harity registration number 208758 (England and Wales) THE FirroN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ¢? xeinadin
THE FirroN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees RLShaw K J Lumsden E M Lumsden L P L Rivers JCPBond Charity number (England and Wales) 208758 Independent examiner Xeinadin 2 Upperton Garilens Eastboume Easl Sussex United "n10M BN212AH Bankors CaterAllen Private Bank 9 Nelson Streel Bradford BD1 SAN Sollcltors Penningtons Manches Cooper LLP Botlle Works The Bars Guildfonl Surrey GU14LP Investment advisors Bmwn Shipley & Co Limited No.1 Spinningfields 1 Hardman Street Man¢hesler M3 3EB
THE FirroN TRUST CONTENTS Page Trustees. report Independènt examinels report Statement of finanual activities Balance sheet Notes lo the finan1 ststements 7-14
THE FirroN TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2025 The trustees pres8nt their annual report and financial 5tateffents lor the year ended 5 April 2025. The financial statements have been prepared in accordance wth the accounting policies set out in note 1 to the financial statements and comply with the trusfs governing document, the Charities Act 2011. FRS 102 Yh8 Financial Reporbng Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charittes.. Statement of Recommended Practtce applicable to charib.es preparing their accounts in accordance with the Finanual Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021". obje1¥e$ and a¢livtties The objects of the charity are to benefit by way ol grants such legalty charitable insbtutions as the tmstees shall in their absolute discreb'on Ihink fit. The trustees meet three limes a year and consider all grant applications seeki'ng to award grants to projects andlor seS they deode worthy of available charity revenue. PubliG benefit The trustees have paid due waril to guidance issued by the Charity Commission tn deciding what activities the trust should undertake. Achievements and perforniance Signifioant activihes and achievemenls against objectives The Trustees are pleased to have made or agreed grants during thè year lotalling £100.00012024.. £72,700) which were in accordance with the objects of the charity and have wntributed to g(x)d and just causes in the UK and across the world. Funded donations have resutted in diieu benefit to all 207 grantees12024'. 2501. Flnancial review The performance of the trust's portfolios continued to perfom as w8118s could be expected in the e¢onornic climate, with the Endowment Fund porttolio providing timeighted retums of 1.84°k12024". 6.30°Al and the Legacy Fund portfolio retums of 1.83O/¢ 12024.. 7.01°) . The income yield of the Endowment Fund investments for the year were 3.60%12024". 4.410/•l and the Legacy Fund portfolio was 3_56% (2024.. 3.76°A}. The toial income generated from the two p)rtfofios was £99.864. which was made available for the trust to Use for its charitable activities. ReseNes policy The trust does not h3ve a specified reserve poliry lor unreslricted fijnds as the charitable activities are funded Irom inwme generated by the endowment fund, and the designated legacy fund. wth investment management fees being paid diwUy. FLJnds are h8ld in the trusvs bank account io cover known expenditure and the trustees consid8r that reserves at this level a sufficient to ensure they will be able to conb.nue the trust's current activities. This level of rèsgrves has been maintained throughoul the year. Investmentpolicy The trustees. overall investment strategy is for investment in rnedtum risk securities wth a view to reasonable capitsl growth and steadily increasing income. The trustees Iherefore (x)nsider the minimum reserve held al any one time need be no more than is sufficient to cover short-term anticipated expenditure. both on grants and administr8tion. together with a contingency to Ènsure liquidity. eliminate bank charges and provide flexibi15ty to respond to special or urgent funding applicab"on5. Structure. governance and management The trust is consbtuted by a Court Order dated 14 February 1964 made following an application under the variats.on of T¥usts Act 1958 by lamongsl others) the trustees of the Will of Thomas Cliffe Fitton who died on 8 April 1928.
THE FIThON TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 The trusttres who seNed durirvj the year and up to the date ofsignatur8 of financial staternents were". RLShaw K J Lumsden E M Lumsden L P L Rivers JCPBrand Recruitment and app*ent of trusfees Trustees are appointed by rèsoltrtion of the tnjstees. By a Charity Commission Order dated 28 Novembtsr 2003 the maximum number of permitted trustees was in(yeased from four to eight. The Iruslees. report was approved by Ihe Board of Tnjstees. RLShaw Trustee E M Lumsden Trustee
THE FirroN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FIThON TRUST I report to the trustees on my examination of the financial statements of The Fitton Trust (the trust) for the year ended 5 Apnl 2025. Responsibilitles and basis of report As the trustees of the trust you are responsible for the preparation of the finanual statements in accoTdance with thè requirements of the Charities Act 2011. I report in respe¢t of my examination of the tnJsl's finanaal statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have foll0vj the Diwtsons given by the Charity Commission undei section 14515llbl of the Charities Act 2011. Independent examrnerfs s&itèment Since the trust's gross income èxceeded £250.000. the independent examiner musl be a member of a body listed in section 145 of the Charitie5 Act 2011. 1 confimi that l am qualified to undertake the examinatitsn because l am a member of the Insb'tute of Chartered Acc¢yJntants in EnglarKI and Wales, which is one of the listèd bodies. Your attention is drawn to the fact that the charity has prepared the fjnancial ststements in accordane8 with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 In preferencé to the Accounb"ng and R8porbng by Charities.. Statement of Recomrnended Practsce issued on 1 April 2005 whiGh is ferred to in the extant regUtIOnS but has now been withdrawn. l understsnd that this has been done in order for the financial statements to pmide a tnje and fair wew in accordance with UK Generally Accepted Accounting Practice. I have cornpleted my exarnination. I confirm that no matters have come tr) my attention in connection with thè examination giving rne cause to believe that in any material respect-. accounting rewrds We not kept in respect of the trust as required by section 130 of the Chanties Act 2011. the financial staterHents do not accord with those records- or the finanaal statements do not comply with the applicable requirements conceming Ihe fom and content of financial statements se( out in the Charib'es IAccounts and Reports) R8gulab"ons 2008 other than any requirement that ihe financial statements give a true arKI fair view, which is rK>t a matter considered as p8rt of an independent examinatson. I have no concems and have come across no other matters in connectt<)n wth the examination tts which attention should be drawn in this report in order to ènable a proper undefstsnding of the ffnanoal statements to rèached. AndW Hill FCA Xeinadin 2 Upperton Gardens Eastboume East Sussex BN21 2AH Uniled Kingdo Oate..
THE FirroN TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Current frnancial year Unrestricted un$trIC*d Endowment funds funds funds general Legacy fund 2025 2025 Totsl Total 2025 2025 2024 Notes Incom• from: Investments 31,052 68,812 99,864 107.282 Total income and endowments 31.052 68,812 99,864 107,282 ExpendÈture on: Raising funds Charitable activities 7.239 42.900 16.095 23.334 129,844 22,567 97.087 86,944 Total 8xpÈndilure 86,944 50,139 16.095 153,178 119,654 Net gaIn(loSses) on investments 10 18,079) 121.3271 129,4061 39,836 Net incornellexpenditurèl 186.9441 {27.1861 31.390 (82.7201 27,464 Transfers belween funds 87,Th)1 20.020) 166.9811 Not movement Sn funds 57 147,1861 135,5911 182,7201 27,464 Reconcillation of fvnds: Fund balances 8t 6 April 2024 6.998 682.631 1,445,367 2,134,996 2.107,532 Fund balancès at 5 April 202S 7,055 635,445 1.409,7T6 2.052,276 2.134.996 The statement of financial activibe5 includes all gains and losses recognised in the year. All incKJme and expenditu derive from continuing activrties. The noies on pages 7 to 14 fom part of these finaniid stslements.
THE FIThON TRUST STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Prior financial year Unrestri¢ted Unrestricted Endowment funds funds funds general Legacy fund 2024 2024 Total 2024 2024 Notes Income from: Investrnents 32,425 74,857 107,282 Total in¢ome and endowments 32.425 74,857 107,282 Expendtture on= Raising funds Charitable acts'vities 6.889 2.220 15,678 22.567 97.087 94.867 Total expenditure 94.867 9.109 15,678 119.654 Net gainsllbsses) on investments 13.985 25,851 39,838 Net in¢omellexpenditure) {94.867) 37.301 85.030 27,464 Transfers bettn fijnds 74.811 174,8111 N8t movement in funds 120.0561 37,301 10,219 27,464 Reeon¢ilialion of funds: Fund balances at 6 April 2023 27,054 645.330 1,435,148 2.107.532 Fund balances at 5 April 2024 6.998 682,631 1.445.367 2.134,996
THE FirroN TRUST BALANCE SHEET ASAT 5APRIL 2025 2025 2024 Not•s Fixed assets Investments 12 2,042,515 2,102.393 Current assets Debtors Cash at bank and in hand 13 20 63.403 35,462 35.462 63,423 Creditors.. amounts falling due within one year Other creditors 14 25.701 30,820 Net current assets 9,761 32,603 Total assets less current liab41ities 2.052.276 2,134.996 Th8 funds of the trust Endtswment funds Unrestricted funds- general Unrestricted funds- Legacy fvnd 15 17 16 1.409.776 7,055 635,445 1,445,367 6,998 682.631 2.052.276 2,134,996 The financi statements were approved by the tnjst RLShaw Trustèè E M Lumsden Trust•È
THE FirroN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounting poli¢ies Charity infomiatlon The Fitlon Trust is conslituted by a Court Order dated 14 February 1964 made folkmng an applic8tion under the Variation of Trusts Act 1958 by (amongst others) the trustees of the Will of Thornas Cliffe Fitton who died on 8 April 1928, amended by order dated 28 November 2003 and resolution dated 30 MaiGh 2006 as amended on 16 Octobèr 2018. 1.1 Basis of preparation The financial statements have been prepared in accordance with the Injsfs goveming do(Ment, the Charities Act 2011, FRS 102 The Financial Reporting Stanijard applicable in the UK and Republic of Ireland" and the Charib'es SORP "Accounbng and Reporttng by Charities.. Siatefflent of Recommended Practice appli¢able lo charities preparing their accounts in a)rdare wth ihe Finanaal Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021. The tnjst is a Public 88nefit Entsty as defined by FRS 102. The trust has taken advantage of the provisions in Ihe SORP for charities not to prepare a statement of cash flows. The financial ststements have departed from the Charities IAcc(xJnts and Reports) Regulatitins 2008 only to the extent required lo prowde a true and fair wew. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version tsf the Statement of Recommended Pradice which is referred to in the Regulations but whith has sit7ce been withdrawn. The financial statements afe prepared in steding. which is Ihe functional currency of the trust. Monetary amounts in these finan(ial statements a rounded to rhe nearest £. The financial staternents have been prèpared under the histtirical $t convention. The principal a¢unting policies adopted are Set out betow. 1.2 Going concem At the time of apprtswng the financial statemènts. the tnjstees have a rèasonable expectation that the trust has adequate resoijrces to continue in operational existence for the foreseeable futu. Thus the trustees continue to adopt the goiThJ con(*rn basis of accounting in preparing the finanaal statements. 1.3 Charitabl• funds Unrestricted funds are available for use at the discrelion of the tnjstees in furtherance of their charitable objecbves. Restricted funds are subject to speufic condth.ons bv donors or grantr)rs as to how they may be used. Th8 purposes and uses of the Stricted funds are set out in the notes to the finanual statements. Endowmenl funds are subject to specffjc conditions by donors that the caprtal must bo m8illtained by the tmst. 1.4 1n¢ome Income is reo)gnised when Ihe trusl is 9alty entitled to il afier any perfomance conditions have been met, the amounts can be measured reltabty. and tt is probable that income will be r1ved. Legaoes are recognised on receipt or otherwise rf the tnjst has been notthed of an impending distrlbution. the amount is known. and receipt is expected. If Ihe amount is not known. the legacy is treat as a contingent asset.
THE FirroN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Accountlng policies Icontinued 1.5 Expenditur• ExpenditLJre is recognised On the is a legal or con5truthe obligatK)n to translei economic benefit to a third paty. il is probable that a transfer of econom benefits Mll be required in setUemenL and the amount of the obligation can be measured reliably. Expenditure is dassified by activty. The costs of each activity are made up of the total of drrect costs and shared costs, induding support costs invofved in undertakn.ng each activrty. Direct costs attnbutable to a single activity are allocated directly to that acttvrty. Shared costs which contribute to more than one acb'vity and support costs which are not attributable to a single activity are aptx)rtioned betyen those activities on a ba51S consistent wlh the use of resources_ Central staff costs are allocated on the basis of time spent, depreciation (8rges are allocated on the pOoft of the asset's Use. 1.6 Fixed asset investments Fixed asset investments are initially meas¥Jred at transaction pric exduding transaction costs. and are subsequently measured at fair value at each retxyting date. Changes in fair value arè recognised in net incomél1expendituI for the year. Trnnsacb"on costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivabnts inrjude cash in hand, deposils hekj at call with banks. other short-t8mi liquid investments with original maturities of three morths or less. and bank overdrafts. Bank overdrafts are shown within borrowings in cutrent Iiabilifies. 1.8 Frnan¢ial instrum•nt5 The trust has elected to apply the provisiortrs of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of tis financial inslTuments. Financial instruments are recognised in Ihe tnjsfs balanc8 sheet when the tnjst becomes party to thè contractual provisions of the instrument. Financial 855ets and liabilities are offset. with the net arnounts presented in the financial statements. when there 15 a legally ernforable right to set off the recognised amounts and there is an intention tts settle on a net basis or to realise the asset and setlle the Ikability simultaneousty. Ba¢ flnanciTal assets Basic financial assets. which indude debtors arKI Cash and bank balance5, are InallY measured at transaction price including transactiorb costs and are subsequentty camed at arnorb'sed cost using the effecbve interest method unless the arrangement (x)nslitutes a finan(xng transaction. where the transaction is measured at the present value of the futuré receipts discounled at a market rate of interest. Financial 8ssels classified as receivablè within one year are not am0Sed. 8aslc finan¢iTal liabilitles Basic financial liabilities, including rAedilors and bank h)ans are initially recognised at transaction price unless the arrangement constitutes a financing transactton. where the debt instrument is measured at the present value of the ftsture payments disci)unted at a market rate of interest. Financial liabilities classified as payable within one year are not any)Sed. D8bt instruments arè subsequenyy carried al amortised cost. using thè Èffective interest rate method. Trade creditors are obligations to pay for goods or sèrvi$ thal havé been acquirèd in the ordinary coursè of operations from Suppliers. Amounts payable are dassffjed as current liabilities rf payment is due within one year or less. not. they are presented as non-cufTent liabilib"es_ Trade creditors are recognised inib.ally al transaction price and subsequenuy measured at atrKxbsed ¢>)st Using the effective Inte$t method.
THE FITTON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Accounting policles (Continued) D8recognition olfinan¢ial liabilities Financial liabilities are derecognised when the Injst's (x)ntractual obligations expire or are discharged or cancelled. Income from investments Unr•stricted Endowment funds funds Legacy fund 2025 Total Unrestrletèd Endowment funds funds Legacy fund 2024 Total 2025 2025 2024 2024 Income from listed investments Interèst weivable 14,851 16.201 33.008 35.804 47,859 52,005 17,267 15,158 39,045 35,812 56,312 50.970 31,052 68,812 99.864 32,425 74,857 107.282 Expenditure on ralslng funds Unrestricted End¢)wmÈnt fvnds funds L•gacy fund 2025 Total Unrestricted Endowment funds funds Legacy fund 2024 Total 2025 2025 2024 2024 Investment management 7.239 16.095 23,334 6.889 15,678 22,567 Expenditure on chari¢able acttvitses Grants to charitiès 2025 Grants to charitiès 2024 Direct Costs Grant lunding of actiV"ÈS (see note 5) 100.000 72,700 Share of 5UPPOrt and governance costs (see note 61 Governance 29,844 24,387 129,844 97,087 Anatysi$ by fund Unrèstncted funds- general Unrestricted funds- Legary fund 86.944 42,900 94.867 2.220 129.844 97.087
THE FIThON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Grants payable Grants to Charities 2025 Grants to charities 2024 Grants to insbtutions {207 grantsl.- Total of grants under £1,000 Reverse Rett Better Planet Educab'on 60,000 20.000 20.OIJO 72.700 100,000 72.700 Support costs all¢xated to activities 2025 2024 Govemance costs 29,844 24.387 Anatysed between: Grants to charities 29.844 24,387 2025 2024 Governance costs ¢omprls•: Audit fees Accountancy Legal and professional Secretanal costs and expenses Bank feès Meeting room hire Trustee expenses 1,800 6,000 11,414 9.246 25 972 687 11,640 10.922 25 29,844 24,387 Net movement in funds 2025 2024 The net movemènt in funds is stated after chargi1<eIllJ}. Fees payable for the independent examination of the tharitys finan81 ststements 1.800 Trustees None of the trustees lor any persons connected with them) received any MUneratiOn during the year. but four of them were reimbursed a total of £687 travelling expenses {2024.. £Nill. 10-
THE FIThON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Employees The trust did not have any employees rn th15 or the previous year. 10 Gains and 10s5es on Investments Unrestricted Endowment funds funds Lègacy fvnd 2025 Total UnTestrficted Endowment funds funds L•gacy fund 2024 Total 2025 2025 2024 2024 Gain51llossesl aris4r on." Revaluation of investments Sale of investments 6.038 {14.1171 12.649 133.9761 18.687 148.0931 24,398 110.4131 29.154 13,3031 53.552 113,7161 {8.079) 121.3271 129.4061 13,985 25,851 39.836 11 Taxation The charity is exempt from taxalion on its ac11tieS because all its income is applied for charitsblè purposes_ 12 Fixed asset Invèstments Investment portfolios Cost or valuation At 6 Apnl 2024 Additions Valuation changes Disposals Withdrawn to bank 2.102.393 767,635 125.502 1844,7691 1108.2461 Al 5 April 2025 2,042,515 Carrying amount At 05 April 2025 2.042,515 At 05 April 2024 2.102.393 13 Debtors 2025 2024 Amounts falllng due within one year: Other debtors 20
THE FIThON TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 14 Other creditors falling duè within one year 2025 2024 Other cre¢Yitors Accruals and deferred income 18,201 7,500 29.02C> 1.800 25,701 30,820 15 Endowrnent funds Endowment funds represent assets which must be held pemianenlly by the trL¢St. Income arising on thè endowment funds can be ijsed in accordance wth the objects of the tnJSt and is included as unStricted income. Any capital gains or losses arising on the assets form part of the fund. At 6April 2024 Incomlng resources Resources expended Transtsrs Galns and losses At S April 2025 Pemian•nt endowments 1,445,367 68,812 (16.0951 166.9811 121,3271 1,409,776 Previous year: At 6 April 2023 In¢orning resources Resources •xpended Transfers Gains and lossès At 5 April 2024 Permanent endowments 1,435.148 74.857 115,6781 174,8111 25,851 1.445.367 16 Unrestricted funds - Legacy fund These are unrestricted funds which are wnaterial to the Irusys activtties. At 6 April 2024 Incoming resources Resources expended Transfers Gains and losses At 5 April 2025 Legacy fund 682,631 31.052 150,139) 120,0201 18,0791 635,445 Prèvious year: At 6April 2023 Incoming resource5 Resources expended Transfers Gains and losses At S April 2024 Legacy fund 645,330 32.425 19.1091 13,985 682.631 12-
THE FirroN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 17 Unr85trirted funds The unrestricted funds of the charity comprise the unexpènded balances of donations and grants which are not subject lo specific conditions by donors and granttsr5 as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 6 April 2024 ReSoUeS expended Transfers At 5 April 2025 General funds 186,9441 87,001 7,055 Prevlous year. At S April 2023 Resources expended Transfers At 5 Aprll 2024 General fund5 27,054 194.8671 74.811 6.998 18 Analysis of net assèts beeen funds Unrestricted Unr•stricted Endowment funds funds funds general Legacy fund 2025 2025 Total 202S 2025 At 5 April 2025.. Investments urrent assetsllliabilib.esl 632,739 2,706 1,409,776 2,042,515 9,761 7.055 7.055 635.445 1,409.TT6 2.052.276 Unrestricted Unrestricted Endowm8nt funds funds funds general Legacy fund 2024 2024 Total 2024 2024 At 5 April 2024.. Investrnents Current assetsllliabilitiesl 657,026 25,605 1.445.367 2.102,393 32,603 6.998 6.998 682.631 1,445,367 2.134.996 19 Related party transactions 13-
THE FirroN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 19 Related party transactions Icontinu•dl During the year the trust made a grant of £20.00012024.. Nil) to Better Planet Edtjcation. Katherine Lumsden, a trustee, is also a trtjstee of Better PLinet Educalion but was not induded in the disujssion or decision on this grant. No trustee received any rernuneration or other benefft from either charity in connecbon with this transaction. At the year end there wer8 no balance5 Outstanding betWn the trust and Belter Planet Education12024.. Nill. 14-