGERALD FAMILY FOUNDATION

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 5 April 2023

8. Financial instruments Categorisation of financial instruments 2023 £ Financial assets held at fair value 1,841,970 Financial assets held at amortised cost 416,762 Financial liabilities measured at amortised cost 2,700	2022 £ 1,738,667
	343,897
	2,700

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