April 7, 2022
ANNUAL REPORT
## **ANNUAL REPORT for 2021**
## **Objective of the Fitzdale Trust, Charity No 214313**
To relieve distress amongst girls and young women primarily in the area of the former Metropolitan Borough of Hampstead and the Diocese of London. If the income of the Trust is not required for the above, it may be applied along the same guidelines amongst boys and young men.
## **Public Benefit Reporting Requirement**
The trustees have paid due regard to the Charity Commission’s guidance on public benefit in deciding what activities the charity should undertake.
## **Reserve Policy**
The Fitzdale Trust has adopted a zero reserve policy for the following reasons: there are no restricted funds, no liabilities, and as a general practice, the charity disburses all income received during the year to appropriate recipients as defined under the objectives of the Fitzdale Trust. Disbursements are made entirely at the discretion of the Trustees.
## **GDPR requirements**
The Fitzdale Trust does not solicit funding via email or social media and does not contact charities except on a case by case basis.
## **Meetings**
The Fitzdale Trust met twice, on 15 April by Zoom and on 4 November 2021 in real life.
## **Trustees**
There were no new Trustees. Jonathan Kester resigned as Trustee in November 2021
Helen Payne Hon Secretary 07.04.22
**Registered Charity no. 214313**
## **The Fitzdale Trust – Accounts for 2021**
## **Financial review, 2021**
## **Receipts and Payments (page 3)**
Recurring income dropped by about one-fifth (19%) in 2021 compared to 2020, from £6,687 to £5,392. This was as expected.
The Trust’s income from Charifund fell by 21% over the year, from £6,027 to £4,767. Income in 2021 was actually slightly higher than the £4,315 indicated in last year’s accounts, because Charifund increased its dividend payout in 2021 by 10%.
To provide some further context, Charifund income has now fallen by 42% from the 2019 level of £8,186. This reflects two changes. (a) In late 2020 the Trust sold about one-third (35%) of its Charifund units, as part of the agreed strategy to pay down its assets. (b) Charifund reduced its dividend payment in 2020 (reflecting the pandemic’s effect on the stock market) before recovering about half of the decrease in 2021. Between 2019 and 2021, the Charifund dividend dropped by 11% from 83p/unit to 74p/unit. The combination of selling one-third of the Charifund units and the net drop in dividend payout rate explains the drop in Charifund income over two years 2019-21.
Income from Charinco (the gilts fund) fell slightly during 2021, by 5% from £660 to £625. This was as forecast in last year’s accounts and simply reflects the full annual effect of a 25% reduction in quarterly payments that took effect from 1[st] October 2020.
In June the Trust received the last of three expected donations (£34,000).
The Trust approved grants of £36,500 in 2021, almost exactly the same as 2020’s £36,000. The amount the Trust actually paid out was also £36,500, showing that grant recipients cashed their cheques promptly.
Bank charges rose from £60 to £102.50, reflecting an increase in the monthly fee from £5 to £8 and the introduction of a £0.50 fee for each cheque processed.
The combined result of all these items was an income surplus of £2,789.74 in 2021.
Looking forward, if Charifund’s annual distribution per unit for the full year 2022 were to remain at the same 74p level, the Trust could expect to receive distributions of £4,767 from Charifund and £625 from Charinco, for total recurring income of £5,392. Geopolitical and other developments make the level of uncertainty higher than usual. To date in 2022 (as of 18 March), the FTSE All Share index has first fallen by 10% and then risen by 7% for a net decline of 3%.
## **Grants to Charities (page 5)**
Grants awarded increased very slightly from £36,000 in 2020 to £36,500 in 2021, consistent with the Trust’s decision to spend down its assets over the next few years. The average grant size has now risen from £533 in 2016 to £2,808 in 2020. Chart 1 below shows the 22-year trend in number of recipients and average grant size:
1
**Chart 1: Number of grant recipients vs. average grant, 2000-2021**
**----- Start of picture text -----**
Fitzdale Trust
Number of grant recipients vs average grant
size, 2000-2021
30 £4,000
£3,500
25
£3,000
20
£2,500
15 £2,000
£1,500
10
£1,000
5
£500
0 £0
Number of grant recipients (LHS) Average grant (RHS)
Average grant
Number of grant recipients
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
**----- End of picture text -----**
The slight drop in average grant size in 2021 reflects the decision in November 2021 to award five grants of £2,800 and one of £1,500. In all, the Trust awarded thirteen grants in 2021 compared with twelve in 2020.
If the Trust continues awarding annual grants totalling £36,000, then on the basis of some simple assumptions its assets will be fully spent down by about December 2026.
## **Assets (page 3)**
The Trust began 2021 with total assets of £177,520.
Over the course of the year, the Trust received £39,392 in total income (£5,392 recurring plus the £34,000 donation). It paid out the £36,500 of grants awarded in 2021 and bank charges of £102.50. Combined, these items generated an income surplus for the year of £2,780.
If nothing else had happened during 2021, the Trust’s total assets would therefore have risen from the December 2021 level of £177,520 to slightly more than £180,000. Instead, total assets at 31 December 2021 were £190,751. This represents an increase over the course of the year of £13,232, or 7%.
There were no changes in the Trust’s investment holdings during 2021; the change therefore reflects changes in the unit prices of its investments. Charifund’s unit price rose by 13% during the year as the stock market recovered from the pandemic. Meanwhile, rising inflation began to hurt Charinco, whose unit price fell by 7% over the year.
2
## **The Fitzdale Trust – Accounts for 2021**
## **Registered Charity no. 214313**
|**Receipts & Payments**|**2021**|**2020**|**2019**|**2018**|**2017**|
|---|---|---|---|---|---|
|**For year ended 31 December**||||||
||**£**|**£**|**£**|**£**|**£**|
|**Receipts**||||||
|Charifund (M&G) income|4,766.76|6,026.57|8,186.27|7,791.76|7,372.58|
|CharincoFund (Black Rock)income|625.48|660.39|833.96|833.96|833.96|
|**Subtotal: recurring income**|**5,392.24**|**6,686.96**|**9,020.23**|**8,625.72**|**8,206.54**|
|Donations|34,000.00|33,000.00|33,000.00|-|-|
|**Subtotal: total income**|**39,392.24**|**39,686.96**|**42,020.23**|**8,625.72**|**8,206.54**|
|Sale of M&GCharifund (30/10/20:3,421.406 units @1169.11)||40,000.00|-|-|-|
|**Total Receipts**|**39,392.24**|**79,686.96**|**42,020.23**|**8,625.72**|**8,206.54**|
|||||||
|||||||
|**Payments**||||||
|Grants to charities(2017 meetings)|-|-|-|-|9,000.00|
|Grants to charities (2018 meetings)|-|-|1,000.00|7,000.00|-|
|Grants to charities (2019meetings)|-|2,000.00|18,500.00|-|-|
|Grants to charities(2020 meetings)|-|36,000.00|-|-|-|
|Grants to charities (2021 meetings)|36,500.00|-|-|-|-|
|**Sub total of grants paid**|**36,500.00**|**38,000.00**|**19,500.00**|**7,000.00**|**9,000.00**|
|Bankcharges|102.50|60.00|60.00|60.00|60.00|
|Administration expenses|-|-|-|-|-|
|**Total Payments**|**36,602.50**|**38,060.00**|**19,560.00**|**7,060.00**|**9,060.00**|
|||||||
|||||||
|**Bank balance brought forward from previous year**|**68,567.62**|**26,940.66**|**4,480.43**|**2,914.71**|**3,768.17**|
|(Less) / Plus: Income surplus|2,789.74|1,626.96|22,460.23|1,565.72|-853.46|
|(Less) /Plus: Transfer fromCharifund|0.00|40,000.00|-|-|-|
|**Bank balance carried forward to following year**|**71,357.36**|**68,567.62**|**26,940.66**|**4,480.43**|**2,914.71**|
|||||||
|||||||
|**Total Assets at 31st December**||||||
|**CAF Bank account no. 00012160**|**71,357.36**|**68,567.62**|**26,940.66**|**4,480.43**|**2,914.71**|
|**_Charinco_**||||||
|Units|10,424.746|10,424.746|10,424.746|10,424.746|10,424.746|
|Value/unit|183.70|197.00|190.60|186.00|195.10|
|**Total value**|**19,150.26**|**20,536.75**|**19,869.57**|**19,390.03**|**20,338.68**|
|**_Charifund_**||||||
|Units|6,441.580|6,441.580|9,862.986|9,862.986|9,862.986|
|Value/unit|1,556.20|1,372.57|1,660.69|1,424.03|1,642.68|
|**Total value**|**100,243.87**|**88,415.19**|**163,793.62**|**140,451.88**|**162,017.30**|
|||||||
|**TOTAL ASSETS**|**190,751.49**|**177,519.56**|**210,603.85**|**164,322.34**|**185,270.69**|
|||||||
|_Notes:_||||||
|_1. Receipts and payments are accounted for on a cash basis._||||||
|_2. Total assets shown at market value._||||||
|_3. The Fitzdale Trust has no liabilities._||||||
Peter Morris, Honorary Treasurer
3
## **The Fitzdale Trust – Accounts for 2021**
## **Registered Charity no. 214313**
|**The Fitzdale Trust – Accounts for 2021**
**Registered Charity no. 214313**|**The Fitzdale Trust – Accounts for 2021**
**Registered Charity no. 214313**|**The Fitzdale Trust – Accounts for 2021**
**Registered Charity no. 214313**|||||
|---|---|---|---|---|---|---|
|**CAF Bank account 00012160, calendar 2021**|||**Ouflows -**
**grants**|
**Inflows -**
**income**|
**Other**|**Balance**|
||**Chq no.**||**£**|**£**|**£**|**£**|
|**04-Jan-21**||**Starting balance**||||**68,567.62**|
|15-Jan-21||Bank charge|||-8.00|68,559.62|
|20-Jan-21||Charinco dividend||156.37||68,715.99|
|15-Feb-21||Bank charge|||-8.00|68,707.99|
|26-Feb-21||Charifund dividend||740.78||69,448.77|
|15-Mar-21||Bank charge|||-8.00|69,440.77|
|15-Apr-21||Bank charge|||-8.00|69,432.77|
|20-Apr-21||Charinco dividend||156.37||69,589.14|
|23-Apr-21|368|CARIS Camden|-3,000.00|||66,589.14|
|23-Apr-21||Bankcharge|||-0.50|66,588.64|
|27-Apr-21|375|St Mary's Community Centre|-3,000.00|||63,588.64|
|27-Apr-21||Bank charge|||-0.50|63,588.14|
|27-Apr-21|369|Calthorpe Community Garden Ltd|-3,000.00|||60,588.14|
|27-Apr-21||Bankcharge|||-0.50|60,587.64|
|29-Apr-21|372|The Winchester Project|-3,000.00|||57,587.64|
|29-Apr-21||Bank charge|||-0.50|57,587.14|
|29-Apr-21|373|StPancras GirlGuides|-3,000.00|||54,587.14|
|29-Apr-21||Bankcharge|||-0.50|54,586.64|
|04-May-21|371|Kings CrossBrunswick Neighbourhood Associa|-3,000.00|||51,586.64|
|04-May-21||Bank charge|||-0.50|51,586.14|
|05-May-21|374|22ndHampstead Sea Scout Group|-3,000.00|||48,586.14|
|05-May-21||Bankcharge|||-0.50|48,585.64|
|17-May-21||Bank charge|||-8.00|48,577.64|
|28-May-21||Charifund dividend||1,384.94||49,962.58|
|07-Jun-21||Transfer||34,000.00||83,962.58|
|15-Jun-21||Bankcharge|||-8.00|83,954.58|
|15-Jul-21||Bank charge|||-8.00|83,946.58|
|20-Jul-21||Charinco dividend||156.37||84,102.95|
|16-Aug-21||Bank charge|||-8.00|84,094.95|
|31-Aug-21||Charifund dividend||1,159.48||85,254.43|
|15-Sep-21||Bank charge|||-8.00|85,246.43|
|15-Oct-21||Bank charge|||-8.00|85,238.43|
|20-Oct-21||Charinco dividend||156.37||85,394.80|
|15-Nov-21||Bankcharge|||-8.00|85,386.80|
|18-Nov-21|380|TrainingLink|-1,500.00|||83,886.80|
|18-Nov-21||Bank charge|||-0.50|83,886.30|
|19-Nov-21|376|Doorstep|-2,800.00|||81,086.30|
|19-Nov-21||Bankcharge|||-0.50|81,085.80|
|24-Nov-21|377|ElfridaRathbone|-2,800.00|||78,285.80|
|24-Nov-21||Bank charge|||-0.50|78,285.30|
|02-Dec-21|378|Gospel Oak Action Link (GOAL)|-2,800.00|||75,485.30|
|02-Dec-21||Bankcharge|||-0.50|75,484.80|
|09-Dec-21|379|Homestart|-2,800.00|||72,684.80|
|09-Dec-21||Bank charge|||-0.50|72,684.30|
|15-Dec-21||Charifund dividend||1,481.56||74,165.86|
|15-Dec-21||Bank charge|||-8.00|74,157.86|
|22-Dec-21|381|WestHampsteadWomen's Centre|-2,800.00|||71,357.86|
|22-Dec-21||Bank charge|||-0.50|71,357.36|
|**Total / ending balance**|||**-36,500.00**|**39,392.24**|**-102.50**|**71,357.36**|
||||||||
||||||||
|Grants paid (2021)|||-36,500.00||||
|Bank charges|||-102.50||||
|**Total outflows**|||**-36,602.50**||||
||||||||
|M&G Charifund dividend||||4,766.76|||
|Black Rock Charinco dividend||||625.48|||
|Interest||||-|||
|Donation||||34,000.00|||
|**Total inflows**||||**39,392.24**|||
4
## **The Fitzdale Trust – Accounts for 2021**
## **Registered Charity no. 214313**
|**Grants to Charities**|**2021**|**2020**|**2019**|**2018**|**2017**|
|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|
|22nd Hampstead Scouts|3,000.00|3,000.00|1,000.00|1,000.00|500.00|
|Alonein London||-|-|-|-|
|Brandon Centre, The||-|-|-|-|
|Calthorpe Project, The|3,000.00|3,000.00|2,000.00|-|500.00|
|CARIS Camden Families|3,000.00|3,000.00|-|-|-|
|Creative and Supportive Trust (CAST)||-|-|-|-|
|Doorstep|2,800.00|3,000.00|3,000.00|1,000.00|1,000.00|
|Elfrida Rathbone Camden|2,800.00||2,000.00|1,000.00|1,000.00|
|Gospel Oak Action Link|2,800.00|3,000.00|1,000.00|1,000.00|500.00|
|Hampstead Division Girl Guides||3,000.00|1,000.00|1,000.00|500.00|
|HollyLodge Community Centre||||-|-|
|Homestart|2,800.00|3,000.00|2,000.00|1,000.00|1,000.00|
|Kings Cross /Brunswick NeighbourhoodAssociation|3,000.00|3,000.00|1,000.00|-|500.00|
|Ninth /Eleventh Hampstead Scouts||-|-|-|-|
|Parish of Old St. Pancras||-|-|-|500.00|
|PostAdoptionCentre||-|-|-|-|
|Solace Women’s Aid||-|-|-|-|
|South Hampstead and Kilburn Community Ptnership (SHAK)||-|-|-|-|
|StPancras GirlGuides|3,000.00|3,000.00|500.00|-|500.00|
|St. Mary’s Community Halls|3,000.00|3,000.00|1,000.00|-|-|
|Training Link|1,500.00|-|-|1,000.00|1,000.00|
|WestHampsteadWomen's Centre|2,800.00|3,000.00|5,000.00|1,000.00|1,000.00|
|Winchester Project , The|3,000.00|3,000.00|1,000.00|-|500.00|
|**Grants approved during year**|**36,500.00 **|**36,000.00 **|**20,500.00**|**8,000.00**|**9,000.00**|
|||||||
|_Adjustment for late cheque presentation / grant cancellation_||||||
|Doorstep (Nov 2018 meeting)|-|-|1,000.00|-1,000.00|-|
|ElfridaRathbone (Nov 2019meeting)|-|2,000.00|-2,000.00|-|-|
|**Grants paid during year**|**36,500.00 **|**38,000.00 **|**19,500.00**|**7,000.00**|**9,000.00**|
5
The Fitzdale Trust
Independent exarniner's report to the trustees of the Fitzdale Trust
Registered Charity no. 214313
I report on the accounts of the Trust for the year ended 31 December 2021, which are set
out on pages 2 to 3.
Respective responsibilities of trustees ond exominer
The charity's trustees are responsible for the preparation of the accounts. The charity's
trustees consider that an audit is not required for this year under settion 144121 of the
Charities Act 2011 Ithe 2011 Act). Although an independent examination is not needed
Ibecause gross income is less than £25.IXKII the trustees have arranged for one to be done
for good order.
It is my responsibility to..
examine the accounts under section 145 of the 2011 Art,.
to follow the procedures laid down in the general Directions gNen by the Charity
Commission under section 14515llb} of the 2011 Art: and
to state whether particular matters have come to my attention.
Basis of independent exominer's report
My examination was carried out in accordance with the general Directions given by the
Charity Commission. An examination includes a review of the accounting records kept by the
charity and a comparison of the accounts presented with those records. It also includes
consideration of any unusual items or disclosures in the accounts. and seeking explanations
from you as trustees concerning any such matters. The procedures undertaken do not
provide all the evidence that would be required in an audit and consequently no opinion is
given as to whether the accounts present a 'true and fair view, and the report is limited to
those matters set out in the statement below.
Independent exominer s stotement
In connection with my examination, no matter hès come to my attention..
111 which gives me reasonable cause to believe that in any material respect the
requirements-
to keep accounting records in accordance with section 130 of the 2011 Act: and
to prepare accounts which accord with the accounting records and comply with the
accounting requirements of the 2011 Act
have not been met,. or
121 to which, in my opinion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
Name..
Relevènt professional qualification or body: (P£¥i i
Address.. Eo FW&W-
Date: zg. 202L.
C(tyth&ILiksC¥* 2 845
The Fitzdale Trust- Accounts for 2021
Règlstered Chartty no. 214313
Re1
For
ents
arended JIDember
ReIpts
Charifund IM&GI income
Charinco Fund (Black Rockl income
Bank Interest
Subtotal: recurrfng income
DonatTrons
Gift Aid recovered
Surplus from Charinco-Chari*und switch
Subtotal: total Intome
Sale of M&G Charifund130/IOIXk. 3,42L4( units @ 1169.111
Total ReIpts
4.7E6.76
625.48
6.026.57
539124 6.68&%
34.1( 33.(m.(J)
39.m24 39.686.%
40.(XX).
39.39124 79.68&96
Payments
Grants to charities12020 meetings)
Grants to charities12021 meetingsl
Sub total of Brants paid
Bank charges
Administration expenses
Totsl Payments
36.COIt
36,5(X).
5(Qc 38.(W
102.XJ
f4ll50 38.060.(a)
Bank balance broughtforward from previousyear
ILessI I PltJ5'. Income surplus
ILessl / Plus.. Transferfrom Charifund
Bank balance carried forward to followingyear
1 6S567.62 26.94(K66
789.74
1,626.96
O.(A) 40,(KM).(M)
71357.36 68.567.62
Total Assets at 31st December
CAF Bank account no. LlJ)12tr
Ch¢7rinco
Units
Valuelunit
Total value
Chorljund
Unit5
Valuelunit
Total value
71357.36 68.567.62
10.424.746 10.424.746
183.70
197.(X)
19,150.26 20.53&75
6.441.59) 6.441.580
1.556.20
1.372.57
i(rfJ.243.87 441&19
I175L49 177,519.56
Notes..
l. Receipts andpoyments ore occountedforon o cosh bosis.
2. Totolossets shown atmarket value.
3. The Fitzdole Trust hos no liobilities.
The Fitzdale Trust - Accounts for 2021
Registered Charity no. 214313
Grants to Charities
22nd Hampstead Scouts
Calthorpe Project, The
CARIS Camden Families
Doorstep
Elf rida Rathbone Camden
Gospel Oak Action knnk
Hampstead Division Gid Guides
Homestart
Kings Cross / Brunswick Neighbourhood Assoaation
St Pancras Girl Guides
St. Mary's Community Halls
Training Link
West Hampstead Women's Centre
Winchester Project, The
Grdnts approved durln8 year
3.{.() 3.1JJ).Ql
3.t(o.(D 3.(KK).(KI
3,(m.(Kl 3,IXK).(KI
2,.11 3.(KK).(X)
2,.c(s
2..1X• 3,C(o.IxI
3,1)X).
2,.C 3,(yx).
3.(m.O) 3,1).C[l
3.{X(l. 3,¢)Xl.C(J
3.[M.( 3,1).(
1.5(M).(
2..) 3,((o.co
3,(XJ).IXJ 3.[.Co
36, 36,CKK).C
Adjustmentfor lote cheque presentatn]gruntCt1nceIlttti0n
Elfrida Rathbone (Nov 2019 meeting)
Grants paid duringyear
2,C(Q.(
36,5.(#) 38.(xx).