THE FITTON TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 5TH APRIL 2023 PENNINGTONS MANCHES COOPER Penningtons Manches Cooper LLP 31 Cliertsey Street Guildford Surrey GU1 4HD Tel. 01483 791800 Fax 01483 424177 Ref APM12001692
THE FITTON TRUST ANNUAL REPORT FOR THE YEAR TO 5 APRIL 2023 The Trustee$ submit their annual report and the financial st&tements of The Fitton Trust (the charity) for the year ended 5 April 2023. The Trustees confirm that the financial statements have been prepared in accordance with Ihe charity's governing document, the Charities Act 2011 and 'Accounting and Reporting by Chari(ies." Statement ol Recornmended Practice applicable lo charities preparing tITeir accounts In accorclance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Reference and administrativÈ information The charity Iru5tees during the year wefe. Dr Rodney Peter Aldridge Rivers 2. Rosemary Louise Shaw 3. Katherine Joanna Lurnsden 4. Emma Mary Lumsden 5. Lincoln Peter Leet Rivers 6. Jererny Charles Peter Brand The Charity's banker5 are Cater Allen Private Bank of 9 Nelson Street. Bradford 801 SAN. Legal, statutory and Compliance Issues including preparation of annual accounts Is dealt with by the trustees, soliciloTS. Penningtons Manches Cooper LLP of 31 Chertsey Street. Guildford, Surrey GU1 4HD which is also the trust'5 registered address. The charity's investments are held in the nominee name of their investment advisors, Brown Shipley & Co Ltd of Founders Court, Lothbury, London EC2R 7HE who have been given discretionary investment management in 8¢¢ordanGe v4ith the Chaflty Commissions Order dated 15 July 1994. structure, goveman¢e and management The Fitton Trust 1$ consliluled by a Court Order dated 14 February 1964 made follvwing an application under the Variation ol Trusts Act 1958 by lamong5t others) the trustees of the Will tsf Thomas Cliffe Fitton who died on 8 April 1928. The Iruslees usually meet three lime5 each year, often in February, June and November, when the di51ribulion of available income by way of grants Is agreed (see note 4 to the accounlsl. All other secretarial and administration Services are provided under contract by Mrs Karen Donovan Virtual Assistant Services. All correspondence concerning grant5 and applications for grants to be addre55ed to.. The Secretary. Th¢ Fitton Trust. PO Box. 289, Bramhall. Stockport. SK7 OOZ. Trustees are appointed by resolution of the trustees. By a Charity Cornmission Order dated 28 November 2003 the maximum number ol permitted trustees was increased from four to eight. Risk management The TrLJ5I has no operational risks. Its risks are related lo investmenl strategy and il guards against those risks by ensuring, with advice from ils investrnenl advisers, a reasonable diversification on investments. Obj8ctlV8s and actlvlties The objects of the ¢harily are lo benefit by way of grants such legally charitable institutions as the trustees shall in their absolute discretion think fit. The trustees rneel three times a year and consider all 9Tant appliration5 seeking to award grallts to piojects andlor causes they decide Worthy of available charity revenue. Regard for public benefit The Trustees have had due regard lo the guidance published by the Charity Commission on public benefit and lo that end have continued to rnake granls lo charitable organi5alions wilhin the charity's ch8rilable objects.
THE FITTON TRUST ANNUAL REPORT FOR THE YEAR TO 5 APRIL 2023 Achie¥em8nts and performanc• The Trustees are pleased to have made or agreed grants during the year lolalling £67,050 12022.. £63,125) which were in accordance with the objects of the charity and have contributed to good and just Causes In the UK and across the worfd. Funded donabons have resulled in direct benefit to all 234 granlees12022.' 2191. Financial Review There was a decrease of 8.08% 11.63% 1ncrease in 20221 in the market value of the Endowment Fund trust investments this year. In the year lo 5 April 2022, the trustees received a donation of £669,964 which was been recorded a5 the DVB Le9acy Fund, which has been Inve51ed In a separate account with Brown Shipley. During the year, the market value of the Investments In the DV8 Legacy Fund decreased by 4..32%. The income yield of the EndowTnent Fund investment$ increased from 4.48QA 120221 to 4.97% based on rnarket value at S April 2023, the Income yield based on projections for the coming year made by Brown Shipley and based on their valuation of 5 April 2023 predicts a yield of 3.62 /013.19Yo In 20221. In respect ol the yield on the OVB Legacy Fund. Brown Shipley's yield projection is 3.91%13.31% in 20221 The trustees, overa11 investment strategy Is for investment in medium risk securities ¥1 a view to reasonable Capital growih and steadily increasing income. The trustees therefore consider the rninimum reseNe held at any one lime need be no more than is sufficient to cover short-term anli¢ipated expenditure, both on grants and administration. together with a conlingency lo ensure liquidity, eliminate bank charges and provide flexibility to respond lo special or urgent funding applications. Al 5 April 2023 reserves amounted to £27,05412022 £39,365) Duriny the yeai to 5 April 2023 grant5 or agreed totalled £67.050 12022". £63, 1251. For the Revenue Account, generated from the Endowment Fund investments, gross revenue amounted t¢ £70,909 12022.. £71,614). For the DVB Legacy Fund, gross revenue amounted to £28,577 12022.. £3,581). Trustèès. Rosponsibilitie5 in relation to th• Financial Statements Law applicable to charities In England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the charity's finanGial activities during the year and of its financial posib.on at the end of the year. In preparing those financial statements, the trustees are required lo lal select suitable accounting poliryes and then apply them consistently", Ibl make judgements and estimates that are reasonable and prudent., Ic} stale whether applicable accounts'ng standards and 5tstements of recommended pracbce have been followed subject to any departures disclosed and explained in the financial statements., and Id) prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The Iruslees are responsible for keeping accounting records which disclose with reasonable accuracy al any time the financial posilion of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasowable steps for Ihe prevention and delethon of fraud and rnma Mary Lumsden, Trustee Rosemary Louise Shaw, Trustee
E FITTON TRUST *atement of Financial Activities Iln¢ludlng income and expenditure account) lor the year ended 5 April 2023 Endowment Fund Capital Account DVB Legacy Fund 2023 2022 Revenue Note Account Total Total In omin Resources Incoming resources from generated funds". Legacy from estate of deceased person 669,964 Investment Income 70,909 2.384 28.577 101,870 75,195 min Resources 70,909 2,384 28,577 101,870 745,159 Resourc Ex Charitable activities.. Gran15 to Charities 67,050 67.050 63,125 Legal and administrats've costs 16.170 16,092 8,876 41,138 35,204 ources Ex ended 83.220 16,092 8,876 108,188 98,329 Net ex enditure for the ear before other nis ains and losses 12,311 13.708 19,701 6,318 646,830 Gain51 Losse5 on Investment Assets Reali$ed during the year 19,9781 19,9401 119,9181 16.776 Unrealised during the year 1119,1561 48,272 {167.428 30.763 Net Movement in Funds 112,3111 1142,8421 138,5111 1193,6841 694,369 Funds Brou hl FoTh¥ard at 6th A ril 2022 39.365 1.577.990 683.841 2,301,196 1,606,827 Funds Carried Forward at 5th A ril 2023 27,054 1,435,148 645.330 2,107,532 2,301,196 The notes on pages S to 8 fonn part of these ac¢tsunls S'ment of Financial Activit Page 3
THE FITTON TRUST Balance Sheet as at 5 April 2023 Endowmont Fund Capital Account DV8 Legacy Fund 2023 2022 Revenue Account Note Total Tota Fixed Assets Investments 1,426,991 606,736 2,033,727 2,211,834 Current Asser Debtors 10 743 Cash at bank and 5toGkbrokers 50,304 50,304 8,157 8.157 38,584 38,594 97,045 97,055 100.775 2,313,352 CredilvT$ Amounts 1815ing due wthin one year 123.2501 23,250 12,156 Net Current Assets 27.054 8,157 38,594 73,805 89.362 Total Nel As 27.054 1,435.148 645,330 2,107,532 2.301,196 Funds 27,054 1,435,148 645.330 2,107.532 2,301,196 The financial 5ts1ements have been prep3red in accordance with the Financial Reporting Standard applicable in the United gdom and Republic I Ireland IFRS1021. Signed.. Emma Mary Lum5den, Truslee Signed.. Rosemary Louise Shaw, Trustee The notes on pages 5 to 8 form part of these accoun15 Balance Sheet Page4
THE FITTON TRUST (Reglstered Charity Number 2087581 Note5 to the Financial Statements fov the year to 5 April 2023 1. Accountin Policie$ lal Basss of preparation of financial statements The financial statements have been prepared in accordance 1th the charivs governing docurnenl. the Charities Act 2011 and "Accounting and Reporting by Chanlies. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of ITeland IFRS 1021 leffeclive 1 January 20191 The Charity is a Public Benefit Entity as defined by FRS 102. The financial statern¢nts ha¥e departed from the Charitie5 (Account5 and Reports) Regulations 2008 only to the eKlenl required lo provide a true and fair wew. This departure ha5 involved followng the Statement of Recomfnended Praciice for charities applwng FRS 102 rather than the version of the Statement of Recommended Pracbce which is referred to in the Regulations but vthich has since been wlhdrawn. Ibl Incoming resource5 All incoming resources are included in the Slalemenl of Financial Activities when the charity is legally entitled to the income and the amount can be quantified wlh reasonable accuracy. Icl Resources expend¥d All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation purposes. Grants payable are recognised in the year vthen the offer is made, providing that any related conditions wthin the control of the Trustee5 have been fulfilled. Grants offered 5ubiecl lo conditions which remain wlhin the ¢ontrol of the Trustees and have not been met at the year end are noteil as a ¢ommitment, bul not accrued as expenditure. Value Added Tax Is not recoverable by the charity and, as such, is included in the relevant ctssls in the Stalernent of Financial Actiwties. Idl Cash flow The financial stalements do not Indude a cash flow statement because the charity, 8$ a small reporting entity wthin the provisions of FRS 102, Is exempt from the requirement lo prepare such a statement leffective 16 July 20141. lel Investments Investments are stated al market value at the balance sheet dale. The Statement of Financial Activibes include$ the net gains and105ses arising on revaluations and disposals during the year. lfj Taxation The charity is exempl frorn lax on income and gains falling wthin section 505 of the Taxes Ad 1988 or section 252 of the Taxation ol Chargeable Gains Act 1992 to the extent that these are applied lo its charitsble objects. Notes Page 5
THE FITTON TRUST (Registered Charity Number 2087581 Notes to the Financial Statements for the year to 5 April 2023 (continued) Igl Fund accounting The revenue account is an unrestricted fund which Is available for use at the discretion of the Trustees In furtherance of the general objectives of the charity. The endowment fund is a restricted fund comprising ol the original gift of capital received by the trustees on 14 February 1964 and subsequent gains and losses on investments. The capital may not be expended. The DVB Legacy Fund is an unrestricted fund comprising of a donation to the Fitton Trust received from the Executors of the estste ol Duncan Brand with the direction to distribute all of the funds over time to worthy causes and instiluts'ons as the Trustees see fil. 2. Restricted Fun As there is no power to expend capital the whole of the Trust's capital iepre5en15 a permanent endowment fund. 3. Investment Income 2023 2022 Revenue account". Fixed interest Equity Adjustment. 2021-22 Dividend In specie 34,030 37,622 743 70,909 34,787 35,902 70,689 Endowm Fund.. Fixed interest Equity 1,863 521 2.384 348 577 925 DV8 Le ac Fund.. Bank interest Fixed interest Equity 13.965 14,612 28,577 1,506 2.069 3.581 During the year, grants were made lo 234 ¢harities 12022. 2191. The majority ol the grants were befvleen £200 and £350. One charity received a grant of £1,000 or more12022". twol. as shown below. 2023 2022 Friends of Sl. Mary's Hospital St. Mary Abbot Church Kensington (Friends of) 1,600 500 2,100 1.000 1,000 2,000 Notes Page 6
THE FirroN TRUST (Registered Charity Number 208758) Notes to the Financial Statements for the year to S April 2023 (continued) S.Le al and AdmiTtistrative Costs 2023 2022 Revenue account.. Secretarial costs and expenses Legal & Gompliance fees Independent examiner5, fee 5,970 8,460 1,740 16,170 6,287 8,340 1,856 16,283 Endovmient Fund". Investment manager's fees Icapitall LEI registrationlrenewal fee 16.014 78 16,092 16.222 16.222 OVB Le ac Fund. Investment manager's fees LEI regislralionlrenewal fee Legal & compliance fees Bank fees 6,776 2,596 78 2,100 25 2,699 8,876 6. Fixed Asset Investments 2023 2022 End0%ent Fund.. Historical Gosl al 6th April 2022 Additions al cost Disptssals at cost Historical cost 815th April 2023 1,506,732 359,328 390,891 1.475,169 1,499.881 383 798 1376.927 1.506.732 Cumulalive unrealised gains1{lossesl 815th April 2023 Market Value as er Balance Sheet 148,1781 70,979 1.426,991 1,552,406 Structure of the ortfolio b market value Fixed Interest and preference stock Equities Allematives 17.78% 52.89° 21.46Q 23 93% DVB Le ac Fund.. Historical cost al 6th April 2022 Additions at cost Disposals at cost Historical cost al 5th April 2023 621.794 176,463 {155,580 642.677 628.364 6.570 621,794 Cumulative unrealised gainslllossesl at 5th April 2023 135,9411 12.330 Market Value as er Balance Sheet 606,736 634. 124 Structure of th ortfolio b market value Fixed Interest and preference $lock Equilie5 Alternatives 18.38% 63.53Q/o 18.10% 54.38% 28.550 Notes Page 7
THE FIThON TRUST (Registered Charity Number 2087581 Notes to the Flnancial Statements for the year to 5 April 2023 {continuedl 7. Creditor5'. amounts fallin due within one ear 2023 2022 Inlerfund debt Examiner and payrtsll fees Unpre5ented cheques- Grants 1,740 21.500 23,250 1.656 10,500 12,156 8. Related P3rt TransaGtion During the year no trustees received reimbursement for expenses or was in receipt of any other trust monies. 9. Balance Sheet as at 5 Aprll 2022 DVB Legacy Fund Revenue Account Capital A¢¢ount Totsl Fixed Assets Investmen15 1.577,710 634,124 2,211,834 Current ASS Debtors 743 743 Cash at bank and stockbrokers 50,778 51,521 280 280 49,717 49,717 100.775 101.518 Creditors Amounts falling due within one year 12,158 12,156 nt Assets 39,365 280 49.717 89,362 Total Net Assets 39,365 1,577,990 683.841 2.301.196 Funds 39,365 1,577.990 683,841 2.301,196 Notes Page 8
The Fitton Trust Independent Examiner's Report For the Year Ended 5 April 2023 Independent Examiner's Report to the Trustees of The Fitton Trust I report to the charity trustees on my examination of the financial statement of The Fitton Trust (the charity) for the year ended 5 April 2023. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records- or the tinancial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination I have no concerns and have come 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. Debra Saunders FCA, Bsc (Honsl Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 ILQ Dated.. 24 January 2023