THE FITTON TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 5TH APRIL 2021 PENNINGTONS MANCHES COOPER Pennlngtons Manches Cooper LLP 31 Chertsey Street Gulldford Surrey GU14HD Tel.. 01483 791800 Fax- 01483 424177 Ref.. APMf2001692
THE FIThON TR NUAL REPORT F YEAR TO 5 APRIL 2021 The Trustees submil thair annual report 8nd the financlal statements of The Fltton Trust (the charity) for the year ended 5 April 2021. Tho Trijstees confirm that the annual feport and financial statements of the charity comply wth the current $talulory requirements of the charity's governing document and thè Slalement of Recommended Practice applicable to charities pr8paring their accounts In accordance wlth thè Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS10212M Edition issued October 2019 and tho Financial Reportlng Standard applicable in the United Klngdom and Republic of Ireland IFRS1021 and the Charities Act 2011 ar)d UK Generally Accepted Pracuce a$11 appl¢es from 1 January 2015. Reference and admlnljtrativo Informatlon Tha charity trustees during Ihg year were.. 1. Dr Rodney Peter Aldridge Rivers 2. Rosemary Louise Shaw Katherine Joanna Lumsden 4. Emma Mary Lumsden 5. Lincoln Peter Leet Rlvors 6. Rosalind Gordon Cumming 7. Jeremy Chafle5 Peter Bland The charity's bankers are Cater Alen Privata Bank of 9 Nelson Street. Bradford BD1 SAN. Legal. slalutory and compllance issues including preparation of annual accounts is dealt wth by the Iruslees. solicitors. Pennlnglons Manches Cooper LLP of 31 Chertw Street GuSldford Surrey GU1 4HD which is also the trust's registered address. Thè Gharty's investments are held In the n(xninee name of Ihelr Investment advisor5. Brown Shlpley & Co Ltd of Founders Court, Lothbury, London EC2R 7HE who have been given discretK)nary investment management in accordance wlh the Charity Commissions Order dated 15 July 1994. Structure. govemance and man•ggment The Fitton Trust is constituted by a Court Order dated 14 February 1964 mado followng an application under the Variation of Twsts Act 1958 by (amongst others) the trustees of the Will of Thn3S Cliffe Fitton vtho digd on 8 Aprfl 1928. The Iruslees usually meet three times each yeaf, often in April. Augu81 and 0Mber. when the dlslribution of available income by way of grants is agreed (see note 4 to the accounlsl. All other secrotarial and administration servi¢es a provided under contract by Mrs Karen Donovan Vlrtual Assistant Services. All corrèspondence concerning grants and applications for grants to be addr¥•d to: Tho Socretaryi Tho Fltton Trus( PO Box, 289. 8ramh•ll. Stockport. SK7 OOZ. Tnjstees are 8ppoinled by resolution of th8 trustees. By a Charity Commission Order dated 28 Novgmber 2003 the maximum number of permitted trustee5 was incsed from four to eight. Risk managemont The Trust has no OP8fatioftal ri$k¥. Its risks are rdatad lo investment strategy and il guards against those risks by ensuring. with advice from ils investmanl advisers, a reasonable diversification on Investments. ObAtiV¥S ¥nd activitiOS The objects of the chartty are to benefit ty way of granis such le9alty charitable instf(ulions as the trustees shall in their absolute discwlion think fit. The trustees maet three limes a year and consider 811 grant 8pplications s88king lo award grants to prO1¢S andlor causes they deode worthy of available charity revenue.
Regard for publ1¢ bgnofit The Trustees have had due regard to the guidance published by the Charity Commissi¢)n on public benefit and to that end hava conllnugd lo make grants to charitable oryanisal+ons wthin thg charitys Charitable objects. Ach5o¥ements and p•rforman Th6 Trustees are pleas8d to have made Of agreed grants during the yEar totalling £55.450 12020.. £73,600> which were in accordance with the Objects of the charity and have contributed to good and just causes in the UK and across the woAd. Funded donations have r&sUtt in direct benefit to all 207 granleos12020'. 275). Fln•nclal Review There was an increase of 16.77% (18.32% decrease in 20201 in the market value of the tnjst inv6stm&nts this year. The income yield of the trusl decreased from 6.36% {2020110 4.94% based on market value 815 April 2021, the income yield ba58d on proieclions for the coming year made by Bro Shipley and based on their valuation of 5 April 2021 pdict5 a yield of 3.49%15.40% in 20201. The trustees. overall invaslment strategy 18 for invesiment in medlum risk securiti8S Wlth a viw lo reasonabl8 Capital growth and steadity increasing income. The trustee5 therefore considér thÈ minimum reserve held at any one lime need be no more than is sufficient to cover sh(Kt-tem anlicipated èxp8ndilur8, both on grants and administration. together with a conllngency lo ensure liquidity, eliminate bank d)arges and provide flexibilty to respond lo special or urggnl fvnding applications. At 5 April 2021 reserves amounted to £48,084 {2020'. £41.4661. During the year to 5 April 2021 grants made or agd totall £55.450 (2020.. £73,6001. Gross revenue amounted to £76.70412020.' £84,566). Tru$tees' Responsibllities in r•latlon to thè Flnancial Stat•m•nts L8W 8pplicable to charities in England and Wales requires the trustees to prepare financial slalements for oach fin8n¢ial yaar. which give a true and fail view of the charity's financial actNities during the y88r and of its financal position al the end of the year. In preparing Ihose flnancial slalements, the trustees are fequir&J to la} select sullable accounting polici8s and then apply them consistentty,. {bl make Judgements and estimates that are reasonable and Prudent: (c} st8te whether applicable accounting standards and stalemanls of recommended pra¢ti¢e have been followed subject to any departures disclosed and explalned in the financial statements,. and Id) prepare th8 financ181 statements on the going concom basis unless it is inappropriate lo prasume that the charity will continue in business. Tho Iwstees are responsible for keeping accounlng records whic disLloso with reasonable accuracy al any time the financial posf(ion of the charity and enablg them lo ensure thal th8 financial statements comply wilh Ihe Charities Act 2011. They afe also responsible for safeguarding the assets the charity and hencg for iakin reasonable steps lor the prevention 8nd detection of fraud and her irregularities TRUSTEE TRUSTEE
THE FIoN TRUST Statement of Financlal A¢tivitles Ilncludlng income and expendituro account) for tho yoar ondod 5 Aprll 2021 Endowmènt Fund 2021 Capltal Account 2020 Rwenu• Account Note Total Total In Resources Incoming rasources IrcAn generated funds: Investment In¢ome 76,704 76.704 84,566 Total Incomin Resources 76,704 76.704 84.566 Resources Ex ended Charitable activities.. Grants lo Charities 55,4S) 55.450 73.600 Legal and administrative costs 14,636 10.292 24,928 28,709 70,086 10.292 80,378 102.309 ar before oth in 6,618 10,292 3,674 17,743 Inv Realised during the year 195.639 195,639} 51,740 Unreallsed dudng the year 334,704 334,704 353.973 inF 6,618 228,773 235,391 {319.976) Brou ht Forw 41,466 1,329,970 1.371.436 1,691,412 Tri ri12 48,084 1.558,743 1.606,827 1,371.436 Tho notes on pages 510 8 form part of these accounts S'ment of Financial Activities Page 3
THE FIThON TRUST Balance Sheet as at S April 2021 Endowm•nt Fund Capital A¢¢oun¢ 2021 2020 Revenu• Account Not• Total Total Fix Assets Investments 1,552,406 1.552.406 1,329,425 CUTMI As Is Deblors 2.329 Cash at bank and stockbrokers 65,911 68,240 6.337 6,337 72,248 74,577 55,482 55.482 Credito Amounts falling dLte 1n ona yaar 20,156 20.156 13,471 Net rre 48,084 6.337 $4,421 42.011 48,084 1,$58,743 1,606,827 1.371.438 Fun 48,084 1,558,743 1.606.827 1,371,436 The finanraal slalemenls have baen prepared in accordance the Financial Reporting Stsndard applicab in the Unitad Kingdom and Republic of 5reland IFRS1021. The financi21 statements were approved by the on ils be by.. rd of Trustees on .. . . and weffj signéd Signed.. TRUSTEE Signed.. NAME... TRUSTEE The not8s on pages 5 10 8 fomi part of these accounts Balance Sh86t Pagè 4
THE FIThON TRUST {Registsred Charlty Number 208758) Nots$ to th¢ Flnanclal Statements for the year to S Aprtl 2021 1. Accountin Policl {al Ba$1• of preparation of financlal stat•m•nts The accounts {financial ststemantsl have been preparad In accordance the Stalemonl of Rocommended Practice.. Accounting and Reporting by Charities preparing their accounts in 8c¢ordance with the Financial Reporting Standard applicable in the UK and R8publi¢ of Ireland IFRS10212nd Edition issu8d October 2019 and the Financial Reporting Standard applicable In the Unite(J Kingdom and Republic of Ireland {FRS1021 and the Charities Act 2011 and UK Generally Accepted Praclice as it applies from 1 January 2015. The accounts {financtal statemenlsl have been prepared lo give a 'tnJe and fair, VI and have (Jeparted Irom the Charitias (Accounts and Reports) Regulation$ 2008 onty to the extent requifod lo provide a 'true and fair view. This departure has involved following the Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applieabl8 in th$ UK 3nd Republic of Ireland IFRS10212nd Edits'on issued on October 2019 rather than the Accounting and R8POrting by Charities. Statemant of Recommended Pfactice effective from 1 April 2005 which has since been wiihdrawn. Ibl InMming re3ourceg All incoming resources are included in the Slalement of Financial Activities when the charity is legally enb'lled to the income and the amount can be quantified with reasonable accuracy. {c) Resources expended All expenditure is aUnted for on an accruals basis and has been inclLK*ed under expènsg categories that aggregate all costs for alb¢al purr)oses. Grants payable are recognlsetl in the year when the offer is made, providing Ihal any related conditions wihin the control of the Tnsslees have been fulfilled. Grants offered subject lo conditions which femain within the control of the Twste8s and have r1 been met at the year end are noted as a commitment. but not awued as expenditure. Value Added Tax is not racoverable by the Charty and. as such. Is Inclut1ed in the relevant costs in the Ststomortl of Financial Activities. Id) Cash flow The financAal stat8menls do not indude a cash statement because the charty. as a small reporb'ng enllty wlhin the provisions of FRS 102, is exempl from the requirement to proparè such statement (thctive 16 July 20141. {el Invostm•nts Investments are staled al market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arisng on revaluations and disposals during the year. In Taxatlon The trust is a registgrod charity and, as such, is not SLtbject to tax on its incom8 and gains falling thin Sections 518 10 537 of the Income Tax Act 2007 or Section 256 of the Taxalion of Chargeable Gains AGt 1992 are exgfllpt from income arid Gttpiial gain5 tax to the extent that they 8re applted to its chartt8ble purposes. Notes Page 5
THE FIThON TRUST (Registered Charlty Number 2087581 Notes to the Financlal Statements for the yaar to 5 April 2020 (continuod) (g) Fund •¢countlng The revenue account is an unrestricted fund whi¢h is available for use at the disc110 of the Trusle8s in lurtherance of the general objectNe5 of the charrty. The endowrnent fund is a restncled fund comprising ol the original grft of capital received by th6 trustees on 14 February 1964 and subsequent gains and losses on investments. The capital m8y not be expended. 2. Restrlct d F As there is no power lo experKI capital the whole of the Trust's capital repr8s8nts a pern1ant 8nd¢)wmenl fvjnd. 2021 2020 Fixed interest Equity 34,799 41,905 76,71M 38,674 47,892 4. Grants During tho yaar, grants were made to 207 charities 12020- 2751. The majority of the grants were between £200 and £350. One chariiy received a grant of £1,000 or more12020: iwol. as shown bel. 2021 2020 Fiiends of Sl. M8rl5 Hospital Children of the Dump 2,050 1,000 3,050 1,000 mlnls 2021 2020 SretarIa1 costs and expenses Trustees. expenses Legal & complianc6 fees Bank fees Accountanis, remuneration.. Examiner's fee 5,600 7.431 7,380 8.280 115 1,608 17,388 11,249 72 28,709 14,636 10,214 78 24,928 Stockbrokers. fees {capital) LEI registrationlrengwal fee Of the totsl expendilufe for 2021. unrestrictad expènses totall8d £14.636 12020.. £17.3881 and restricted expenses totallad £10.29212020.. £11,321). Notes Page 6
THE FirroN TRUST {Reglstered Charlty Number 208758) Notes lo the Flnancial Statements for tho yoar to 5 April 2021 (contlnuod) 6. Fixed As tmen 2021 2020 Histori¢81 cost al 6th April 2020 Addition5 al cost Oisposals al cost Hisl0ri¢81 cost al 5th April 2021 1.611.583 421,721 533,443 1.499,861 1,555.719 532,898 477,034 1,611.583 Cumul8tive unre81ise(I gainsl{Iosgesl 815th April 2021 52,546 I282,1> Mark 1,552.406 1.329.425 Fixed Interesl and prefer¢8 stock Equities Iwn8Vves 19.47% 58.17% 22.35% 18.83% 55.49% 25.67% Rathbones UTM Ethical Bond Instl Inc Royal London Institutional Z GBP Artemis Income FD I Crlt Sulsse 7% Income Accrf 3110112020 Schroder UT Incoma Maximlser Z Inc 7.74% 7.37Vo 7.29% not over 5% not over 5% 5.29% not over 5% not over 5% 539% 8.32% redit moun fallln 2021 2020 Trustees. expenses Examiner and payroll fees Unpresenled cheques - Grants 13 1.808 11.850 13,471 1.656 18,5C4] 20,1&8 Sl(Kkbrokers' fees {capl¢all 20,1 13.471 Pa Transaction During the year no twslees received reimbursement for expenses or was In receW)l of any other trust monies. Notes Page 7
THE FIoN TRUST (R•gi$tsred Charity Number 208758) Notes lo the Flnanclal Ststornonts for the year to 5 April 2021 (continuod) 9. Balance Sheet Is at 5 Aprll 2020 Rev?nu¢ Account Capital unt Total Investments 1,329,425 1,329,425 l Assets Debtors Cash at bank and stodtbrokers 54,937 54,937 945 545 55,482 55,482 Amounts f811ing due within ona year 13.471 13.471 et Current Ass 41,466 42,011 Total Nat A 41,466 1,329,970 1.371.436 41,486 1,329.970 1.371.436 Notes Pagè 8
Independent Examlner's Report tothe Trustees of The Fitton Trust I report on the account5 of the charity for the year ended S April 2021 which are set out on page5 three to eight. Respectlve responslbllltles of trustees and examlner The charity's trustees ère responsible for the preparation of the accounts. The ch8rity's trustees consider that an audit is not required for this year under settion 144121 of the Charltles Art 2011 (the 2011 Act) and that an independent examination is needed. examine the accounts under settion 145 of thÈ 2011 Act., follow the procedures laid down in the gener81 Dirertions given by the Charity Commission under sertion 14515llbl of the 2011 Act,. and State whether particular matters have corne to my attention. Basls of Independent examlner's report My examination was carried out in accord8nce with the general Dirertions given by the Charity Commission. An examination includes 8 review of the accounting records kept by the charity 8nd a comp8rison of the accounts presented with those records. It 31s0 includes conslderation of any unusual items or dlsclosures in the accounts, and seeking explan3tlons from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given Ès to whether the accounts present a "true and fair view" and the report is limited to those mÈtters set out in thÈ statement below. Other matters Your attention is drawn to the fa¢t that the charity has prepared the accounts (financial ststementsl in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ch3ritie5 preparing their Bccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 i55ued on 16 July 2014 in preference to the Accounting and Reporting Charities.. Statement ol Recommended Practice issued on I April 2005 which is referred to in the extsnt regulations but has since been withdr4wn. We understand that this has been done In order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. Independent examlner'5 Statement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause to believe that, in 3ny material respect, the requirements.. to keep accounting records in accordance with section 130 of the 2011 Act., and to prep4re accounts which accord with the accounting record5 and comply with the accounting requirements ol the 2011 Act have not been met., or to whlch. In my oplnion, attention should be drawn In order to enable a proper understandlng of the accounts to be rea=hed. M S Leigh BA FCA CF Azets Chartered Accountants hcombe CoLJrt Woolsack W8y Godalmlng, Surrey, GU7 ILQ Date.. 7 February 2022
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