Ch*ity rngl$tratlon number. 298100 THE LORD FORTE FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
THE LORD FORTE FOUNDATION INDEX Year ended 31 March 2022 GeneTrl infcmatyoTh Trustees, annu report In&pendentexamlnerfs report Statement of ffinanctal 3crivtrées Balance she•t Notes to the f¢1•1 Statements
THE LORD FORTE FOUNDATION GENERAL INFORMA TION Year ended J l M4r¢h 2022 The Hon Slr Roc¢0 Forte Ichalrman) The Hon Mrs O M LA P¢lizzt di SOrrentO CBE T N Sode MBE A McKénzrd G Booth CorroWrtd•nt and principal addrejs The Tru5rèes clo Ju¢ty Lewwdon 70Jemyn Stre¢c London SWIY6 298100 Ind•p•nd•nt exwlner G sMyemsbY Dixon Wilson 22 Chancery L8 London wc ILS Bank• C Hoare & Co 37 Fket Street London EC4P4DQ Investment managers Irwestec Weafth & Investytht knmited 30 Gresham Street London EC2V 7QN
THE LORD FORTE FOVNDATION ANNUAL REPOR T TRUSTEES Year ended 31 March 2022 The Trurtee5 submir their an rep)rt togeth¥ with the acCoUr of the Foundatiorn for the year wded 31 March 2012 which have been prepared in accordante curwt $Thtytory rtquirements in Kcordan¢e its 8ovwnln8 &3cumen¢ The Lord Forte Foundation was foun¢Jed by the I Charles Fort< Baron Forte of Pley, and 15 gmrned by a Trust Deed dd 17 November 1987, and regittered as a thariry, numhr 298 Ic#). The Trustees have wde powers to admini5t¢r the Foundathy) and to raise and invest fijnds. The Tnjstees may not however raise knds by undÈrtakJng any permanent tt7dkng aCtItIeS nor may any trusree be appointed to any sakned offl¢e of the F¢)undatioTh Trurtees The TruseS who s¢Thed durlns the year are Ilsred on page 2. The power tsf ¥pointiry trnscees Is hekl by the Trnstee& When loon8 for tru5tee% the Trusctt5 may seek r¢commendaDons from stak¢holder5 in the hosplTalty and ¢atering Industry. inCding major employer& fftde assocl2tions rna Brant reclpi•nu, and the hotl and terIng ucaiionl establlshmentgenert1. The deci5ior on 5elettion is a matterfor the Truste2& All the Trustees glv• of thelr time freely and no trusta• remuneration w25 pald dung the pr. Neither did the Trustees r4¢eive r•mbut3ement for ¥ny Èxpen Trustee5 are required to dlsdose am rdelant intere5u and, in IOrnCe wth the Trusrfs pohcy. withdraw frorn dea5ions where a conffrrt of Inreresc arlse5. Prirt1P office The prinCIp Cfflce olthe dw5ty is as shown on page 2. Oblert and •rti¥ities forthe public hhetk The object ¢f the knjndation. as set out rn the Trust Deed is to enrage ex¢dlence witlun the ffields of hosplralw, encompasslrlg the hotel caterin& travel and rourfsm in¢JJ51f1¢5 the UK and oversets. The Foundation Xh1¢$ its 0.¢¢t prindp1 by makirg awards direttty to educatyonal •st2blishmÈnts which provlde tnIng course5 or cary out research or other prole£t5 reknting to the hospitality indusDy. These educati81 •st2bli5hments ar< in the maln, open to ajl mwnber5 of the general publlc who pY to them and mteethr academlc and other entrance crrterta The Foundat)n seek5 to provide financial support which rewards excelkncq and $pe¢¢ficalty assist5 in meeting fhe Co$ of study for thos¢ from poorer bad¢grounds. By bcusing on are44 the F?unthtlon athleye5 its 5tratebc objeuive of pr¢moung eduJtIC and excellence %rfthln thefjeld of hospftafity. Publlc benfft The trustee$. hvin8 reyd tv the thlic benefrt 8wdance pubh5hed by the Charity Commi55ipn in acwrdance with section 17 of th Charives Act 2011, CC+nsider that the purpose and attirf1 pf the Foundltion satysfy the requlrernems ofthe pubk benefft test set ¢ut in section 4 ofthe same a¢L Revlew of acti¥ltle4 results and rey•rnes policy As shown on pw 6 the Foundatw)n's fvnd5 increased ty £151.n2 in the year ended 31 Marth 2022 (2021 increase Of £5217661 and totakd £3.134.297 as ar the of the year (2021- £198157S}. The ifi¢rease in lunds for the year induded investment income of £61973 P021 £645981 and ne¢ gains ¢n the Trnstees. investmEnt porrfolio ot £165,041 {2021- £SCQ.3 ISI. as well a5 expendirure on charifable whith induded grants of £63,35012021 £25OCQI. The Trustee$ anticip¢ m8king rn in futy year5 equir4knt ro thelr TrUal income and rex¥d thetr reserve$ as belng atan Appropriate kvel for th6s objethe.
THE LORD FORTE FOUNDATION TRUSTEES Year ond•d 31 M•rch 2022 The Trust•¢s have invemd the mjorty of their funds Nvith bwestsc Wealth & Investment LImd with the mindato to erat• •i£orne of over £60,000 per anNrn Yknijtt PrOteing the undertying ue ofthe fLmds in real rernis. Ri$k The Tru$rees havt Coldered the major risks to whlth the Foundadon is exposed and have established systems and procedures to miiigate those risk5. The Tru$tre5 consider the variabifw of investsn¢nt revjms to con5tityJ¢è the Foundation's major Thèy have therefore ensured their investment portfollo 15 wem diversified ab)d ded ro proreet the wiltsl vthe over the bng term and produce a SdY in¢c•me rewrn to fijnd 8rant%. The accounts are Set out on pg8e5 6 to 10 and havt been drawn up in a¢¢ordanEe wlth the xcounting poficies set out on page 8 and campty with rhe Foundatlon's Trurt D¢ed the Ch2rltie5 Act 2011, A£counring and Reporting by Chan"t4es.. Sutemenc of Recorntnended PractKe applK3ble ¢0 chariues prepring theÉr ac¢oLMts in accor&nce thg Firwicial RePOrng Sdrd appkable in the UK and Repubk of Ireknd (FRS102}. y order of the Tr THE ON SIR ROCCO FORTE 2023 30 January
THE LORD FORTE FOUNDATION INDEPENDENT EXAMINER'S REPOR T Year ènded 31 March 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LORD FORTE FOUNDATION I reportto th¢ trustees on nyy examinatign of th¢ accoums ofthe Foundation lor the year ended 31 Marth 2021 Re5ponslbillties and ba819 of report As the trustees C+f the FoundauoTr you are responsible lor the preparation d the accpunts ift aCcordce with th9 requlremenr¥ of rhe Charities Att 2011 I'the Ac¢'l. Ygu are satisfied that an audlt is not required for thls year under charity law 74nd an indep8nden¢ ¢xarninavon is rrteded. I report in rwjert of my examination of the Foundation'5 xcounts £3rried out Lmder secll 145 of thè 101 l Act and Sn carrylng rny exarninarion I have followed all the applcable Direction$ given by the Charity Commisslo under settlon 145151{bl of the Acc Dixon W1150n, a flrm of Chart•red Accoyntants of which l am a partner has provided bookkeeping servlee5 to the Foundarlon and I have appled the FRC'S Revi5Ed Ethical Sondard In carrying out my examination. An independent examinatyon doe5 nct inYol¥e ythering all the evideKe that wwld be regtsired in an audi¢ and consequenfty do•$ not cover all the matters than an auditor conslder5 In &vlng th•lr oplnion on the atcounu. Th• planning and conduct of an audrL goes beyond the limited assut7nce that art independent èxamination can prode. Consequendy. l expre35 no oplOn as to whether the accounu present a 'tyue and fw'rf view and my report 15 IIFnlted to thwe specific matters set ouc In the independent eXIne5 su¢emenL Independerrt examln•e$ statement l am quffied t¢ undertake the oxaminltyon by being a qualified MeMr of the of Chartered A¢countants In England and WaYe5. I have completed my eyamlnauon. l Confimi that marerlal matters haye come tp my actsntion in connectbn with the eniTon givlnz me cause to beli chat In rnaterial res accountyng records were nvt kept in respect of the Foundwon as required by sectson 130 0lth¢ Ac¢ or the ac1 do not accord with those re¢ords: or the accouThts do not compty wtth the applicable requirements concernin8 the forni and content of accounts set in the Charities (Accounts and Report51 Re8uI)¢ion$ 2008 txher than any rtquirement that the accounts a true and fair view, which is not a matter consldered as part ol an Independent exam1n1oD,. or rhe atcounts have not been prepared in a¢cordance wlth the methods and princWe5 of the Statement of Reccthmended PractSce for accounting and reportlng by charities applicabl¢ to charityes preparing thelr accounts in accordance wlth the Finantial Reporring Stdard applicable in the UK anij Republic of Ireland {FRS 1021. I have no contern5 and have come acr055 no matters in ¢onne¢uon vrfith the examination tc* which attention Should be dr4wn in thls report In order w enable a proper undersrandlng of the accounts w be r¢ached. G SMYE-RUMSBY ACA cfA Dixon Wilson 22 Chancery Lane London wc ILS 15 February 2023
THE LORD FORTE FOUNDATION ST A T EMENT OF FI NANCIAL ACTIV ITI ES Year ended JI mAh 2022 Genertl fvnd Jtrictsd Un 2022 2021 Income In¥esunent thcomE Donaon$ kind 61973 7500 04J98 Totsl Income 74473 69598 Expenditum C¢)sts ¢f generdtlng funds - Invesmwnt management co pendltyJFY (hariuble acthties: - Grdrrts - GovernwKe costs (18332) (1&877) 163,350) 17,910) 1,260} 125.000) (5.270) P0270) Totsl expendire {89.7921 {47.147) Net sains on inves¢rnents Net Income forthe year and net movement In funds Totsl funds bmught forward at l April 2021 Total fvnds carried forward ae J l March 2022 165041 500J15 522.766 .1459.809 2.982J75 ISl,722 1982375 3,134297
THE LORD FORTE FOUNDATION ALANCE SHEET Year ended 31 March 2022 2022 2021 Fixed assets Invesurtnts at rnaet ftlue 2014,557 1823J87 Debtors Cash and cash aqwafer 1,712 347,734 2.675 185.868 188543 129J55) 159.188 349,H6 9,7061 319.740 CreditoY% Amounts fallnR due wlthln oneye Nèt current amts 2,982575 Net wsets 3,134.297 General fuDd- umertrirted funds (page 6) 3,134,297 1982.575 The finan¢lal stements on pyi 6 to IQ were approved by the tru5w on 30 January 2023 and were Sied on thr beha¥ b THE SIR ROCCO FORTE Trustee T N SCADE MBE Trwtee
THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 Mar¢h 2022 Accountlng polcleg Basis of prepaAtl¢)n The finan¢r41 statemerts have been prepred in arcordance with the and ReporifTrg by Charftles: Ststement of Recommended Prnctice applicabk to tharitie$ preparing their acctsunts its acwrdanc£ wlth ihe FknancAI Reporrlng Stanthrd applic2bk In the UK and Republic of Ireknd IFRS102} and the Charlue5 Act 2011. The finjncll sratsrn¢n¢s have been prepared under the historical cost convend¢n th Iwns recognlse¢J at cost or sI¢n lue unles5 otheri5e stated in the attountinK h¢le5 bebw. The Foundati¢Th con5titures a pd)lic Eenefft endy as defjned by FRSIOI Thè trustees con5iderthat there ar vncerralnties about the Foundatlon's abllty to contlnu• as 3 go8 concern. Fund strurturn Unrestricted fund$ are alable for use a¢ tho dlscretion of the truse$ in furthernrtct of the gener objewvos Of the Foundatlon. kncom• reco8nld•n cgrne is reco1$ed once the Faundation has entitlement to thé incom4 it is probable {rnore hkely than J)ot) that the income will be rec•¥¢d and the monetary vak ¢an be measured with sufficien¢ reliability. Donation$ Sn kind represent the cox of donared serrfces receNed during the year Wed at the prtce which the FOuThdaon would pay in the open mek Nthere this be reasonabty qLWltified. Expenditure re¢ognhlon Expenditure on grants Is rtttsrded once the Foundation ha5 made an un¢onditioNI ¢omrnFTrnen¢w pay the grant and thi$ is communitated to the ben¢fickgry or the grarrt has been pwd. whitheyer is the eadier. Other expenditure Li Inded on an x¢NaL% basis. InY•stmÈnts knveStsnts are induded at falr &e using the dosing quored market prfees at the balance $heet aa¢e. All rea¥sed and unrdised pn5 and ltssses are taken to tho 5(meDt offlnanchE activrfe> FlTran¢lal rnstruments Financbal Ins¢ruThents are Xcounted for. a¢eordlng to the sub5tan¢¢ of the Contractu arr4r¢emenL a5 financi aSSeLS and fincIal liabilities. Inv¢stnxnt Ine¢me 2022 2021 Dryldend$ and In¢eres¢ frrjm listed kn¥estm•nts 6&973 64598 Don*tlons In klnd 2022 2021 Prbn0 indépendent eXarnirAt1 and accountancy foes 5.OCk)
THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 M•rth 2022 2022 2021 Gr3nts to lTrsdtiJu¢ns that PrOde tnining coursts In the hospitaw InS[V. Edlnbur8h N¥itr University Hotel School L2kdEld TnIng Centre ¢Jeen Margaret UnNerslty. Edknbw8h Springboard Charitsble Trurt The Innholder5' CFraritable Foun&0 (Master Innholdersl The Wnie Guild Chwitabk Trwt unfverty ofSu2thctyde 5.000 10,0 5.650 15.oc 15,C 10,c4)0 25,000 63.350 25.0 2022 2021 PrtrbonD widepeThtht eXIn#ln fees Pro00 accountsncy he5 Bank tharge5 I.5) 410 270 9.155 5.270 None of the ttiJs¢e8s recdved any remurtention or expense reimtyJrsem¢nts the year under reW PO21- £niD. Staff numb• ThE Avera¥e number of persons empksyed by the Foundation during the year was nil (2021.. nll). Fixed 4Met knvertments 2022 Llsted Investments Mitthet tAILt at I Wil 2021 Add0Th1 x CQSE 1823,387 399,S07 IS73J781 165.041 Dispo proceed$ Netgaln5 on InYe5¢ry*nCS Marke¢ value It 31 March 2022 1814,SS7
THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENT5 YeJr ebd 31 Mar¢h 2022 2022 2021 Attrued intrrest 1,712 1675 Cr•ditor% wntsunts fallngdme wlthln one yw 1022 2021 Grants payable 25.t 4J55 29.355 4,706 29,706 10. Relltsd party trans•cti( Th¥re were no related party tran5Ktyon5 requiring dlxb5ure year. Flnancial Injtruments 2022 2021 Finanual usets atfair Inve5(ments 1814.557 2,823.387 Finantlal assets a¢ anISed cosr Accrued iThwesr Cash and cash eqUilents 1,712 347,734 2,675 185,868 188,543 349.416 FlnancAI liabiliti¢s ar amorrised cost Grants p3yabl* Management feÈ5 25,0 4,706 25,000 4,355 29.355 29.706 10