THE FITZGERALD FAMILY FOUNDATION
REPORT AND STATUTORY ACCOUNTS
YEAR ENDED 5 APRIL 2024
THE FITZGERALD FAMILY FOUNDATION
I N D E X
Year ended 5 April 2024
| Page | |
|---|---|
| Report of the Trustees | 2 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
1
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 2024
The trustees present their annual report and accounts of the charity for the year ended 5 April 2024. 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 6 to 10.
The charity received donations totalling £118,500 (2023 - £170,400) from the settlor and trustee, Mr S Fitzgerald during the year. The trustees made grants to 12 (2023 - 6) charities during the year totalling £399,300 (2023 - £131,250).
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 £2,509,567 (2023 - £2,256,032), of which £2,509,567 (2023 - £2,256,032) relates to the expendable endowment fund and £nil (2023 - £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 2024 the market value of quoted investments was £2,346,822 (2023 - £1,841,970). The charity’s total gain on investments for the year was £505,346 (2023 – gain of £99,977).
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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 2024
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 2024 appears in note 5 of the financial statements. The total donations for the year were £399,300 (2023 - £131,250).
During the year the charity made grants to:
Australian Chamber Orchestra Fitzgerald Foundation Australia Australian Wildlife Conservancy British Museum Chatham House Felix Project The Longford Trust Kings College London Royal Flying Doctor Service - Friends in the UK Sophia Point Waterloo Uncovered Wildfowl
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.
3
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 2024
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 31 January 2025 and signed on their behalf by:
MR S FITZGERALD Trustee
4
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 2024
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 2024.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
-
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
31 January 2025
5
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 2024
| Unrestricted | Expendable | Unrestricted | Expendable | ||||
|---|---|---|---|---|---|---|---|
| income | endowment | Total | income | endowment | Total | ||
| Note | fund | fund | 2024 | fund | fund | 2023 | |
| £ | £ | £ | £ | £ | £ | ||
| Income and endowments from: | |||||||
| Donations and legacies: | |||||||
| Donations of expendable | |||||||
| endowment | 4 | - | 118,500 | 118,500 | - | 170,400 | 170,400 |
| Gift aid receivable | - | 29,625 | 29,625 | - | 42,600 | 42,600 | |
| Bank interest | - | 1,690 | 1,690 | - | - | - | |
| Investments: | |||||||
| Investment income | 21,883 |
- |
21,883 |
16,806 |
- |
16,806 |
|
| Total income and endowments | 21,883 |
149,815 |
171,698 |
16,806 |
213,000 |
229,806 |
|
| Expenditure on: | |||||||
| Raising funds | - | 19,209 | 19,209 | - | 18,101 | 18,101 | |
| Charitable activities | 5 | 404,300 |
- |
404,300 |
135,514 |
- |
135,514 |
| Total expenditure | 404,300 |
19,209 |
423,509 |
135,514 |
18,101 |
153,615 |
|
| Net gain on investments | - |
505,346 |
505,346 |
- |
99,977 |
99,977 |
|
| Net income/(expenditure) | (382,417) | 635,952 |
253,535 | (118,708) | 294,876 |
176,168 | |
| Transfers between funds | 382,417 |
(382,417) |
- |
118,708 |
(118,708) |
- |
|
| Net movement in funds | - |
253,535 |
253,535 |
- |
176,168 |
176,168 |
|
| Reconciliation of funds: | |||||||
| Total funds brought forward | - |
2,256,032 |
2,256,032 |
- |
2,079,864 |
2,079,864 |
|
| Total funds carried forward | - |
2,509,567 |
2,509,567 |
- |
2,256,032 |
2,256,032 |
All income and expenditure derive from continuing activities.
6
THE FITZGERALD FAMILY FOUNDATION
B A L A N C E S H E E T
At 5 April 2024
| Unrestricted Expendable income endowment fund fund £ £ Fixed assets Investments 6 - 2,346,822 Current assets Gift aid receivable - 29,625 Cash at bank 6,900 133,120 Total current assets 6,900 162,745 Liabilities Creditors: amounts falling due within one year 7 (6,900) - Net current assets - 162,745 Total net assets - 2,509,567 The funds of the charity Expendable endowment fund - 2,509,567 Unrestricted income fund - - Total charity funds - 2,509,567 |
Unrestricted Expendable Total income endowment 2024 fund fund £ £ £ 2,346,822 - 1,841,970 29,625 - - 140,020 2,700 414,062 169,645 2,700 414,062 (6,900) (2,700) - 162,745 - 414,062 2,509,567 - 2,256,032 2,509,567 - 2,256,032 - - - 2,509,567 - 2,256,032 |
Total 2023 £ 1,841,970 - 416,762 416,762 (2,700) 414,062 2,256,032 2,256,032 - 2,256,032 |
|---|---|---|
The financial statements set out on pages 6 to 10 were approved by the trustees on 31 January 2025 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 2024
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.
8
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 2024
1. Accounting Policies (continued)
(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.
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 (2023 – nil).
4. Related party transactions
The charity received donations during the year of £118,500 (2023 - £170,400) from the settlor and trustee, Mr S Fitzgerald, without conditions attached.
During the year the charity made a donation of £200,000 (2023 – £nil) to the Fitzgerald Foundation in Australia, a charity the Settlor and Trustee Mr S Fitzgerald is also a Settlor and Trustee of.
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.
| furtherance of its charitable objectives. | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Funded from unrestricted income fund: | ||
| Grant making | 399,300 | 131,250 |
| Bank charges | 800 | 364 |
| Accountancy fees | 4,200 | 3,900 |
| Total | 404,300 | 135,514 |
| Accountancy fees payable to the independent examiner’s firm as follows: | ||
| - Examination | 1,230 | 1,140 |
| - Accountancy | 2,970 | 2,760 |
| 4,200 | 3,900 |
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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 2024
5. Analysis of charitable expenditure (continued)
| Recipients of institutional grants: | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Australian Chamber Orchestra | 20,000 | - |
| Fitzgerald Foundation Australia | 200,000 | - |
| Australian Wildlife Conservancy | 13,000 | - |
| British Museum | 10,300 | 25,000 |
| Chatham House | 25,000 | 25,000 |
| Felix Project | 20,000 | - |
| The Longford Trust | 5,000 | 5,000 |
| Kings College London | 25,000 | 25,000 |
| Royal Flying Doctor Service - Friends in the UK | 10,000 | 11,250 |
| Sophia Point | 41,000 | - |
| Wildfowl | 10,000 | - |
| Waterloo Uncovered | 20,000 | 40,000 |
| 399,300 |
131,250 |
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 2024 £ Market value as at 6 April 2023 1,841,970 Disposals at cost (1,205,309) Additions to investments at cost 1,528,738 Net gain on revaluation of investments 181,423 Market value as at 5 April 2024 2,346,822 The investments are listed on a recognised stock exchange and are analysed as follows: Equities 2,346,822 2,346,822 |
6. Fixed asset investments 2024 £ Market value as at 6 April 2023 1,841,970 Disposals at cost (1,205,309) Additions to investments at cost 1,528,738 Net gain on revaluation of investments 181,423 Market value as at 5 April 2024 2,346,822 The investments are listed on a recognised stock exchange and are analysed as follows: Equities 2,346,822 2,346,822 |
6. Fixed asset investments 2024 £ Market value as at 6 April 2023 1,841,970 Disposals at cost (1,205,309) Additions to investments at cost 1,528,738 Net gain on revaluation of investments 181,423 Market value as at 5 April 2024 2,346,822 The investments are listed on a recognised stock exchange and are analysed as follows: Equities 2,346,822 2,346,822 |
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 |
|---|---|---|---|---|
| 7. Creditors: amounts falling due within one year Accruals Trade creditors |
2024 £ 2,700 4,200 6,900 |
2023 £ 2,700 - |
||
| 2,700 | ||||
| 8. Financial instruments Categorisation of financial instruments Financial assets held at fair value Financial assets held at amortised cost Financial liabilities measured at amortised cost |
2024 £ 2,346,822 140,020 6,900 |
2023 £ 1,841,970 |
||
| 416,762 | ||||
| 2,700 |
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