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
offi￿r5 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 conSide￿d 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 r￿leW
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 the￿frOM.
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 p￿paratIon 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 requ1￿merst5 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 p￿Paring 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 Cap￿alISed 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
resour￿5
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