CHARifi REGISTRATION NUMBER: 1204122 CIO REGISTRATION NUMBER: CE033076 THE FORE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST 2025
THE FORE ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS Page Referencè and Administrative Information Trustees, Annual Report 3to9 Independent Auditor's Fleport 10t013 Statement of Financial Activities Balancesheet Statement of Cash Flows Notes to the Financial Statements 17to26
THE FORE ANNUAL REPORT AND FINANCIAL STATEMENTS REFERENCE AND ADMINISTFIATIVE INFORMATION Trustees Mike Tye (Chair Baroness Dido Harding Mary Boakye Amy Rodwell Stephen Nurigi lan Gethin Alon Avner Helen Verwoert Jane Rich James Lawson Heidi Duckworth Simon Tilley Appointed lune 2025 Key Management Personnel Mary Rose Gunn (Chief ExecLJtivel Francis Shaw (Director of OpeTationsl Registered Charity Number 1204122 Registered Oflice The Fore V107, Vox Studios 1-45 Durham Street London SE11 5JH Ind8pendentAuditois UHY Hacker Young 14Park Row Nottingham NG16GR Bankers C. Hoare&Co. 37 Fleet Street London EC4P4DQ
THE FORE TRUSTEES. REPORT FOR THEYEAR ENDED 31 AUGUST2025 The Trustees present their annual report and tinancial statements for the year ended 31 August 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with current statutory requirements, the Charity's goveining document, and"Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Fin8ncial Reporting standard applicable in the UK and Republic ot Ireland IFRS 1021" lettective l January 20191 OBJECTIVES AND ACTIVITIES Purpose The objects of the Charity are to advanco such charitable purposes as the Charity Trustees from time to time see fit. Main activities The Fore is creating a society ihat solves its own problems. Working together. we identrfy, support, and connect the p8ople and resources needed to turn promising grassroots ideas for social and environment change into solutions with nationwide impact. We find and fund hiO)-potential leaders running the best grassroots charities and social enterprises. Our support takes the form of unrestricted. multi-year Eiants, awarded through 8n equit8ble application process. We convene visionary philanthropists who have funding and skills to share. We cultlV8te a strong comrnunity of funders, provide philanthropy education, and build parrnerships with businesses. We ensLJre our leaders are connected to the networks they need to thrive. This includes access to pro bono SUPPOft, peer learning, and mentoring. as well as pr8CtIC81 training throLAgh skills workshops and impact measurement. Byembedding leaders within the wider ecosystem, we helpthem grow stronger, more resilient organisations and unlock imp8Ct. Across all of this work, we invest in advocacy and thought leadership to influence the broader system 8nd amplifywhatworks. Public benefit The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing their aims and objectives and when planning foT future activities. In particular, theTrustees consider how planned activities willcontributeto the aims and objectivesthey have set. Strategy lor achieving aims and objectives The Fore is the UK'S only venture philanthropyfund turbocharging the best small charities and social enterprises. Our go81 is for exceptional solutions to get from grassroots to nationwide impact within five years. We know there are thousands ol Ioc81 charities wrth powerful solutions to society's toughest challenges. However, since 92% of funding goes to the largest 8% of charities, their sollrtions rar81y make it out of the grassroots.
THE FORE TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST2025 We find and fund high-potential leaders of the best sm811 charf(ies and social enterprises,. we convene visionary philanthropists- individual and corporate- wth funding and skilts to share.. 8nd we connect our leaders with the networks they need to thrive. Our values are integral to our work= we back our social entrepreneurs as experts. we use the best business practice and we ruthlessly focus on impact (both ours and theirsl. This gives the best small charities the platform to take their solutions from Erassroots to nationwide impact. Together, we are creating 8 society that solves its own problems. Granl-making policy The Fore fund small charities that make a big impact. We offer unresrricte(J, multi-year funding to help applicants grow. strengthen, become more etticient or resitient. All our processes are designed to level the playing tield for ¢h8flties that may have found it hard to access support in the past due to barriers within the funding system. The Fore accepts applications from registered charities. Cornmunity Interest Companie5 ICICS) limited by guarantee and Community Benefit Societies (CBSS) that are either Charitable CBSS or non-charitable CBSS with an asset lock. We do not fund CICS limited by shares or non-charitable CBSS that do not have an asset lock. Organisations should have annual revenue of less than £500k and applic8nt8 can be in any location or sectoi but must be registered in the UK. ACHIEVEMENTS AND PERFORMANCE The annual report and financial statements presented here rellect the activities of The Fore, for the year onding 31 AuEUSt 2025. The data and figures in this section I'Achievements and Pertormance'l are taken from our 2024125 Impact Report.The full report can befound on ourwebsite This year saw a steady increase in aCtrty for The Fore. despite the challenging environment,. we have provided an increased level of funding to the best small chartlies and social enterprises while stepping up our ambition for nationwide impact. Our highlights-. We made our mission bolder. The Fore is creating a society that solves its own PToblems. We have set ourselves a new goal. In line with our bolder mission. we do not simply want to fund more charities, but to make sure exceptional solutions get from grassroots to nationwide impact in five years. Some of our charities have already achieved this but. starting in Autumn 2025. we areformallytracking progress so wecan improve and targetthe support we providefor maximum impact. We strengthened ourcore grants. We raised the maximum unrestricted grant amount of our core fund by 50% to £45.000. This reflects the economic realities facing the sector and keeps our offer as ambitious as the leaderswe back We launched scale-up grants. In response to funders requests for 8 way to double down their support for their favourite organisations already in our portfolio. we introduced an invitation-only multi-year funding offer to help proven solutions expand across the UK. WetookchallengingthefundiDg status quo to a new leveL We launched our free Philanthropy Insights training, oui Brace for Impact podcast. and ramped up our Funders Collective to
THE FORE TRUSTEES, REPORT FOR THEYEAR ENDED 31 AUGUST2025 encourage more catalytic philanthropy and help philanthropists and their advisors see how they can create change. Progress of charities backed by The Fore The charities currently receiving funding are oper8ting in one of the toughest environments the sector has ever seen. Yet they continue to show resilience, creativity and growth. This is reflected in the high scores achieved against stretch targets, just surpassing last years results. While the number of programmes offered has decreased. the number ot beneficiaries and locations served has risen, showing that ch8ritie$ are fin(ling ways to do more with less. Their target scores are 8 credit to the exceptional strength of their leadership. However, leaders also tell us the skills development and networks we provide ale filling criticalgaps to help them thrive How we monitor and measure progress Our monitoring and evaluation IM&EI process involves an online conversation Ifollowed by 8 brief SLJrvey to collect quantitative datal. This takes place one year 8fter funding is awarded, and every year there8fter for multi-year funding ILJP to three years). This is use(i to measure charity progress by comparing their performance against stretch targets or KPIS These targets, set by the charities in collabor8tion with our Strategic Applicant Consultants at the grant's outset, include 8 mix of o¢anisational development goals and hard outcomes designed to capture the transformation81 imp8Ct of our support. 81Vo average charity score against stretch targets 30% increase in beneficiaries reached 99 additional locations operated in 19% decrease in programmeslprojects offered 18% increase in volunteers 17% increase in staff time 24Wo growth in total income from prioryear Howwe measurethe performanceofourporttoliocharitiesas awholeand evaluatetheeffectiveness of ourapproa¢h We compared the income growth of charities we backed from 2012 to 2019 with a control group ol comparable charities that we did not support. The results.. we are backing the Rising Stars of the sector. Ten years post-gr8nt. the median incorne of our charities is 5.4times higherth8n before our support began, while the control group's median income fell by 83%. In the three years before our backing, our charities were already growing faster with 45% median income growth compared to 17% in the control group. This highlights the strength of The Fore's approach in identitying organisations wilh exceptional prospects, and confiirns that the charities we back experience accelerated growth after our grant. You can read the full BenchmarkiNgSummary Report on ourwebsite.
THE FORE TRUSTEES. REPORT FOR THEYEAR ENDED 31 AUGUST2025 FINANCIAL REVIEW Financial position The Statement of Financial Activities is set oon page 14. The assets and liabilities are Biven in the balance sheet on page 15. The financial statements should be read in conjunction with the related notes on pages 17to26. The Trustees regard the financial position of the Charity at 31 August 2025 to be satisfactory and they are content that the current unrestricted reseNes position le8ves it wth a soun(J base from which future activity can be built. Going concern To assess whether The Fore is a going concern. the Trustees and Key Management Personnel have considered the latest financial position of the Charity alongside ¢a5hflow forecasts and budgets for the coming twelve months. Following scrutiny of these forecasts, the reasonableness ol the key assumptions underlying their preparation and a review of the financial control processes in place to mitigate the risk of income generation targets not being met. the Trustees and Key Management Personnel believe that the Charity remains a going concern. Reserves policy The Fore aim to hold suificient reserves to meet its leg81 obligations. including completing grant commitments. The Trustees aim to maintain unrestricted reserves equiv81ent to at least three months of fLJture running costs (excluding grant awards). This 8qU8testo £210.590 2nd the Trustees considei that this will provide sufficient funds to cover support and governance costs. Unrestricted free ieserves at the end of the year were £440,384 and are therefore in excess of the thr8e-month policy. The Charity also held restricted lunds of £32.216. Fundingsources The Fore would like to thank all our partners over the last year. whose vision and generosity have helped to turbochargethe impactofsmallcharities. AlonEsidethose whochooseto remain anonymous, we proudly acknowledge: Aeoni8n Foundatlon Lauren Gupta Andrea Oliver Lyon Family Charitable Trust BlackRock Monday Charitable Trust Becky Holmes R&Co4 Generations Bridget and Justin Barton Steve and Heather Tudge Buttinghill Foundation Stewart Investors C. Hoare & Co. (Golden Bottle Trust) The Mumme-Ackford Charitable Trust Cheyne Strategic Value Credit The Netherby Trust Ceollective Futures The Neville Abraham Foundation Epiris The Symon(Json Foundation Fortescue Family Charitable Trust The Why Garfield Weston Foundation Treebeard Trust The Christopher and Henry Oldfield Tnjst Tye Foundation Imagine Foundation UBS Kester Capital
THE FORE TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 PLANS FOR FUTURE PERIODS In order to maximise our impact, we will be focusing on four key areas to better back our charities and 8mplify their voices. Tracking our newgoal: grassroots to nationwide impact This year we will start traeking progress against our new goal.- for exceptional solutions to get from grassroots to nationwide impacl in five years. We are simultaneously reviewing our wraparound support, and drawing on research into the charities we have backed that have already gone from grassToots to nationwide impact. We will implement everything we have learnt to make sure our non-financial support includes the magic ingredients that help our charities go further. faster. Our doors will remain tully open throughout. Making pro bono matches smarter andfaster By making better use ol tech. we will boost both the number and qualjty ot rnatches between our skilled volunteers and the charities that need their expertise most. Deepeningourgoalas connector We will launch thematic showcases that put our portfolio leaders in the same roorn with funders. policymakeis and influencers lo showcase their solutions to the problems we face. By opening doors and amplifying visibility, we will connect them to the relationships. resources and opportunities they need to take their solutions to nationwide impact faster. Rolling out our economic impact tool: The Fore Index We are publicising The Fore Index widely across our entire portfolio and are 8Ctively encouraging as many organisations as possible to adopt the tool. The initial pilot phase is already gathering significant momentum. STRUCTURE, GOVERNANCEAND MANAGEMENT Constitution The Fore is a Charitable Incorporated Organisation and is governed by its CIO Foundation Constitution document dated 18 September 2023. The Fore gained charitable status on 27 July 2023 and has the registered charity number 1204122. Governance framework The Charity is operated by its Board of Trustees who are ultimately responsible for all decisions undertaken and who meet three io four times a year. The Chief Executive is appointe(J by the Trustees to manage the day-to-day operations of the Charity- The Board has establishedfoursub committeeswho meet regularty". Influencing8nd Impact. Partnerships; Financial Planning, Risk and Control- and People and Culture. Recruitment and appointment of newtrustees Trustees are 8ppointed through an open and transparent recruitment process. overseen by the People and Culture Working Group. Trustees are appointed for an initial 3-year term and can be re-appointed for three consecutive terms.
THE FORE TRUSTEES, REPORT FOR THEYEAR ENDED 31 AUGUST2025 The minimum number of trustees is 5, there is no maximum. Any new trustee or trustees would be appointed by leference to their abilities to operate a charity of this nature and the existing trustees would ensure at all times that they were thus competent. On appointment, new trustees have an induction consisting of: Information deck {previous board minutes, recent reports and other useful informationl- 121 sessions with the Chiet Executive to discuss the role and responsibilities. VisittoThe Fore's office to meet the staff team. 'Insi8ht sessions. on the following topics= Charity leader who has received Fore backing. Strategic Applicant Consultants. Introduction to the types of funding partners. Information on the sub committees and introduction into individuaigroups as relevant. Pay policyfor senior staff The Trustees consicjer the Board of Trustees. the Chiel Executive and the Director of Operations to comprise the Key Management Personnel of the Charity in charge of directing and controlling, running and oporating the Charity on a day-to-day basis. All Trustees give of their time freely and no Trustee received remuneration in the year. The pay of the senior staff, wher8 applicable, is reviewed annually and normally increased in accordance with average earnings and in consideration of increases in cost of living and inflation. Risk management The Trustees have a duty to i<Jentity and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The risk man?gement review considers the risks and control procedures in place across all key areas including Operations, Governance, HR and Finance. The Trustees are satisfied that the existing systems which are in place to protect against risk are adequate to mitlgate the Charity's exposure. Statement of lh8 responsibilities of the Trustees The Trustees are responsible for preparlngthe Trustees. Report and the financial statements in accor(iance with applicable 18w and United Kingdom Accounting standards IGenerally Accepted Accounling Practice). The law applicable to Charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charty's constitution requires rhat the Trustees prepare financial statements for each financial year which give a true and fair view of the state of allairs of the Charity and of the incoming resources and application of resources. including the income and expellditure, of the Charity for that period.
THE FORE TRUSTEES. REPORT FOR THEYEAR ENDED 31 AUGUST 2025 In preparing those linancial statements. the Trustees are required to.. select suitable accounting policies and then apply them ¢onsistently- observe the methods and principles in the Chaitty SORP- make judgements and estimates that are reasonable and PTudent,' State whethei applicable UK Accounting standards and statements of recommended practice have been followe(J, subject to any material departures disclosed and explained in the financial statements. and prepare the fin8nci81 statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting re¢oTds which disclose with reasonable accuracy at any time the financial posttion of the Charity and to enable them to ensure that the financial statements corTrply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity's constitution. They are also responsible lor safeguarding the assets of the Charity and hence for taking reasonable steps for the pievention and detection of fraud and other irregularities. Statement as to disclosure of information to the auditor In so far as the Trusiees are aware: There is no relevant audit information of which the CIO'S auditors are unaware and The Trustees have iaken all steps that they ought to have taken to make themselves aware of 8ny relevant audit information 2nd to establish that the auditors are aware of that information. Auditors The auditors, UHY Hacker Young, have expressed their willingness to continue in that capacity. Th8 designated Trustees will propose 2 motion Teappointing the auditors at a meeting of the Trustees. The Tiustees, Report was approved by the Board ofTrustees on 22 January 2026: Mike Tye Chair
INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEES OF THE FORE ICIOI Opinion We have audited the financial statements of The Fore for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cashfli)ws and the related notes. The financial reporting fremework that has been applied in their preparation is applicable law alld United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of IreLand' (United Kingdom Generally Accepted Accounting Practicel- The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities: Statement of Recommended Pr8Ctice issued on 1 April 2005 which is referred to in the extant regulations bLrt has been withdrawn. This has been done in orderforthe accounts to provide 8true and fairview in accordance with the Generally Accepted A¢¢ounting PctICe effective for reporting period8 beginning on or after l January 2015. In our opinion the financial statements= give a true and fair view of the state of the Charity's affairs as at 31 August 2025 and of the incoming resources and application of resources, including its income and expenditure for the yearthen ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepsred in accordance with the requirements of the Charities Act 2011. Basis for opinion We Conducted our audit in accordance with International Standards on Auditing IU KI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements. section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to OUT audit of the financial statements in the UK, including the FRC'S Ethical Standard, and wè have fulfilled our other ethical responsibilities in accordance with these requiTements. We believe that the audit evidence we h8ve obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. B8s&d on the work we have performed, we have not identified any material uncertainties relatingto events or conditions that. individually or collectively, may cast significantdoubt on the Charity's ability to continue as a going conceTn lor 8 period ot at LeaSte1ve monthsfrom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 10
INDEPENDENT AUDITOR'S REPORTTO THETRUSTEES OF THE FORE ICIOI Other information The other information comprises the information included in the Annual Report other than the financial statements 8nd OUT Auditor's Report thereon. The Trustees ale responsible lor the other information contained within the Annual Report. Our opinion on the financial statements does nor 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. Our iesponsibility is to read the other information and, in doing so. consider whether the other intormation 18 materially inconsistent with the linancial statements, or our knowledge obtained in the course ot the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to deterrnine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have pertormed, we conclude that there is a rnaterial misstatement of this other information. we are required to reportthat fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the Charity and its enviionment oblained in the course of the audit, we have not identified material misstatements in the Trustees. Report. We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regulations 2008 requiTes us to report to you rf. in our opinion: the information given in the Trustees. report is inconsistent in any material resp8Ct with the financial statements- or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records- or we have not received all the informats.on and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of the Responsibilities of the Trustees, the Trustees are responsible for the prepavation of the financi81 statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Tiuslees either intend to liquidate the Charity or to cease oper8tion$, or have no realislic alternative but to do $0. Auditor's responsibilities for the audit of the frnancial statements We have been appointed as auditor under section 151 of th8 Charities Act 2011 and report in accordance with the Act and the relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether th8 financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists.
INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE FORE (CIO) Misstatements can arise from Traud or eTror and are consiijered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial statements. Irregularities. including fiaud. are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to detect material misstatements in respect of irr8gularities. including fraud. The extent to which our procedures are Capable of dete¢ting irregularities. including f raud is detailed below. Our approach to identifying and asse8sing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompkn.ance with applicable laws and regulations., we identified Ihe laws and regu18tions applicable to the Charity through discussions wh Trustees and otherman8gement. and from our knowledge ofcharity lawand experience. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity. including the Charities A¢t 2011 and taxation legislation- in addition. we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity's abilttyto operate or to avoid material penalties., and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management reviewing the minutes of Trustees. meetings and inspecting legal correspondence. We assessed the susceptibillty of the Charity's financial statements to material misstatement. including obtaining an understanding of how fraud might occur, by= making enquiries of management as to where they consid8red there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- and consideringthe internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations. To address the risk of fraud through management bi8$ and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships- we designed procedures to identify unexpected and unusual jouin81 entries and performed testing to confirm the validity of such postings. and we evaluated the assumptions and judEements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias. 12
INDEPENDENT AUDITOR'S REPORTTOTHETRUSTEES OF THE FORE (CIO) In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included. but were not limited to- agreeing financial statement disclosures to underlying supporting documentalion- reading the minutes of meetings of those charged with governance- enquiring of management as to actu81 and potential litigation and claims,. and reviewing any correspondence wtth relevant regulators such as the Charity Commission. There are inheient limitations in our audit procedures described above. The more removgd that Laws and regulations are from fin8n¢ial transactions, the less likely it is that we would become aware of non- compliance. Auditing slandards also limit the audit procedures required to identify non-compliance wtth laws and regulations to enquiry ol the directors and other management and the inspection of regulatory and legal correspondence. if any. Material misstatements th8t arise due to fraud can be harder to detect than those thal 8ri$efrom error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". This description form$ part of our Auditors, Report. Use of our report This report is made Solely to the Charty's Trustees. as a body, in accordance with part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work h8s been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perrnitted bylaw. we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work. for this report. or for the opinions we have formed. David Allum (Senior Statutory Auditor) Forand on behaltof UHY Haekei Young Chartered Accountants Statutory Auditor 14 Park Row Nottingham NG16GR Date.. 29 January 2026 UHY Hacker Young is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointmentas auditorof a company under section 1212 of the Companies Act 2006. 13
THE FORE STATEMENT OF FINANCIALACTIVITIES IINCORPOR4TING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025 2024-25 Total Ithls 2023-24 Toi81 funds rle funds Unrasincted lund$ R8Strfcted funds ILmds Noies INCOMEAND ENOOWMENTS FROM: Don8tion5 and legacies Charitable aciivities 1.246.012 17.856 1.372.216 2.618.228 17,856 28.469 1.187.187 22,S53 21.197 953,401 2,140,588 22.553 Investment income 28,469 21.196 Total Incom8 1,292,337 1,372.216 2.664.554 1.230,938 953.401 2,184,339 EXPENDITURE ON Raisingfunds Charitatsle activities 115,513 115.513 86.011 86,011 1.822,995 961.773 1.390.(IXI 1351.773 919.594 903.401 Total Expenditure l.On.286 1.390.000 2,467.286 I.5,605 903.401 1,909.006 INCOMEIIEXPENDITUREI 215.051 117.7841 197.268 225,333 50,000 275.333 Transfers between funds NETMOVEMENTIN FUNDS 215.051 117.784) 197.268 225.333 so,000 275.333 RECONCILIATION OF FUNDS Total funds brought forward 225.333 50.00(> 275,3 TOTAL FUNDS CARRIED FORWARD 440.384 32.216 472,601 225,333 50.000 275.333 The results shown atK)ve h8ve been derived whollyfrom continuing activities. All recognised gains and losses are included in the statement of financi81 activities. The notes on pages 17 to 26form partofthese accounts. 14
THE FORE BALANCESHEET ASAT 31 AUGUST 2025 2024-25 Total funds 2023-24 Total funds Notes FIXED ASSETS Tangible Assets 10 4,644 3,743 CURRENT ASSETS Debtors Cash at bank Total curient assets 11 204,665 1.137.653 1,342,318 78,674 967,665 1,046.339 CREDITORS Amounts falling due within one year 12 1754.6791 1724,7491 NET CURRENT ASSErs 587,639 321,590 Totsl assets less current liabiuties 592.283 325,333 CREDITORS Amounts falling due after one year 12 1119,6821 150,0001 NET ASSErs 472,601 275,333 FUNDS Restricted funds Unrestricted funds 15 15 32,216 440,384 50,000 225,333 TOTAL FUNDS 472,601 275,333 The financial statements were approved by the Trustees on 22 January 2026. Mike Tye Chair The notes on pages 17to 26form partofthese accounts. 15
THE FORE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2024-25 2023-24 CASHFLOWS FROM OPERATING ACTIVITIES Net cash inflow from operating activities 133.335 966,577 CASHFLOWS FROM INVESTING ACTIVITIES Dividends and interest from investments Purchase of fixed assets 38.721 {2,068) 36,653 5,546 14,4581 1,088 Increase in cash 169,988 967,665 Cash and cash equivalents at I September2024 967.665 Cash and cash equivalents at 31 August 2025 1,137,652 967,665 16
THE FORE NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST2025 1. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements have been prepared in accordance with the Charity's governing document. the Charities Act 2011, FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102" and the Charities SORP"Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparinE their accounts in acGord8nce with the Financi21 Reporting Standard 8ppIic8ble in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191- The Charity is a Public Benetit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports} Regulations 2008 only to the extent requiied to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statementof Recommended Pr8cticewhich is referred to in the Regulationg butwhich has since been withdrawn. The financial statements are prepared in sterlin& which is the functional currency of the ChBrity- Monetary amounts in these financial statements are rounded to the nearest £. The fin8nci81 statements have been prepared under th8 historical cost convention, with the 8xception of investments which 8re included at rnarket value, as modified by the revaluation of certain assets. The Charity meets the definition of a public beneftt entity under FRS 102. Assets and liabilities are initially recognised at historical cosf or tiansaction value unless otherwise stated in the relevant accounting policy. The principal accounting pokncies adopted are set out below. Reporting peiiod length The Fore operated within The Bulldog Trust (charity number 11230811 since 2017. In September 2023, The Fore became 8 separate entity with its own charitable status {charity number 12041121- The prior period within these accounts therefore represents the results of the stand81one charity tor the 11- monih p8riod commencing 1 October 2023 and endingAugust 2024. Criticalaccountrng estimates and areas of judgernent Estimates and jLJdgements are continually evaluated and are based on historical experienc& 8n¢J other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Ch8rity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition. seldom equal the related actual results. The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies set out below. 17
THE FORE NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 1. ACCOUNTING POLICIES (continued) Going concern At the time of approving the financial statements. the Trustees have identrfied no material uncertainties that cast doubt on the Charity's ability to confinue in operational existence for the foreseeable future and the Trustees therefore continue to adopt the going concern basis of accounting in preparing the tinancial statement8. Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtheyance of their haritable objectives. Restricted funds are subject to Specific conditions by donors or grantors as to how they may be used. The purposes and us8s of the restricted funds are set out in the notes to the financial statements. Income Income is recognised when the Charty is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations ale recognised on receipt. Oiher donations are recognised once the Charity has been notified of the donation, unless performance conijitions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Assets for distribution are recognised only when distributed. Assets given for use by the Charity are re¢ognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes. Expenditure Expenditure 1$ recognised when there is a legal or constructive obligation to transfer econornic benefit to a third party. it is probable that a transfer of economic benefits will be requiTed in settlement, and the amount of the obligation can be measured reliably. Expendtture is classified under the following activity headings: Expenditure on charitable 8Ctivities includes grants awarded. activities to undertaken to f urther the purposes of the Charity and their associated support costs. Other expenditure represents those items not falling into any other heading. 18
THE FORE NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDEO 31 AUGUST2025 1. ACCOUNTING POLICIES{continuedl Grant$ and grants payable Grants payable are included in the Statement of Financial Activities when they are awarded and the beneficiary has been notified of the Erant. The grant awarded is recognised as payable within one year 01 in more than one year based on the terms of the grant agreement. Where a beneficiary has subsequently failed to draw down the available grant an(J in exceptional circumstances can no longèr fulfil the requirements of the award, the grant is cancelled, and the creditor is released to the original fund from which thegrantwas awarded. Operating leases Rental charges ale charged on a straight-line basis over the term of the lease. 1.10. Allocation of support costs Support costs are those functions that assisi the woik of the Charity but do not directly undertake charitable activities. Support costs include back-office costs. fin8nce. personnel and payroll. Governance costs which support the charitable programmes include audit. legal costs, and the costs of meeting st8tutory requirements including preparing statutory accounts. The basis on which support costs have been allocated are set OLrt in note 7. 1.11. Taxation The foundation is a registered chartty and is exempt from taxation. 1.12. Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation or any impairment losses. Depreciation is recognised $0 as to write off the cost or valu8tion of assets less their residual values over their useful lives on the following bases- IT Equipment 25% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carryingvalue of the asset and is recDgnised in the statement of financial activities. 1.13. Debtors Tra(Je and other debtors are recognised atthe settlement amount due after any trade discount offered. Prepayments arevalued &the amount prepaid netof anytrade discounts due. 1.14. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity ol 95 days or less frorn the date of acquisition or opening of the deposit or similar account. In the unlikely event thal access to these accounts is needed before the 95 days. the cash can be accessed immediately with a loss of interest and are thus presented as cash. 19
THE FORE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 1. ACCOUNTING POLICIES(continued) 1.15. Creditors and provisions Creditors and provisions are rècognised where the Charity has 8 present obligation resulting from 8 past event that will probably result in the transfer otfunds to a third party and the amount due to settle the obligalion call be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for anytrade discounts due. The Charity only has financial assets an(J financial liabilities of a kind that qualify as basic financi81 instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2. INCOME FROM DONATIONSAND LEGACIES 2024-25 Unrestricted funds 2024.25 RestrKted Jnds 2024.Z5 Totsi lunds 2023-24 Unrestricte fuThJs 2023-24 Restricted funds 2023-24 ToLaifunds GtBnt kncome DonalK)n8 1.244.829 1.183 1,324.W) 2,56829 1.163 48216 1.171.917 270 15.000 377,666 575.735 1,549,583 576.005 15.0Th) 48216 1.246.012 1.372.216 2.618228 1.187.187 953,401 2,140.588 3. INCOME FROM CHARITABLE ACTIVITIES 2024-25 2024.25 202th25 2tr23-24 2023-24 2023-2A Unre5triEt8d funds Bgslricted lunds Total furKIs ilnresmcted futKJ5 R8Strlcied funds Toial funds Income trom events wortshop5 17.856 17.856 22.553 22,553 4. INVESTMENT INCOME 2024-25 2Q24-25 2024-25 202>24 202>24 2023-24 UnreStrtett Ivnd5 Resiiicied funds Tobl runds UNestricted luTrJs Bestricted tund5 Total lunds Investment incorne 28.469 21.198 21.196 20
THE FORE NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 5. RAISING FUNDS 2024-25 Unrestricte d tund8 2024-25 Restricie d fund5 2024-25 TotalfurKIs 2023.24 2023-24 Restricted fund5 2023-24 Total furKIs Unrestricte d funds Staff costs Other cost5 Support costs (note?) 84.871 30 84.871 66.253 557 79,201 66,253 557 19,201 30,612 30.612 115.513 115.513 86.011 86,011 Staff and support costs are allocated to charitable actNiues and raisin8lunLls in aecofdancewith time spent in ea¢h area. 6. CHARITABLE ACTIVITIES 2024-25 Unrestricted funds 2024-25 Restricted funds 202d-25 Total funds 2023-24 Unrcstrlcte(J ftjnos 202&24 Restrictgd funds 2023-24 Total fun(J8 Grants awarded (note 131 Other programme costs Staff cosis Support costs (note 71 342.377 I.3.000 1.732.377 396.606 903.401 1,3DO,007 84.240 84,240 74.150 74.150 371.011 164,145 371,011 164.145 332.090 116,748 332.090 116,748 961,773 1.390.000 2.351.773 919.594 903.401 1.822.995 Grants 8W8rded are shown nel of any grants cancelled in the period. Staff and support costs are allocated to charitable activities and raising funds in accordance with time spent in each area. 21
THE FORE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 7. SUPPORT COSTS The breakdown ofsupportcosts and howthesewere allocated be*Meen governance and oihersupport costs is shown in the table below: 2D24-25 2024-25 2024-25 2023-24 2023-24 2023-24 Other Gow8nee supporr costs GDvernÉnce reiattd support costs Tthai Total Staff costs Premises c08ts Training and recruitment Tiawel ané subsistence Insurances Other administration costs Audrt fees Legal fees 68.492 50.684 4.931 5.289 S.093 26.248 68,492 50.684 4,931 5.289 5.093 26.248 9.300 56.623 37,349 1,103 6,302 1.811 8,165 56,623 37.349 1,103 6.304 1.811 8,165 9,300 15,294 9.300 15.294 10,965 160.736 171,701 24.594 111.355 135.949 All costs that Can be directly attributed to charitable actNities are allocated on this basis. Support Costs are therefore all other costs which cannot be directly attributed to charit8ble activtties. 8. NET INCOMEI{EXPENDITUREI Net incomellexpenditurel is stated after charging {creditingl= 2024-25 2023-24 Depreciation AuditFee 1.167 9.300 715 9,300
THE FORE NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST2025 9. ANALYSIS OF STAFF COSTS AND TRUSTEES REMUNERATION, BENEFITS AND EXPENSES 2024-25 2023-24 Staff costs= Salaries and wages Social security costs Pension costs Non-payroll staff costs 403.014 37,697 15.651 68.010 329,841 30,827 9,731 84,567 524.373 454,966 Total staff costs are allocated to charitable activities, raising funds and support costs in accordence with time spent in each area. The number of employees whose emoluments (salaries. wages and benefits in kindl for the year to 31 August 2025 fell wvthin the following bands was: 2024-25 No. 2023-24 No. £70,000- £80,000 £100.000- £110,000 £120,000- £130.000 Two employees earne¢J over £60,000 in the year12024- one employeel- The Key Management Personnel of the Charity are considered to be the Trustees, the Chief Exeeutive and the Director ot Operations. The total employee benelits including pension contributions and national insurance for Key Management Personnel as listed in the Trustee Report were £151,83012024: £110,199). Staff Numbers The average number of staff employed duringthe period was as follows- 2024-25 No. 2023-24 No. Total The Trustees all give their time and expertise freely without anyform of remun8ration or other benefit in cash or kind. Expenses totalling £nil12024.. È751 were paid to one Trustee in the year ended 31 August 2025. 23
THE FORE NOTES TO THE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 AUGUST2025 10. TANGIBLE FIXED ASSETS 2024-25 2023-24 Cost At 1 September 2024 Additions 4.458 2.068 4,458 At 31 August 2025 6,526 4,458 Depreciation At 1 Septembei 2024 Cha¥ge for the year 715 1.167 715 At 31 August 2025 1.882 715 Net Book Value At 31 August 2025 3,743 At 1 September 2024 3.743 11. DEBTORS 2024-25 2023-24 Trade debtors Prepayments and accrued income 50,000 28,674 204,665 204.665 78,674 12. CREDITORS 2024-25 2023-24 Amounts talling due within one year Trade creditors Grants payable (note 13} Accruals Taxation and social security 20.188 709,921 13.381 11,189 14,758 687,258 12,579 10,153 754,679 724.749 Amounts fallingafter morethan oneyear Grants payable (note 13) 119,682 50.000 24
THE FORE NOTES TO THE FINANCIAL STATEMENTS FOR THEY&4R ENDED 31 AUGUST2025 13. GRANTS PAYABLE 2024-25 2023-24 Opening grant commitment Grant commitments on transfer Grantsawarded Less.. grants cancelled Less- grant payments in the year 737.258 482,350 1,320.007 (20,000) 11,045,099) 1.732.377 (1.640,0321 829.603 737,258 Ofthe £829,603 grants payable at 31 August 2025. £709,921 was duewithin one y8ar and £119,682 was due after morethan one year. 14. ANALYSIS OF NET ASSETS BEtWEEN FUNDS 2024-25 Unresiricted fvnd5 2024-25 Restricie d funds 2024-25 Total lunds 2023-24 ilnrestncte 2023-24 Restricted funds 2023-24 Total nds funds Fixed Assots 4.644 3,743 3,743 Current Assets 1,310,101 32.216 1.342.318 996,339 1774,7491 50,000 1.046,339 1774.7491 1874.361) 1874,3611 NetAssets 440.384 32.216 472.601 225.333 50,000 275.333 15. MOVEMENT IN FUNDS 1 Sept 2024 31 August 2025 Income Expendtture Transfers Restricted Grants NW Fund SW Fund S&E Fund 1.030,000 90.098 96,000 156.118 11.030.000) 190,0001 190.0001 1180,0001 98 6,000 26.118 50.000 50,000 1.372,216 {1,390,0001 32,216 Unrestricted 225,333 1,292,337 11,077,286) 440,384 Total Funds 275.333 2.664.554 12.467,2861 472,601 25
THE FORE NOTESTO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST 2025 Restricted funds are for the following purposes= Grants: Funding is restricted to grants awards. NW Fund: Funding is restricted to grarits supporting organisations in the North West. SW Fund: Funding is restricted to Erants supportir)g organisations in the South West. S&E Fund: Funding is restricted to grants supporting organisations addressing sustainability and environmental issues. 16. OBLIGATIONS UNDER OPERATING RENTAL AGREEMENTS The Charity had no commitments underoperating rentalagreements. 17. RELATED PARTY TRANSACTIONS The Fore has operated within The Bulldog Trust (charity number 11230811 since 2017. In September2023, The Fore became a separate entitywith itsown charitable status and assets of£575,735were transferred acrossfromThe BulldogTrusttoThe Fore. In addition, the Charity received fundingof £112,600 from The BulldogTrust duringthe prior period. During the year, the Tye Foundation. a charitable foundation connected to Mike Tye, Chair of the Board ofTrustees. made donations of £72.000 to the Charity12024: £144,000). 18. RECONCILIATION OF NEf MOVEMENT IN FUNDS TO NETCASH FLOW FROM OPERATING ACTIVITIES 2024-25 2023-24 Net in¢omellexpenditLTrrel Depreciation Oividends and interest from investmentg IINcreaselldecre8se in debtors IDecreasellincrease in creditors 197.268 1.167 128.4691 1136.2431 99,612 275,333 715 121,1971 163.022 774,748 Net cash inflowtrom operating activities 133,335 966,577 bl Analysis of c88h and cash equivalents At1 September 2024 At31 August 2025 Atl Oct 2023 At31 August 2024 C8sh flow Cash flow Cash at bank and in hand 967,665 169,988 1.137,652 967,665 967,665 26