CHARITY REGISTERED NUMBER: 207524 FITZCERALD CHAIUTY TRUSTEES, REPORT AND FtNANCIAL STATEIWEP4TS FOR THE PERIOD ENDED 31 MARCH 2024 S J PICKUP & CO. CHARTERED ACCOUNTANTS LONG ACRE MILTON STREET POLEGATE BN26 SRW
FITZGERALD CHARITY FOR THE PERtOD ENDED 31 MARCH 2024 CONTENTS Pale 'rTUStees report Independent Examin&s Report Statement of fmaTJ¢ial aetivities Dethiled analysis of funds Balan¢e sheet Notes
FITZGERALD CHARITY TRUSTEESI ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2024 Th¢ Trustees present their report and the financial Statements of the Charity for the period ended 31 March 2024. The Trustees have adopted the provisions of the Stat¢ment of Recommended Practice (SORP) "Accounting and R¢porttng by Chariti¢s" (FRS102) in preparing the annuai report and financial statements of the charity. Structure, Govern*n¢e M8Tragemeot Governing doeument The Charity was created in 1858 and its powers and duties are currently defined by its Scheme of Govemancc dated 17 June 2004. In addition the Trustee5 follow Èh¢ NHF Code of Governance 2020 on matters not covered by our 2004 Srheme of Governance. The Charity is constituted a5 an unineoTty)rated Charity, and is regulated by the Charity Commission for England and Wales (Reference Number 207524). The Charity is also answerable to the National Regulator of Social Housing (regist¢r number A2363) A board of 9 TnJstees meet quarterly to administer the Charity. The day-to-day management service of the Charity is carried out under contract with the Parochial chUh Council of Sutton with Seaford. Fitwjcial services provided by a IoLal fm of accountants. A local consultant deals with major capital works, preparin¥ all the documentation for Trustees, approval. To ensure all Charity policies are up to date, the Charity is registered with the Almshouse Association (Registration Number 2201. The investment portfolio is managed by Eastbourne investment manager, Charles Stsnley to advise on investment strategy in the light of market conditions. R15k pollcy The Trust¢¢s have ¢xamined the major strategic. business and operational risks which the Charity faces 2nd confwm that systems have b¢¢n established to less¢n these risks. All policies are reviewed annually. Qbjtttives aetffivities The Charity currently provides 14 affordable homes in Fitzg¢rald Hous¢, Seaford. These are let on charges well low matk¢t levels in accordance with Goyernanee guidance on social housing rent levels. The Charity is unable to make new lettings to outsiders while it goes through a rolling prowmme of intemal decanting and refurbishment. honouring its responsibilities towards current Residents. This should come to an end in about I year when we can select new Residents for the first time since 2018. The Sch¢m¢ of Governance detem)ines the criteria that Trust¢es must use in acceoing appli¢ants onto the waiting lisL In the current year flats 10,11,12 & 14 are undergoing colnplete refibIShrnent which is expected to complete in July 2024. As a eonsequence 6 of the 14 t]ats have been fully brought up to Dwent Homes Standard with the 4 flats undergoing works to achieve this. Following 2021122's complete revision of the business plan. the Charity has continued to live within its revenue income derived from its maintenance charges only, even carrying 4 vacant flats for the entir¢ yvdr. The refurbishment programme is paid for by disposals of shares and this is reflected in the reduction in the Investsnents line under 'Tangible fixed assets.. Dividend income from the signifi¢ant investment portfolio now works solely to provide the funds for th¢ rerbl5hMenI programme ft)r all 14 flats and leave a residu¢ which will be built up over the coming years, as the income level returns to its maximum when all 14 flats are occupied. The full compl¢ment of Trustees for the entire year h&% the skill set to be Tnore directly involved in project sup¢rvising of the refils1llnellt programme, resident welfare, 2nd OUnd maintenance. Pagell
FITZGERALD CHARJTY TRUSTEES, ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2024 (coTht) FlnanclAI rewiew InvestmeDt poltey The aim of the Charity's invoknent portfolio is to provide an awed and ¢onslStent return (accepting that this return will t]uctuate according to general mErket condition5), in line with the Charity'% lowcr Tlsk approach. The Charity follows an ethical investtnent policy and will not invest in organisationg SUPPOrting arn]s manufacturin& production of tobaceo or the promotion of gambling. cUently, most of the Charity's investments are to be used for the ongoing refurbishment, and so they are being managed to ensure the most advantag¢ou5 returns whilst ensuring that risk is mitigal¢d. Reserves pollcy It is the policy of the Charity to maintain unrestricted fid5, which are the free reserves of the charity, at a level which equates to approximately six month5 unrestricted expenditure. This provides suffi¢ient fid5 to Cover management and administration 2nd 5UPPOrt cost. Fixed #ssets The Trustees consider that the market Yalue of freehold land and buildings is in excess of the amount shown in the accounts but, as these assets are used in the charities activitieg and no disposals are envisaged. the excess is not SI)ificant. s for fvtsre periods The Trustees have ensured for the third year that 2023124 has achieved a balanced budget, after several years, d¢fi¢it% required dividend income to balance the books. Substsntial refurbishment will Continue, with the fal 4 flats16-9 cons) being refurbished during 2024125. paid for out of the investment portfolio. It is onticipated that Ihi5 Portfolio will be replenished annually in futwe, from surpluses made on running the Charity. when all 14 flats genernte their full capability. This strategy will ensure that the Fitzgerald legacy is sust2ined for the next generation. Attountlng and reporting responsibilitles The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Th¢ law applicablc to charities in England and Wales requires the trustees to prepare financial statements for each financial period which give a true aT]d fair view of the state of affairs of the charity and of the incotning resources and application of resources of the charity for that period. In preparing Ihese financial statements, the trSte¢S arc rcouired to.. select suitable ar¢ounting policies and apply th¢m ¢onsistently' observe the methiyjs and principles in the Charities SORP 2019 (FRS102)- - make judgements and estimates that are reasonable and prudenl. state whether applicable accounting standards have been follow¢d, subject to any material departures disclosed and explained in the financial statements,. Page12
FITZGERALD CHARITY TRUSTEES, ANNUAL REPORT FOR THE PEIUOD ENDED 31 MARCH 2024 (Cont} - pr¢par¢ the fmancial statements on a going ¢oncern basis unless it is inappropriate to presume that the chariry will continue in operation. The trust¢es ar¢ responsible for keeping pmp¢r a¢counting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements Comply with the Charities Act 201 I, the Charity (A¢¢ounts and Reports) Regulations 2008 and the provision tsf the trust d¢ed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable Steps for the prevention and detection of frkud and other iTTegularities. TNst¢es Mrs PS White Dr M Morris {r¢tir¢d 4 August 2023) Rev J Hollingsworth Mr C Grin)ble {Chaimian) Mr B Millar Mr M Lamprecht Mr E L Thompson Dr A Latham Mrs M Colleary Mrs Susan Fears (appointed 28 September 2023) Approved by the Trustees on 27 June 2024 Sied on its behalf by.. Mr C Grimble Chairman Page13
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTF,F.S OF FITZGERALD CHARITY FOR THE PERIOD ENDED 31 MARCH 2024 I report on the accounts which are s¢t out on pages 5 to 13 Respeetive responsibilitles of the Trustees and examiner The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2} of the Chariiies Act 2011 (the 2011 Act) and that an independent examination is Deeded. It is my responsibiliry to.. Examine the accounts under section 145 of the 2011 Act. follow the procedures laid down in the genernl directions given by the Charity Commission (under section 145(5){b) of the 2011 Act),. and stst¢ wh¢ther particular matt¢rs have colne to my attention. Basiq of independent examiner's report My exarnination was carried ollt in accordance with the General Directions giveR by the Charity CoTnTnission. An examination include5 a Teview of the accounting record5 kept by the charity and a compari50n of the aecounts presented with those records. It also includ¢s consideration of any unusual it¢ms or disclosures in the accounts, and seeking explanations from you as TTUStees concerning any such matters. The procedures undertaken do not Proyide all the evidence that would be requiT¢d ID an audit, and consequently no opinion is given as to whether the accounts present a "tme and fair view" and the report is limited to those matters set out in the statement below. Independent examiner's statement I have cotnpleted my exalnination. I confimi that no matters have cotne to my attention in ¢onnection with the ¢xaTnination giving me cause to bclievc that in any mat¢rial rcsp¢¢t.' a¢counting records were not kept in respect of the company as required by section 386 of the 2006 Act. or 2. the aountS do not accord with those records: or 3. the ac£ounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirernent that the a¢counts give a Irue and fair view, which is not a matter c4)nsidered as part of an independent examinaiion. or 4." the awounts hav¢ not b¢en pr¢par¢d in a¢cordan¢¢ with the methods and prin¢iples of the Statement of R¢comTnend¢d Practic¢ for a¢counting and reporting by charitics applicable to charitics preparing their a¢counts in a¢¢ordance with thc Financial Reporting Stsndard applicabl¢ in the UK and R¢publi¢ of Ir¢land (FRS102). I have no concerns and have corne across no other 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. Dated.. Bruce Bird 6 Dow8]de Close Eastbourn¢ BN20 8EL Page 4
FITZGERALD CHAIUTY STATEMENT OF FINANCtAL AcrivrrJES (tNCLUDtNG INCOME AND EXPENDITURE ACCOUTr) FOR THE PERIOD EM)ED 31 MARCH 2024 Total Funds 2024 Totsl Funds 2023 Unrest'd Funds Incomt and ¢ndowments from: Donations and Legaries 51.331 51,331 52,915 Invcstm¢nts 24,656 24,656 24,622 Totsl in¢tsme gnd endowments 75,987 75,987 77.537 ExpenditsTe ott: Railing fimds 7,686 7.680 8.393 Chariiable activities 46,109 46,109 54,650 Total resources expended 53,795 53,795 63,043 Net In¢ome from normal oper*tioDs 22,192 22.192 24.494 Net10ss on investments (262) (262) {66,239) N¢1 mov¢m¢n¢ in funds 21,930 21,930 (51.745) Total funds brought fonvard 1,836,507 1,836,507 1,888,251 5otal fllnds earried forw8Td 1,858,437 1,858,437 1,836,506 All income and ¢xp¢nditure derive from continuing activities. Page15
FITZGERALD CHARtTY STATEMENT OF FINANCIAL AcfiviTIES DETAILED ANAL YSIS OF MOVEMENfs IN FUNDS FOR THE PERIOD ENDED 31 MARCH 2024 2024 2023 GenerAI Fund Gen¢ral Fund BalanrK Blfwd Surplus for the period Rcalised gai TrAnsf¢r to another h¢ading 1.444,242 22,190 (10,543) 171,862 1222,724 14,494 (15,451) 222,474 1.621.751 1,444,241 InvestmeDt fair value fuDd Investment fair valu¢ opening balance Movement in fijnds Transfer to another h¢ading 244,096 14,649 (124,605) 469,064 {48.861) (176,107) 134,140 244,096 ChRritsble fund reserve Charitable property opening ba]ance 28,000 28.000 28,000 28,000 Extrnordinary reIrS re5erv¢ Extraordinary repairs opening ba12n¢e Movement fid5 Transfer to another heading 120,169 1.034 (47,257) 168,463 (1,927) (40.367) 74.546 120,169 Total funds at 31 Mareh 2024 1,858.437 1,836,506 Page16
FifLGERALD CHARITY BALANCE SHEET AT 31 MARCH 2024 Note 21124 2023 Tallgible fixed assets Tangible assets Investments 984,386 454,854 639,258 850,857 1.439,240 1.490,115 Currellt assets Debtors BAnk Accounts 2,330 419,633 1,693 355,120 421,963 356,813 Credltfrrs Amounts falling due within on¢ year 10 2,766 10,422 Nel ¢urreDt 4Ssets 419,197 346,391 Total Assets less eurrent Ilabllltles 1,858.437 1.836.506 Tr4¢t a$s¢ts 1.858,437 1,836,506 Capitsl funds UnTestrithd fvnds 1,858,437 1,836,506 Totsl funds 1,858.437 1,836,506 Approved by the Trnstees on 27 June 2024 and Sied on its behalf. Mr C Grimble Th¢ annexed notes fomi part of these fillancial statements. Page17
FrfzGERALD CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 A¢eDlllItIDg polieies The charity constitutes a publi¢ benefit entity as defll)ed by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Finaneial Repgrting Standard applicable in th¢ UK and Republic of Ireland (FRS102) issued on 16 July 2014 {a5 updated through Bulletin I published on 2 February 2016 and Update Bulletin 2 published on 5 October 20181 th¢ Financial Reporting Standard applicable in the United KinLFdom and Republic of Ireland (FRS102), th¢ Chatities Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. The charity has applied Update Bulletin l as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Se¢tion IA. The financial statement$ are prepared on a going concern basts under the historical convention (modified to include certslin item5 at fair value). The finaneial statements are presented in sterling which is the nctional curren¢y of the charity and rounded to the n¢arest pound. The significant accounting policies applied in the preparation of these finat]eial statements are set out below. These policies have been consistently applied to all y¢ar5 unless otherwise ststed. Infoming resources All incoming resources are included in the SOFA when the charity ig legally ¢ntitled lo the income and the amount can be quantified with aSOnable accuracy. Resources expellded All expenditure is accounted for on an accruals basis 2nd has been classified under headings that aggregate all costs rclated to the category Where costs Car01 be directly attributed to particular headings they have been allocated to a¢tivities on a basis consistent with use of the resources. Tangible fued assets ¥#d depreci8tion Tangible f[xj agsets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its ¢xp%ted useful lif4 as follows: Land and buildings- Freehold building under extensive refi]rbishrnent so no depr¢¢iation provided. Fixtures and Fittings- 10 Q/0 per aTurn of cost Pag¢l8
FITZGERALD CHARITY NOTLS TO THE FINANCIAL STATEMENTS (Continued) FOR THE PERIOD ENDED 31 MARCH 2024 Fund aecountlng General funds ar¢ unrestricted funds which ere alIable for use at the discretion of the trnstees for particular puwses. The following fi]nds are also maintained.. Extraordinary Repairs Reserv¢. This is represented by certain investmeTrts within the portfolio. Charitable Reserves Fund refleets O Tnonths nomial expenditure. tnvestment Re$e agrees to the unrecognised gains made on the inv¢stments. Investment Ineome Income from investments is a¢¢ounted for on an accNals basis. Grants reeeived Social Housing Grant is paid by the Housing Corporation to reduce the cost of development and 1$, therefore shown as a deduction from the housing on the Balance Sheet. It is repayable under eertain ircumstances, primarily following th¢ sale of the property but will be restricted to the net proeeeds of sal¢. Ie Rest'd Income FMDds 2024 Ullrest'd FuRds 2024 Totsl Fund$ 2024 Total Funds 2023 DoDations and legaeles Maintenance eontributions 51,331 51,331 52,915 51.331 51,331 52,915 Investment IDcome Dividends Interest 19,467 5,189 19.467 5,189 24,591 24,656 24,656 24,622 Investment income 2024 2023 Income from other fixed asset inveslments 24,656 24,622 Page19
FITZGEIL4LD CHARITY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PEIUOD ENDED 31 MARCH 2024 Espenditure on ralslng funds 2024 2024 2023 Portfolio m8nagement costs 7,686 8.393 7,686 8,393 Expenditure OD cbarfitable activltle$ 2024 2024 2023 Rates and water Insurance Light and heat Sundies Repairs and mointenance Clerk's salary and warden Legal and professional tkpreciation ProfiLI{Loss) on disposa] Rcnt Bank Charges Subscriptions Removal costs Settlement payment 4,249 2,335 2,621 388 4,752 11,040 15,494 1,968 (927) 135 108 680 1,192 2.074 3,182 2,817 420 428 12,794 8.545 14,360 5,279 1,591 510 214 524 3.986 46,109 54,650 Page | 10
FKTZGERALD CHAIUTY NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE PEIUOD ENDED 31 MARCH 2024 T8nglble flxed llssets LaDd arnd nd Buildings Machinery Totsl Cost.. At 26 March 2023 Additions DisFMisals 753,867 346.169 52,789 806,656 346.169 (20.842) (20.842) At 31 March 2024 1.100.036 31.947 1.131.983 Depreciation.. At 26 March 2023 Charge for the period On disposals 119,384 48,014 1.968 (21,769) 167.398 1,968 (21,769) At 31 March 2024 119,384 28,213 147,597 Net book value.. At 31 March 2024 980.652 3.734 984,386 At 25 Nlarch 2023 034.483 4,775 639,258 The Almshouse was constucted in the Nineteenth Century. There is no record of original cost. The above details relate to ijnprovejnents earried out, whieh were originally funded by a Housing Corporation Grant of £119,384. Fixed asset Investments Listed Cost At 26 March 2023 Additions Surplus on revaluation Disposals 850,858 4,272 16,283 {416,559} At 31 March 2024 454,854 Net Book Values.. As at 31 March 2024 454,854 As at 25 March 2023 850.858 In the above investments are funds designated to NAACIF Extraordinary Repairs of £74.546 12022 £120.169). Pagelll
FITZGERALD cHARy NOTES TO THE FINANCIAL STATEMENTS Icontinued) FOR THK PEIUOD ENDED 31 MARCH 2024 Debtors gmd prepAyments Arnounts falling due within one year: 2024 2023 Pr¢payments 2.330 1,693 Crediton Amounts falling due within one year.'- 2024 2023 Sundry creditors A¢enls And Defrrred Ineome 2,149 617 9,380 1.042 2,766 10.422 Pag¢ | 12
FITZGERALD CHARITY NOTES TO THE FINANCIAL STATEMEiYfs ICoDtinued) FOR THE PERIOD ENDED 31 MARCH 2024 10. Finantlal Instruments The eompany had the following financial inslrumenls.. 2024 2023 Financial assets at fair value throu profit or loss Fixed asset investments 454,854 850,857 Financial assets that are debt instruments measured at amortised cost Other debtors 2,330 1,693 Financial liabilities measured at amortised Cost Other creditors 2,151 9.381 2.151 9,381 Pagel 13