2024-12-31-accounts - The Inverforth Charitable Trust

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INVERFORTH CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Registered Charity Number 274132

INVERFORTH CHARITABLE TRUST

I N D E X

Year ended 31 December 2024

	Page
Trustees’ report	2
Independent Examiner’s report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8

INVERFORTH CHARITABLE TRUST

T R U S T E E S ’ R E P O R T

Year ended 31 December 2024

The Trustees present their Report and the Financial Statements for The Inverforth Charitable Trust (ICT) for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 below and comply with the Charity’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice “Accounting and reporting Charities” preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (SORP FRS 102) (effective 1 January 2019).

Structure, governance and management

The Trust is a grant-making charity, constituted under a Trust Deed dated 14 July 1977, and is a registered charity number 274132. The Trust was established by an initial gift by the second Lord Inverforth of 10% of the Inverforth family company, Andrew Weir & Company Limited, for general charitable purposes within the absolute discretion of the Trustees. Substantial dividends paid around 1990 and their accompanying tax credits were capitalised and invested in a portfolio of quoted shares: subsequent events have raised the shareholding in Andrew Weir & Company Limited to 15%.

The Trustees who have served during the year and since the year end are set out on page 3. The power of appointing new Trustees lies with the present Trustees, in accordance with the original Trust Deed and section s.36(1) of the Trustee Act 1925.

The Hon Mrs Clarinda Kane acted as Secretary and Treasurer for 2024. The administration of grants and of legal and other matters is carried out by her. The books of the Trust are kept by the accountants.

Risk management

The Trustees consider that the principal risk facing the Trust continues to be the variability of investment returns from the Trust’s investments, including dividends paid by Andrew Weir & Company Limited. The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that appropriate measures have been taken to protect it from them as far as possible.

Objectives and activities

The Trust makes charitable donations within the absolute discretion of the Trustees, as laid down by the Trust Deed. The Trustees selected twelve charities in 2024 (2023 - thirteen) for donations.

Achievements and performance

The Trust made donations of £145,000 in 2024 (2023 - £160,000). Grants made can be categorised as follows:

	2024	2024	2023	2023
	%	No. of grants	%	No. of grants
Physical and Mental Health	24	3	19	3
Heritage and Restoration	7	1	6	1
Hospices	17	2	16	2
Youth and Education	7	1	12	2
Arts	7	1	6	1
Community	38	4	41	4
		12		13

Only registered charities received donations.

INVERFORTH CHARITABLE TRUST

T R U S T E E S ’ R E P O R T ( c o n t ’ d )

Year ended 31 December 2024

Financial review and investment policy

The Trustees report a net income deficit of £78,394 in 2024 (2023 - £126,687) after receiving income from investments and bank interest of £71,635 (2023 - £37,300) and making net donations and incurring administration costs of £150,029 (2023 - £163,987). After net realised and unrealised losses on investment assets, the net decrease in funds was £1,269,113 (2023 – net gain £7,774,350) resulting in total Trust funds of £16,079,277 (2023 - £17,348,390). The value of the unlisted investments is based on a valuation prepared on 29 October 2024.

The investment portfolio is actively managed by the Investment Advisers. A diverse mix of assets is maintained in order to protect the charity funds against current market conditions and company specific risks.

The Trust continues to take a long view and its assets are primarily invested in securities.

Reserves policy

The Trust has power to distribute capital and income. In the past, the Trustees have made full distributions of income together with part of the capital appreciation. For the future, the Trustees will distribute the estimated net annual income to the selected charities, after expenses. Capital is defined as the fixed asset investments and cash held by the investment managers less current liabilities.

Public benefit

The Trustees having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same act.

Reference and administrative details

Trustees:

The Rt. Hon Elizabeth Lady Inverforth The Rt. Hon Andrew Lord Inverforth The Hon Mrs Clarinda Kane

Secretary and Treasurer: The Hon Mrs Clarinda Kane Registered office of the Charity: 58a Flood Street London SW3 5TE Bankers: Ruffer LLP 80 Victoria Street London SW1E 5JL Coutts & Co 440 Strand London WC2R 0QS

McInroy & Wood 34 Queen Anne Street London W1G 8HE

INVERFORTH CHARITABLE TRUST

T R U S T E E S ’ R E P O R T ( c o n t ’ d )

Year ended 31 December 2024

Reference and administrative details (continued)

Independent Examiner:	G P Smye-Rumsby FCA
	Dixon Wilson
	22 Chancery Lane
	London
	WC2A 1LS
Investment Advisers:	Ruffer LLP
	80 Victoria Street
	London
	SW1E 5JL
	McInroy & Wood
	34 Queen Anne Street
	London
	W1G 8HE
Solicitors:	Charles Russell Speechlys LLP
	5 Fleet Place
	London
	EC4M 7RD

Approved and signed on behalf of the board of Trustees on 2025.

THE HON MRS CLARINDA KANE Trustee, Secretary and Treasurer

INVERFORTH CHARITABLE TRUST

I N D E P E N D E N T E X A M I N E R ’ S R E P O R T

Year ended 31 December 2024

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE INVERFORTH CHARITABLE TRUST

I report on the accounts of the charity for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am a partner has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

G P SMYE-RUMSBY FCA Dixon Wilson Chartered Accountants 22 Chancery Lane London WC2A 1LS

2025

INVERFORTH CHARITABLE TRUST

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 December 2024

Unrestricted Expendable
income endowment
Note
fund
fund
2024
£
£
£
Income and endowments from:
Investment income:
Income from listed investments
2
69,711
-
69,711
Interest income
3
1,924
-
1,924

Total income and endowments
71,635
-
71,635

Expenditure on:
Charitable activities:
Grants made
4
(145,000)
-
(145,000)
Governance costs
5
(5,029)
-
(5,029)

Total expenditure
(150,029)
-
(150,029)

Net (loss) / gain on investments
6
-
(1,190,719)
(1,190,719)
Foreign currency gains
6
-
-
-

Net (expenditure)/income
(78,394)
(1,190,719)
(1,2569,113)
Transfers between funds
78,394
(78,394)
-

Net movement in funds
-
(1,269,113)
(1,269,113)
Reconciliation of funds
Fund balance brought forward at 1 January 2024
-
17,348,390
17,348,390

Fund balance carried forward
at 31 December 2024 (page 7)
-
16,079,277
16,079,277

2023
£
31,063
6,237

37,300

(160,000)
(3,987)

(163,987)
7,899,205
1,832

7,774,350
-

7,774,350
9,574,040

17,348,390

The notes on pages 8 to 12 form part of these financial statements.

All amounts are attributable to continuing operations.

The Charity has no recognised gains and losses other than as stated above.

INVERFORTH CHARITABLE TRUST

B A L A N C E S H E E T

At 31 December 2024

Note Fixed assets Investments 6 Current assets Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 7 Net current assets Total net assets The funds of the Trust Expendable endowment fund (page 6) 8 Total Trust funds	2024 £ 15,898,675 186,602 (6,000) 180,602 16,079,277 16,079,277 16,079,277	2023 £ 16,874,253 477,739 (3,602) 474,137 17,348,390 17,348,390 17,348,390

The financial statements on pages 6 to 12 were approved by the Trustees on 2025 and were signed on their behalf by:

THE RT HON ELIZABETH LADY INVERFORTH Member of the Board of Trustees

THE RT HON ANDREW LORD INVERFORTH Member of the Board of Trustees

THE HON MRS CLARINDA KANE Member of the Board of Trustees

The notes on pages 8 to 12 form part of these financial statements.

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

1. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice “Accounting and reporting Charities” in preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (SORP FRS 102) (effective 1 January 2019) and the Charities Act 2011. The particular accounting policies adopted are described below.

The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements are presented in Sterling which is the financial currency of the Trust and rounded to the nearest £.

Accounting convention

The financial statements are prepared under the historical cost convention, as modified by the revaluation of investments to market value.

Cash flow

The financial statements do not include a cash flow statement because the Trust, as a small reporting entity, is exempt from the requirement to prepare such a statement under FRS 102.

Income

Investment income is credited to the Income account when receivable. Dividends are recognised where the Trustees are entitled to receive payment. Investment gains and losses include any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the year end.

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS 102 or SORP FRS 102.

Expenditure and liabilities

Liabilities are recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis, and is inclusive of irrecoverable VAT.

Grants payable

All grants are decided with reference to the Trust’s policy at an annual meeting of the Trustees and are included in the period in which the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

Direct charitable expenditure

Direct charitable expenditure includes all expenditure incurred in pursuance of the Trust’s objective and relate to grants made under the Trust’s criteria.

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

1. Accounting policies (continued)

Governance costs

All expenditure incurred in respect of governance is included under that heading in the Statement of Financial Activities.

Foreign currency translation

Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Assets and liabilities denominated in currencies other than sterling are translated at the rate of exchange ruling at the balance sheet date.

Fund accounting policy

The Trust comprises of an unrestricted income fund and an expendable endowment fund. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the Trust. Expendable endowment funds are capital funds that are held to facilitate the maintenance and growth of the Trust and may be freely converted into spendable income as the Trustees see fit.

Assets

Fixed asset investments in quoted shares, traded bonds and similar investments are initially recognised at transaction price and subsequently measured at fair value.

Unlisted investments are included at the Trustees’ best estimate of market value, based on a share of the underlying net assets of the unlisted company.

2. Income from listed investments

Unrestricted Expendable income endowment fund fund £ £ Dividends received 69,711 - Fixed interest received - - 69,711 -	Unrestricted Expendable Total income endowment 2024 fund fund £ £ £ 69,711 19,960 - - 11,103 - 69,711 31,063 -	Total 2023 £ 19,960 11,103
		31,063

3. Interest income

	Unrestricted	Expendable		Unrestricted	Expendable
	income	endowment	Total	income	endowment	Total
	fund	fund	2024	fund	fund	2023
	£	£	£	£	£	£
Interest income	1,924	-	1,924	6,237	-	6,237

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

4. Grants made

The Trust undertakes its charitable activities through grant making and awards grants to institutions in furtherance of its charitable objectives.

charitable objectives.
Unrestricted Expendable Unrestricted Expendable income endowment Total income endowment fund fund 2024 fund fund £ £ £ £ £ Grants made 145,000 - 145,000 160,000 - 2024 £ Allegra’s Ambition - Art Fund 10,000 Asthma and Lung UK 10,000 Carers UK 10,000 Childhood First 10,000 Friends of the Royal Marsden Chelsea 15,000 Heritage Housing Caring Group - Historic Royal Palaces 10,000 Hospice UK 10,000 Maria Luisa de Moreno International Foundation 10,000 Royal Trinity Hospice 15,000 St Minver Community Hub - St Mungo’s 15,000 The Philanthropy Foundation 20,000 Wellbeing of Women 10,000 145,000	Total 2023 £ 160,000 2023 £ 10,000 10,000 10,000 10,000 10,000 10,000 5,000 10,000 10,000 - 15,000 40,000 10,000 - 10,000
		2023 £ 10,000 10,000 10,000 10,000 10,000 10,000 5,000 10,000 10,000 - 15,000 40,000 10,000 - 10,000
	160,000

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

5. Governance costs Unrestricted Expendable income endowment fund fund £ £ Accountancy fees 6,000 - Banking fees and charges (971) - 5,029 - Accountancy fees payable to the independent examiner's firm a - Examination - Accountancy	Unrestricted Expendable Total income endowment 2024 fund fund £ £ £ 6,000 3,601 - (971) 386 - 5,029 3,987 - s follows: 2024 £ 1,500 4,500 6,000		Total 2023 £ 3,601 386
			3,987
			2023 £ 1,000 2,601
			3,601

6. Investments Unlisted £ At 1 January 2024 13,127,400 Additions at cost - Disposal proceeds - Net realised and unrealised losses (1,136,400) Market value at 31 December 2024 11,991,000 Historical cost at 31 December 2024 1,456,385 The investments listed on a recognised stock exchange are analysed UK fixed interest and index linked UK equities and unit trusts Overseas fixed interest Overseas equities and unit trusts Other listed investments Credit and illiquid strategies	Listed £ 3,746,853 2,412,063 (2,196,922) (54,319) 3,907,675 3,927,079 as follows:	2024 £ 16,874,253 2,412,063 (2,196,922) (1,190,719) 15,898,675 5,383,464 2024 £ - - - - 3,907,675 - 3,907,675	2023 £ 9,256,107 3,023,958 (3,305,017) 7,899,205 16,874,253 5,265,847 2023 £ 587,661 186,083 1,430,360 412,486 851,860 278,403 3,746,853

Additionally, £1,436 (2023 - £215,272) of cash is held within the investment portfolio and classified within current assets.

Foreign currency gains of £nil (2023 - £1,832) arose on foreign currency cash balances and cash transactions held in the investment portfolio.

Unlisted investments relate solely to 300,000 Andrew Weir & Company Limited £1 ordinary shares, which had an acquisition cost of £1,456,385. The market value of £11,991,000 is based on a valuation prepared on 29 October 2024. (£13,127,400 at 31 December 2023).

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

7. Creditors: amounts falling due within one year Professional fees in relation to governance costs and other accountancy work	2024 £ 6,000	2023 £ 3,602

8. Analysis of total net assets between funds Unrestricted Expendable income endowment fund fund £ £ Fixed assets Investments - 15,898,675 Current assets Cash at bank 6,000 180,602 Current liabilities Creditors: amounts falling due within one year (6,000) - - 16,079,277	Total 2024 £ 15,898,675 186,602 (6,000) 16,079,277

9. Unrestricted funds

Funds Transfers brought Incoming Outgoing Net loss between forward resources resources on investments funds £ £ £ £ £ Expendable endowment fund 17,348,390 - - (1,190,719) (78,394) Unrestricted income fund - 71,635 (150,029) - 78,394 17,348,390 71,635 (150,029) (1,190,719) -	Funds carried forward £ 16,079,277 -
	16,079,277

10. Trustees’ remuneration and expenses

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind.

11. Employees

The Trust did not have any employees during the period (2023 – nil).

12.	Financial instruments	2024	2023
		£	£
Financial assets measured at fair value through income and expenditure		15,898,675	16,874,253

Financial assets measured at fair value through income and expenditure comprise fixed asset investments.

INVERFORTH CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Registered Charity Number 274132

INVERFORTH CHARITABLE TRUST

I N D E X

Year ended 31 December 2024

	Page
Trustees’ report	2
Independent Examiner’s report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8

INVERFORTH CHARITABLE TRUST

T R U S T E E S ’ R E P O R T

Year ended 31 December 2024

Structure, governance and management

Risk management

Objectives and activities

The Trust makes charitable donations within the absolute discretion of the Trustees, as laid down by the Trust Deed. The Trustees selected twelve charities in 2024 (2023 - thirteen) for donations.

Achievements and performance

The Trust made donations of £145,000 in 2024 (2023 - £160,000). Grants made can be categorised as follows:

	2024	2024	2023	2023
	%	No. of grants	%	No. of grants
Physical and Mental Health	24	3	19	3
Heritage and Restoration	7	1	6	1
Hospices	17	2	16	2
Youth and Education	7	1	12	2
Arts	7	1	6	1
Community	38	4	41	4
		12		13

Only registered charities received donations.

INVERFORTH CHARITABLE TRUST

T R U S T E E S ’ R E P O R T ( c o n t ’ d )

Year ended 31 December 2024

Financial review and investment policy

The Trust continues to take a long view and its assets are primarily invested in securities.

Reserves policy

Public benefit

Reference and administrative details

Trustees:

The Rt. Hon Elizabeth Lady Inverforth The Rt. Hon Andrew Lord Inverforth The Hon Mrs Clarinda Kane

McInroy & Wood 34 Queen Anne Street London W1G 8HE

INVERFORTH CHARITABLE TRUST

T R U S T E E S ’ R E P O R T ( c o n t ’ d )

Year ended 31 December 2024

Reference and administrative details (continued)

Independent Examiner:	G P Smye-Rumsby FCA
	Dixon Wilson
	22 Chancery Lane
	London
	WC2A 1LS
Investment Advisers:	Ruffer LLP
	80 Victoria Street
	London
	SW1E 5JL
	McInroy & Wood
	34 Queen Anne Street
	London
	W1G 8HE
Solicitors:	Charles Russell Speechlys LLP
	5 Fleet Place
	London
	EC4M 7RD

Approved and signed on behalf of the board of Trustees on 2025.

THE HON MRS CLARINDA KANE Trustee, Secretary and Treasurer

INVERFORTH CHARITABLE TRUST

I N D E P E N D E N T E X A M I N E R ’ S R E P O R T

Year ended 31 December 2024

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE INVERFORTH CHARITABLE TRUST

I report on the accounts of the charity for the year ended 31 December 2024.

Responsibilities and basis of report

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

G P SMYE-RUMSBY FCA Dixon Wilson Chartered Accountants 22 Chancery Lane London WC2A 1LS

2025

INVERFORTH CHARITABLE TRUST

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 December 2024

2023
£
31,063
6,237

37,300

(160,000)
(3,987)

(163,987)
7,899,205
1,832

7,774,350
-

7,774,350
9,574,040

17,348,390

The notes on pages 8 to 12 form part of these financial statements.

All amounts are attributable to continuing operations.

The Charity has no recognised gains and losses other than as stated above.

INVERFORTH CHARITABLE TRUST

B A L A N C E S H E E T

At 31 December 2024

Note Fixed assets Investments 6 Current assets Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 7 Net current assets Total net assets The funds of the Trust Expendable endowment fund (page 6) 8 Total Trust funds	2024 £ 15,898,675 186,602 (6,000) 180,602 16,079,277 16,079,277 16,079,277	2023 £ 16,874,253 477,739 (3,602) 474,137 17,348,390 17,348,390 17,348,390

The financial statements on pages 6 to 12 were approved by the Trustees on 2025 and were signed on their behalf by:

THE RT HON ELIZABETH LADY INVERFORTH Member of the Board of Trustees

THE RT HON ANDREW LORD INVERFORTH Member of the Board of Trustees

THE HON MRS CLARINDA KANE Member of the Board of Trustees

The notes on pages 8 to 12 form part of these financial statements.

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

1. Accounting policies

Basis of preparation

The financial statements are presented in Sterling which is the financial currency of the Trust and rounded to the nearest £.

Accounting convention

The financial statements are prepared under the historical cost convention, as modified by the revaluation of investments to market value.

Cash flow

The financial statements do not include a cash flow statement because the Trust, as a small reporting entity, is exempt from the requirement to prepare such a statement under FRS 102.

Income

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS 102 or SORP FRS 102.

Expenditure and liabilities

All expenditure is accounted for on an accruals basis, and is inclusive of irrecoverable VAT.

Grants payable

Direct charitable expenditure

Direct charitable expenditure includes all expenditure incurred in pursuance of the Trust’s objective and relate to grants made under the Trust’s criteria.

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

1. Accounting policies (continued)

Governance costs

All expenditure incurred in respect of governance is included under that heading in the Statement of Financial Activities.

Foreign currency translation

Fund accounting policy

Assets

Fixed asset investments in quoted shares, traded bonds and similar investments are initially recognised at transaction price and subsequently measured at fair value.

Unlisted investments are included at the Trustees’ best estimate of market value, based on a share of the underlying net assets of the unlisted company.

2. Income from listed investments

Unrestricted Expendable income endowment fund fund £ £ Dividends received 69,711 - Fixed interest received - - 69,711 -	Unrestricted Expendable Total income endowment 2024 fund fund £ £ £ 69,711 19,960 - - 11,103 - 69,711 31,063 -	Total 2023 £ 19,960 11,103
		31,063

3. Interest income

	Unrestricted	Expendable		Unrestricted	Expendable
	income	endowment	Total	income	endowment	Total
	fund	fund	2024	fund	fund	2023
	£	£	£	£	£	£
Interest income	1,924	-	1,924	6,237	-	6,237

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

4. Grants made

The Trust undertakes its charitable activities through grant making and awards grants to institutions in furtherance of its charitable objectives.

charitable objectives.
Unrestricted Expendable Unrestricted Expendable income endowment Total income endowment fund fund 2024 fund fund £ £ £ £ £ Grants made 145,000 - 145,000 160,000 - 2024 £ Allegra’s Ambition - Art Fund 10,000 Asthma and Lung UK 10,000 Carers UK 10,000 Childhood First 10,000 Friends of the Royal Marsden Chelsea 15,000 Heritage Housing Caring Group - Historic Royal Palaces 10,000 Hospice UK 10,000 Maria Luisa de Moreno International Foundation 10,000 Royal Trinity Hospice 15,000 St Minver Community Hub - St Mungo’s 15,000 The Philanthropy Foundation 20,000 Wellbeing of Women 10,000 145,000	Total 2023 £ 160,000 2023 £ 10,000 10,000 10,000 10,000 10,000 10,000 5,000 10,000 10,000 - 15,000 40,000 10,000 - 10,000
		2023 £ 10,000 10,000 10,000 10,000 10,000 10,000 5,000 10,000 10,000 - 15,000 40,000 10,000 - 10,000
	160,000

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

5. Governance costs Unrestricted Expendable income endowment fund fund £ £ Accountancy fees 6,000 - Banking fees and charges (971) - 5,029 - Accountancy fees payable to the independent examiner's firm a - Examination - Accountancy	Unrestricted Expendable Total income endowment 2024 fund fund £ £ £ 6,000 3,601 - (971) 386 - 5,029 3,987 - s follows: 2024 £ 1,500 4,500 6,000		Total 2023 £ 3,601 386
			3,987
			2023 £ 1,000 2,601
			3,601

6. Investments Unlisted £ At 1 January 2024 13,127,400 Additions at cost - Disposal proceeds - Net realised and unrealised losses (1,136,400) Market value at 31 December 2024 11,991,000 Historical cost at 31 December 2024 1,456,385 The investments listed on a recognised stock exchange are analysed UK fixed interest and index linked UK equities and unit trusts Overseas fixed interest Overseas equities and unit trusts Other listed investments Credit and illiquid strategies	Listed £ 3,746,853 2,412,063 (2,196,922) (54,319) 3,907,675 3,927,079 as follows:	2024 £ 16,874,253 2,412,063 (2,196,922) (1,190,719) 15,898,675 5,383,464 2024 £ - - - - 3,907,675 - 3,907,675	2023 £ 9,256,107 3,023,958 (3,305,017) 7,899,205 16,874,253 5,265,847 2023 £ 587,661 186,083 1,430,360 412,486 851,860 278,403 3,746,853

Additionally, £1,436 (2023 - £215,272) of cash is held within the investment portfolio and classified within current assets.

Foreign currency gains of £nil (2023 - £1,832) arose on foreign currency cash balances and cash transactions held in the investment portfolio.

INVERFORTH CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 December 2024

7. Creditors: amounts falling due within one year Professional fees in relation to governance costs and other accountancy work	2024 £ 6,000	2023 £ 3,602

8. Analysis of total net assets between funds Unrestricted Expendable income endowment fund fund £ £ Fixed assets Investments - 15,898,675 Current assets Cash at bank 6,000 180,602 Current liabilities Creditors: amounts falling due within one year (6,000) - - 16,079,277	Total 2024 £ 15,898,675 186,602 (6,000) 16,079,277

9. Unrestricted funds

Funds Transfers brought Incoming Outgoing Net loss between forward resources resources on investments funds £ £ £ £ £ Expendable endowment fund 17,348,390 - - (1,190,719) (78,394) Unrestricted income fund - 71,635 (150,029) - 78,394 17,348,390 71,635 (150,029) (1,190,719) -	Funds carried forward £ 16,079,277 -
	16,079,277

10. Trustees’ remuneration and expenses

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind.

11. Employees

The Trust did not have any employees during the period (2023 – nil).

12.	Financial instruments	2024	2023
		£	£
Financial assets measured at fair value through income and expenditure		15,898,675	16,874,253

Financial assets measured at fair value through income and expenditure comprise fixed asset investments.

30 September 2025

Dixon Wilson 22 Chancery Lane London WC2A 1LS

Dear Sirs

This representation letter is provided in connection with your independent examination of Inverforth Charitable Trust for the year ending 31 December 2024 .

Financial statements

We have fulfilled our responsibilities as trustees, as set out in the terms of your engagement dated 11 January 2019 under the Charities Act 2011 for preparing financial statements in accordance with applicable United Kingdom Accounting Standards which give a true and fair view of the financial position of the charity as of 31 December 2024 and of the results of its operations for the year then ended and for making accurate representations to you.
We confirm that we consider that an audit is not required for the year under Section 144(2) of the Charities Act 2011.
Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards.
Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards.
All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or disclosed in the financial statements.
We confirm the financial statements are free of material misstatements, including omissions.
We confirm that, having considered our expectations and intentions for the next twelve months, including the availability of working capital, the charity is a going concern. We confirm that the disclosures in the accounting policies are an accurate reflection of the reasons for our consideration that the financial statements should be drawn up on a going concern basis.

Information provided

All accounting records and relevant information have been made available to you for the purpose of your independent examination of the financial statements. We have provided to you all other information requested and given unrestricted access to persons within the entity from whom you

30 September 2025

have deemed it necessary to request information. All other records and related information including minutes of all management and trustee meetings have been made available to you.

All transactions undertaken by the charity have been properly reflected in the accounting records and are reflected in the financial statements.
We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
We have disclosed to you all information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves, management, employees who have significant roles in internal control, or others, where fraud could have a material effect on the financial statements.
We have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, analysts, regulators or others.
We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its business and which could affect the financial statements. The charity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.
We confirm that we have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the charity that we are aware of.
The charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.
There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.

We confirm to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy my ourselves that we can properly make each of the above representations to you.

Yours faithfully

Signed on behalf of the trustees by:

…………………………………………(Signature)

………………………………………....(Trustee)

Date………………………………