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← The Fitzwygram Foundation

2024-08-31-accounts

A Charitable Company Limited by Guarantee

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Charity Registration Number 1167976 Company Number 10056045

THE FITZWYGRAM FOUNDATION

CONTENTS

Page
Legal and Administrative Information 1
Report of the Trustees 2-6
Auditor’s Report 7-9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13-16

THE FITZWYGRAM FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

_____________

Trustees P Baker *
N R G Basannavar
D L Coates * (from 21 March 2024)
S Crossley (from 19 October 2023)
S J Ellis (from 17 January 2024)
R Ghai
A R Gibbons *
J J Hamilton
J G Hedger (from 19 October 2023)
A E D Patterson (from 19 October 2023)
Air-Vice Marshal G Skinner CBE * (until 6 June 2024)
E T Watson
* Member of the Investment, Finance and Risk Committee
Company Secretary M A King
Registered Office Hampton School
Hanworth Road
Hampton
Middlesex
TW12 3HD
Website https://hamptonschool.org.uk/about/the-fitzwygram-foundation/
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 Lloyds Bank
City Office, PO Box 72
Bailey Drive
Gillingham Business Park
Kent
ME8 0LS
Investment Advisers CCLA
Senator House
85 Queen Victoria Street
London
EC4V 4ET

1

THE FITZWYGRAM FOUNDATION

REPORT OF THE TRUSTEES

_____________

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. Every penny raised goes towards funding Scholarships: the only costs incurred directly are bank charges (see Note 4). Particular thanks go to our Founding Patrons, who have each pledged to endow a Scholarship on a permanent basis. One new Scholar joined Hampton School in September 2024, joining the 17 Scholars already succeeding at the School. We hope that many more will follow.

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 education 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, although this has not occurred so far. 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.

The Trustees of the Fitzwygram Foundation present their annual report and the audited financial statements for the year ended 31 August 2024

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 24 March 2022.

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

Hampton School Trust is the sole Member of the Fitzwygram Foundation.

The amended Articles of Association dated 24 March 2022 requires that Trustees of the Foundation cannot also be on the Board of Governors of Hampton School.

New Trustees are appointed by the Board of Trustees and induction is given when they join the Board.

2

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 free-place 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 Articles of the Fitzwygram Foundation were amended to state more clearly the Foundation’s aims and activities. The current Objects 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 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:

3.1.1. 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 3.1.2. where the Trustees are satisfied that sufficient provision has been made under 3.1.1, 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. Should a family’s financial means change during a Scholar’s time at the School, a contribution to fees and/or costs may be requested. This has not occurred so far. In any case, the pupil will remain a Fitzwygram Scholar.

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 meet the criteria set out in the Fitzwygram Foundation’s objects.

Achievements, Performance and Financial Review

The net income for the year, including investment gains and losses, was £11,120 (2023: £138,685). Donations received amounted to £177,078 (2023: £551,652). The reported cost of Scholarships was £526,703 which represents the provision for 18 Scholars in the 2024/25 academic year at Hampton School. In 2023 the provision was £491,660 for 17 Scholars in the 2023/24 academic year.

3

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 Finance and Risk 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, Finance and Risk Committee once a year, will mitigate this risk. The performance of the investment advisers is kept under review.

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.

Investment Policy and Performance

The current investment advisers are CCLA.

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 for income from donations, fund raising and investments 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.

During the year the portfolio yielded £92,339 (2023: £90,913) in income.

Reserves Policy

The aim of the Fitzwygram Foundation is to raise funds to provide an increasing number of means-tested free-place Scholarships for boys who would not otherwise be able to attend by reason of financial need. The level of reserves at 31 August 2024 was £3,221,447 (2023: £3,210,327). A revised Investment and Reserves policy was approved by the Trustees during the year.

4

THE FITZWYGRAM FOUNDATION

REPORT OF THE TRUSTEES (continued)

_____________

Fundraising Strategy

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 £177,078 (2023: £551,652).

Future Plans

During the accounting period, all 17 Fitzwygram Scholars successfully completed another year at Hampton School. An additional Fitzwygram Scholar accepted an offer to start in September 2024 and has 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.

5

THE FITZWYGRAM FOUNDATION

REPORT OF THE TRUSTEES (continued)

Statement of Trustees' Responsibilities

The Trustees, who are also directors of the charitable company, are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare Financial Statements for each financial year. Under that law the directors have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the profit or loss of the charitable company for that period.

In preparing these Financial Statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Trustees on 28 November 2024 and signed as authorised on their behalf by:

----- Start of picture text -----
ZB
R Ghai
On behalf of the Trustees
----- End of picture text -----

6

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 2024 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:

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 12 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 Chair’s Report and 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:

7

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:

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.

8

THE FITZWYGRAM FOUNDATION

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

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Stokes (Senior Statutory Auditor)

For and on behalf of HaysMac LLP, Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: 4 December Nort

9

THE FITZWYGRAM FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2024

Notes
INCOME FROM:
Donations and legacies
2
Investments
3
Total Income
EXPENDITURE ON:
Cost of raising funds
Charitable activities
Total Expenditure
4
Net (expenditure)/income before investment gains/(losses)
Investment gains/(losses):
Realised losses
7
Unrealised gains
7
NET INCOME FOR THE YEAR
Funds balance at 1 September
FUNDS BALANCE AT 31 August		 Year Ended
31 August
2024
£
177,078
104,820
281,898
-
527,810
527,810
(245,912)
-
257,032
11,120
3,210,327
3,221,447		 Year Ended
31 August
2023
£
551,652
97,980
649,632
440
493,352
493,792
155,840
(44,581)
27,426
138,685
3,071,642
3,210,327

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

The accompanying notes on pages 13 to 16 form part of these financial statements.

10

THE FITZWYGRAM FOUNDATION

Company number: 10056045

BALANCE SHEET

AS AT 31 AUGUST 2024

----- Start of picture text -----
2024 2023
£ £ £ £
Notes
FIXED ASSETS
Investments 7 3,381,389 2,874,357
CURRENT ASSETS
Debtors 8 18,293 41,262
Cash at bank and in hand 361,983 799,574
380,276 840,836
CREDITORS: Amounts falling due within one year 9 (540,218) (504,866)
NET CURRENT (LIABILITIES)/ASSETS (159,942) 335,970
TOTAL ASSETS 3,221,447 3,210,327
FUNDS
Designated Funds 10 - -
General Funds 10 3,221,447 3,210,327
Unrestricted funds 10 3,221,447 3,210,327
3,221,447 3,210,327
----- End of picture text -----

These accounts have been prepared in accordance with the provisions applicable to companies, subject to the small companies regime.

Approved and authorised for issue by the Trustees on 28 November 2024 and signed on their behalf by:

----- Start of picture text -----
c_. Te a
i
a e ~
R Ghai P Baker
Chair of Trustees Chair of the investment, Finance and Risk Committee
----- End of picture text -----

The accompanying notes on pages 13 to 16 form part of these financial statements.

11

THE FITZWYGRAM FOUNDATION

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Net cash inflow from operating activities
Net cash (outflow)/inflow from operating activities
A
Cash flows from investing activities
Interest received
Investment income received
Payments to acquire investments
Proceeds from the disposal of investments
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 (expenditure)/income before investment gains
Investment management charges
Interest and investment income received
Decrease in debtors
Increase in creditors
Net cash (outflow)/inflow from operating activities
B
Analysis of cash and cash equivalents
Cash at bank and in hand		 Year Ended
31 August
2024
£
(292,411)
12,481
92,339
(250,000)
-
(437,591)
799,574
361,983
(245,912)
-
(104,820)
22,969
35,352
(292,411)
361,983
361,983		 Year Ended
31 August
2023
£
168,387
7,067
27,520
(2,802,648)
2,552,648
(47,026)
846,600
799,574
155,840
440
(97,980)
8,496
101,591
168,387
799,574
799,574

12

THE FITZWYGRAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

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 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 received 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

17 Scholarship grants were paid during the year and a further Scholarship grant in respect of the academic year beginning in September 2024 was made.

f) Investments

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

g) Creditors

The balance includes the following academic year’s scholarship grants and other amounts due.

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.

13

THE FITZWYGRAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2024

k) Unrestricted Funds

Unrestricted funds, including funds to provide 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
2024 2023
£ £
Donations and legacies 177,078 551,652
============ ============
3. INCOME FROM INVESTMENTS Year Ended Year Ended
31 August 31 August
2024 2023
£ £
Interest received 12,481 7,067
Investment income 92,339 90,913
------------------------ ------------------------
104,820 97,980
============ ============
4. EXPENDITURE Year Ended Year Ended
31 August 31 August
2024 2023
£ £
Investment management charges - 440
------------------------ ------------------------
Total cost of raising funds - 440
------------------------ ------------------------
Bank charges 1,107 1,692
Scholarships 526,703 491,660
------------------------ ------------------------
Total cost of charitable activities 527,810 493,352
------------------------ ------------------------
TOTAL EXPENDITURE 527,810 493,792
============ ============

The charge for Scholarships in the year 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 18 scholars for academic year 2024/25 (2023: 17 scholars for the academic year 2023/24)

Audit fees (net of VAT), paid by Hampton School, were £2,775 (2023: £2,625).

5. EMPLOYEES

There were no staff employed by the Fitzwygram Foundation (2023: none)

14

THE FITZWYGRAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2024

6. TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES

No remuneration or expenses are paid to Trustees (2023: £nil)

Donations received during the year from Trustees totalled £2,754 (2023: £100,609)

7. INVESTMENTS 2024 2023
£ £
Market value at 1 September 2,874,357 2,578,559
Additions 250,000 2,802,648
Disposals - (2,552,648)
Investment management charges - (440)
Investment income retained in investment portfolio - 63,393
Realised investment losses - (44,581)
Unrealised investment gains 257,032 27,426
---------------------- ----------------------
Market value at 31 August 3,381,389 2,874,357
=========== ===========
Historic cost at 31 August 3,096,931 2,846,931
=========== ===========
8. DEBTORS 2024 2023
£ £
Accrued income 18,293 41,262
=========== ===========
9. CREDITORS FALLING DUE WITHIN ONE YEAR 2024 2023
£ £
Scholarship payments 540,218 500,300
Other creditors - 4,566
---------------------- ----------------------
540,218 504,866
=========== ===========

15

THE FITZWYGRAM FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2024

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 2022 3,071,642 1,275,000 1,796,642
Transfer - (1,275,000) 1,275,000
Net income/(expenditure) 138,685 - 138,685
---------------------- ------------------------ ------------------------
31 August 2023 3,210,327 - 3,210,327
Net income/(expenditure) 11,120 - 11,120
--------------------- ------------------------ ------------------------
31 August 2024 3,221,447 - 3,221,447
========== ============ ============

Previously, Designated Funds reflected donations made to provide permanent Scholarships. Following the amendment of the Objects on 24 March 2022, the Trustees consider all funds are restricted to pursuance of those Objects and that it is not necessary to have separate funds. The amounts included in Designated Funds as at 31 August 2022 were therefore transferred to General Funds in the academic year 2023 .

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.

16