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$11 appl¢es from 1 January 2015.
Reference and admlnljtrativo Informatlon
Tha charity trustees during Ihg year were..
1. Dr Rodney Peter Aldridge Rivers
2. Rosemary Louise Shaw
Katherine Joanna Lumsden
4. Emma Mary Lumsden
5. Lincoln Peter Leet Rlvors
6. Rosalind Gordon Cumming
7. Jeremy Chafle5 Peter Bland
The charity's bankers are Cater Alen Privata Bank of 9 Nelson Street. Bradford BD1 SAN.
Legal. slalutory and compllance issues including preparation of annual accounts is dealt wth by the
Iruslees. solicitors. Pennlnglons Manches Cooper LLP of 31 Chertw Street GuSldford Surrey GU1
4HD which is also the trust's registered address.
Thè Gharty's investments are held In the n(xninee name of Ihelr Investment advisor5. Brown Shlpley &
Co Ltd of Founders Court, Lothbury, London EC2R 7HE who have been given discretK)nary
investment management in accordance wlh the Charity Commissions Order dated 15 July 1994.
Structure. govemance and man•ggment
The Fitton Trust is constituted by a Court Order dated 14 February 1964 mado followng an
application under the Variation of Twsts Act 1958 by (amongst others) the trustees of the Will of
Th￿n3S Cliffe Fitton vtho digd on 8 Aprfl 1928.
The Iruslees usually meet three times each yeaf, often in April. Augu81 and 0￿Mber. when the
dlslribution of available income by way of grants is agreed (see note 4 to the accounlsl.
All other secrotarial and administration servi¢es a￿ provided under contract by Mrs Karen Donovan
Vlrtual Assistant Services. All corrèspondence concerning grants and applications for grants to
be addr￿¥•d to: Tho Socretaryi Tho Fltton Trus( PO Box, 289. 8ramh•ll. Stockport. SK7 OOZ.
Tnjstees are 8ppoinled by resolution of th8 trustees. By a Charity Commission Order dated 28
Novgmber 2003 the maximum number of permitted trustee5 was inc￿sed from four to eight.
Risk managemont
The Trust has no OP8fatioftal ri$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.
ObA￿tiV¥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 p￿dict5 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 ag￿d 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 financ*al 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 FI￿oN 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 a￿Unted 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 r￿1 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 disc￿110￿ 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 pern1an￿t
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
S￿retarIa1 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
Cr￿lt 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 FI￿oN 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

Date..