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 FI￿oN 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 RepU￿le 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, Penn*ngtons 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 disc￿tIOnary
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
applica￿On 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
I￿strIbutiOn 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.
TrUs￿eS 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 m*nag•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 adV￿e from its investment advisers, a r￿sOnable 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• p*K•d to ￿¥0 ffl•d• ty *y•tyd gr•ts lh• yw £rL T￿¢202).
[67.0501 w•rg m •£r4)thK• 7•th L*sp¢li ol cjiffj artd ￿￿￿￿￿1•{1 lo g(¥>J •n
, lu•1 UK ond •gD•• lh• w(*kl. Fynd*O d(Thlthi h•¥• dr•ci bw•fd to at
29) y*nt••$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 8ro*n 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• EnsJts*mtyil FuThl rfry••trneni• w*nAg•d 4.97% I￿3) kn 5.IVA b•J•(I
rn•￿•t v•lu• It 5 Ayii 1024. th• In￿¥m• ￿ b*Md ￿ FIC4￿A￿￿• 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•i*l •*gBrxI￿I•. bxh on •nd ￿m￿lItra1￿￿, i¢g•thw *lh • £4)ftkng•ncy to en•¢ar•
dlrnfft•t• b•nh •nl pr(y4*J• I1•X￿11￿ r••P￿￿1 ury•4
•pphc*th• 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¥JI￿d W*n rwttgs lh• In•l••s to ￿4n￿l
•ach timnaql y•ar, 9N• • •nd IM VI￿ ol Ilh• ththity'• fin•rts* acll4rtm thJnng ¢h•
y￿r ol im fin*ncd 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
pr8*m* Ih81 It* chanty wil Gonl4)uo In
•ny fimv fnmci•l ol w*td• tr￿ b •ngur• Ih•l lh• li
Effffil PA•ry Lwn•d•n. T￿1••

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 ger*rated funds..
1nvéstn￿nt 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 aCtivit￿s..
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
Real*wJ 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 p￿paration 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 R￿UlatIonS
2008 onty to the eKtent r￿lJared 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 RegUlat￿on$ tr&rt
which ha5 since beèn withdrawn.
Ibl Inct>mlng resources
All incoming resour￿ are included in the Stslement of Financial ACtivit￿eS 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 w￿n the offer is made, prO￿di￿ 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 i￿ludeS 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 Ca￿al 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 0lv*Jend in spgciè
35,812
38.999
34,030
37,622
743
70,909
74,811
èn
Fixed Interest
Eq￿tY
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. Mar￿9 Hospilel
1,600
1,600
Pa￿6

THE FI￿oN 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.ar￿e 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
v￿U
Fixed Interest and p￿ference sto¢k
Equities
Altematives
18.9SV•
53.89%
28.41%
17.781.
52.89°
28.50%
DV
Histori￿1 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 pa￿011 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