Charlty r•81gtrndon number. 298100 THE LORD FORTE FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2023 THE LORD FORTE FOUNDATION l N D EX Year ended 31 March 2023 Generdl Infrfry4rion Trusree5' rewt Independent axamlnerfs report Stxtsment of financlal acdvltl•s Balance Sheet Notes to th¢ financlal 5fatements THE LORD FORTE FOUNDATION GENERAL INFORMA TION Year ended 31 March 2023 T￿stee5 The Hon Slr Rocco Forte (Chairman) Thè Hon Mrs O M L A Pollnl di Sorrentino CBE T N Scade M8E A mcKen￿* G Booth Correspondent and prlnclpal address Th4 Trustees do Judy Lewendon 70 l•miyn Street Lon¢*Jn SWIY6NY Charlty numb•r 298100 Ind¢pend•nt ￿aMIn•r G Smye-Rumsby Dixon Wllson 22 Chancery Lane Lond¢n WC2A I LS Bankers C Hoare & Co 37 Fleet S¢reet London EC4P 4DQ Inv•styneTht mana8•ri Investec W￿th & Irw•stment Llmlted 30 Gresham Stroet London EC2V 7QN THE LORD FORTE FOUNDATION TRU S TE E S ANNUAL REPOR T Year ended 3 1 March 2023 The Trustees submi¢ their annual report together with the acc¢4Jnts of the Foundatlon for the year ended 31 March 2023 whlch have beet) prepared In accordan￿ wlth current sratutory requlrements and in accordance wlth Its governlng OxumenL Constitutlon The Lord FO￿ Foundation wa5 founded by the late Charles Forte, Baron Forte of Rlpley, and Is governed by a Trurt Deed dated 17 November 1987. and registered as a charlty, nurnber 298100. The Trustees have wlde powers to adminlster the Founda￿0￿ and to ralse and Invest funds. The Trustees may not h¢)wever raise fund5 by undertaWng any p8rniJnen¢ tradlng atdvi￿eS. nor may any trvstee be appolnted to any salarled office of the Foundadon. Trustees The Trust•¢s who semd durlng the year are Ilrted on page 2. The power of appo(ntln8 new trustees Is held by th• Trustees. When loo￿n8 for nèw trustees, the TrusEee5 rnay seek recommenda￿on$ from stakeholders In the hosp5rality and catgrlng Industry. Includln¥ ma￿r ern￿￿yerS, trade 05s0clations. ma￿r grant recipients, and the hotel and catering edUca￿Onal establlshment gener￿ly. The declslon on selecdon Is a matrer for the Truste•L Al the Trustees glye of thelr t+me freely and trustee remuneratlon was p&d durln8 the year. Nelther dld th• Tru5tÈes rocolve relmbursemen¢ for any expense5. Trustee5 are requlred to dlsclose all relevant ￿n￿reSts and In accord*ce whh the Trust's pollcy. wlthdraw from declsions where a conflitt of Interest arlses. PrIncIp￿ offlce The prfnclpal afflce of the charlty Is as shown on page 2. Oblert and actlvltl•s for the publlc benefit Thè objecc of the Foundation. as se¢ out In the Tru5r Deed Is to encourw excelience wlthln tho field5 of hosplrallty, ¢nc¢mpasslng the hotel. caterln& trav•1 and rcuriyn Indus¢rles wlthln tho UK and overseas. The Foundat5on achleves l¢s oblert prlncipally by making awards dirècdy ￿ educational e5tsb115hments whlch provlde tfdlning courses or carry out research or other proieccs rèlatin8 to the hospltallty industry. These èthjcatbnal establlshments are. Sn th• malnb open to all members of the general publlc who apply to them and meet thelr academlc and other entrance criteria. The Foundadon seek5 to PrO￿de flnancial 5UPPOrt whlch rewar& excellence. and 5pecsfically asslsts in me¢￿TrU th• costs of siudy for those from poorÉr bxctyounds. By focu51ng on these ar￿. the Foundation achltves its stra¢eglc oblectlve of promO￿n￿ educatSon and èxcellence wlthln the field of ho5pltallty. Publk benefit The trus¢ees, haylng regard to th• ￿j￿{C bentfit 8uldance publlshed by the Charlty Comml551on In accordance with section 17 of the Charttles Act 2011, conslder the purpose and ac¢lvltles of the Foundarlon satlsfy the requlrements of the publlc bBnefiE t¢sc sec our In secdon 4 of the sarne acL R•vl¢w of aubllc of Ireland IFRS1021. y ord•r of th• Tr THE ON SIR ROCCO FORTE 29Ja 2024 THE LORD FORTE FOUNDATION INDEPENDENT EXAMINER S REPOR T Year ended J l March 2023 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF TrIE LORD FORTE FOUNDATION I report to the tru5rees on my examination of the accounts of the FOUnda￿On for the year ended 31 March 2023. Responslbilities and basls of report As the trustees of the Foundation you are respon$ibl4 for the preparation of the accoun¢5 in accordance w6th the requirements of the Charities Acc 2011 ('tho Act'l- You are sausfled that an audlt 15 no¢ required for thls year under charl¢y law and that an Independent examlnadon Is needed I repor¢ In re$￿ct of my txamlnatlon of the Foundadon's accounts ￿rrIed out under s•ct6on 145 of the 2011 Act and In carrylng oui my exarnlnatlon I havè followed all the appllcable Directlons y'ven by the Charity Commlsslan under sectlon 145(5}Ib} of the ACL Dlxon WS150rn a flrm of Chartered Accountant5 of which l arn a partner has provlded bookkeeplng $ethces to the Foundatlon and I have applied the FRC'S Revised Ethieal Standard In carryin8 out my oXamIna￿On. An Independent eXamIna￿an does not Involve gatherlnl all the ¢vldence that would b• r•qulred in an audlt and con5equendy does not cover all the matter5 than an audltor con55ders In ￿VIng thèlr opinion on the accounts. The plannlng and conduct of an audlt goes beyond ¢he Ilmlted assurance that an Ihdeptndeni examinatlon can provlde. Consequentlyi l ¢xpros5 no oplnlon as to whether the accounts present a 'crue and ￿r, vlew and my report 15 Ilmlted to those 5peclfic matters s•t out in ¢he Independent examlner's sfatemenL Independent examlnerfs stat¢ment l am quallfied to undértake the examlnatjon by beln¥ a qualffled member of th• Ins￿￿te of Chartered Accountants In Enland and Wales. I havè ¢omploted my eXamIna￿On. I conflrm that no material matters hav• corne to my att•ndon In connottlon wlth th¢ examination glvlng m• cause to belleve thai in any materlal rÈspeci'. accoundng records were not kept In respect of the Foyndatlon as requlr•d by sectlon 130 of the Ac¢ or the actounts do no¢ accord wlth those records,. or thè accounts do not comply with the appllcable requlrements concÈrnln8 the form and content of accounts Set out in the Charlties (Accounts and Reports) Regulailon5 2008 other than any regulrernen¢ that the accounts &ve a 'true and falr vlew, which Is no¢ a ma£Eor con51dered as part of an independent examlnatlon., or the aecounrs have not been prnpared in accordancè wSth the methods and princlples of the Statement of Recommended Prac¢tce for a(C￿￿n￿n8 and roptsrdng by charltles appllcable ¢0 charitles preparing thelr account5 in accordance wlth Ihe Financlal Reportlng Standard appllcable in the UK and Republlc of Ireland IFRS 1021. I have no concerns and have come across no mators In Connèc￿oTr wlth the examinatlcm to whlch attendon should be drawn In th15 report In order to enable a proper under5tandlng of the account5 to be reached. G SMYE-RLMSBY ACA CTA Dlxon Wllson 22 Chancery Lane London WC2A ILS 8 Fèbruary 2024 THE LORD FORTE FOUNDATION ST A TE M EN T O F F I NAN C I AL ACT I V I T I E S Year ended 31 March 2023 General fund 2023 2022 Income Investmenc Incomo Donadons In ￿nd Bank Interest 73,907 7.500 367 68.973 7,500 Totsl Income 81.774 70.473 Expendlture Cost5 of generatlng funds - Investment mana8ement C05t5 Expendlwr• on tharltablo adVId￿.. . Grants . Governan¢¢ Costs {17,1881 (18,532) 1915LKJI (7.950} (100,450) (03,350) (7,910) (71,260) Totsl exp0ndl￿re {117,638) (89.792) Net {lossesyplns on Inv•stmerts Net (wendlture)hDcome ftir the y•ar and net mov¢m•nt In funds Total fvnds broutht forward at l Aprll 2022 Totsl fvndi carrl•d forward at JI Mvch 2013 I154,6￿) 119Q4ni 3,134,297 2.943.825 165,041 151.722 2,982575 3.134,297 THE LORD FORTE FOUNDATION ALANCE SHEET Year ended J l March 2023 2023 2022 Flxed assets In¥esrrnenrs at markqt value 1671,008 2.814557 Currert assets Debtors Cash and tash equlrdlen¢s 30 292,165 1.712 347.734 349.446 (29.706) 319,740 3,134.297 291195 Cr•dltors: Amounts hlllng due wlthln one year Net curr•nt assets (19.378) 2n.817 Nrt assets 2,943,825 G•nernl fund- unre•￿tted lunds (pa8• 6) Z943A25 3.134297 The flnanclal statemènts on page5 6 to 10 were approv•d by the trustees on 29 January thglr behalf by'.- 2024 and wert slgnod on THE Tnjs ON SIR ROCCO FORTE T N SCADE MBE Trustee THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2023 Accountin8 pollcles Basls of preparatlon The finanaal statements have been prepared In accordance with the Accoun¢lng and Reportlng by Charlt(e5.' Statement of Recommended PracDce applicable to Charl￿•5 prepar5ng thelr accounrs In accordance the Financial Repordng Standard applicable in the UK and Republlc of Ireland IFRS1021 and the Charfdes A¢c 2011. The Ilnancial statements have been prepared under the h15torlcal cost conven￿Oft ￿th Items reco8nlsed at cost or transaction value unless otherwise $taied in the accountlng pollcles below. The Foundation con$tytutes a publlc benefit en¢lry as doftned by FRSI 02. The trustees con$lder that there are no uncertalntl4$ about the Founthtlon's abllSty to contlnue as a going concem. Fund structure Unres¢rfcted fun& are avallable for us• at the dlscretlon ol the trustees In furrherance of th• pneral oblecttve5 of the Foundatlon. Income re£o8nltlon Incorne Is recognlsed ¢nc# the Foundadon has ènt(demen¢ to the Income. It Is probable {more Ilkely than not) that the Income wlll be recelved and the mon•cary value can be mea5vred wlth sufficlent reliablllry. Donatl¢)ns In Wnd ropresent the cost of donated seTrkes récelved durfng th• year y￿ued at the prlce whlch ¢he Foundatlon would ply In the open rnarkeL where thSs can ￿ reasonably quantffied. Expondlture r•co8Trltlon Expend¢ure on grants 6$ rècorded once th• Foundatlon has made an uncondI￿OnI1 £omrnltment co ply the grant xnd thls 1$ communlcaréd to the beneficlary or the grant has been pald, whlchevtr 15 the earller. Other txpendlture L8 Included on an xcrua15 bash. Investments Inve5trnen¢s are Includèd at fair value using the c105ing quo¢ed markec prices at thè balance shee¢ date. All reallsed and U￿r￿lIs¢d tyns and10sses are tak•n to the sratement of financlal attlvStles. FlnanclAI Instrumenti Flnanclal Instruments are acc(yJnted for. accordlng to ¢he substanc• of the contractual arrangemenL as hnandal assets and flnancial Ilabllities. Invejtment Incom• 2023 2022 DI￿dendS and Interest from Ilsted InvestmÈnrs 73.907 68,973 Donatlons In klnd 2023 2022 IlTrbono Independent eXamIna￿on and accounrancy fees 7,500 7,500 THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2023 Grdnts 2D23 2022 Grants tD ins¢ltutlons that provlde trnlnlng courses in the hospirality industry.. Edln&Jrgh Napier UniYersi¢y Gold serv{￿ Founthdon Hotel kh¢)ol Lakefield Tralnlng Centr? Queen Marrdret Unlver51ty, Ednburgh Sprin8board Charltable Trust The Innhdder5' Charltable Foun&tlon (Master InnholdÈrsl The Vlctor Ce5erani H05pirality Student Memor1￿ Stholarshlp Unlverslry of Strdthclyde 5.000 30.000 lo.¢￿0 5.850 15,OLX) 15,000 10.000 12.500 15,000 1 S,CQO i 0.000 5.0(Ll 5.oc 2.500 915CQ 63.350 Govern￿¢* colts 2023 2022 Prfrbono Independenc •xamlnadon fe•$ Pro•bono accountancy fe¢$ Bank thar8es 1,500 450 410 7.950 7,910 None of th• trust1￿ rec¢lYed any remunlradon or •xpenM relmburs•menrs In th• year under r•vlew {2022- £nlll. Staff numb•rs The avÉrage number Of persons eMplo￿d by the Foundatlon durlng th¢ year was nll12022: nll). Flx•d us¢t SnTMtm•nts 2023 Lbsted Inwtm•nts Market Val￿ at l Awll 2022 Additlon5 at Cost 1014,557 825.457 Dlsposal pro¢eed5 Net losses on investments 1814.398) 1154,608) 1671.CQ8 Market value at 31 Ma￿h 2023 THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2023 Debtors 2023 2Q22 Accrued knt¢rest 30 1.712 Cr￿lt￿lS. amounts tsllln8 due wlthkn one y•av 2023 2022 Grnnts payab Manag¢ment fees Is.r 4.378 25.000 4.706 19.378 29.706 10. R•lrted party transartlong Thère were no related party ¢ransJCtions requlrlng dtsclosuro In the y•ar. Flnanclal Instrum•rts 2023 2022 Flnanclal iss•ts ac falr valu• Investmenrs 2.671,008 2.814,557 Flnanclal assets at arnordsed cost Accrued Intèrest Cash and cash equlvalents 30 291165 1,712 347,734 349.440 292,195 FInancI￿ liabilltlos at amortised c￿t Grants payable Mana8•menr fee5 I s,000 4.378 25,000 4,706 29.706 19.378 10