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