Charity registration number: 1028639
The Fort Foundation
Annual Report and Financial Statements for the Year Ended 29 February 2024
Hargreaves, Brown and Benson Chartered Accountants 1, Bond Street Colne Lancashire BB8 9DG
The Fort Foundation Contents (continued) Reference and Administrative l)etails Trustees, Report 2to4 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activitii:s Balance Sheet Notes to the Financial StatemeTIt5 9t016
The Fort Foundation Reference and Adrninistrative Details Charlty Registration Number 10286i9 Principal Olee Fort Vale Engineering Limited Calder Vale Park Simonstone Lane Burnlev Lanca5hire BB12 7ND Independent Examiner Hargreaves, Brown and Benson Chartered Accouniants l. Bond Street Colne Lancashire BB8 9DG Solicitors Withers LLP 16, Old Bailev London EC4M 7EG Page I
The Fort Foundation Trustees, Report The trustees present the annua report together with the financial statements of the charity for the year ended 29 February 2024. Objectives and activities Ob}ecls and aims The Fort Foundation operates :.hroughout England and Wales and mak¢s grants lo individuals and institutions at the discretion ofthe trustees. Details of grants made during ."he year are detailed in note 3 to the financial statements. Since commencement ihe Fi)rt Foundalion has made charitable grants to individuals and institutions of £3,358,835 {2023 £3,137.6511). Puhllc henefli During the year The Fort I'oundation has awarded granls to individuals and inslitutions promoting the advancement of health. amiiieur sport. education, art and culture, citizenship, community welfare and environmental protection and ,mprovemeni. The I"rustees contimi Ihat they have complied with the requirements of Section 4 of th¢ Charities Act 201 I to have due rebyard to ihc public Ii¢nefit guidance published by (he Charity Commission for Lngland and Wale5. Financial revieiv The Fort Foundation's activiti"s are reliant upon income received by way of corporate donations received from Fort Vale Engineering Limiteil. No corporate donations were r¢ceived in the year ended 29 February 2024 (2023 £Nil). During the year the Fort Fi)undation undertook charitable activities and made charitable grants totalling £221.176 (2023 - £420.250}. For the year ended 29 Februaiy 2024 the Fort Foundation have reported a net deticit of £184.912 {2023 deficit £387.828) which will be deducted from retained funds brought torwards. At 29 February 2024 Ihe Fort Foundation held unrestricted l unds of £1.219.288 (2023 £1,443,696). Policy on re,serves The Fort Foundation maintairs sufficienl reserves to enable it to continue to make grants for charitable purpose in future peri(Ids. Princlpolfundlng.source5 The principal ndIng source ,)f The Fort Foundation is donations received from Fort Vale Engineering Limited. lnve.slmenipollcy and obje¢lives The Trustees have invested 5iirplus liquid funds in held for sale current asset investments. These investments are made with the objective of mcLKimising capital. Page 2
The Fort Foundation Trustees, Report (continued) Trustees and officers The irustees and officers servini during ihe year and since the year end were as follows.. Trustees.. Mr. E.S. Fort OBE Mr. l. Wilson MT. E.M. Drury Mr. J.S. Hartley Mr. P.A. Fort Struc¢ure* governan¢e and management alure ofgovernlng document The Fort Foundation is established by a Deed of Charitable Trust made on 03 November 1993. Re¢r4limenl and appolnlmenl oflrusiees The power to appoinl new tnisiees lo the charity is vested in the Settlor. Mr. E.S. Fort OBE. ArranEemenl&for seftlnz Inanagemenipersonnel remunernilon The trustees of the charity give their time freely and no trustee received remuneration in the year. Organ15alional slrui'lure The Fort Foundation is managed by the trustees. The daily administration of the charity is delegated to Ms. A. Hilrtley. Relationships with related pi,rties Fort Vale Limited Mr E.S Fort ()BE is a directoi. and majority beneficial shareholder and Mr. I Wilson is a director and minority beneficial shareholder of Fort Vale Limit¢d. Mr. E.M. Drury is a direcior o-Fort Vale Limited. Fort Vale En%ineering Limited Fort Vale Engineering Limitec is a wholly-owned subsidiary of Fort Vale Limited. Messrs. E.S. Fort OBE. l. Wil...on and E.M. Drury are directors of Fort Vale Engineering Limited. Page 3
The Fort Foundation Trustees, Report (continued) Financial instrumenls Objeclives andpolicies The charity's activities expose li to a number of financial risks including credit risk and liquidity risk. Credil risk The charity's principal financial assets are bank balances and cash, and investments. The credit risk on liquid funds and investments is limited becaus¢ the counterparties are banks and investment managers with high credit-ratinivs assigned by iniernaiional credit-rdting agencies. Llquidiiy ri.fk The charity maintains significaiit funds in instant access bank accounts in order to maintain liquidity to ¢nsur¢ thai sufficient funds are availab e for ongoing aciivities. The ann I report wa5 approvec by the trustees of the charity on 14 November 2024 and signed on its behalf by: Mr. l. Wilson Trusiee Mr. E.M. DruTr Trustee Mr. J.S. Hartley Trustee Mr. Trustee .Fort Page 4
The Fort Foundation Statement of Trustees, Responsibilities The trustees are responsible foi- preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of th- state of affair5 of the charity and of the incorning resources and application of resources of the Charity for thai period. In preparing these financial statemenis. the trustees are required to.. selecl suitable accounting policies and then apply them consistently. observe the methods and PTinciples in the Charities SORP; make judgements and esti ates that are reasonable and prudent; state whether applicable ciccounting standards have been followed. subjecl to any maierial departures disclosed and explaincd in 1 he financial statements- and prepare the financial staternents on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible foi. keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of tlie charity and enable them to ensure thal the financial statements comply with th¢ Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008. and the provisions ol. the constitution. The trusiees are Jlso responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevenlion and detection of fraud and other ]egular1ties. Approv¢d by ilie Irustees of th( charity on 14 November 2024 and sign¢d on its behalf by.. Mr. l. Wilson Trustee Mr. E.M. Drury Trustee Mr. J.S. Hartley Trustee Trusiec Page 5
The Fort Foundation Independent Exiiminer's Report to the trustees of The Fort Foundation report to the trustees on my examination of the accounts of The Fort Foundation for the year ended 29 February 2024. Responsibilities and basis of ri Port As the charity trustees of The Fort Foundalion you ar¢ responsible for the prepardtion of the accounts in accordance with the requirements of the Charities Act 2011 ('Ihe Act,). I report in respect of my examtriation of the The Fort Foundation's accounts carried out under section 145 of the 201 l Act and in carying out m i examination I have followed all th¢ applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examiner's slate ment I have completed my examination. I confinn that no malerial matlers have come to my atlention in connection with th¢ examination giving me cause lo believe thal in any material respeci- l. accounting records w¢re rioi kepi in r¢Sct of The Fort Foundation as required by section 130 of the Act: or 2. the accounts do not accoT(I with those records: or 3. the accounts do not comply with the accounting requiremenls concerning Ihe fonn and content of accounts set out in the Charities {Accounts and Reports) R¢gulations 2008 oiher than any requirement thai the accounts give a 'irue )d fair view, which is not a matter considered as part of an independent examination. I have no concerns and have coine across no other matters in connection with the examination to which attention should be drawm in this report iii order to enable a proper understanding of the accounts to be reached. Sleven Wood FCA The Institute of Chartered Accountants in England and Wales Hargreaves Bromffi and Benson l Bond Street Colne Lancashire BB8 9DG 14 November 2024 Page 6
The Fort Foundation Statement of Financial Activities for the Year Ended 29 February 2024 Unrestricted funds Total 2024 Tot21 2023 .Note Income and Endowments from: coOrate donations Other donations Investment income 573 40,724 573 40,724 548 36,858 Total Income 41,297 41,297 i7,406 Expenditure on: Charitable activities Governance costs (221.176) (5,033) (221,176) (5,Oi3) (420,250) (4,984) Total Expenditure (226,209) (226,209) (425,234) Net expenditure Other recognised gains and Iibsses Unrealised gain / (loss) on curri.'nt asset investments (184,912) {184,912) (387,828) 10 (39,496) (39,496) (6,280) Net movement in funds (224,408) (224.408) (394,108) Reeonciliation of funds Total fimds brought forward 1,443,696 1,443,696 1,837,804 Total funds carried forward 1,219,288 1,219,288 1,44J,696 All of the charity's activities del'ive from continuing operations during the above two periods. The notes on p.jges 9 to 16 forni an integral part of these financial statements. Page 7
The Fort Foundation (Registration number: 1028639) Balance Sheet as at 29 February 2024 2024 2023 Nole Current assets Investments Cash at bank and in hand 1,064,321 156,467 1,103,817 341,379 1.220,788 1,445,196 Creditors: Amounts falling diie within one year (1,500) {1,500) Net assets 1,219,288 1,443,696 Funds of the charity: Unrestrieted incom¢ funds Unrestricted funds 1,219,288 1,443,696 Total funds 1.219,288 1,443,696 The financial statements on pages 7 to 16 were approved by the trustees, and authorised for issue on 14 November 2024 and on .heir behalf by: Mr. l. Wilson Trustee Mr. E.M. Drury Trustee Mr. J.S. Hartlev Trustee ort Trustee The notes on i)ages 9 to 16 form an integral part of these financial statements. Page 8
The Fort Foundation Iyotes to the Financial Statements for the Year Ended 29 February 2024 Accounting policies Summary of significant acco Jnting policies and key accounting estimales The principal accounting policies applied in the Preparation of these financial statements are set out below. These have been conststently applied to all periods Presented. unless othenvise stated. Stalemenl of complianee The financial statements hav: been Prepared in accordance with the Statement of RecomeT]ded Prdctice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the ur.ited Kingdom and Republic of Ireland (SOtiP (FRS 102)) issued on 16th July 2014 and the FRS 102: The Financial Reporting Standard applicable in ihe United Kingdom and Republic of Ireland and the Charities Ad 2011 and United Kingdom Generally Accepted Praciice as it applies from 01 January 2015. Basis of preparation The financial statemenls have been prepared for the charity as an Individual entity under the historical cost convention with items reco(yin4ed at cost or transaction value unless otherw'ise stated. The Fort Foundation meets thf definition of a public beneftt entitv under section 4 of the Charitities Act 2011. Assets and liabilities are initiallv reColSed at historical cost or transaction value unl¢ss otherwise stated in the relevant accounting policy not< s. The ftnancial statements of lThe Fort Foundation are presented in the currency of the primary economic environment in which the charity operntes (its functional currency). For the purposes of the financial statements, the Statement of Financial Activities and financial position are presented in Sterling (£). Going Concern The trustees consideT that ther" are no material uncertainties about the charitys abilitv to continue as a going concern nor any sig)ificant are.. of uncertaintv that affect the carrying value of assets held by the charity. Income and ¢ndowmeDts All income is recognied once Ihe charity has entitlement to the income. it is probable that the income will be received and the amount ofthe income receivable can be me&sured reliably. Donalions and legocie. Donations are recognised when the charity h&s been notified in WTiting of both the amount and settlement date. ID the event that a donation is < ubject to conditions to be met by the charity before the charity is entitled to the funds, the income is deferred &id not Tecognised until either those conditions are fully meL or the tulfillment of those conditions is wholly wiihin the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Inveslmenl income Interest on funds held OT] depoikilt is included when receivable and the amount can be measured reliably by the Charity. this is nonnally upon notification of the interest paid or payable by the bank. Dividends are recognised once Ihe dividend h&8 been declared and notification has been received of the dividend due. Page 9
The Fort Foundation Notes to the Financial StateD)ents for the Year Ended 29 February 2024 (continued) Charilable aciivlties Charitable expenditure comprices those costs incurred by the charitv Tn the delivery of its activities and services for ils beneficiaries. It include£ both costs thai can be allocaied directlv lo such activities and those costs of an indirect nature necessary to support them. Expenditure All expenditure is recognised (Ince there is a legal or constructive obligation to thal expenditure, il is probabl¢ settlement is required and th£ amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggreliate Similar costs to that category. Granl peNditUre Grants payable are payments N.ade to third party individuals and institutions in the fiutherance of the charitable objects of The Fort Foundation. Grants paid without conditions are recognised in the financial statements when the commitment to make the rant has been made and there are no condiiions to be met which are within the control of the trustees of The Fort Foundation. Grants payable with conditions are accrued when the tnte¢S have been notified that those conditions have been fulfilled and any Temaining unfijlfilled conditions are outside the control of the trustees of The Fort Foundation. Granipfovision5 Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Governanee costs These in¢lude the costs attrtbi.table to the Charity's compliance with stautory requirements. regulations and good practice. Taxation In accordance with sections 521 to 536 of the Income Tax Act 2007 and seciion 256 of the Taxation of Chargeable Gains Act 1992 Tlie Fort Foundation is potentially exempt from tsxation in respect of income or capital gains received to the ext,-nt that all such income or gains are applied exclusively for charitable puOSe$. Current a55et investments Investments in equity shares and other financial instnllnents which are publicly trdd¢d are measured at fair 'alue. All gains and losses are taken iiito the Statement of Financial Activities &s they arise. Realised gains and losses on investments are calculated ihe difference between the sale proceeds and their original Cost. Unrealised Eains are and losses are calculaied as the difference betw'¢¢n the fair value at the year end and their fair value at the begining of the year. Cash and eash equivalents Cash and cash equivalents cornprise cash on hand and other short-term liquid investments thal are readily convertable to a known amount of cash and are subject to an insigniftcant risk of change in value. Page 10
The Fort Foundation Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) Fund structure Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the Charitable objects. Financial instruments Cla.ssiflcatlon Financial assets and financial liabilities are recognised when the Charity becomes a party to the Contractual provisions of the instrumenl. Recognition ond measuremeni All financial assels and liabiliti:s are initially measured at transaction price (including transaction costs), except for those financial asseis classified as at fair value through The Siaiement of Financial Activities, which are initially measured at fair value (which is norn)ally the trnnsaclion price excluding transaction c05ts). unless the arrangLmeni constitutes a fin<incing transaciion. If an arrangemenl constiiutes a financing transaction, the financial asset or financial lial)ility is measured at the present value of the future paymenis discounted at a market rate of inierest for a similar debt instrument. Financial assets and liabilities ,Ye only offset in the statement of financial position when. and only when there exists a legally enforceable rigli( to set off the recognised amounts and the Charity intends either to settle on a net basis, OT io realise the asset and settle ihe liability simultaneously. Financial assets are derecogni.,£d when and only when a) the contrnctual rights to the cash flows from the financial asset expire or are settled. b) the Charity transfers io another party substantially all of ihe risks and rewards of ownership of the financial asset. or c} the Charily. despite having retained some, but not all, significant risks and rewards of ownership. has transferred control of the asset (o another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Fair value measuremenl The best evidence of fair value is a quoted price for an identical assel in an active market. When quoted prices are unavailable. the price of a r=cent transaction for an identical asset provides evidence of fair value as long as there has not been a significajil change in economic circumstances or a significant lapse of time since the transaction took place. If the market is nol active and recent Irdnsactions of an identical asset on ih¢ir own are not a good estimate ot- fair valui.. Ihe fair value 15 estimaled by using a valuation technique. Current versus non-currenl clfj'ssificallon Financial instruments are classified as curreni if there is no uncondilional right, ai the end of the reporting period, to defer settlement of the financial instrument for ai least twelve months after the reporting date. If there is an unconditional right to defer settlement for ai least twelve months after the reporting date, they are presented a5 non-current. Page 11
The Fort Foundation Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) 2 Investment ineome Unrestricted funds Other Total funds Incorne from dividends: Dividends receivable from otl)er listed investments Interest receivable and similar i"Icome' Interest receivable on bank d¢posits 38,423 38,423 2,301 Total for 2024 40,724 40,724 Total for 2023 36,858 36,858 3 Charitable activities Analysis of grants G rants to institutions 2024 2023 Grants to individuals 2024 2023 Analysis AmateuT Sport Education Citizenship and community wellare Health Environmental protection and improvement Art and culture 9.837 33,200 57,948 61,613 8,850 6.200 125,222 50.268 9,250 9,000 1,240 6.175 7.000 1,740 2,500 168.773 199,280 12,990 9.000 Grants to individuals The support costs associated witli grant-making to individuals are £Nil (28 February 2023 £Nil). The Fort Foundation made 5eveii grants totalling £12,990 to individuals tn respect of amateur sport, culture and community {2023 - seven grants totalling £9,000). Page 12
The Fort Foundation Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) Grants to institutions The support costs associated M ith grani-making to institutions are £Nil (28 February 2023 - £Nil). Below are details of material grants made to institutions by the chariry 2024 2023 Name of institution Community welfare - Cauldwell Children Community welfare - DEC Bi£; Give Ukranian Appeal Community welfare - The Prince's Trust Amateur sport- Burwain Sailiiig Club F.ducation - l.ancaster University E-Racing Project Education - The Outward Bouiid Trust Health - E&81 Lancs Hospice Education - Simonstone C of E school fund Community welfare - Junction 4 skatepark Community welfare - Apart of Me beavement 5UPPOrt Community welfare - Jubilee Sailing Trust Communiiy welfare - MSSC Si:a Cadets Outreach Health - Pendlcside Hospice Health - Alzhiemers Research IJK Health - Roy Castle Lung Cancer Foundaiion Other Health - Teenage Cancer Trust Health- Bowel Cancer UK Health - British Heart Foundati,)n Environmental matters - Lanc&..hire Wildlife Trust Education - RY A Youth Bursary Fund 21,552 20,000 i 0,000 6,000 6.000 25,000 10,000 2,000 6.000 20,000 1,200 6.000 4.000 5.000 5,000 10,000 5.000 7.412 70.686 3.000 5.000 5.000 3,475 10.000 168.773 5.000 i 0.000 5,000 70,728 5.000 5,000 199.280 Other charitable aclivilie5 The Fori C'limule C'enlrL' The Fon Foundation is committed to building a learning and exhibition centre at the headquarters of the Countryside Education Trust i i Hampshire. The Fort Climate Centre will be used to educaie people about climate change and its impact 0.1 the environment. During the year The Fort Foundalion incurred expenditure of £39,413 (2023- £211.970) funding this project. The Parish Church ofKelbrook.gi. Mary's The Fort Foundation is commit."¢d to the funding of ongoing repairs and restoration of the fabric of the Parish Church of Kelbr(K)k St. Marfs. During the year The Fort Found ition incurred expenditure of £Nil (2023 - £Nil) funding this proect. Commitment to future grant nJ2king At 29 February 2024 the trustee.., had committed grant making in future periods of £4,960 (2023- £19.000). Page 13
The Fort Foundation Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) 4 CNovernance eosts Unrestricted funds Other Total funds Independent examiner fees Examination of the financial statements Other governance cosls 1.500 3,533 1,500 3,533 Total for 2024 5,033 5,Oi3 Total for 2023 4.984 4.984 5 Trustees remuner*tlon And expenses No trustees, nor any persons ci>nnected with them, have received any remuneration from the charity during ihe current or previous year. No trnstees have received any reimbursed expenses or any other benefits from the charity during the year. Page 14
The Fort Foundation Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) 6 Taxation The charity is a registered charity and is therefore exempt from taxation. 7 Current asset investments 2024 2023 Listed investments 1,064.321 1,103,817 8 ca.sh And cash equivalenls 2024 2023 Cash at bank 156,467 341.379 9 Creditors: amounts falling due within one year 2024 2023 Accruals 1,500 1,500 l O Finxn¢ial instruments Categorisation of financial ins1 rument5 2024 2023 Financial assets measured at fair value through profil or loss 1,064.321 1,103,817 Finan¢iAI assets measured at f8.ir value ( iirrLJnl a3.sel ip7iY LJtniL'nls Current asset investments are held in UK-based investment trusts and are carried al their fair value. Investments are illl traded in quo.ed public rnarkets. The basis of fair value for quoli.'d investments 15 the mid-markct price quoted at the close of business on the valuation date or if the valuatior.. date falls on a non-busines5 day, the price quoted at the close of business on the last business day before valualion. The fair value is £1,064,321 (20-'.3 £1,103,817) and the change in value included in profil or loss is £(39,496) (2023 £(6,280)). Page 15
The Fort Foundation Notes to the Financial Statements for the Year Ended 29 February 2024 (continued) I l Related party transactions During the year the charity made the following related party transactions: Forl Vale Limited (Mr E.S Fort OBE is a director and majority beneficial shareholder and Mr. I Wilson is a director and minority beneficial shareholder of Fort Vale LimTted. Mr. E.M. Drury is a director of Fort Vale Limited.) Administrative services have been provided by Fort Vale Limited. The value of services provided has not been quantified. At the balance sheet date the amount due to/from Fort Vale L&mited was £Nil (2023 - £Nil). Fort Vale Engineering Limiteil (Fort Vale Engineering Limited 15 a wholly-owned subsidiary of Fort Vale Limited. Messrs. E.S. Fort OBE, I. ilson and E.M. Drnry are dir,:ctors of Fort Vale Engineering Limited; Ms. A. Hartley is employed by Fort Vale Engineering Limited.) Included in corporate donation.) are unconditional donations rec¢vied from Fort Vale Engineering Limited totalling £Nil (2023 £Nil). Administrative services have bei:n provided by Fort Vale Engineering Limited. The value of services provided has not been quantified. At the l)alance sheet date the amount due tolfrom Fort Vale Engineering Limited was £Nil (2023 £Nil). Page 16