THE BELFORTE TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 310ecember 2023 Re istered Char Cornmission No.. 1176386 QV/H Cocke, Vellacott & Hill CHARTERED ACCOUNTANT5
THE BELFORTE TRUSr INDEX TO THE FINANCIAL STATEMENTS Pa offir5 and profe55ional advisers Report of the trustees Independent audrto¢s report Statement of financlal actlvlties Statement of financial position Statement of cash flows io Notes to the accounts 11-18
THE 8ELFORTE TRUST REPORT OF THE TRUSTEES for the year ended 31 December 2023 OFFICERS AND PROFESSIONAL ADVISERS Principal address and registered offi c/0 TMA Legal Hamilton House l Temple Avenue London EC4Y OHA Re8lstered charlty commlsslon number 1176386 Twstees U. Tanda Ichairl F. Rossi E. Vartolomei Bankers Barclays Bank PLC Leicester LE87 2BB Auditors Cocke, Vellacott & Hill Chartered Accountants Unit 28 City Bu5ine55 Centre Lower Road LONDON SE16 2XB Page I
THE BELFORTE TRUST REPORT OF THE TRUSTEES Icontinuedl for the year ended 31 December 2023 The trustees present their report together with the financial statements of The 8elforte Trust Ihereafter referred to as the 'CharitVI for the year ended 31 Oecember 2023 which comply with the Charltles Act 2011. the requirements of the charitls g(werning document dated 19 December 2017 and the requlrements of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting St3ndard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- Charities SORP IFRS 1021. Structure. 8ovÈrnance and managément The Charity is a Charitable Incorporated Organlsarlon ICIO, referred tothroughoutthese accounts as a charityi. incorporated in England, and Is registered with the CharSty CommissM)n. Its affalrs are 8ovemed by its govèming document dated 19 December 2017. Orgonisoti0fr7 Thetru5tee5 are responsSbleforthe rn3na8èrnent of the Charity and rneet regularly. Day to day administration of the Charity is in the hand5 of the Chair. Trustees The trustees in office during the year were as follows.. U. Tanda (Chairl F. Rossi E. Vartolomei Trustees'recrulrment, inducrion ond troining The Charity provides indurtior? packs to all new trustees. Trustees are encouraged to attend approprlate external tralning events where these will facilitate the undertaking of their role. There are no trustee vacancies at present and the tru5tee5 have no plans to increase the number of trustees. Risk Mt7nt7gement The tru5tee5 have examined the major Strategic. business and operationa1 risks, which the Charity faces and confirm that systems have been established to lessen the risks. A list of risks was prepared by the trustees and reviews of the risks are carried out each year. The trustees consider the principal risk to be the failure of the private company in which shares are held and which generates the charitls income. They recove regulartrading updates to be able to assess this risk. Oblertlves and actfvities The objett5 Of the charity are as follows'.- 111 for the benefit of the public to relievethe suffering of animals in need of care and attention by'.- al caring for and re-homin8 animals that are abandoned, mistreated or lost,. bl provldlng veterinary care and treatment for afiimal5' cl promotln8 klndness to anlmals., dl preventing or suppressin8 cruelty to animals,. el relieving the suffering of anlmals. The Charity was set up by a founderwho preferred to remain anonymous in 2017. On her death in July 2021 her estate wa5 transferred to the charity. Her express wish was that the charity should seek to expand its activ>ties and provide support for animal welfare organisation5. Page 2
THE BELFORTE TRUST REPORT OF THE TRUSTEES Icontinuedl for the year ended 31 December 2023 ObjÈctive5 artbvlties Icontinuedl In shaping our objectives for the year and planning our artivities the trustees have conSided the Charity Commission's guldance on public benefit. Achlevements and perfomian¢e During the year the Charity has started to identify both the way in which to in¢Tease activity and also potential beneficiaries. The assets of the estate of the founder were successfully transferred to the Charity. Financlal rleW The net surplus for the year arnounted to £381,740 of whtch £281,037 arose a5 an unrealised gain on the value of the investments held12022'. surplus of £7,717,908 of which £7.835,290 ar05e from the legacy of a founder who preferred to remain anonymousl. The 2022 accounts have been restated as additional information about the benefactor's intentions became known. Incorne included £307.07912022- £219.9121 frorn investments and £nil12022- £7.835,2901 from legacies and donation5. The charity expended £206.42612022-£37.2941 on charitable attivities and £nil12022- £nill on fund raising. Flxedossets Movemerits in fixed assets during the year are shown in notes 6 and 7 to the financial statements. The charlty's property consists of a residential property in West London from which the charittys activities are run. The trustees obtained a value forprobate as atJuly20213nd a valuation injune 2023. Thevaluation in June 2023 indicatedthatthe probatevalue rernained appropriate in July 2022 when the transfer of the property into the charity was finalised and as at 31 December 2022 the property was not considered to be an investment property and was not revalued subsequentlv. A portfolio of shares was alsotransferred into the charity at probatevalue along with sundry other assets. Resefrves Policy The Charity cannot predict the level of demand from potential beneficiaries. However, the trustees are aware that once things settle down there will be regular income from the share5 held and that the level of charitable giving will be able to increase. There is an eventual aim of holding approxirnately one yearfs operating costs in free reserves, with thetarget range being 9-15 months. costs. The property and shares can be sold in certain circumstances and are therefore not considered to be permanent endowments. However they are not considered to be free reserves and are excluded from any calculation of available reserves. Investment Policy ond Performance The Charity's investments are shares in one well known prlvate company wth a regular dividend stream. The charity will continue to hold these shares there being stringent conditions relating to any possible disposal and a satlsfattory Income stream thefrOM. Investment income in the year was £307,07912022.. £219,912). The investments were valued at £5,903,499 at the year end 12022= £5,622,462). The trustees regularly review the dividend income and the companV5 affairs and consider the investment return to be satisfartory. Grontmoking PolAcies The Charity exTsts to provide financial and other help to relieve the suffering of animals. Applications for grants are either received directly from applicants who are aware of the Charity's attivities or result from the intervention of the trustees. Moving Forward The trustees aim to develop and increase the charitV'5 activities in future years in accordance wi(h the founder's wishes. Pa8e 3
THE BELFORTE TRUST REPORT OF THE TRUSTEES Icontinuedl for the year ended 31 December 2023 Trustee responsibilitie5 tor the financial staternents The trustee5 are responsible for preparlng the trustee5' report and the financlal statements In accordan wlth applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accountlng Practicel. Charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those flnancial statements, the trustees are requlred to: select suitable accounting policles and apply them ¢on5iStently; observe the methods and prinaple5 in the charities SORP,. make judgements and estimate5 that are reasonable and prudent- state whether applicable UK acwuntiftg standards have been followed subject to any material departures dls¢losed and explained in the financial statements,. prepare the financial statements on the golng concern basis unless It ts inapproprlate to presume that the charity will continue in business. The tru5tee5 are responsible for keeping proper accounting records whl¢h disclosè with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Att 2006. They are also responsible for safeguardlng the assets of the charity and hence taking reasonable steps for the preventlon and detection of fraud and other irre8ularitie5. The trustees are responsible for the rnaintenance and integrlty of the corporate and financial information included on the Charity's website. Le8Sslation in the United Kingdom generallythe pparatIon and dissernination of financial statements rnav differ from legislation in otherjuri5dictions. Disclosure of information to audltors As far as the trustee5 are aware, there Is no relevant audit information of which the charitfs auditors a unaware. Each of the trustees has taken all the steps that helshe ought to have taken as a trustee in order to make himselflher5elf aware Df any relevant audit informatlon and to establish that the charity's audltors are aware of that information. Public 8enefit The trustee5 have complied with the duty In Sertlon 4 of the Charbtles Act 2006 to have regard to the publlc benefit guidance published by the charity comrnisslon, Includlng the guidance 'Public Benefit.. Running A Charity IPB21. The Charity exists for public benefit by the rellef of sufferlng of animals and the promotion of a better understandlng of animal wellbein& Audltors The audltors Messrs. Cocke, Vellacott & Hill have indicated their wllllngness to ntInue Sn office and will be proposed for re- appointment. Signed on behalf of thè Board of Directors on 31 October 2024 bv U Tanda Trustee Page 4
THE 8ELFORTE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BELFORTE TRUST Oplnlon We have auditèd the flnanclal statements of The Belforte Trust frir the year ended 31 December 2023 which comprise the statement of financial activities, statement of financial position, and notes to the financlal statements Including a summary of significant accounting policies. The financial framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice) Sncluding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland- In our opinion the financial 5t3ternents'. give a true and fair view of the state of the charitvs affairs as at 31 Decernber 2023. and of it5 incorning resources arnd application of resources for the year then ended.. have been properly prepared In accordance with Unlted KSngdom Generally Accepted Accounting Practice.. and have been prepared in accordancewith the requ1merst5 of the Charities Att 2011 Ba$15 for Oplnlon We conducted our audlt in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditorfs Responsibilities for the Audr( of the Financial Statements section of our report. We are Independent of the charty in accordance wlth the ethical requirement5 that are relevant to our audit of the financlal statements in the UK, including the FRCS Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audlt evidence we have obtained Is sufficlent and appropriate to provlde a basis for our opinion. Concluslons relatln8 to going concern In audr(In8 the financial statements, we have concluded that the dlrettors. use of the going concern basis of accounting in the preparation of the financial statements Ss approprtate. Based on the work we have perforrned. we have not identified any material uncertainties relating to events or conditions that, individu311y or collectively. may cast significant doubt on the charity's ability to continue as a 8oin8concern for a period of at least twelve months from when the financial statements are authtsrised for issue. Our responsibilitie5 and the responsibilities of the directors wth respert to goin8 concern are described in the relevant section5 of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connettion with our audit of the financial 5taternents. our responsibility is to read the other information and, in doing so, consider whether the other information is rnaterially inconsi5terit wrth the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materSal Incon51Stencies or apparent material misstatements, we are required to determlne whether there is a material mlsstatement sn the financial statements or a material misstaternent of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other Snformation, we a required to report that frdct. We have nothing to report in this regard in respect of 2023. Pa8e S
THE BELFORTE TRUST INOEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BELFORTE TRUST Icontinuedl Other matters on whlch we are rtquired to report by exception In the light of the knowled8e and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of th£ Trustees. We have nothing to report in respert of the followin8 matters wherethe Charities Act 2011 require us to report to you if. in our opinx)n'. adequate and proper accountin8 records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees. remuneration specSfled by law are not made,. or we have not received all the information and explanatlons we require for our audit. Respon5ibillties of trustees As explained more fully in the trustees. responsibilitles statement set out on page 4 the trustees are responsible for the preparation ofthe financial statements and for beingsatisfied that theygiveatrue and fairview, andfor such internal control as the trustees deterrnine is necessary to enable rhe preparaison of financial staternents that are free from material misstatement, whether due to fraud or error. In pParing the financial statements, the trustees are responsible for assessing the charitrfs ability to continue as a going concern, disclosin& as applicable, matters rdated to going concem and using the goin8 concern basls of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alrernative but to do so. Auditgrfs re5pongibilities for the audlt of the finan¢lal statements We have been appointed as auditor under the Charitie5 Art 2011 and report in accordance with the Acts and relevant gulations made or having effect thereunder. This report 15 made solety to the Charity's members, as a body, in accordance with rhe Charities Att 2011, and to the Charitws Trustees. Our audit work has been undertaken so that we might stateto the Charitl5 members and Trustees those marter5 we are required to state to them in an auditorf5 report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibilityto anyone otherthan the Charitv, the Charitvs members as a body and the Charity's Trustees as a body. for our audit work. forthi5 report. or for the opinions we have formed. Our objectives are to obtaln reasonable assurance about whetherthe financial statements as a whole are free from materi81 misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our oplnion. Reasonable assurance is a hi8h level of assurance but Is not a guarantee that an audit conducted in accordanie with ISAS IUXI wlll always detect a materlal misstatement when it exlsis. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. We have obtained an understanding of the charitls policies and procedures through di5CUS510n5 Wlth senior management and trustéés. We also drew on our existing understanding of the work that the charity doe5 and the sector that it operates in. Page 6
THE BELFORTE TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BELFORTE TRUST Icontinuedl Auditorfs responsibilltle5 for the audlt of the ftnanclal statements l¢ontinuedl We understand that the charity complies with its responslbilities through c105e involvement of all trustees in the day to day running of the charity. Were there any litigation or claim5 they would come to the attention of the trustees directlv. The charity also holds gUlar board meetings at which all such matters are discussed if applicable. We have reviewed the minutes of all board meetings, and no irregularities were identified. Key management information is circulated monthly to all trustees and discussed in detail at board meetings. In the context of the audit. we considered those laws and regulatlons which determine the form and content of the financial statements, which are central to the charitls ability to conduct business and where failure to comply could result in material penaltles. We have considered the dlsclosure requirements of the Charities SORP IFRS 1021 as part of our finalisation processes. A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reportlng Council's website at.. www.frc.org.uk/auditorsresponsibilities. This descTlPtion forms part of our auditorfs report. Use of our report Thi5 report is made solely to the charity's members, as a body. in accordan with the Charities Act 2011. Our audit work has been undertaken 50 that we might state to the charity's members thosè matters we are required to state to them in an auditor's ieport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilitv to anyone other than the charlty and the charity's rnembers as a body, for our audit work, for this report, or for the opinions we have formed. COCKE, VELLAcorr & Chartered Accountants and Statutory Audltor Unit 28 City 8uslness Cent Lower Road LONDON SE16 2XB 31 October 2024 Cocke, Vellacott & Hill are eli@Ible io act as auditors in terms of section 1212 of the Companie5 Act 2006. Page 7
THE BELFORTE TRu¥r STATEMENT OF FINANaAL ACTIVITIES for the year ended 31 December 2023 General fund Total 2023 Total 2022 restated Note5 Income from: Charitable Activities Donations & legacies Investments Other income 7.835.290 219.912 307,079 50 307,079 50 Total 31bl 307,129 307,IZ9 8,055.202 Expendlture on Costs of raising funds Expenditure on charitable artivities Transferto custodian assets as dlrected by settlor 1206,4261 1206,4261 137,294) 1300.000) li Total resources expended 1206.426) 1206A261 1337,294) Net gainslllossesl on iftve5trnent assets Net incomellexpendlturel for the year 100,703 100.703 7,717.908 Olher recognised 83ins and105ses Gainsll1055esl on revaluation of investments 281,037 281,037 Net movement in funds 381,740 381,740 7,717,908 Reconclllatlon of funds Total funds brought forward io 7,717,958 7.717.958 50 T¢)tsl fund5 carrled forward io 8,099,698 8,099.698 7,717,958 All of the operations undertaken by the charity duringthe current and preceding year are continuing operdtions. The charity has no reco8nSsed gains and losses other than those included in the results above. The notes on psges 11 to 18lom7 PUrtolthe5efinonciGlstotements. Pa8e 8
THE BELFORTE TRUST srATEMENT OF FINANCIAL POSITION as at 31 December 2023 Notes 2023 2022 restoted Fixed assets: Tanglblè Fbxed Assets Investments 245.868 5.903.499 2,169.975 5,622.462 Total fixed assets 8,149.367 7,792,437 Current asse. Debtors Cash at bank and in hand 194,550 252,112 Total current assets 194,550 252,112 Liabllltles: Credltors: Amount falllng due wlthln one year 1244.2191 (326,5913 Net current a55ets Iliabllltlesl 149,6691 174,479J Total net assets 8.099.698 7.717,9S8 The funds of th8 charlty. Unrestrlcted funds.. General fund io 8.099.698 7.717.958 Total unrestricted funds 8,099,698 7.717,958 Total charity funds io 8,099,698 7,717,958 The financial statements were approved bythe Board of Trustees on 31 October 2024 and signed on their behalf bv-. da Trus rhe notes on p17ge$ 11 to 18fvrm partof thesefinanclolstotements. Pa8e 9
THE BELFORTE TRUST STATEMENT OF CASH FLOWS for the year ended 31 December 2023 2023 2022 N+)tes restored Cash flowsfrom operatlng artlvltles: Net incorne/lexpenditurel for the year las per the statement of financial activf(ies1 Adjustmentslor.. Depreciation charges Non cash income- assets bequeathed Incorne from investments Ilncrea5el in investment value Iincreasel in debtors IDecreasel/increase in creditors 381,740 7,7]7,}8 20.182 625 17,790,5611 1219,9121 1307,0791 1281,0371 182,3721 326,591 Net cash provided by operatlng actlvltles 1268,5661 34,651 Cash flows from Investln8 activitiè5: Income from investments Purchase of tangible assets 307,079 196,0751 219,912 12,5011 Net cash provided kiy investin8 artivities 211,004 217,411 Net Ide¢rea$ellincrease in cash and ¢a$h equlvolents Cash and cash equivslents b/f 157,5621 252,112 252,062 50 Cash and cash equivalent5 atthe end of the year 194,550 252,112 The notes on puges 11 to 18form partof thesefinuncialstotements. Page 10
THE BELFORTE TRUST NOTES TO THE ACCOUNTS for the year ended 31 December 2023 l. General information The Belforte Trugt Ihereafter ferred to a5 'the CharitWI Is a CharStable Incorporated Organlsatlon Ilmlted by guarantee, intorporated and domiciled in England. The registered office is clo TMA Legal. Hamilton House, l Temple Avenue. London EC4YOHA. The charity's account5 are presented in GBP. The comparative perH)d is the twelve months to 31 December 2022. Statement of compliance Thesefin3ncial 5tatement5 have been prepared in cornpliance with the Financial Reportingstandard applicable in the UK and Rep(Jblic of Ireland IFRS 1021 (effective l J8nu8ry 20191- Charities SORP IFRS 1021. Principal accounting polKie5 lal Basls of accounting The financial statements of the charity are prepared in accordance with Accounting and Reporting by Charltles.. ststement of Recornrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the united Kingdom and Republic of Ireland IFRS 1021 leffective I January 20191- Ch3rities SORP IFRS 1021 and the Financial Reportins Standard applicable in the United King(k)m and flepubllc of Ireland IFRS1021. other than set out below. The Charity meets the definition of a public bEnefit entity under FRS 102. Asset5 and liabilities are re£oglli5ed at hlstorital cost or transattion value unless otherwise stated in relevant accounting polity notes. Ibl Incomin8 resourc With the exception of any voluntary incorne. which is included in the statement of financial activities when received, all income is credited to the statement of financial activities when it becomes receivable and can be measured reliablv. Legacies are regarded as income In the year in whlch they can be accounted for and thè income therefrom is credited to the statement of financial activities. Due re8ard is given to the quality of any asset bequeathed with regard to how it 15 accounted for within reserves. Legacies are regarded as receivable when there is sufficient evidence to provide the necessary certainty that the le8acy will be received, and the value of the incomin8 resources can be measured with sufficient reliabilitv. Dividend income is recognised once the dividend has been declared and notification has been received. Icl Resource5 expended Liabilities, including attributable VAT, are recognised as soon as there is a legal or constructive obligation comrnittin8 the tharty to the expenditure. Expenditure is included in the statement of financial activities on an accru31s bas. Expendr(ure incLsrred on artivities falling directly within one cost category is attributed to that category. Expenditure, which involves more than one cost category. is apportioned on a reasonable. justifiable and consistent basis to the cost categories involved. Idl Costs of raising fund5 Aithough the charlty derives it5 main ineome from r($ investments. any costs of raising fijnds are accounted for and disclosed separately. lel Charitable artivities This includes the making of grants and the expense5 involved In making those grants. In Grants payable are those grants that have been reco8nised as payable or for which a moral obligation to paythe grant exists. Grants awards that are subject to the recipient fulfilling performance condition5 are only accrued when the recipient has been notified of the Brant and any remaining unfulfilled condition attachingto that grant is outside of the control of the charity. Pa8e 11
THE BELFORTE TRUST NOTES TO THE ACCOUNTS Icontinuedl for the year ended 31 December 2023 Principal a¢ntIng policie5 Icontinuedl Igl Governance costs Governance costs comprise all costs involving the public accour*tabilit¥ of the Charity and its compliance with regulatlons and good practice. These costs include losts related to the statutory audit and an apportionment of overhead 5UPPOrt costs. Ihl Tangible fixed assets The freehold property has been brought into the accounts at the probate value attribLrted to the estate of the founder. The trustees considerthat the property is included at fairvalue and no deprecTation is provided. Additions to computer equlpment, furniture, flxrures and fittiw are CapalISed where materlal and depreciated over their useful liv. The founder also bequeathed certaln other assets whlch are not depreclated. Depreciation 15 provided at thefoll¢wiThg rates.. Furniture, fixtures and fittings 25% straight line lil Investments Investments are Included In the flnancial statements at thelr market values. For Slsted Investments. markei value is based on the closing middle marker price on a reco8nlsed stock exchan8e. Gains and losses on disposals of investments aretaken to the income and expenditure account and the statement of financial activities. Unreallsed gains and losses gothrough thestaternent offinancial activities from wherethey aretransferred tothe investment reserve. Unlisted inve5trnents are valued in accordance with available information at the time of lUatIOn. Investment Income has been taken into account Dn the basis of the due date of payment. (J'l Taxation Theor8anisation is a charity and does not carryout anytradin8 activities. It istherefore considered thatthe charlty is not liable to taxation on its activities. Ikl Funds 111 General fund The general fund. after transfers to any designated funds. represents funds available at the discretion of the trustees to further expand the activitie5 of the charity. The fund arise5 from donated income and income arising on an annual basis from amounts held by way of capital and unutilised funds les5 direct charitable expenses and expenses of fund raisin& management and administration. It also includes realised gains less105ses on a55et5 held both for investment and charlty Se. 111 Pension costs The Charity makes contributions towards the appropriate personal pension scheme on behalf of the employee5. Contributions are charged to the income and expenditure 3ccount in the year in which they are payable. Pa8e 12
THE BELFORTE TRUST NOTES TO THE ACCOUNTS Icontinuedl for the year ended 31 December 2023 4. Analysls of expÈnditure on charltable artlvltlÈs Costs of 8enerating funds Basi5 of Allocation Charltable Artl¥itie5 Total 2023 Totul 2022 Costs dlrectly allocztèd to artivlties Animal upkeep costs Auditor's remuneration.. Audit Fees Accountancy Fees Grant5 Legal & professlonal fees Property repairs and maintenance Rates. insurance and uti1Sties Staff costs (see note 51 Dirert Dirett Direct Direct Direct Dlrect Direct Staff TSme 4AIOO 800 18,266 98,4103 4.687 9.559 48,776 4A1 18,266 98,403 4.687 9.559 48.776 3,687 4,686 2,661 19,314 Totsl Direct Cost5 184,491 184.491 35,148 Support Costs Allocated to artlvltles B3nk Charges General office costs- including equipment Depreciation and1055e5 on tangible fixed assets Telephone and internet Prlnting and publications Transactions Usage I,ioi i.ioi 1,219 Usage Usage Transactions 20,182 652 20,182 652 625 302 21,935 21,935 2,146 Total Resourc Expended 206,426 Z06.426 37,294 Induded wlthin charitable activities is £4.80012022.. £4.8001 relating to Governance Costs. In common with many other charttie5 of our size and naturè we use tsur auditors to assist in the prepar*ion of the financial statements. Page 13
THE BELFORTE TRUST NOTES TO THE ACCOUNTS Icontinuedl for the year ended 31 December 2023 5. Partlculars of employees 2023 No. 2022 No. The average number of employees analysed by funrtion was.. Charitable 2023 2022 Their total remuneration including benefits in kind of £nil12022 £nill was.. Salaries Social security costs Pension costs 46.092 17,466 2.684 1848 48.776 19,314 The trustees are considered to be senior management. No employee earned more than £60,000 per annum. The remuneration of key management and of all employees is set bythe trustees. No trustee received any remuneration or eKpen5es fortheir services12022.. £nill Page 14
THE BELFORTE TRUST NOTES TO THE ACCOUNTS Icontinuedl for the year ended 31 December 2023 Tangible flxed a55ets Furniture Flxtures & Flttings Freehold Properties Other Tot81 Costor vuluotion At l January 2023 AdditlOnS èt cost Transferred to current assets Disposals 2,130,OCM) 89,248 38,099 2.501 6.827 2,170,61KI 96.075 At 31 December 2023 2.219.248 38,099 9,328 2.266,675 AccumulGteddepreciotion At ljanuary 2023 Charge for year Disposals 625 2,332 615 20,182 17.850 At 31 December 2023 17,850 2.957 20,807 Net book value 31 December 2023 2,201,398 38A199 6.3n 2.245,868 Netbook volue 31 Decefftber2022 2.130.(XX) 1.876 2,169,975 Cost of assets 31 December 2023 2.219,248 9?28 2.266.675 The property 15 used by the charity for its day to day affairs. Pa8e IS
THE BELFORTE TRUST NOTES TO THE ACCOUNTS Icontinuedl for the year ended 31 December 2023 Flxed asset investments 2023 Market value 2023 Cost 2022 Morket volue 2022 Cost Unlisted investments At I january Additions during the year Disposals during the year Unrealised gainsl Ilosse51 5,622A62 5.622A62 5,622.462 5.622.462 281,037 At 31 December s.3,499 5,622,462 5,622.462 5.622.462 Cash investments and cash awaiting investment Market value at 31 December s,3,499 5,622,462 Historic cost at 31 December 5,622,462 5,622,462 Analysed as follow5. 2023- indicative figures within multi-as5et fund.. Investment assets in the UK Cash investment5 in the UK 5,9J3.499 5,622,462 5,903.499 5,622,462 There is one materlal investrnent being a 1.17% holding In shares in a private 5imited company. There are two minor investments in companies connetted to this. The investment has been recorded at the probate value confirmed by the company and is revalued annually based on information supplied bythe company. The trustees considerthe exact identity of this investmentto be confidential ar¢d have opted not to disclose it. Investments are shown in the accounts at probate value upon introduction and thereafter at their market value al the year-end date where available and any gain on revaluation has been recorded in the Statement of Financial Activity and In thè General Fund. At 31 December 2023 the cumulative unrealised surplus was £nll12022- £nill.' Reconciliation of movements in unreallsed 8ain511105sesl on Investment assets., 2023 2022 Unreallsed gainsl Ilossesl arising on revaluation brou8ht forward at 1st January Addition in year12022 at probate value; no revalued amountl Addition/lDeductionl in respect of disposals 281037 Add net gains/ Ilossesl arising on revaluatlon In the year Transfer to general fund 1281,0371 Unrealised gains/1105sesl arising on revaluation at 31 December Page 16
THE BELFORTE TRUST NOTES TO THE ACCOUNTS Icontinuedl for the year ended 31 December 2023 Debtors 2023 2022 Tax refunds due Other debtors Prepayments and accrued incorne Creditors: Amounts falling due withirl one year 2023 2022 Social security and other taxe5 Accruals and deferred incorne Other creditors Other creditor- Animal Wdfare Fund Custodlan Asset (see note 111 4,81X) 37.322 284.469 234,619 244,219 326.591 io. Total Funds Balan l January 2023 Incomlng resour5 and gains Resources expended and1055e5 Transfers Balan between 31 De¢ember funds 2023 Unrèstrrcted funds General fund 7,717.958 588,166 1206,4261 8,099,698 Total unrestricted funds 7.717.958 588.166 1206.4261 8,099,698 rotol Funds-prioryeor Bulonce l Jonuory 2022 Incomlng resources ondgains Resources expended andlosses Tronsfers between funds Bolonce 31 December 2022 Unrestrictedfunds GenerolAund 50 8.055.202 1337,2941 7.717,958 Totol unrestrictedfvnds 50 8,055,202 (337.2941 7.717,958 Page 17
THE BELFORTE TRUSr NOTES TO THE ACCOUNTS Icontinuedl for the year ended 31 December 2023 io. Total Funds Icontinuedl Unrestrlrted Funds Represented by.. Fixed assets Net current assets 8,149,367 149,6691 8.099,698 The general fund represents fund5 available at the discretion of the trustees io further expand the attlvltles of the charity. The fund arises from donated incorne and income arising on an annual basis from amounts held by way of capital and unutilised funds less direct charitable expenses and expenses of fund raisin& management and drnini5tration. It also includes reali5ed gains less losses on assets held both for Snvestment and charity use. 11. Custodlan assets Animal Weware Fund The person settin8 UP the trust also made a stipulatlon in their will that of the funds bequeathed a separate fund in respett of tertain anirnals should be set up and adrninistered by the charity. It was made very clear that this wa5 not to be viewed as part of the charity for which very distinct and separate airns had been stipulated. This has given rise to a restatement of the accounts for the period ended 31 December 2022. Net assets of the charity at that year end were reduced by £300,000, the maximum amount stipulated to bètranslerred to theAnimal Welfare Fund in the will. Movernent5 in respect of these assets for the years to 31 Decernber 2022 and 2023 are shown below'.- Animul Welfvre Fund Assets translerred to fund in 2022 Payments made during 2022 300.000 115,5311 Balance forward at 31 December 2022 284,469 Payments made during 2023 49,850 Balance forward at 31 December 2023 234,619 12. Conneaed charSty and related partytransactions Trustee U Tanda is a partner in TMA Legal who pro¥Ade cerraln le8al and administratNe services at arm's length. The ftts paid to TMA Legal in 2023 were £66,000 Includln8 VAT 12022.. £nill. There were no other related party transactions to disclose. Page 18