FITZALAN CHAPEL CHARITABLE TRUST AccoifNTS FOR THE YEAR ENDED S APRIL 2024 Charity Registration Number 279379 FITZALAN CHAPEL CHARITABLE TRUST INDEX Page Income & EX￿[￿lture Account Balance She Notes to the Accounts TTUStees Report Independent Examiners Report Detailed Accounting Schedules Appendix INCOME AND EXPENDITitR8 AccouNr FOR THE YEAR FJYDED 5 APRIL2024 21124 2023 IP4COMf4G RLSOURCKS Do[￿tionS Divi(knd ID(J)Jr Sutplus ons￿¢ oflDVCSlJnMts DeFApr-24 sirrL Caz¢nove GBP Grnwtb Fund Ihtotot Units 977.045 53&267 637,912 536267 637,912 L INVESTMENT TRANSAcfioNS 102344 SUTL cit￿0V¢GBF Growth F*Dd IDtorne Uttits Price Per Unlt Per Unlt MIrk￿ V*l•e Unlts Co$t Hoith'ts8 as al 6 April 2023 0.55 I,tr)o,000 548.500 a59 Security wrch•s¢ Sec¥ritysd¢ Security qualisatio 30105r2023 0610312024 0.59 0.55 8.442 {31 J971 0.59 (20.000) HolditiE ￿ It S April 2024 035 977,1￿4 536.267 Pu iIKil Markd Vulue ofHoldiKz a151* April2024 977.Q44 637.912 0.05 3. AP4f4UALAccouwrs The ¥tta¢h¢d A£¢th￿t$ have L￿n ryepared on A Re¢eiO$ 8nd Plyrnettts b&8is as ￿r[nifIed unthr s¢¢tipn 133 of the Ch&Tlttes Act 2011. The accounts •re prepa￿d on a consisont bgsis y¢aroo year and inv¢5tments the yearend #re valued using C*zeno%t tnvtStrLent manager5 Valuation dO￿￿￿ent Page 4 Tbe FiÉTAJxfj Cba I Ch2ritable Trust Trustees ADnual Re ort for the eareDded 5 A ril 2024 The Fitzalan Chapel Charitsble Trust is constituted by a Declxrdtion of Trust dated 14 January 1980 and is a Registered Charity. Number 279379. The TDJstees during the year ended 5 April 2024 were: Managing Ttustees: His Grace Edward, 18, Duke of Norfolk Earl of Arundel Dr John Martin Robinson Secretary: Emma Johnston¢ F.C.C.A The Estate Office. l London Road, Arundel, West Suss¢K BN18 9BH The objectives of the Charity 8r¢ to mainlain the structure and fabric of the Fitralan Chapel, Arundel, West Sussex and to provide religious servTces ther¢in in accordance with the beliefs and teachings of the Roman Catholic Chuwh. The Fitzalan Chapel. founded in 1380. is the burial plac¢ of the Dukes of Norfolk and masses are said each year for the repose of their souls. The Trustees a¢knowl¢dg¢ with gratTrtude the generous financial support received tolalling £17.578 from Arnnd¢l Castle Trustees Limited (2023 - £15.980). During 2022123 the Castle shop started selling Fitzalan Chap¢l guid¢books and iKJStcards. income totslling £239 has been transferred in 2024125 for both 2022f23 and 2023124. Dollation boxes will not b¢ re-instated. This yw th¢ income account did not benefrt from th¢ receipt of recording fees (2023 - £2,000). but it remains a very useful source of income (deriv￿ from use of the Chapel for audio recordings) as and when the opportunity arises. As at 5 April 2024 the Charity held reserves amounting to £662.099 which are utilis¢d by the Trust¢¢s to enabl¢ them to fund the maintenance of the fabric of the Chapel and its content% in particular the tombs, in an appropriate manner. This represents an in¢r¢ase of £61,940 in reserves. This reflects the increase in valuation of investments during the year. The totsl income was £29.460 compared to £22,462 the previous year. The difference in income was due a gain on sales of investments of £2,767 {2023 £nil). in¢r¢ased fund5 received fro Arundcl C8Stlc Trnstees Limited and inCre￿d dividend income. tliese both offset the reductioii in income for ￿ordIng fe¢5. Page 5 The FTts818n Cha el Charitable Trust Trustees Attnual Re ort for the ear ended 5 A ril 2024 Continued As a result of the increased incom¢ th¢ Income Account shows a surplus of £5.795 (2023 - d¢ficit of £1,279). The investment portfolio is tllanaged by Cazenoves London office. During ihe year a total of £2,276 (2023 £3,685) was charged for provision of their services. After April 23 the rnanagemeni fee dropped from c £920 per quarter to e £457 per quarter which is a reduction from 0.60/0 to 0.250/0 of the asset value. Cazenove have confirnied that the fee will stay at this level. In 2020 the Trustees considered the most appmpriate policy for investing fl￿dS following economic changes, stemming from the Covid-19 pandemic, and concluded that a]1 the Tn]st investments should be moved to the Cazenove Growth Portfolio Fund. The Trustees w¢re aware that this would reduce the incom¢ generated to circa £IO.000 pa but that when the Gapital growth of this fi￿d is factored this would result overall in a better investmenl strategy. The portfolio is currently 64.3Yo (includin8 1.5 % UK based) (2023 _ 58.lQ/o) equities, I6.￿/0 (2023 - 17.8Yo) fixed interest bonds, 12.8D/o (2023 _ 17.90A) alternatives and 7.ooh (2023 _ 6.2QA) cash. A detailed report on rhe fabric of the building was commissioned by the Trustees in 2019 from Russell & Taylor, Architects. This r¢port concluded very few minor repairs are required frir work to be CWTied out to the Chapel. The TNst reserves are intended lo implement these minor works without the need to resort to additional fund raising or bottowlng. During the year work was completed on installing new drainage and soakaways to the Fitzalan Chapel and St Nocholas Church. The T￿￿t has agr¢¢d to contribute £12,564 to the cost of the works. It has also been agreed that a lightning conductor will be installed in 2024125 at a cost to the Chapel of £4.860. The Truste¢s have assessed the major risks to which the Charity is exposed. in particular those relating to the Chapel and its wntents. They review on an ajmual basis the adequacy of the insuran¢¢ cover, inclu . the us l risks and damage from acts of terrorism. His Grace Edward 18th Duke of Norfolk (Signed by the Trustee on behalf of the Board of Trustees) Date: 2. July 2024 Page 6 nthe cco Rtport to the Trustees of: FIT7.ALAI¥ CHAPEL CHAIUTABLE TRUST Ite2i5ter¢d Ch*rity nurnber: 279379 I rcport to the charity trust￿ on my examinattort of the a¢¢ounts of Fitzalan Chapel Chartt&ble T￿￿t for the yeorended 5 April 2024, which arc sei otst on pages one to fiv¢. ResPOll8lblliti¢s •nd basts of report As the charily's trustees you are responsible for thc prcparation ofthe accounts in ￿Cord￿ne¢ with the requiremonts of the Charities Acl 201 I ('the Act.). I report r¢5P¢Ctof my examination of the chatity's ￿￿Ullts caryied out under section 145 olthe 2011 Act and in carrying out Rny examxnation I have followed ail the applicable Direction5 8ivcn by the Charity Commission undcr scction 145(5llb) of the A¢t. Jndepepdent t%amlner'$ slatement I hav¢ Completed my examination. I confimi that no rnatrTial matters havc come to rny attention in cMn¢rtion with the cxamination givin8 me ca￿¢ to bElieve that in 4ny material respect... the accounting records were not kept In reSP￿tOf the charity as required by section 130 of the Charities A￿. or 2. the aGGounts do not a¢¢ord with thosc accountingreGord5" or 3. the account5 do not ¢omply with the applicablc requirements ¢onccming the form and content of at￿ll￿tS set out in the Charitie5 (Accounts and Reports) Regulations 2008 gther than any requiremEnt that th¢ accounts give a 'bwe and fair, view which is not a matter considered gs Fart of an independent examinatLIYI. I have no Concerns and bave Come across no othcr matters in connection with tht ￿8m]nation to which ttention Should be drawn in this report in order to ¢nable a proper understhnding of the accounts to IK reached. l•UCy Dixon FCA Ma￿n and CoTnpany 25 St. Thomas Street Winche5t¢r S025 9HJ {01962 8443(KJ) Date as zoLi+ APPENDtX F￿ZAlAN CHAPEL CHARITABLE TRUST DIVIDEND INCOME 202>24 Scbroders Holdln sirrL CaT*nove GBP Growth Fund Income Unlts I,oco,(KJo 28-AEff-23 4.035.(K) I,o(YJ,I 31-OLt-23 s.￿226 9,037.26 INVESTMENTS MANAGEMENT AND INTERE￿ RECKIVED 202>24 Schroder IAvestrnent M*#*g¢mentChArges April 2(123 July 2tr23 OctobeT 2023 January 2024 gY)2.95 451.84 459.37 462.16 2276.32 L￿Y￿S BADk PIC Arundel Deposlt A￿0￿•t Inter¢s¢ Reeelyed 0.1 APPENDIX FRTZALAN CHAPEL CHAR￿ABLE TRusr SUMMARY OF MOVEMENTS ON SCHRODER INVESTMENT MANAGEMENT ACCOUNT No 702060-1 Year ￿￿ded 5 April 21)24 B*l*nee Brought Forward 6 April 2023 5,120.62 (2276.32) Dividend Income 9.037.26 57.01 SUTL Cazenove Fund purcha8e (5,(KKI.(x)) SUTL Cazellove Fund sale 20.000.1)O SUTL Cazenove Equali5ation 20.78 Lloyds transfer (5.¢XKI.00) B*lJnc¢ Per S¢hrod¢r St*temeut 4$ 5 Aprll 2024 21.959.3S APPENDIX FITZALAN CHAPEL CHARITABLE TRUST SUMMARY OF MOVEMENTS ON LLA)YDS BANK ACCOUNT - Current A￿OUnt No 0942899 Year Ended 5 April 2024 CR DR Balance Brought Forward 6 April 2023 1,038.46 ACT Donatiort 17,578.00 Eiecordings 0.00 Chapel Maintenance 293.00 19.625.49 Accountancy Fees 1.470.00 Transfer from Dcp05it Al¢ 0.00 Transfer from S¢lwoders 5,QlX>.00 23.616.46 21.388.49 B8lantt C8rried Forward 5 April 2024 2227.97 23,616.46 23.616.46 SUMMARY OF MOVEMENTS ON LLOYDS BANK ACCOUNT - Deposit Aecount No 7379642 Year Ended 5 April 2024 Balance Brought Forward 6 ApTiI 2023 0.01 Interest Received Transferto Current Account 0.00 0.01 0.00 Balance Carried Forward S April 2024 o.oi 0.01 0.01