THE FITTON TRUST TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 5TH APRIL 2024 PENNINGTQNS MANCHES COOPER Penningtons Manches Cooper LLP Bottlè Works The Bars Guildford Surrey GU14LP Tel.. 01483 791800 Fax.. 01483 424177 Ref.. APW2001692
THE FIoN TRUST ANNUAL REPORT FOR THE YEAR TO 5 APRIL 2024 The Trustees submit thèir annual report and the financial statements of The Fltton Trust (the charity) for the year ended 5 April 2Q124. The Tru51ees co)nfirm that the fin8nclal statgmènts have been prepared in accordance with the char&ty's govemino document, th& Ch8ritias Aet 2011 8ThY -AGcounling and Reporting by Charities." Statement of R8commende(I Prath"ce applicable to charities preparfng thtsir accounts in accordancg with th8 Financial Reporting Standard applicable in the UK and RepUle of Irèland IFRS 1021 (effe¢tNe 1 January 20191. Referencè and admlnlslrativfj information The charlly Irustges during the year were.. 1. Or Rodney Peter AldrHJg8 Rivers Ir8lir8d on 26 September 20231 2. Rosemary Louise Shaw 3. Katherine Joanna Lumsd6n 4. Ernma Mary Lumsden 5. Lincoln P8tBr Leet RN8rs 6. J8r¢rny Chartes Peter Brand The chariW$ bankBf8 are Cater Allen Private Bank of 9 Nelson Scwl, Bradford BD15AN. Legal, statutory 8nd comrliance issues including preparats'on of gnnual atto)unts Is dealt with by th trustees, sollcttors, Pennngtons Manches Coop8r LLP of Botd¢ Wots, The 8ars. Guildford, Surrey GU14LP which Is also thè trust's registèred 8(klress. The charity's inv¢stmènts are hgl¢J in th? nominee name of their investrn£nt advisors, Brown Shipley & Co Ltd ol Founders Court Lolhbury, Lond(>n EC2R 7HE who haw8 b8&n glvÈn disctIOnary illveslmenl management in 8ccor(J8nc with thè Charity Commissions Order dateé 15 July 1994. Structur•. uov•rnamce and management Th6 Fitton Trusi Is ¢onstiivled by a Court Ordef d8lvd 14 Fgbruary 1984 mad& foll¢wing an applicaOn under Ihe Variation ol Trusts Act 1958 by (amongst others) the twstees ol thè Will or Thom Cliffe Fitton who died ¢Jn 8 Apxil 1928. The trustees usually m88t three times each year. often in February, June and November. whan thè IstrIbutiOn of available income by way of grants Is agreed Ise8 note 4 to the acuuntsl. AJI other seuetsrTral ar¥1 administration services ar8 provid under ¢ontract by Mrs Karen Donovan VIrtU81 Assistant Services. All correspondence concèmlng grant8 and appllcatlons for or4nts io b• addr••B•d to.. Th• Sécr•tary. Fltton Trusl PO Box. 289. Bramhall. Stockport. SK7 ODZ. TrUseS ore apwTnted by re501ulion ol the trustees. By a Chgrify Cornrnis5ion Ordei dateil 28 November 2003 the m8Kimum numb8r of p8rmitted trustees was Inuaasgd Ifom four to eighl. Rl$k mnag•m•nt Thé Trust has no operalional nsks. Its risks arE rel8t&d to invesknent strategy and it GU8rds against th058 risks by ensuring, with adVe from its investment advisers, a rsOnable divorsffjcab'on on investments. Obl•ctlv•s and aetivtt5e# The objects of charity are to benefrt by way of grants such legally ¢harttabl& institutM)ns as thè trustees shall In Iheir absolute discretion think fil. The trust86s me&t threg times a year and considar all grant applications seeking to award gr8nts to projects andlor cauges they decide worthy of 8vailable charity revenue. Regard for publk bèn•ftt ThÈ Trustees have had dutr regaid 19 the guidance published by thè Charity Commi55ion on public bEnefit and to tlial end have continued to make grants to charitsble organisalions within the ch8rty's charitsble objgcts.
• •r• pK•d to ¥0 ffl•d• ty y•tyd gr•ts lh• yw £rL T¢202). [67.0501 w•rg m •£r4)thK• 7•th Lsp¢li ol cjiffj artd 1•{1 lo g(¥>J •n , lu•1 UK ond •gD•• lh• w(kl. FyndO d(Thlthi h•¥• dr•ci bw•fd to at 29) ynt••$12023 2>41 ' irKn••• thl l.th 18 08% IA¢e•w in 20231 bi lh• m•th•t of End¢rn• FuTrl Th•¢lnwts thyd yw. In #MF yell lo S AIKII 2022. tru8l•M rnC•¥l • £ee9.W whict+ bo•n r¢y OV8 L•)w FuTh1, h•• • I•1• . wuni wlth 8ron Ship thJrtft9 lh• ymr. the m•rk•l vak• ol tr Jnv•strrnnl• In th• DV8 L•B ty 7 01%12023. by 4 32%) TY• al lh• EnsJtsmtyil FuThl rfry••trneni• wnAg•d 4.97% I3) kn 5.IVA b•J•(I rn••t v•lu• It 5 Ayii 1024. th• In¥m• bMd FIC4A• lor ¢Dmlng y••i m•d• by . Shwy bm•d Ihdr v•luatm ol S 2024 pr•d¢i• • yl•kJ ol 3 88% (J 62% 20231 In ol th• lh• DV8 L•g•oi FuThJ. kn Shw'i y4ld l78%13.91% 20231 mlnimum w•rvo •1 •ny n•J tyo w rnor• Iiian h iuffld•fti * c4vw •lrrtt-wm Ilbp•il •gBrxII•. bxh on •nd mlItra1, i¢g•thw lh • £4)ftkng•ncy to en•¢ar• dlrnfft•t• b•nh •nl pr(y4J• I1•X11 r••P1 ury•4 •pphcth• Al S WII 2024 i•wvo8 arrwr•d io £8,99e12013. tZT,0511 Ouftn9 th• y•w 10 S W 2024 yr•rtJ ffl•d• y ¥r•wl fol•W E71.7(Xl (2fJZJ £87.0} F¢Y th• . ' R•• Ac¢4unl. gWl•t•t•J th• Fund rfiv••im•ni8. grou rn1•n •mwntyJ to tT4.011 12023 £70,1¥)g1 Fry th• DVB L•9•cy Funo, kVOM r•vw ¥nwI 10 £32,425 12023 £30 5771 Tru•l•n' R••pon•lblllll•• In nl•tbpn lo th• Fbn•nd•l w lo eh•ffi1 In El¥JId Wn rwttgs lh• In•l••s to 4nl •ach timnaql y•ar, 9N• • •nd IM VI ol Ilh• ththity'• fin•rts acll4rtm thJnng ¢h• yr ol im finncd po•WI lh• 01 th• y•w IA w•p•my Iha•• •1•1•. lh• Iry•i•w 1• f•w•r•(S to Ibl •V• Ivthy•d 10 my dwtur• •nO è¥pl•w)od pr8m Ih81 It chanty wil Gonl4)uo In •ny fimv fnmci•l ol wtd• tr b •ngur• Ih•l lh• li Effffil PA•ry Lwn•d•n. T1••
THE FITfoN TRUST Statement of Financial A¢tlvities {includlng Income and expendltUTe a¢countl for tho yèar ended S Aprll 2024 Endowment Fund Capltsl Account DV8 Logacy Fund 2024 2023 Rev•nu• Notè Account Totsl Total Incoming re50wcos from gerrated funds.. 1nvéstnnt Incomg 74.811 47 32,425 107,283 101.870 I Incemin Resour 74,811 47 32,425 107,283 1D1,870 Reso nded Charitsble aCtivits.. Grants to Charitie6 72,700 72.700 67,050 Legal and administratlve cosfs 22.167 15,678 9,109 46,954 41,138 Total R urces Ex nded 94,867 15,678 9,10g 119,654 108,188 Net reco nd and losse$ 20,056 15.631 12.371 6,318 Gainsl Losse5 on Investsnent RealwJ during Ihe yèar 13,3031 110.4131 113.7161 119,9181 Unreali50d dur&ng the sear 29,154 24,398 53.552 167,428 Nelm m•nt in Funijs {20,0561 10,220 37.301 27.465 1193.6641 hl Forwar t6th il 2023 27,054 1,435,148 645,330 2,107,532 2,301,196 rri Forward 6,998 1.445,368 6B2,631 2,134.997 2,107.532 The noles on pag$s 5 to 8 form part of thase accouv Page 3
THE FirroN TRUST 8•l•nc• 8h••l il S Aprfl 2024 Fund C•pltyi OVT L•q•cy Fuftd 2023 1,441. 819.2n 2,OW.563 2.OJ3.n7 io C•th at 3r 818 JT. 4.018 75.2J4 9T,045 Y).820 23.2301 J3.368 44.434 1.445.368 62.631 2.lJ4.997 2,107.532 1,145.368 82.631 2.134.997 2.107 532 . Th• finBncwl •l•¢•rn•nti h•%• b••n rw•pw•d tmth m• R•pty•ty &*¥d•ryl •ppSr4N• in I uni&•d Kl d ol IMaThl IFRS1021 Emm• Lum•dth. fru• P•p4
THE FIThON TRUST (Reglstered Charlty Numb8r 208758> Notes to the Flnanclal Statements for the year to 5 Aprll 2024 1. Aeeountln Pollcl•s lal Basls of pparation of flnanclal statemerrts Thg financial statements have been prepared in accordance wth the charivs goveming docurnent. the Chartlies Act 2011 and Accounting and Reporiing by Charities.. Statèmènt of Recommended Pr£clice applicablè lo ch8ritl8s prèparing thèir accounts In accordance wilh the Finan¢i81 Rewrting Standard applicable in the UK and Republic of Ireland IFRS 102116ff6ctivè 1 January 20191.. ThÈ Charlty is 8 Public B8n&fil Entity as dofin&d by FRS 102. Thè financial stalernents have departed from the Gharili•s (Accounts and RèpDrtsl RUlatIonS 2008 onty to the eKtent rlJared to provide a true and fair view, This departuie has involved following the Statement of Re¢ommanded Practice lor chartties applying FRS 102 rather than the version of the Statement of Rewmmendgd Pradice whiGh is wferred tD in the RegUlaton$ tr&rt which ha5 since beèn withdrawn. Ibl Inct>mlng resources All incoming resour are included in the Stslement of Financial ACtiviteS vknen the chanty Is legally ¢nltUed to the ¢(8 and the amount can be quantrfjed with reasonable accuracy. Ic} Resources expended All expenditure t5 accountèd lor on an accruals basis and has been Included under expense categories that agowale all costs lor allocAlion purposes. GraNls payable are recxjgnised in the ypar wn the offer is made, prOdi that any related eondktions wthin the control of the Trust8Ès have bgèn fuifillad. Grants offorad subject to condrb.ons whKh remain within the control of the Trustees 6nd have not been met at the yèar end are noted as 8 rommitmènt. but not accrued as axpgndilure. Value Add8d Tax is rnt racovwable by the tharity and, as such. i% includ& in the relevant costs in e Stslement o* FinanGial Activihes. Idl Cash flow The fin#rtl81 st8t8m8nts do nol include a cash flow staternent because the charity. a8 a small r8POrtiro enlity wsthin provision$ of FRS 102, k% exempt from the requiremèrtrt lo prepare s¢Jch a statement leffective 16 July 20141. lel Investments Inv•stm8nts are stated 8t marker value al the balance sheet dale. The Statement of Financiel Aclivthes iludeS the nel gains and kss8S 8rlgng on r8valuation8 and disposals during the year. (fl Taxatlon The charty 15 exempt Irom tsx on incowne and gain5 falling within Se)n 5D5 of the Taxes Aci 1988 or section 252 of the Taxation of Charg8ablè Gains Act 1992 to thè &xt8nt that these are applièd to its charitable objects. Pagg 5
THE FrrroN TRUST {Rggistgr¢d Charlty Number 208758) Notss to the Flnanclal Statom8nts for the year lo 5 Aprll 2024 {contlnu#dl Igl Fund a¢eountlng Thg revenue account is an unrèstricl8d fund which is available for use at the discretion of th8 Twstèes in furthèranr of the general objedfiveg of the charity. The tsndowmeni fund Is a restricted fund wtnprising of the original glft of capita1 rèceivad by the trustees on 14 February 1964 and subsequent 98ins and lossès on Investm8nis. The capital may t be trwended. Tho DVB Legacy Fund 18 an unrèslrieted fund comprising of a donation The FittDn Tnjst r8C8ived from thè Executors of the esl8t¢ of Duncan Brand with the direction to distribute all of th8 funds over lime to wxjrthy ¢Èuses and institutions a5 the Trustèes sè8 fit. As th8r8 15 no power lu expend Caal the of thè Tnjsfs c8pitsI rgpresents a pemanent endi)wment fund. 3. Invastrn nt Income 2024 2023 Revenue account: Fixed inierest Equity Adiustrnenl- 2021-22 0lvJend in spgciè 35,812 38.999 34,030 37,622 743 70,909 74,811 èn Fixed Interest EqtY 1.863 521 2.384 47 47 DVBL ac Fund= Bank interest Fixed interest Equity 15.158 17,267 32.425 13.965 14,612 28,577 4. Grants Durtng the year, grants W8r8 made to 250 charilias (2023., 2341. The rnajority of tha granis were between £250 and £350. No ch8rsty r8eelved a grant 01 £1,000 or more12023'. o)nel. a$ Shown below. 2024 Z023 Friend$ ol St. Mar9 Hospilel 1,600 1,600 Pa6
THE FIoN TRUST (Reglstered Charfty Numbgr 2087581 Note8 to the Flnanclal Statements for tho year to S April 2024 (contlnu8d} S.Le al and Admlnlstrallve Costs 2024 20rJ ReveThJe count.. S&crelarial costs and exp8ns8s Legal & CLYnplance fees Bank lees Indepèndont examiners, fee 10,922 9,420 25 S,970 8.460 1,740 1e,170 22,167 Endowment Fund.. Investment manager's fees Icapitsll LEI regtstrationlrenewal fee 15,618 60 15,678 16,014 78 18,092 DVB L8 ac Fund.. Invèstmènt managér's feès Legal & ccffnpth.are fees 6,889 2.220 9,tog 8,776 2,100 8,876 O. FIX In¥ 2024 20ZJ Endowment Fund.. Hlstorfcal cost at 6th April 2023 Additions at Cost Disposals at cost Historical ¢051 at 5th April 2024 1,475,169 338,089 352.945 1,460,313 1:50S,732 359,328 390,891 1,475,169 Cumu18tive unr&alised galnsl{losses) al 5th Aprll 2024 Market Value as er Balance Sheet 119,0231 148,178) 1,441,290 1,428,991 Stru vU Fixed Interest and pference sto¢k Equities Altematives 18.9SV• 53.89% 28.41% 17.781. 52.89° 28.50% DV Histori1 wst al 6th Aprfl 2023 Additions at Cost Dlspo881s at Cost Historical cost al 5th April 2024 642,677 144,350 128,211 660,818 621,794 176,463 155,580 642,677 Cumulatsve unrèalised gainslllosses) at 5th April 2024 Mathet Value as r Balance Sheet 111,5431 135,9411 649,273 606,736 Structure of the market v Fixed Interest and prelerènce stock EqLSiti8S temalives 15.52% $4.62% 29.86% 17.07Yo 54.38tl 28.55% Page 7
THE FirroN TRUST IR8glstgrod Charlty Number 2087581 Notes to the FinancSal Statements for the year lo 5 Aprll 2024 Icontlnued} redkors: amowts fallsn due within on• ear 2024 2023 InterfLnd debt Examlner and pa011 fees Unpresenled ¢hgques - Grants 20 1,740 21.500 23,250 29,000 30,820 B. R•lat•d P During the year no trustses r8ceivtrJ reimbursement for gxwnses or wa$ in rè¢Éipt of any other trust monies. 9. B¥l¥nc• Sh8•t as at 5 Aprll 2023 DVB Lgga¢y Fund Revonue Account Capltal Account Totsl Fixed Assets Invastments 1,426,991 606,736 2,033,727 Ass D&btor8 10 10 Cash al bank and stockbrokers 50,304 50,304 8,157 8,157 97,045 97,055 38,594 Amounts falling due wthin one year 23,250 23.250 Nel Curr8nt Ass 27,054 8,157 38.594 73,805 Total Net Assets 27.034 1 435,148 645.330 2.107.532 27 054 1,435.148 645.330 2.107,532 Pag8 8
The Fitton Trust Independent Examiner's Report For the Year Ended 5 April 2024 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 Ithe charity) for the year ended 5 April 2024. Responsibilities and basis of report As the trustees of the charity you are responsible ft)r 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 ststement 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 Reports) 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.. 17 January 2025