April 13, 2023
ANNUAL REPORT
ANNUAL REPORT for 2022
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 7 April and on 9 November 2022.
Trustees
There were no new Trustees. Helen Payne and Gary Sanders were re-elected as Trustees in November 2022.
Helen Payne Hon Secretary 13.04.23
The Fitzdale Trust – Accounts for 2022
Registered Charity no. 214313
Financial review, 2022
Receipts and Payments (page 3)
Recurring income rose slightly in 2022, from £5,392 to £5,869.
The Trust’s income from Charifund rose by 12% over the year, from £4,767 to £5,346, thanks to an increase in the dividend paid per unit.
Income received from Charinco (the gilts fund) fell during 2022 from £625 to £469. The drop is misleading, because the fund’s underlying income generation was unchanged. Blackrock has frozen the Trust’s account, starting with the fourth dividend in 2022 (£156) because the Treasurer has been slow to address some confusing communications involving anti-money laundering bureaucracy. This is now in the process of being rectified, following which the Trust will receive all payments that were withheld. At the November 2022 meeting it was agreed that the Trust would in any case be selling its Charinco holding.
A modest amount of interest income (£53) reappeared for the first time since 2014, reflecting both the increase in interest rates due to inflation and higher cash balances.
The Trust approved grants of £37,500 in 2021, almost exactly the same as 2021’s £36,500. Three cheques of £3,000 each had not been cashed by year end, reducing the amount actually paid to £28,500. Two of these outstanding cheques were cashed in January and February 2023.
Bank charges fell slightly from £102.50 to £86.75, thanks to a change in tariff: monthly charges fell from £8 to £5, while the fee for each cheque processed rose from £0.50 to £0.75.
The combined result of all these items was an income deficit of £22,718 in 2022. The deficit is as expected and reflects the Trust’s decision to spend down its assets.
As part of this strategy, the November Trustees’ meeting agreed to sell one-quarter of its Charifund (stock market holdings). The proceeds of £23,462.70 were added to the cash balance.
Looking forward, if Charifund’s annual distribution per unit for the full year 2023 were to remain at the same 83p level as in 2022, the Trust could expect to receive distributions of £4,010 from Charifund. The aim remains to sell the Charinco holding. To date in 2023 (as of 12 March), the FTSE All Share index has risen by 1%.
Grants to Charities (page 5)
Grants awarded increased very slightly from £36,500 in 2021 to £37,500 in 2022, 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 just under £3,000 in the last three years (2020-22). Chart 1 below shows the 23-year trend in number of recipients and average grant size:
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Chart 1: Number of grant recipients vs. average grant, 2000-2022
----- Start of picture text -----
Fitzdale Trust
Number of grant recipients vs average grant
size, 2000-2022
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 2022
----- End of picture text -----
The Trust awarded thirteen grants in 2022, the same number as in 2021.
If the Trust continues awarding annual grants totalling around £36,000, then on the basis of some simple assumptions its assets will be fully spent down as planned by about December 2026.
Assets (page 3)
The Trust began 2022 with total assets of £190,751.
Over the course of the year, the Trust received £5,869 in recurring income. It paid out £28,500 of the £37,500 grants awarded in 2022, along with bank charges of £87.50. Combined, these items generated an income deficit for the year of £22,718.21.
If nothing else had happened during 2022, the Trust’s total assets would therefore have fallen by -12% from the December 2021 level of £190,752 to £168,033. Instead, total assets at 31 December 2022 were -17% lower, at £158,316. The difference reflects changes in the unit prices of the Trust’s investments. Charifund’s unit price fell by -6% during the year; rising inflation went on affecting Charinco, whose unit price fell by -21% over the year.
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The Fitzdale Trust – Accounts for 2022
Registered Charity no. 214313
| Receipts & Payments | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| For year ended 31 December | |||||
| £ | £ | £ | £ | £ | |
| Receipts | |||||
| Charifund (M&G) income | 5,346.52 | 4,766.76 | 6,026.57 | 8,186.27 | 7,791.76 |
| CharincoFund (Black Rock)income | 469.11 | 625.48 | 660.39 | 833.96 | 833.96 |
| Bank Interest | 52.91 | - | - | - | - |
| Subtotal: recurring income | 5,868.54 | 5,392.24 | 6,686.96 | 9,020.23 | 8,625.72 |
| Donations | - | 34,000.00 | 33,000.00 | 33,000.00 | - |
| Subtotal: total income | 5,868.54 | 39,392.24 | 39,686.96 | 42,020.23 | 8,625.72 |
| Sale of M&G Charifund(30/10/20: 3,421.406 units@1169.11) | - | - | 40,000.00 | - | - |
| Sale of M&G Charifund (22/11/22: 1,610.00 units @ 1457.31) | 23,462.70 | - | - | - | - |
| Total Receipts | 29,331.24 | 39,392.24 | 79,686.96 | 42,020.23 | 8,625.72 |
| Payments | |||||
| Grants to charities (2018meetings) | - | - | - | 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 | - | - | - |
| Grants to charities (2022 meetings) | 28,500.00 | - | - | - | - |
| Sub total of grants paid | 28,500.00 | 36,500.00 | 38,000.00 | 19,500.00 | 7,000.00 |
| Bank charges | 86.75 | 102.50 | 60.00 | 60.00 | 60.00 |
| Administration expenses | - | - | - | - | - |
| Total Payments | 28,586.75 | 36,602.50 | 38,060.00 | 19,560.00 | 7,060.00 |
| Bank balance brought forward from previous year | 71,357.36 | 68,567.62 | 26,940.66 | 4,480.43 | 2,914.71 |
| (Less) /Plus: Income (deficit) / surplus | -22,718.21 | 2,789.74 | 1,626.96 | 22,460.23 | 1,565.72 |
| (Less) /Plus: Transfer from Charifund | 23,462.70 | - | 40,000.00 | - | - |
| Bank balance carried forward to following year | 72,101.85 | 71,357.36 | 68,567.62 | 26,940.66 | 4,480.43 |
| Total Assets at 31st December | |||||
| CAF Bank account no. 00012160 | 72,101.85 | 71,357.36 | 68,567.62 | 26,940.66 | 4,480.43 |
| Charinco | |||||
| Units | 10,424.746 | 10,424.746 | 10,424.746 | 10,424.746 | 10,424.746 |
| Value/unit | 145.93 | 183.70 | 197.00 | 190.60 | 186.00 |
| Total value | 15,213.02 | 19,150.26 | 20,536.75 | 19,869.57 | 19,390.03 |
| Charifund | |||||
| Units | 4,831.580 | 6,441.580 | 6,441.580 | 9,862.986 | 9,862.986 |
| Value/unit | 1,469.52 | 1,556.20 | 1,372.57 | 1,660.69 | 1,424.03 |
| Total value | 71,001.03 | 100,243.87 | 88,415.19 | 163,793.62 | 140,451.88 |
| TOTAL ASSETS | 158,315.90 | 190,751.49 | 177,519.56 | 210,603.85 | 164,322.34 |
| 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
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The Fitzdale Trust – Accounts for 2022
Registered Charity no. 214313
| CAF Bank account 00012160, calendar 2022 | CAF Bank account 00012160, calendar 2022 | CAF Bank account 00012160, calendar 2022 | Ouflows - grants |
Inflows - income |
Other |
Balance | |
|---|---|---|---|---|---|---|---|
| Chq no. | £ | £ | £ | £ | |||
| 04-Jan-22 | Starting balance | 71,357.36 | |||||
| 17-Jan-22 | Bank charge | -8.00 | 71,349.36 | ||||
| 20-Jan-22 | Charinco dividend | 156.37 | 71,505.73 | ||||
| 15-Feb-22 | Bank charge | -8.00 | 71,497.73 | ||||
| 28-Feb-22 | Charifund dividend | 805.20 | 72,302.93 | ||||
| 15-Mar-22 | Bank charge | -8.00 | 72,294.93 | ||||
| 19-Apr-22 | Bank charge | -8.00 | 72,286.93 | ||||
| 20-Apr-22 | Charinco dividend | 156.37 | 72,443.30 | ||||
| 16-May-22 | Bankcharge | -8.00 | 72,435.30 | ||||
| 30-May-22 | 388 | TheWinchester Project | -3,000.00 | 69,435.30 | |||
| 30-May-22 | Bank charge | -0.50 | 69,434.80 | ||||
| 30-May-22 | 383 | Calthorpe Project | -3,000.00 | 66,434.80 | |||
| 30-May-22 | Bankcharge | -0.50 | 66,434.30 | ||||
| 31-May-22 | 384 | GospelOak Action Link | -3,000.00 | 63,434.30 | |||
| 31-May-22 | Bank charge | -0.50 | 63,433.80 | ||||
| 31-May-22 | Charifund dividend | 1,513.77 | 64,947.57 | ||||
| 10-Jun-22 | 382 | 202nd Hampstead Sea Scouts | -3,000.00 | 61,947.57 | |||
| 10-Jun-22 | Bankcharge | -0.50 | 61,947.07 | ||||
| 10-Jun-22 | 385 | Kings CrossBrunswick Neighbourhood Associa | -3,000.00 | 58,947.07 | |||
| 10-Jun-22 | Bank charge | -0.50 | 58,946.57 | ||||
| 15-Jun-22 | Bank charge | -8.00 | 58,938.57 | ||||
| 23-Jun-22 | 389 | StMary's Community CentreTrust | -3,000.00 | 55,938.57 | |||
| 23-Jun-22 | Bank charge | -0.50 | 55,938.07 | ||||
| 27-Jun-22 | Interest income | 5.53 | 55,943.60 | ||||
| 15-Jul-22 | Bank charge | -8.00 | 55,935.60 | ||||
| 29-Jul-22 | Charinco dividend | 156.3~~7~~ | 56,091.97 | ||||
| 15-Aug-22 | Bankcharge | -5.00 | 56,086.97 | ||||
| 31-Aug-22 | Charifund dividend | 1,288.32 | 57,375.29 | ||||
| 15-Sep-22 | Bank charge | -5.00 | 57,370.29 | ||||
| 26-Sep-22 | Interest income | 18.67 | 57,388.96 | ||||
| 17-Oct-22 | Bankcharge | -5.00 | 57,383.96 | ||||
| 15-Nov-22 | Bank charge | -5.00 | 57,378.96 | ||||
| 25-Nov-22 | 390 | CARIS Camden | -3,000.00 | 54,378.96 | |||
| 25-Nov-22 | Bankcharge | -0.50 | 54,378.46 | ||||
| 30-Nov-22 | 394 | TrainingLink | -1,500.00 | 52,878.46 | |||
| 30-Nov-22 | Bank charge | -0.75 | 52,877.71 | ||||
| 02-Dec-22 | 393 | Home-Start Camden & Islington | -3,000.00 | 49,877.71 | |||
| 02-Dec-22 | Bank charge | -0.75 | 49,876.96 | ||||
| 08-Dec-22 | 391 | Doorstep | -3,000.00 | 46,876.96 | |||
| 15-Dec-22 | Bank charge | -0.75 | 46,876.21 | ||||
| 15-Dec-22 | Bank charge | -5.00 | 46,871.21 | ||||
| 15-Dec-22 | Charifund dividend | 1,739.23 | 48,610.44 | ||||
| 15-Dec-22 | Transfer(sale ofCharifund units) | 23,462.70 | 72,073.14 | ||||
| 28-Dec-22 | Interestincome | 28.71 | 72,101.85 | ||||
| Total / ending balance | -28,500.00 | 5,815.63 | 23,428.86 | 72,101.85 | |||
| Grants paid (2022) | -28,500.00 | ||||||
| Bank charges | -86.75 | ||||||
| Total outflows | -28,586.75 | ||||||
| M&G Charifund dividend | 5,346.52 | ||||||
| Black Rock Charinco dividend | 469.1~~1~~ | ||||||
| Interest | 52.91 | ||||||
| Transfer from Charifund | 23,462.70 | ||||||
| Total inflows | 29,331.24 |
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The Fitzdale Trust – Accounts for 2022
Registered Charity no. 214313
| Grants to Charities | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| 22nd Hampstead Scouts | 3,000.00 | 3,000.00 | 3,000.00 | 1,000.00 | 1,000.00 |
| Alonein London | - | - | - | - | - |
| Brandon Centre, The | - | - | - | - | - |
| Calthorpe Project, The | 3,000.00 | 3,000.00 | 3,000.00 | 2,000.00 | - |
| CARIS Camden Families | 3,000.00 | 3,000.00 | 3,000.00 | - | - |
| Creative and Supportive Trust (CAST) | - | - | - | - | - |
| Doorstep | 3,000.00 | 2,800.00 | 3,000.00 | 3,000.00 | 1,000.00 |
| ElfridaRathbone Camden | 3,000.00 | 2,800.00 | - | 2,000.00 | 1,000.00 |
| GospelOak Action Link | 3,000.00 | 2,800.00 | 3,000.00 | 1,000.00 | 1,000.00 |
| Hampstead Division Girl Guides | - | - | 3,000.00 | 1,000.00 | 1,000.00 |
| Holly Lodge Community Centre | - | - | - | - | - |
| Homestart | 3,000.00 | 2,800.00 | 3,000.00 | 2,000.00 | 1,000.00 |
| Kings Cross / Brunswick Neighbourhood Association | 3,000.00 | 3,000.00 | 3,000.00 | 1,000.00 | - |
| Ninth / Eleventh Hampstead Scouts | - | - | - | - | - |
| ParishofOld St. Pancras | - | - | - | - | - |
| Post Adoption Centre | - | - | - | - | - |
| Solace Women’s Aid | - | - | - | - | - |
| South Hampstead andKilburnCommunityPtnership (SHAK) | - | - | - | - | - |
| St Pancras Girl Guides (Girlguiding St Pancras) | 3,000.00 | 3,000.00 | 3,000.00 | 500.00 | - |
| St. Mary’s Community Halls | 3,000.00 | 3,000.00 | 3,000.00 | 1,000.00 | - |
| TrainingLink | 1,500.00 | 1,500.00 | - | - | 1,000.00 |
| West Hampstead Women's Centre | 3,000.00 | 2,800.00 | 3,000.00 | 5,000.00 | 1,000.00 |
| Winchester Project , The | 3,000.00 | 3,000.00 | 3,000.00 | 1,000.00 | - |
| Grants approved during year | **37,500.00 ** | **36,500.00 ** | **36,000.00 ** | 20,500.00 | 8,000.00 |
| 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 | - |
| St Pancras Girl Guides (Girlguiding St Pancras)-April 2022 mee | -3,000.0~~0~~ | - | - | - | - |
| Elfrida Rathbone (Nov 2022 meeting) | -3,000.0~~0~~ | - | - | - | - |
| WestHampsteadWomen's Centre (Nov 2022 meeting) | -3,000.00 | - | - | - | - |
| Grants paid during year | **28,500.00 ** | **36,500.00 ** | **38,000.00 ** | 19,500.00 | 7,000.00 |
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The Fitzdale Trust Independent examiner's report to the trustees of the Fitsdale Trust Registered Charity no. 214313 I report on the account5 of the Twst for the year ended 31 December 2022 which are set out on pages 2 to 3. Respertive responsibilities of trustees ond examiner The charity's trustees are responsible for the preparation of the account5. The charity's trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Artl- Although an independent examination is not needed Ibecause gross income is less than £25,CrfXII the tru5tee5 have arranged for one to be done for good order. It is my responsibility to.. examine the atcounts under section 145 of the 2011 Act.. to follow the procedures laid down in the general Directions gwen by the Charity Commission under section 14515llbl of the 2011 Act- 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 Eeneral Directions given by the Charity Commission. An examination include5 a review of the accounting records kept by the charity and a comparison of the attounts 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 urldertaken 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 examiners stotement In connection with my examination. no matter has 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 understandin of accounts to be reached. Name.. Relevant professional qualification or bodv: fc Address.. Date.. 53 fvJ4 2kn- 2WI 0312oZ
The Fitzdale Trust- Accounts for 2022 ReStered Charity no. 214313 Recel For ments ar ended 31 December X121 Receipts Charifund IM&GI income Charinco Fund (Black Rockl income Bank Interest Subtotal: recurring intome Donations Subtotal: total income Sale of M&G Charifund122IIV22- L610.C(l units @ 1457.311 Total Recèipts 5,346.52 I9.11 4,766.76 625.48 52.91 S86&S4 5,39124 34,Crn.CO 5.86&54 39.39124 23,462.70 29.33L24 39.39124 Payments Grants to charitie$12021 meetingsl Grants to charitie512022 meetings) Sub total of Erants paid Bank charge5 Totsl Payments 36.5(K). 28.%J).(X) 24Sfy). a6. 86.75 102.50 2458&75 36.filZg) Bank balance broughtfonward from prevlousyear (Less) I Plus.. Income Ideficitl I surplus (Less) I Plu5.' Transfer from Chèrifund Bank balance L7rrièd forward to follow5ng year 7L357.36 61567.62 -22,718.21 2.789.74 23.462.70 71IOL85 7L357.36 Total Assets at 3tst Otrnber CAF Bank Kcount no. LU)12160 Churfnco Units Valuelunit Totsl value Churifvnd Units Valuelunit Totsl value 71IOLas 7L357.36 10,424.746 10.424.746 145.93 183.70 .2U02 .0.26 4,831. 6.441.580 1.469.52 1,556.20 7L(KII.03 I(x).287 TOTALASSETS Is&31*• I,75L49 Notes.. l. Receipts und puyrnents are accountedforon o cosh bosis. 2. Tot(ylossets shown at morket volue. 3. The Fitzdole Trust hos no liobilities.
The Fitzdale Trust- Accounts for 2021 Registered Charity no. 214313 Grants to Charities 2021 22nd Hampstead Scouts Calthorpe Project, The CARIS Camden Families Doorstep Elfrida Rathbone Camden Gospel Oak Action Link Homestart Kings Cross / Brunswick Neighbourhood Association St Pancras Girl Guides (Girlguiding St Pancrasl St. Mary's Community Halls TrainingLink West Hampstead Women's Centre Winchester Project. The Grnnts approved during year 3,QKK).(K) 3.(KK).(KJ 3,Cm.CO 3.110.o) 3,C(Q.IXI 3,CW.CQ 3,C(Q.O) 2,.CO 3,((($. 2,.Co 3,CO).O) 2,8XI.ctI 3.0.(1) 2,).C 3.C1)). 3,LXJ).QX) 3,1.cl 3,COJ.C 3,(m.CXJ 3,cx)J.c(I I,.[) 1,5(X). 3,(XX).IXJ 2,.(0 3,(KK).(X) 3,(xxJ.u) y7,5.lA) 3&5LKI.IX) Adjustmentfor It7techequepresentotion /grant cancellatn St Pancras Girl Guides IGirlguiding St Pancrasl - April 2022 meÉ -3,Ctti.c(I Elfrida Rathbone (Nov 2022 meeting) .3,(XXJ.(M") West Hampstead Women's Centre (Nov 2022 meeting) .3,(XX).IK) Grants pald during year 2&5(X).(X) 36,SQ).(