CHARITY REGISTERED NUMBER: 207524 FITZGERALD CHARITY TRUSTEFS, REPORT AND FINANCIAL ATEMEWrS FOR THE PERIOD ENDED 31 MARCA 2022 S J PICKUP & CO. CHARTERED ACCOUNTANTS LONG ACRE MILTON STREET POLEGATE BN26 5RW
FOR THE PEIUOD ENDED 31 MARCH 2022 cor4TENTS P¥ Trust¢¢s report Independent Ex8mineVs Report Statement of financial activities D¢tail¢d ana]ysis of fill Balance sheet Notes
FITZGERALD CHARITY TRUSTEES, ANNUAL REPORT FOR THE PEIUOD ENDED 31 MARCH 2022 Th¢ Tnth Present their rewFrt and the financial statements of the charity for the period ended 31 March 2022. The tne¢S have adopted the provisions of the Stat¢m¢nl of R¢coTnmended Pradi¢e (SORP) 'A¢untIng 8nd R¢wrting by ClJariti¢s" IFRS102} in preparing th¢ aDnual report and finan¢ial stat¢rn¢nts of the rharity. S¢rue¢urfy Gov¢rDalltt aDd magement The Charity was created in 1858 and its powers aDd duti¢s aT¢ currently d¢fined by its Scheme of Governance dated 17 June 2004. The Charity is Constited as an unincoTrorated charity and is regulated by the Charity Commission for England and Wales (Reference Nulnber 207524). Th¢ Ch&rity is al$0 answerable to the National Regulator of Social H18 (registet number A2363) Org8nisation A board of Trtee$ of up to 9 m¢mb¢r5. who meet quarterly, adIn]nerS the charity. Thetr Is a P&stordl Catr and Grounds sub-committee. The day- knday management setvice of the Clwity is callied under ¢ontr&ct with the Parochial Church Council of Sutton with Seaford. Financial services provided by a local fimi of accowttallts. A local consuhant deals with major capital work& preparing all the documentstion for Trustees, approval. To ensure all Charity policies are up to date, the Chlty is registered with the Almshouse A5SOCi&ti¢)n (Registration Nw)Jb¢r 220). The investn]¢nt portfolio is managed by E&stbourne inv&thent managers, Charl Stanley who advise on jnvesttllt strategy in the light ofmarket conditions. Risk policy The Tn have examined the major $trxtegiE business and operational risks which the Charity faces and ¢onfirm that systems have established to lessen these risks. Objectives and activities The Charity cutTentty provides 14 affordable homes in Fitzgerald Hous4 Seaford. These are let charges well below market levels in accordance with Govemance guidance on social housing Tht levels. The Cbarity is utthle to make new lettings to outsidet3 while it goes through a rolling progrdnllne of internal rehousing and refi2Tbishment, honouring its r48ponsibilities towth eurrent residents. This should eome tr> an end in about 2 years when the current waiting list of apphcants will be used to select new residents. The Scheme of Gov¢rnan¢¢ deteTmiD¢S th¢ uitrriath* Tn]sttt% must use in Accepting applicants otrto the waitin8 lisL
FITZGERALD CHARITY TRUSTEES, AI4NUAL REPORT (Continued) FOR THE PEIUOD ENDED 31 MARCH 2022 Aehlevements 4thd perfDnllan¢e Jn the current year a fijrther 3 fiats have undergone wmplete refurbishment and are ready for 0uPatIon in May 2022, rel418 a fiTth¢r 3 unmodernised flats Into the ncxl ph&8¢ of the programme. As a eotwuettce 5 of the 14 fiats will have undergone suth work. Each phase is expected to tske up to 9 months to complete. In the current y¢w, in or(kr to ensure that the Charity lives colnfortably within its revenue ineome derived froln it$ maintenancx dw8es only, the whole business plan has been reviewtsl rt4ulting in ¢hange of mana8in8 a8ents d aceountants. This enables the significant invesknellt portfolio to wort sol¢ly to provide the fimds for the refurbishment progr8n]me for all 14 flats and leave a residue which will be built up over the wming years, as the income l¢v¢l return to their maximutn when all 14 flats ar¢ ocwpie(L Trustees were pleased to see that th¢ trvised business plan budget was achieved by the year end despite a year of significant org&ni5ational change. Trustee numbers have increased $0 that we hav¢ a full wrnplement now, enabling Trustees to beei)m¢ more dÈre£tty involved in proje¢t supervising of the refirbis]Trtnent progr. Tesident welfare. and ground maintenance. FinaDeial revlew tnyestment policy The aim of the Chalitys investment rtfoliO is to provide an agreed and cim5tstent reth (accepting that this reknun will fluctuate according lo g¢n¢rdl market conditionsk in line with the Charity's lower risk approach. The Charity follows an ethical Investent policy and will not inv¢sÉ in OTganisati¢)ns supporting arnis Jnanufa¢tLm prJUCtion of tobk¢co or the prornotion of gambling. Currendy, most of the Charity'$ inveslments are to be used for the on80in8 refurbishrnent, so they are being roanaged to ettsure the most adv8ntag¢ous returns whilst erJ$UTi that risk is mitigated RerY¢S policy It is the policy ofthe chlty to maintain unrestrieted fut¥ whieh are the free resetves of the Charity, at a level which equates to approximately six months unrestrictsd expendÉture. Thig provides sufficient funds to cover management #naadministration and siwort cost. Fix1 &ss¢ts The Tn consider that the n)•ket value of freehold land ond buildings is in excess of the atnount 9hoMm in the a¢coLwts bui &8 these are used irl the Chty's activities and no disposai$ A envisag& the excess is not si1fiCant. Pllns for fulure perlods The Trustees have ensured that th¢ Cuent year is now profitabl4 after several years. deficits. Substantial refirbislmient is utknay. which will be paid for out of the investment p)rtfolio. It is anticipated that this portfolio will be wjlenished anllually in from the surpluw made on rLllming the Cbarity. Sin the maintenance charge should more than coyer all ongoing costs of n)ning the Charity. This strategy will ensure that th¢ Fit7g¢rald legacy is SLL8tsined for the n¢xt g¢n¢ration.
TRUSTEKS, ANNUAL BEPORT (Continued) FOR THE PERIOD ENDED 31 MARCH 2022 AccotE and reportlng rupoDslblilde8 The Tn¢¢$ are responsible for prq)ry the TnIst, Arnu#l Report and the financial ststements in ac£ord8nee with applicable law and United Kingdom Accounting Standards (United KiDgdoDJ Generally Accepted Accounting Practice). The law applicable to charities in England and Wales ro4uires the Trultees to prepare fuThn¢ial statements for each finaticial period which 8iVt atrue and fair view of the state of affairs of the Charity and of the incoEning r¢sour¢es and application of resour$ of the Clwity for tIMt period. En pr¢p8ring these fun¢11 statement4 the Trth8tees areTequiTed to.. select suitable accI)ting policies and apply them c518tentIy. observe the methods and prin¢ipl¢s in th¢ ChaTiti¢s SORP 2019 (FRS102)" mak¢ judg¢m¢nts and estimates that are reasonable and pNd state whether applicable CoUnting St8ndards have been follow&1 subject to any material departtwes disclosed and ¢xplained in the fn¢la1 statements. prepare the financial ststements on a goityg concern basis unless it is inappropriate to presulne that the Charity will ¢onlinu¢ in operation. The TNstees are responsible for keeping proper aecountEng records whi¢h dis¢lo$¢ with TOnable acw at any time the fu]¢181 position of the ChaTity and enable them to ensure that the finsnoial ststements colnply with the Cbarities Act 2011. the Charity (Accounts and Reports) Regu]ations 2008 and the provision of the tn deed. They are also Ksponsible for safeguarding the 5¢ts of th¢ Cl)arity a[ hence for toking reasonable steps f tho prevention and detection of fraud and other itte8u2arities. TTreeS Mrs PS White Dr M Monis R¢v J HollingswoTth Mr C Grimble (Cl)airman) Mr B Millar Mr M Lamprecht Mr E Thojnpson Dr A tatham (apwjinted 8.2.22) Mrs M Colleary (appointed 8.2.22) MrAT Lees {resiglled 29 July 2021) Approved by the Trnstees on 24 Jwje 2022 si on their behalf by.. Mr C Grimble Page 3
un&r 144(2) of tr A¢¢ 11 lthtt 201t Aol IknL ts Is 5¥%kn3860fthC26A¢ Of 3.thewJntso)notLWy thenTWUIr0¢ts0raelthn 396Ofth?2Adth8rn4lthl1 F¢ILlSstrknd1FOJlth1lliknUK éTrJR¢wthit¢ofIttknd(FRS102 DFtsI.. 9J2022 BnAYBtrd N20 8EL
FITZGERALD CHARITY STATEMENf OF FINANCIAL AcrivrrEES IINCLiJDING INCOME AND EXPENDrruRE ACCOUNT) FOR THE PEIUOD EIYDED 31 MARCH 2022 Total Funds 21)22 Nots Unrest'd Funds FuTrd5 2021 Income and ed0ments frnm: Maintenall¢e Charges 522TT 52277 50.542 Investlnents 2&3 32223 32.037 Totsl income *nd endov4Jnents 845 84.5(M) 82.579 EJp¢nditur¢ on: RaisÈng fuE]ds 9,623 9.623 9208 Charitable activities 62J17 62J17 118,635 Total resourees expend¢d 71.940 71.940 127.843 Net gait]s on investments 136239 136239 281,065 Net mov¢thent IB 148.799 148.799 220.806 Total hnds brnugbt forvlard .739,451 1,739.451 1.503,650 Totsl Tiled fonvard ,888.250 1,888,250 1,739,451 All inco]ne and eXpd1th derive from ¢Amtinuing activities. Page 5
FITZGERALD CHARITY STATEMEL4IT OF FINANCIAL ACTivrrtLS DETAILED ANALYS OF MOVEMENTS IN FUP4DS FOR THE PERIOD ENDED 31 MARCH 2022 2022 2021 General FNnd General Futtd Ba]an¢e Blfivd surplU(DefiClt} forthe p¢riod Realised gain Loss on investments TTansferto another heading 773,384 12,560 29.870 830207 (30269) (43J20) 16,766 406.910 1222,724 773384 IVeStMent fair value fvnd Investment fair v2lu¢ opening balAnc¢ Movement in funds Transfer to anotheT heading 846J38 93.446 (470.721) 594,412 269.667 (17,741) 469,063 Chriable erve Charitable propety opwing balance Trausf¢r to anoth¢rheading 846,338 23,736 4264 23,736 28.0(KJ Exlraordlnary r¢p8irs rese Extrdordinary repairs opening balance Movement in fid5 Trdnthr to another heading 23.736 95,993 12.923 59,547 55295 39,723 975 168.463 95,993 Tot*1 funds at 31 March 21ll2 1,888,250 1,739,451
BALANCE SHEET AT 31 MARCH 2022 Nots 2022 2021 T#ngibie frsed assets Tangible &ss¢ts tnvestttjents 370258 I J04,031 203,279 1.429,366 1,674289 1.632,645 Current ssets Debtors Bank Accounts 1.740 239,428 3,448 117.767 241,168 121.215 Crtditors Amounts falling due within one ye4r 27207 14,409 Net eurrent gssets 213,961 106.806 Total currejtl liabili¢Ys 1,888250 1.739,451 Net awets 1,888250 1.739.451 CApltl UnTestri¢ted fiuMIs 1,888WO 1,739,451 Total Dd3 1,888250 1.739,451 Approved by the Tn on 24 June 2022 and signed ontheir behalf. Mr C Grimble The allnex1 llthes forni part ofthe5e f]nancial statements. Pag¢ 7
NOTES TO THE FINANCIAL STATEMENTS FOR THE PEIUOD ENDED 31 hL4RCH 2022 Aceoumtthg polities The Clwity cotltut&S apublic benefit entity as defined by FRS 102. The fjnancial statements have bee prepared in acwrdanee with Aceounting and Rew)rting by Cbarities.. Statement of Recommended Practice applicable to charities prepari their accounts in awordance with the Financial Reporiing Slandayd applicable in th¢ UK and R¢publi¢ of Ireland (FRS102) issu¢d on 16 July 2014 (as updftted through Bull¢tin I publtshed on 2 February 2016 and Update BulletÉn 2 published on 5 Oetober 2018) the Financial RetIll Standard applicable in the United Kingdom and R¢publi¢ of Lreland {FRS102), the Charities A¢t 2011 and UK Generally Accepted Practice &$ it appli¢s from l January 2015. The Charity hag applieil Update Bu]letin l as published on 2 February 2016 and does not include a e&sh flow statementon the grounds that it is apptying FRS 102 thtion IA. The financial ststements are prepared on a going concern basis under the historical eollventi¢)n (modified to include ¢¢rtain items at fair value). The finaTLcial ststements are wesented in stsrling which is th¢ fimctional tunw of the Charity and rounded to the nearest tx)und. The si8Ttificant auting policies applied in the pr¢paration of these financial statements set o below. These policies have be¢n consistently applied to all ye£rs llnie otherwise stat¢(L In¢oming T¢sour¢es All incoming SOurCeS w¢ sncluded in the SOFA when the (Jwity is legally entitleAE to the income and the amount can be quantified with r¢&80nabl¢ accurdcy. Resources expellded All expenditure is aCcoUntj for on an aC¢nlS b&8is and h&% been classified under beadings that aBgate all costs related to the ¢ategory Where costs C8mnot be directly attnbuted to parti¢ular headings they have been allOtedt0 activities on a basis consistent with use of the resources. Tangtble assets and depreclatloll Tangible fixed assets are stated * cost less depreciatiotL Ikpreci&tiOll is PTovid¢d at rates calculated to write off the cfjst Iw el[llated residual value of eath a&9et over its ¢X¢tl5¢fid lify as follows.. Land and 1]dIng$. Fre£hold buildtD8 under txtensive refthis]Jment so no depreciation provided Fixtires and Fittin8s- 10 OA per 8nnum of cost PAge 8
FrrzGERALD CHARITY NOTES TO THE FINANCIAL STATEMENfs {CltinU) FOR THE PEIUOD EI¥DED 31 hlARCH 2022 Fund atetsunting thds are unffstri¢ted funds which are available for use at the discretion of the Trustees for partIlar purwses. The following fi]nds are also rnaintained.. Extr80rdiDary Repairs Reserve. Thiy is represarted by c¢rtain investments within the portfolio. The value of thi$ fi]ttd h&8 E¢en ineaSed this yew to reflttt this Yalue. Charitable Ro4erves Fund been adjusted to refleet 6 motth norn1 exp¢ndi¢ure. Investhlent Resetve has been adjusted to 88ree to the ut]recogDis¢d gains made on the Investment Ineome Income from inve5tsnents is accounted for on an aeavals b89i$. Grants reeefved Socia] Housing Grant is paid by the HOill8 Coryoration to duce the cost of development and 14 therefore shown as a deduction from th¢ housing on th¢ Balanc¢ Sheet. It Is repayable der ceLtiin ¢imunthce4 priMLlY following the sale of the propety but will be reatricÈ¥J kn the net w(K¢eds of ltteome UDrest'd Fu¥Jds 2022 Totsl Funds 2022 Totsl Funds 2021 Funds 21122 Donatlons *Jhd iegacfi 52277 SU77 50.542 52277 52277 50,542 Dividends 31197 26 31197 26 31015 22 32223 32233 32.037 Page 9
FfTZGE114LD CHARITY NOTES TO THE FINANCIAL STATEMEiYfs Icontinued) FOR THE PERIOD EI¥DED 31 MARCH 2022 Investment IDcome 21122 21121 Jneome from other fixed &8set inV¢glmet 32223 32,037 Expenditure on raising fmnds 2022 Portfolio manag¢m¢nt Costs 9.623 9208 9.623 9208 Expenditure on ¢baritsble activities 2022 2022 2021 Rat¢s alld water tnsurance Lighi and heat Sundries Repairs and maintenance Clerk's salary and warden t£gal and proftsssonal IndeIdl examiner fee Depreciation Profit on dispx)sal PriTrting postage and stationery Rent Bank ch8rg&s 3,141 2.463 lJ34 1210 14.875 9,993 23,870 4,521 2,204 1,027 785 42.533 57.591 1,771 2,460 5,743 4.598 333 69 171 61317 118,635 Pag¢ 10
NOTES TO THE FINANCIAL STATEME8 (Continued) FOR THE PERIOD EIYDED 31 MARCH 2022 T4Dgible fixed assets Land and BuildiDgs Machinery Plant Totsl Cost: At 26 March 2021 Additions Disposals 306.321 171,676 94.488 234 (36259) 400,809 171.910 {36259) At 31 Mh 21r22 477.997 58.463 536.460 Depreciation: At 26 March 2021 Charge for the wiod On disN)sa]s 119.384 78.146 4.598 (35,926} 197.530 4.598 (35,920) At 31 Mareh 2022 119,384 46.818 166202 Net book value: At 31 MaTth 2022 358,613 11.645 370258 At 25 March 2021 186.937 16,342 203279 The Aims]y)we wa8 e4)nstru¢ted ill 1864 and extended with Block 3 in 1893. Th¢r¢ is no record of iginal Cost. Th¢ alxJv¢ fmancial details relate to improvem¢nts caTried OUL which welr knd¢d on 23 January 1980 by a Hol18 Corporation Grant of £119,384 and completed on 10 Juty 1982. xed wet Investments Llgted Cost At 26 March221 Additions Surplus on revaluation 1.429J65 7,182 106J69 (238.885) At 31 Marth2022 I J04.031 Net Bwk Values: As at 31 Mar¢h 2022 I J04.031 As at 25 March 2021 1.429,365 Jn the above Itrents are designated to NAACIF Extraordinary Repairs of £168.463 (2021 £174.832). Page 11
NOTES TO THE FINANCIAL STATEMENfs (Continued) FOR THE PEIUOD ENDED 31 MARCH 2022 D¢btors 4JJd prepaymettts Amoi]nts falling due within One year.. 2022 2021 Du¢ from reSIdts Other d¢blors Prepayments 701 738 2,009 1.740 1.740 3.448 Credttors Amounts falling due within one year.. 2022 2021 Sundry Creditors Aceru8Js 26.116 1.091 14,409 27207 14,409 Page 12
NOTES TO THE FINANCIAL STATEMENTS (Continued) THE PERIOD ENDED 31 MARCH21122 10. Fknan¢ial Instrnments Th¢ Charity hod the followin6 funcl&l instnmiellts: 2022 2021 Fimancial assets at fair va]u¢through profft or105S Fixed asset investsnents .304,031 1.429.366 Financial assets that are de instruments me&sured at amortiscd cost Other debto 1.740 3,448 FitMn¢ia] liabilities me&ryured at amortised wst 26,119 14.409 26.119 14,409 Relatsl party transactions In year ended Manh 2021 prof¢ssional and cl¢rks tots11 £49,056. During the year the contra¢t with1h¢ clerk and his a¢L¥)ulltancy fllm ¢ee& and costs of £18,147 were incurre Page 13