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 chU￿h 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 refi￿bIShrnent 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¢ re￿rbl5hMenI 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 refi￿￿ls1llnellt 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. cU￿ently, 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 fi￿d5, which are the free reserves of the charity, at a level
which equates to approximately six month5 unrestricted expenditure. This provides suffi¢ient fi￿d5 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 f￿al 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 tr￿Ste¢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 Si￿ed 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 a￿ountS 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 Dow￿8]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 re￿IrS re5erv¢
Extraordinary repairs opening ba12n¢e
Movement fi￿d5
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 Si￿ed 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 Car￿01 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[x￿j 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 aT￿urn 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 a￿lIable 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¢.
I￿￿￿e
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 cHAR￿y
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¢en￿ls 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