Charity No.. 241187 The Lady Forester Trust TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ecember 2024 WR Partners The Lady Forester Trust Contents Page Reference and Administration Trustees, report Independent examiners report Receipts and payments account Statement of assets and liabilities Notes to the financial statements The Lady Forester Trust Reference and Administrative Details For the Year Ended 31 December 2024 Trustees The Rt. Hon. Catherine, Lady Forester DL, Chief Executive and Chairman The Hon. Mr5 A.S Stoker MSIIDIPI Mrs H.E. Collinson, R.G.N Mr H. Carpenter, Vice Chairman The Rt. Hon. Lord Forester The Lady Forester MRICS Mrs J. Stewart Major C.J. Whitaker Charity registration number 241187 Principal offlce The Estate Office Willey Broseley Shropshire TF12 5JN Accountants WR Partners Chartered Accountants & Statutory Audiors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bridgnorth Shropshire The Lady Forester Trust Reference and Administrative Details For the Year Ended 31 December 2024 Investment Managers EFG Harris Alldav 33 Great Charles Street Birmingham B3 3JN Sarasin & Partners LLP luxon House 100 St. Paul's Churchyard London EC4M 8BU The Lady Forester Trust Trustees, Report For the Year Ended 31 December 2024 The Trustees submit their annual report and the financial statetnents of The Lady ForesterTrust (the charity) for the year ended 31 December 2024. The TrusteÈs confirm that the annual report and financlal staternents of the charity comply with current statutory requirements 8nd the requirements of the chhrity's governing document. Structure, governance and management Constitution The Lady Forester Trust is conststuted under a trust deed dated 9th January 1979 and Is a ￿gIstered ch3rlty Ino.- 2411871. Method of appolntment or election of trustees The management of the charlty Is tho ￿Sponsibl[1tY of the Trustees who are elected and co-opted under the terms of the Trust deed. The Trustees are appolnted by the board of Trustees and serve forfive years afterwhlch period they may put themselves forwBrd for re- ppointtnent. The body of trustees shall consist, when cornplete, of eight competent persons and there shall be a quorum when three Trustees are at a meeting. The Trustees meet qu4rterly to assess grant applicatlons and to hearthe report and Investment recommendatlOn5 from the investment mon4ger. Risk management The Trustees hove assessed the major risks to which the charity 15 exposed, in particularth05e related to the operations and fin4nces of the charlty, and are satisfied that systerns are in p13ce to manage their exposure to the major risks. ObjectSves and activities Policie5 and objectlves The objectlves of the ch4rity are to alleviate the suffering or a55iSt the recovery of persons who are sick, convalescent, disabled, handicapped or infirm where help is not readily available to them from other50urces', firstly to the inhabltants ol the 8nclent Borough of Wenlock and then to the inh8bit8nts of the County ol Shropshire. Grant making policie5 The Charity invites applications frorn individuals and other institutions. These applications are reviewed and discussed at the Trustee's meeting on a qu3rterly basis. where grants are approved or refused. Application5 ore receivÈd fiom GP'S, So¢i41 Workers and other health profÈssionals on behalf ol individuals. Charitable institutions a150 appr08ch the charity forBrant5 although the Trustees wall conslder makinggrants to other charitable institutions who do not contact them directly. The Trustees have glven due regard to thÈ Charity Commlssion'5 revised guidance in respett of public ben&flt and have contlnved to carry out the appropriate grant m3klnE policy. The Lady Forester Trust Trustees, Report For the Year Ended 31 December 2024 Achlevements and performance Going Concern After making appropriate enquirie5, the trustees have a reasonèble expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Review of actlvlties The Trustees received applications for grants from individuals, relevant medical professional bodie5, Other organisations and charitable trusts. A total of £192,45212023.' £227,714) was paid out during the year. Investment policy and performance The investments are held for the purposes of furthering the objectives of the charity. Investments are held between two investment management companie5 - EFG Harris Allday and Sarasin. EFG Harrls Alldays The charity has an investment policy that no more than 5°A of the investment should be in any equity, excluding Government stocks and collective investments. The investment rnanager reports to the Trustees quarterly and the investments are managed by EFG Harris Allday on a discretionary basis with hi5 recommendations on investment. He is also in correspondence with the Chairman between meetings. In addition, consultations may be held between the Chairman or Vice Chairman, on behalf of the Trustees, and the Trustees are notified accordingly. Sarasin The charity seeks to balance the needs of current and future beneficiaries, providing a reasonable level of current income whi15t maintaining the value of the capital and income in real terms (after inflation). To achieve this, the Trustees invest in a balanced multi-asset portfolio. Equities form the core of the strategy to provide long term real growth whilst bonds, property and alternative assets provide diversification and returns which are un¢orrelated to equities. The Trustees implement the strategy by investing in the Alpha Common Investment Fund for Endowments which is managed by Sarasin & Partners LLP. The Lady Forester Trust Trustees, Report For the Year Ended 31 December 2024 Flnantial review Reserves pollcy In accordance with the terms of the trust deed. the income generated has been allocated to the income fund which stands at £156,946, whilst investments and their movement5 have been allocated to the capital fund which stands at £6,384,463. Whilst both funds are unre5trirted and can be utilised for the objectives of the charity, the Trustees only distribute income and the accumulated income fund is left to accumulate. The accumulated income fund has historically been held for emergency funding of Major projects. Capital movements are left to enhance the capital value of the investment5 and hence to ensure that the charity wlll have Income to distribute in future years. There is a surplus in free reserves (being unrestricted income funds, as defined in the Reserves Policy) of £156,94612023.. £128.9971. The Tru5tee5' reserve5 policy is to maintain free reserves at a level equivalent to nine months expenditure. Basls of actountin8 The accounts of the Charity have been prep3red on a Receipts and Payments basis in accordance with Thls report wa5 approved by the Trustees on and signed on their behalf by.. eri The Rt. Hon. Catherlne, Lady Forester DL Chlef Executive and Chairman The Lady Forester Trust Independent Examiners Report For the Year Ended 31 December 2024 I report to the charity trustees on my examination of the accounts of the Trust for the year ended 31 December 2023 which are set out on page$ 6 to 8. This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Art 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work in this report. Respective responsibilities of trustees and examiner As the charity's trustees you are responsible for the preparation of the 3ccounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commi55ion under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection accounting records were not kept in respett of the charity as required by section 130 of the Act,. or the account5 do not accord with those records. I have no concerns and have come across no other matters IN connection with the examination to which T Lunt BA (Honsl FCCA MTPI WR Partners Chartered Accountant5 Shrew5bury Busine55 Park SY2 6LG Date.. 1910912025 The Lady Forester Trust Receipts and Payments Account For the Year Ended 31 December 2024 Unrestrlcted Restrlcted 2024 2023 Rgceipls Donations Investment income Bank intÈre5t 37,202 211,094 736 238,651 1,831 238,651 1.831 Total Recelpts 240,482 240,482 249,032 Payments Grants payable 117,924 74,528 2.190 35 646 1,286 301 217 117,924 74,528 2,190 35 646 1.286 301 217 2.709 10 10,591 1,887 209 186,614 41,100 2,040 1,285 693 1.113 277 3,102 10 2,289 10,531 289 171 Accountancy fees Legal and profe55ional fees Trustees travelling expenses Trustee's liabllity insuran Light, heat, water, cleaningi telephone Stationeryi Postage and sundrie5 Office equipmÈnt, IT support and rent31 Liai50n officers, fees and expenses Secretary's salary Penslon tontributions HM Revenue & Cu5t0rn5 INII 2.709 io 10,591 1.887 209 Totsl Payments 212,533 212,533 249,514 Net IPayment511 Receipt5- unrestricted funds Cash and 83nk Balances brought forward 27,949 128,997 27,949 128,997 14821 129,479 Cash and Other Assets Carried Forward 156,946 1 $6,946 128,997 The Lady Forester Trust Statement of Assets and Liabilities For the Year Ended 31 December 2024 Unrestricted Restricted 2024 2023 Bank and Cash Balances Investment account Current account Fixed term Deposit Account 101,809 5,137 50,000 156,946 101,809 5,137 50,000 156,946 77,827 1.170 50,000 128,997 Investment asset5 Listed securities EFG Harris Alldav Sarasin EFG Harris Allday Sarasin 3,101,335 3,280,097 2.874 156 6,384,462 3,101,335 3,280,097 2.874 156 6,384,462 3,046,292 3,019,725 6,755 34 6.072,806 Cash settlement- Total assets 6,541,408 6,201,803 6,541,408 6,201,803 The accounts were approved by the Trustees on signed on their behalf, by.. The Rt. Hon. Catherine, Lady Forester DL, Chief Executive and Chairman io The Lady Forester Trust Notes to the Financial Statements Trustees remuneration and felated party transactlons During the year, no Trustees received any remuneration12023..NILI During the year, no Trustees received any benefits in kind12023.' Nill During the year. fourTrustees received reimbursement of expenses totslling £64612023.. £6931 li