2021-08-31-accounts

A Charitable Company Limited by Guarantee

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

Charity Registration Number 1167976 Company Number 10056045

THE FITZWYGRAM FOUNDATION

CONTENTS

	Page
Chair’s Report	1
Legal and Administrative Information	2
Report of the Trustees	3-7
Auditor’s Report	8-10
Statement of Financial Activities	11
Balance Sheet	12
Cash Flow	13
Notes to the Financial Statements	14-17

THE FITZWYGRAM FOUNDATION - CHAIR’S REPORT FOR THE YEAR ENDED 31 AUGUST 2021

The Fitzwygram Foundation funds free place Scholarships at Hampton School. Fitzwygram Scholarships normally cover all school fees and costs such as uniform, meals and educational trips, so that Scholars can take part fully in School life. Once a Fitzwygram Scholar joins the First Year (Year 7) at Hampton School, he will be supported by a strong and caring pastoral team and this will continue throughout his time at the School. In addition to the high-quality pastoral care from which all pupils at Hampton School benefit, one of the Deputy Heads has particular responsibility for overseeing the wellbeing of Fitzwygram Scholars and ensuring that they flourish at the School. He is also an additional point of contact for their families.

We are very grateful to our many benefactors and supporters who are making this possible. The Trustees make sure that every penny raised goes towards funding Scholarships. Despite the restrictions and challenges of the Covid-19 pandemic, we are pleased to report that the number of donors, income from their donations, and overall income (including investment growth) are all significantly greater than last year. I should also record my thanks to our Founding Patrons, who have each pledged to endow a Scholarship on a permanent basis. Three new Scholars joined Hampton School in September 2021, joining the nine Scholars already settled at the School. We hope to support several more each year from now on.

Our fundraising initiatives included, for the first time, the Big Hampton Quiz, held in late November 2020, which raised £3,047 from 188 donors; the Big Give in December 2020, which raised £35,126 from 187 supporters; and the Hampton School Giving Day on Founders’ Day at the end of June, which raised over £247,000 from 755 supporters. We were delighted by the success of these events and also by the many messages of support that donors sent with their gifts: it is very clear that the whole Hampton School community, staff, pupils, alumni of all eras, and former and current parents whole-heartedly support the Fitzwygram Foundation Scholarship programme.

The Scholarship programme is run on our behalf by Hampton School. Their staff have the skills and experience needed to identify pupils who would benefit from the life-changing opportunities that a Fitzwygram Scholarship can provide. There are two criteria for selecting Fitzwygram Scholars. First, they must be doing well academically. This is assessed during Hampton School’s admissions process which identifies pupils who meet the academic (or other non-financial) entrance requirements for the School. Second, their family or carers must be unable to afford any educational costs. This financial eligibility is assessed by independent experts during the application process and subject to regular review. Where financial means have changed, a contribution to fees and/or costs may be requested. In any case, the pupil will remain a Fitzwygram Scholar. Hampton School itself also offers help with fees, including both free places and reduced-fee places. To make the selection process as straightforward and fair as possible, all applications for help with fees, including Fitzwygram Scholarships, are treated in the same way.

The Fitzwygram Foundation Office is staffed by a team seconded by Hampton School to the Fitzwygram Foundation. The Trustees are most grateful for their hard work, enthusiasm and commitment to our work. At the end of the 2020-21 year, we were very sad to say farewell to Frank Keenan, the Director of the Foundation, who moved to a similar role elsewhere. Frank, a proud Hamptonian and our first Director, leaves behind a well-established Foundation and Office. His successor, Anthony Hewitt, has a wealth of experience, most recently as Director of Development at the Southbank Centre and before that as Director of Development at Shakespeare’s Globe. Anthony knows our area well and is excited by the ethos of the Foundation and the School. We look forward to welcoming him to the Fitzwygram team.

B R Martin Chair of Trustees

1

THE FITZWYGRAM FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	P Baker BSc FRSA
	S A Bull BSc ACA
	M Choueiri BA MBA
	B R Martin MA MBA FCMI FRSA
	A H Munday LLB QC (from 4 January 2021)
	J S Perry BA (until 12 October 2020)
	Air-Vice Marshal G Skinner CBE BSc MSc CEng FIMechE FILT FRAeS RAF (Retd)
	N J Spooner BA
Company Secretary	M A King BSc
Registered Office	Hampton School
	Hanworth Road
	Hampton
	Middlesex
	TW12 3HD
Website	https://hamptonschool.org.uk/alumni/fitzwygram
Registered Charity Number	1167976
Registered Company Number	10056045
Auditor	Haysmacintyre LLP
	10 Queen Street Place
	London EC4R 1AG
Solicitors	Farrer & Co
	66 Lincoln’s Inn Fields
	London
	WC2A 3LH
Bankers	Barclays Bank
	Kingston upon Thames Business Centre
	6 Clarence Street
	Kingston upon Thames
	KT1 1NY
	Lloyds Bank
	City Office
	PO Box 72
	Bailey Drive
	Gillingham Business Park
	Kent
	ME8 0LS
Investment Advisers	Sarasin & Partners LLP
	Juxon House
	100 St Paul’s Churchyard
	London EC4M 8BU

2

THE FITZWYGRAM FOUNDATION

REPORT OF THE TRUSTEES

The Trustees of the Fitzwygram Foundation present their annual report for the year ended 31 August 2021 and the audited financial statements for the year. The Trustees confirm that they comply with the following requirements: The Fitzwygram Foundation’s governing document; Part 15 of the Companies Act 2006; the Charities Act 2011; the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019); and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Constitution

The Fitzwygram Foundation is a Charitable Company Limited by Guarantee. Its governing document is the Memorandum and Articles of Association incorporated on 10 March 2016 as amended on 8 September 2021. It provides scholarship grants to the Hampton School Trust (Charity Number 1120005) to provide free place Scholarships for pupils in financial need to attend Hampton School.

Governance

The current Articles of Association provide for a majority of the Trustees to be appointed by the Board of Governors of Hampton School from among their number. The Board of the Fitzwygram Foundation co-opts further Trustees for their expertise in relevant areas, including education, business, finance and the law, and for their commitment to its aims. The Articles of Association are currently under review by the Hampton School Trust (as sole Member of the Fitzwygram Foundation), to diversify and widen the experience and expertise of the Board.

In accordance with the Articles of Association, The Fitzwygram Foundation has appointed Trustees with financial experience to form its Investment and Finance Committee, which monitors all aspects of the Fitzwygram Foundation’s finances.

The Trustees, who are the directors of the company, who served during the year and up to the date the accounts were approved were as follows:

P Baker (Co-opted Trustee) (Member of the Investment and Finance Committee) S A Bull (Nominated Trustee) (Member of the Investment and Finance Committee) M Choueiri (Nominated Trustee) B R Martin (Co-opted Trustee) (Member of the Investment and Finance Committee) A H Munday (Nominated Trustee) G Skinner (Co-opted Trustee) N J Spooner (Nominated Trustee)

No remuneration or expenses are paid to Trustees.

3

THE FITZWYGRAM FOUNDATION

REPORT OF THE TRUSTEES (continued)

Objects and Activities

The Fitzwygram Foundation has one simple but transformative aim: to increase the number of means-tested Scholarships available at Hampton School for boys who would not otherwise be able to attend by reason of financial need. The Fitzwygram Foundation assists Hampton School in achieving its aim of inclusivity and partnership with society and its local community.

The Objects of the Fitzwygram Foundation as amended in September 2021 are to advance education by providing grants exclusively to fund Scholarships at Hampton School for pupils who meet the academic (or other non-financial) entrance requirements of the School but would not otherwise be able to attend by reason of financial need. The amendment was made in order to state more clearly the Foundation’s aims and activities.

The Objects also provide for potential future circumstances in which Hampton School: “(a) gives written notice of resignation as a member;

(b) makes an arrangement or composition with its creditors;

(c) ceases to exist;

(d) ceases to operate as a school which charges fees as a condition of pupil attendance;

(e) ceases to operate on a non-profit basis; and/or

(f) is ultimately owned or controlled by an entity which does not operate on a non-profit basis.”

In such circumstances, called a “Trigger Event”, the objects shall be “to advance education by:

1. providing or assisting in the provision of scholarships at any school or schools which the Trustees in their absolute discretion consider possess a similar ethos and aims to those of the School prior to the Trigger Event; and

2. where the Trustees are satisfied that sufficient provision has been made under 1, providing financial support to enable secondary school age pupils to pursue formal education in such manner as the Trustees may in their absolute discretion determine.”

Scholarship Policy

The Fitzwygram Foundation provides Scholarship grants for completely free places at Hampton School to boys from all backgrounds. Fitzwygram Foundation Scholarships are subject to robust annual means-testing and are dependent upon the financial circumstances of the applicant’s family who are unable to afford any school fees or costs. Fitzwygram Foundation Scholars receive 100% fee remission and additional assistance with other reasonable costs of fully participating in the life of Hampton School, for example co-curricular activities, travel, lunches and uniform.

The Trustees review the overall future commitments in respect of existing Scholarships to determine the number of new Scholarships, if any, the Fitzwygram Foundation can offer starting in the next academic year. The Trustees inform Hampton School of the number of new Scholarships it can offer. Hampton School then identifies prospective pupils whose circumstances fall within the Fitzwygram Foundation’s objects.

Achievements, Performance and Financial Review

Despite the restrictions and challenges of the Covid-19 pandemic, we are pleased to report that the number of donors, income from their donations, and overall income (including investment growth) are all significantly greater than last year. The net income for the year, including investment gains, was £715,615 (2020: £495,286). Donations received amounted to £709,816 (2020: £584,421) which was encouraging given the negative impact of Covid-19 on fundraising activities. The reported cost of Scholarships was £293,301 which represents the provision for 12 Scholars in the 2021/22 academic year at Hampton School. In 2020 the provision was £206,267 for 9 Scholars in the 2020/21 academic year.

4

THE FITZWYGRAM FOUNDATION

REPORT OF THE TRUSTEES (continued)

Principal Risks and Uncertainties

The Fitzwygram Foundation has adopted risk management and reserves policies in line with Charity Commission guidance and charged the Investment and Finance Committee with oversight of these matters.

A substantial proportion of the Fitzwygram Foundation’s funds have been invested and this exposes it to investment performance risk. The Trustees consider that the use of independent investment advisers, who provide monthly portfolio reviews and attend the Investment and Finance Committee once a year, will mitigate this risk.

The Trustees are pleased to report that Covid-19 has not affected their plans to fund Scholarships. While a number of inperson fundraising events were postponed, the Big Give Christmas Challenge and the Giving Day, both online fundraising campaigns, were very successful in raising revenue. We are very grateful to all those involved for their hard work and enthusiasm.

The Trustees carry out an annual risk assessment and no other significant risks or uncertainties have been identified.

Public Benefit

The Trustees confirm that they have given due consideration to the Charity Commission's general guidance on public benefit.

Employees

The Fitzwygram Foundation currently has no employees. The Hampton School Trust seconds suitably qualified members of its staff to the Fitzwygram Foundation on a full time or part time basis at no cost to the Fitzwygram Foundation. We understand that those secondments are made in accordance with Hampton School’s Diversity, Equality and Inclusion policy:

“All appointments are made to ensure that the best possible staff are recruited on the basis of their merits, abilities and suitability for their position. We aim to ensure that all job applicants are considered equitably and consistently and to ensure that no job applicant is treated unfairly on any grounds, including race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation, marital or civil partner status, gender reassignment, disability or age. Our vision is to provide diverse role models for all pupils by increasing further the diversity within our staff community.

It is the practice of the School to facilitate the employment of persons with disabilities and to provide, whenever possible, opportunities for training, career development and promotion. Where employees become disabled whilst in service, every effort is made to rehabilitate them to their former jobs or some other suitable alternative and provide appropriate training and specialist advice.”

Environmental Matters

The Fitzwygram Foundation is committed to minimising the impact its processes have on the environment.

Investment Policy and Performance

The current investment advisers are Sarasin & Partners LLP.

The Fitzwygram Foundation aims to retain sufficient cash to meet short term scholarship commitments with the remaining assets being available for longer term investment. The current investment objective is to provide sufficient income to fund current Scholarships while preserving real capital value for future Scholarships. The long-term target is to achieve investment returns better than CPI. Ethical guidelines have been put in place to exclude or limit investment in certain industries.

The investment portfolio was only established in October 2019 and it would be inappropriate to judge long term performance over a short timescale. It is encouraging to note that in the year the portfolio has yielded £65,000 (2020: £29,808) in income and reported net investment gains of £236,981 (2020: £82,526).

5

THE FITZWYGRAM FOUNDATION

REPORT OF THE TRUSTEES (continued)

Reserves Policy

The aim of the Fitzwygram Foundation is to raise funds to provide an increasing number of means-tested Scholarships for boys who would not otherwise be able to attend by reason of financial need. The level of reserves at 31 August 2021 was £3,011,505 (2020: £2,295,890) which includes £837,970 (2020: £511,979) designated to provide three (2020: two) permanent Scholarships. The Trustees expect to be in a position to establish a further two permanent Scholarships in 2022.

Fundraising

The Fitzwygram Foundation's current fundraising focus is on the Hampton School community, which includes alumni, current and former parents and current and former staff. We are most grateful to all those who have donated so far.

The Fitzwygram Foundation is registered with the Fundraising Regulator and has complied with its regulations during the year. Trustees are aware of guidance provided by the Institute of Fundraisers and of their obligations with respect to vulnerable donors. No complaints have been received about the Fitzwygram Foundation 's fundraising activity.

The Fitzwygram Foundation does not use a third party to raise funds on its behalf.

The Fitzwygram Foundation Trustees meet regularly and consider all aspects of fundraising activity. Donations received in the year amounted to £709,816 (2020: £584,421) despite a number of fundraising events being postponed due to Covid-19 restrictions. Some of these events have been rescheduled to 2022 to provide a boost to current fundraising efforts.

Future Plans

During the accounting period, all nine Fitzwygram Scholars successfully completed another year at Hampton School. The next three Fitzwygram Scholars accepted offers to start in September 2021 and have now joined Hampton School. Our future plans are to increase Fitzwygram Foundation funds to enable it to provide grants to the Hampton School Trust to enable more boys to attend Hampton School on completely free Fitzwygram Scholarships and to benefit from the opportunities on offer.

6

THE FITZWYGRAM FOUNDATIOPI REPORT OF THE TRUSTEES Icontlnued} Statemth of Trusttts, ResponsSbllltles The Trustees, who are a150 directors of the charitable company, are responsible for preparln8 the Report of the Trustees and the Financial Statements in accordance wlth applicable law and regulations. Company law requires the Trustees to prepare Flnancial Statements for Èach financial year. Under that law the directors have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practlce Iunlted Kingdom Accounting Standards and applicable lawl. Under company law the Trustees must not approve the Financlal Statements unless are satlslied thai they 8ive a true and fair view of the state of affairs of the charitable ompany and of the profit or loss ol the charitable company for that period. In preparin8 these Financial Statement5, Ihe Trusiees are requlred to.. select suitable accounting policles and then apply them consi5tentlv,' observe the methods and prlnclples In the Charltie5 SORP., make lud8ements and estlmate5 that are reasonable and prudent.. State whether applicable accountln8 Standards have been followed, subject to any materlal departures disclosed and explalned In the flnanclal statements- prepare the Financlal Statements on the 8olng concern bas15 unless It Is Inapproprlate to presume that this basis applles. The Tiustees are responslble for keepinB adequate aC￿untIn8 records thai are sufflclent to show and explain the charltable company's transactlons ènd disclose with reasonable accuracy at any tirne the financial p051tlon of the tharltable Company and enable them to ensure that the Financlal Statements comply with the Companle5 Act 2CQ6. They are also responslble fof sale8uardln8 Ihe a55ets of ihe chafltable company and hence for taklng reasonable sleps for Ihe preventlon and detectlon of fraud and other irre8ularlties. 50 far as each ot the Tfuslees is aware at the tlme the report Is approved.. there Is no relevant audit Informatlon ol whlch the charitable company's audltor Is unaware. and the Trustees have taken all steps that they ought to have taken to make themselves awoTe of any relevant audlt Informatlon and to establish that the audltor Is aware of thal information. Th15 report has been prepared In accordance with the 5peclal prowslons of Part IS of the Companles Act 2W6 relatln8 to small companles. Approved by the Trustees on l December 2021 and siBned a5 authorised on thelr behalf by.. B R Martln Chalr of Tru

THE FITZWYGRAM FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE FITZWYGRAM FOUNDATION

Opinion

We have audited the financial statements of The Fitzwygram Foundation for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of 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:

• give a true and fair view of the state of the charitable company’s affairs as at 31 August 2021 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 charitable company 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 charitable company'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 Trustees are responsible for the other information. The other information comprises the information included in 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.

8

THE FITZWYGRAM FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE FITZWYGRAM FOUNDATION (continued)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the charitable company; or

• the charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

• The Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of Trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement set out on page 6 , the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to taxation and Company and Charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011 and the Charities’ SORP.

9

THE FITZWYGRAM FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2021

Notes INCOME FROM: Donations and legacies 2 Investments 3 Total Income EXPENDITURE ON: Cost of raising funds Charitable activities Total Expenditure 4 Net Income before Investment Gains/(Losses) Realised gains/(losses) 7 Unrealised gains 7 NET MOVEMENT IN FUNDS Funds balance at 1 September FUNDS BALANCE AT 31 August	Year Ended 31 August 2021 £ 709,816 65,161 774,977 90 296,253 296,343 478,634 6 236,975 715,615 2,295,890 3,011,505	Year Ended 31 August 2020 £ 584,421 35,817
		620,238
		225 207,253
		207,478
		412,760 (3,606) 86,132
		495,286 1,800,604
		2,295,890

There were no recognised gains and losses other than those included in the Statement of Financial Activities.

The accompanying notes on pages 14 to 17 form part of these financial statements.

11

THE Frr2wYGRAM FOUNDATION Company number.. 10056045 BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Notes FIXED ASSET5 Investments 2,610,849 1.983.959 CURREIIT ASSETS Debtofs Cash at bank and in hand 72,315 632,507 704,822 1304,1661 186.645 341,244 527,889 1215,9581 CREDITORS,. Amounts falllni due wlthln on• year NET CURRENT AS5Ers 400,656 311,931 TOTAL ASSETS 3,011,505 2.295,890 FUMDS Deslgnated Funds General Funds io io 837,970 2,173,535 511,979 1,783,911 Unrestrlcted funds io 3,011,505 2,29S,890 3,011,S05 2.295,890 These accounts h￿e been prepared In accofdance with the provIs￿n5 appllcable to companies, subiect to the small companies. re8lme. Approved and •uthorlsed for issue by the Trustees on l O•c•mb•r 2021 and signed on thelr behalf bv.. B R Martln halr of Trust P. Baker FIrtan￿( mmlttee The accompanyln8 notes on pa8es 14 to 17 form part of these financial statements. 12

THE FITZWYGRAM FOUNDATION

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2021

_____________ Notes Net cash inflow from operating activities Net cash provided by operating activities A Cash flows from investing activities Interest received Payments to acquire investments Investment disposals Change in cash and cash equivalents in the period Cash and cash equivalents at 1 September Cash and cash equivalents at 31 August B NOTES TO THE CASH FLOW STATEMENT A Reconciliation of net income to net cash flow from operating activities Net income before investment gains/(losses) Share donation Investment management charges Interest and investment income received Decrease/(increase) in debtors Increase in creditors Net cash inflow from operating activities B Analysis of cash and cash equivalents Cash at bank and in hand	_____ Year Ended 31 August 2021 £ 616,101 161 (325,061) 62 291,263 341,244 632,507 478,634 - 90 (65,161) 114,330 88,208 616,101 632,507 632,507	_______ Year Ended 31 August 2020 £ 242,136 6,009 (1,868,267) 68,267
		(1,551,855) 1,893,099
		341,244
		412,760 (71,850) 225 (35,817) (164,513) 101,331
		242,136
		341,244
		341,244

13

THE FITZWYGRAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Going concern

The Trustees consider that there are no material uncertainties which would cast doubt on the Fitzwygram Foundation ’s ability to continue as a going concern. Having reviewed the Fitzwygram Foundation ’s future projected cash flows and the cash and investment balances available to it together with the commitments made to fund Scholarships, the Trustees have a reasonable expectation that the Fitzwygram Foundation has adequate resources to continue its activities for the foreseeable future and consider that there are no material uncertainties over the its financial viability.

c) Functional currency

The functional currency of the Fitzwygram Foundation is Sterling (£).

d) Income

All income is included in the statement of financial activities when the charity is entitled to the income, it is probable that income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Donations and legacies

Donations and legacies are recognised when receivable or when the Fitzwygram Foundation becomes legally entitled to them. Receipts of property, investments or other gifts in kind are included at market value.

e) Expenditure

Nine Scholarship grants were paid during the year and a further three Scholarship grants in respect of the academic year beginning in September 2021 were made.

f) Investments

Investments are stated at market value less any provision for permanent diminution in value.

g) Creditors

The balance represents the following academic year’s scholarship grants.

h) Debtors

The balance represents outstanding gift aid claims and donations receivable.

i) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments.

j) Areas of critical judgement and estimation

There are no areas of critical judgement and estimation used in preparing these financial statements.

14

THE FITZWYGRAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

k) Unrestricted Funds

Unrestricted funds, including designated funds to provide a permanent scholarship places, comprise those funds which the Trustees are free to use for the furtherance of the charitable objects.

2. DDONATIONS AND LEGACIES

2.	DDONATIONS AND LEGACIES
		Year Ended	Year Ended
		31 August	31 August
		2021	2020
		£	£
	Donations and legacies	709,816	584,421
		============	============
	Donations include shares donated initially valued at £nil (2020: £71,850)
3.	INCOME FROM INVESTMENTS	Year Ended	Year Ended
		31 August	31 August
		2021	2020
		£	£
	Interest received	161	6,009
	Investment income retained in investment portfolio	65,000	29,808
		------------------------	------------------------
		65,161	35,817
		============	============
4.	EXPENDITURE	Year Ended	Year Ended
		31 August	31 August
		2021	2020
		£	£
	Investment management charges	90	225
		------------------------	------------------------
	Total cost of raising funds	90	225
		------------------------	------------------------
	Bank charges	2,952	986
	Scholarships	293,301	206,267
		------------------------	------------------------
	Total cost of charitable activities	296,253	207,253
		------------------------	------------------------
	TOTAL EXPENDITURE	296,343	207,478
		============	============

The charge for the year for Scholarships reflects the timing of the commitment to provide Scholarships. The commitment usually arises prior to the academic year to which they relate. The commitment in the current year was 12 scholars for academic year 2021/22 (2020: 9 scholars for the academic year 2020/21)

Audit fees (net of VAT), paid by Hampton School, were £2,350 (2020: £2,300).

5. EMPLOYEES

There were no staff employed by the Fitzwygram Foundation (2020: none)

15

THE FITZWYGRAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

6. TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES

No remuneration or expenses are paid to Trustees (2020: £nil)

Donations received during the year from Trustees totalled £104,963 (2020: £100,375)

7.	INVESTMENTS	2021	2020
		£	£
	Market value at 1 September	1,983,959	-
	Additions	325,061	1,868,267
	Disposals	(62)	(68,267)
	Share donation	-	71,850
	Investment management charges	(90)	(225)
	Investment income retained in investment portfolio	65,000	29,808
	Realised investment gains/(losses)	6	(3,606)
	Unrealised investment gains	236,975	86,132
		----------------------	----------------------
	Market value at 31 August	2,610,849	1,983,959
		===========	===========
	Historic cost at 31 August	2,287,743	1,897,827
		===========	===========
8.	DEBTORS	2021	2020
		£	£
	Accrued income	72,315	186,645
		===========	===========
9.	CREDITORS FALLING DUE WITHIN ONE YEAR	2021	2020
		£	£
	Scholarship payments	304,166	215,958
		===========	===========

16

THE FITZWYGRAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

10. FUNDS

The Fitzwygram Foundation provides grant funding by means of donation for the provision of Scholarships to pupils and prospective pupils of the Hampton School Trust.

	Total Funds	Designated Funds	General Funds
	£	£	£
Unrestricted
1 September 2019	1,800,604	-	1,800,604
Transfer	-	300,000	(300,000)
Net income/(expenditure)	495,286	211,979	283,307
	----------------------	------------------------	------------------------
31 August 2020	2,295,890	511,979	1,783,911
	---------------------	------------------------	------------------------
Net income/(expenditure)	715,615	325,991	389,624
	---------------------	------------------------	------------------------
31 August 2021	3,011,505	837,970	2,173,535
	==========	============	============

The designated balance reflects donations made to provide permanent Scholarships. These donations, together with investment income and capital growth, will be applied to fund the scholarship of individual boys throughout their time at Hampton School. It is intended that these funds, including amounts pledged but not yet received, will provide permanent scholarship places at Hampton School. Donations received in prior years to provide permanent Scholarships were transferred from General Funds to Designated Funds in 2020.

11. SOLE MEMBER

The company’s sole member and therefore ultimate controlling party is Hampton School, a company limited by guarantee (No: 06264434) and a charity (No: 1120005) registered in England and Wales. Consolidated accounts can be obtained from Hampton School, Hampton Road, Hampton, Middlesex, TW12 3HD.

17