Charfty reghtradoTr number 298100 THE LORD FORTE FOUNDATION REPORT AND ACCOUNTS YEAR ENDED JI MARCH 2024
THE LORD FORTE FOUNDATION IN DEX Year ènded JI Marth 2024 Gènenl informath Trusts•s' *Thnu report Independen¢ examiner's reptsrt Sfarement oflT¥anal acthies Balance sheec Notrs to the flnan¢kal tswients
THE LORD FQRTE FOUNDATION GE N E RAL IN FORMA TION Year Ènded 31 Mh 2024 The Hon Sir Kocco Forte IChmian) The Hon Mr5 0 M L A Pdr2z di Sorr¢ncino CBE TN Sr2de MBE A MtKenzie G Booth Correspond•nt and prin¢ipal addres¥ The Trusree$ rjo judy LewendoTh 78 Srlames's Streer London SWIA IIB Clbarity number 298100 Independent xaminer G $MRUmsbY Dixon Wilson 22 Chan¢ery Lane London WC2A I LS Bankers C Hoare & Co 37 Reel Street London EC4P 40Q Inv¢rtment manager5 R#thbones 30 Gresham Street London EC2V 7QN
THE LORD FORTE FOUNDATION T R U ST E E S ANNUAL REPOR T Ytttr ènded 31 March 2024 The Trv$tÈes submit their annual repor[ Eoze¢hvr the &cl d the Foundatyon for the year ended 31 Marth 2024 bthch have been prepared in acc¢rdance with current stLrt0ry requirements and in attorthnce with rrs 8o¥erning dcoJmenL con5dOn The Lord F+Jrte Foundarion w8s loutKIEII by the te Charles Forte. Forte of Ripley, and is governed by a Trust D¢Ed dared 17 November 1987. aThd regtered 35 a chariry. nurnber 298100. The Trustees have wide powers tg administer the Foundation and to raise and invest fund& The Trustee5 m2y not however rw5e funds by underking any pernianent trtdinK aoivides, nor may any rrustee be appointed ro any 5Iaried office of the FOdatIOn. The Tru5t¢es who Served during the year art listed on page 2. The power of VJinElrrf new trnsreds is held by the Trustees. When ID¢king for new trustees, the Trusree5 may seek rectsmmendaty'ons from 5tskeholders in the hospitafiry and t¢rlTrg industyy, InclJding maSor eryltsyers, trade associatlon5, m¥or grdnt reopients. and the hoEel and carlng educatlonal establishment genernlly. The dets$h on sdecwi ts a matter for the TNJstees. All the Tru5teo give ol their ume free and no tNsee8 remuneration wa5 pald during the year. Npither did thè Trustee5 receive reinbursement for any wenses. Trustees are required ro di5ck+se all relevant InreSts and, in accordance wlth th8 Trust's policy. wffhdraw from deci$lL$ where a conflicc 01 lnterost3ri5es. prtftcipal officè The office ofthe charity as showTh on page I Object and artiirytiu for the publi£ b¢nellt The obieit of rhe Foundation, a5 set out in th¢ Trtt DeÉd, is co erKourage excellence within the of hospitalrty. encompassing the hotel, uring• tyavd and tourism Industyie5 withID the UK overy¢as. The Foundation adbi¢ves otyect prin(ipaJty by making wards diredy to eduTrtional estAishtnents whi¢h provide rJinlng cwrses or carry OLrt re$e¥ch or other prqects rdating to the h05Pitaliry industry. These educ3tnal estsblishments art, in the rnain. tyen to al membwB ofthe gener4 public Ytho appty to them and meet their academic d orher entrance criteria. The Foundation seeks to provide financ support which rowards exCelnt&. and specrfically assists In meetyng the costs of swdy (or those trom poorer backgrounds. By focusing on these areès. the FoUThdat achie¥t$ ffs mteyc gbjeetyve ol promotyng e(hJtatwJn and exce1ce withln the fiel¢J ol h05pitslity. PubliE benefit The trustee& h3vkng regard to the Publir benefi¢ widan¢e puilshed by the Chatyty Cornmlsslon in accordance with sottion 17 of the ChariTies Act 2011, tonsider that the purpose actyMtie5 of the Ftyjndavort sathty rh¢ requlremencs of the publ5¢ benefit test se[ out in ¥ecdon 4 of th? same xt. RerAew of activities. results and resems poll As shown on page 6. the Foundation's funds ine&sd by I225B25 in the ded 31 Marth 2024 12023 - decrease ol £190,4ni and totalled £3,169.650 as at the erHJ of the ye•r12023- LI943.8251. The incrwe in funds for the year included in¥estrnent income of £73.$6112023 - £73,907) and net gains on the Tnrstee5' investment porrfdio of £231,557 (2023 - net losses ol C154.60B). as well as expendiwre on tharitable attiviiiÈs. which induded grants cl £62.00012023 - 192,5001. The Trustees a¢ ming gnnts in fvture Ye equfvalent to th•r annu31 intome and re8ard their reserrt5 as being at an ¥propriar¢ levd for this Dbiectsvo.
THE LORD FORTE FOUNDATION TRU 5TEES Year ettded 31 M¥ch 2024 Inve$tmÈrtts The Tru5Eees have invested the maitirw of th*r funds wKh Inve5te¢ Wealth & ItwesuDenr "mited wlth the mandate LQ generate ncome ol over £60,01 per annum bvhi15t protectingthe underfn£ valuè of the fvnds In re renns. Rfsk The Trustee5 hfft con5idÈred the rnxjor risk5 to whh the F¥undatKJn is exposed 3nd have established 5yEiems and procedure5 fo mite those rK%ks. The Twsiees cwslder the Yariablity of invesuner¢t rewrr6 to ¢onsdtuts the Foundaoon'5 major risk. They haye therefore ensured their Fnvestment p0rrf01 15 well &iversfied and designed to protect the (apid We over the long rrn and produ¢¢ a SdY kncome rewrn wfund granrs. Aceount$ The accounu are sec out on page$ 6 to 10 and ve been drawn up in accordahte with the a£counDng polla6$ Set on page 8 and cOrty with the FOUndatn, Tnjst DeEd. the Charitfes Att 2011. and Attounting and Reporting by Chariti25.' Sratement of Recommended Praerice a icable to preparng the4r accounts bn actordance wth the Financial Reporring Stsndard ap1(able kn the UK And Repubjic of Ireknd IFRS1021. By order ol the THE SIR ROCCO FORTE 2S12nua 2025
ThE LORD FORTE FOUNDATION I N DEPE ND E NT EXAM INER'S RE POR T Year ended 31 March 2024 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF ThE LORD FORTE FOUNDATION l pOrt to the trustees ¢)n my examlnation ol the ccounts gf the Fouhdarion for The year ended 31 March 2024. Respon¥ibilities and basis of report As the trustees of the Foundation you are responsible for the preparation of the accounts in xcordince with the requirements of the Charitie5 Att 2011 I'rhe Ac¢J. You ire 5arisfied tha¢ an audi 15 ntst requlrèd fc+r th15 year under charity Faw and that an independent examination 1% needed. I report in respeci of my examInatn of the Foundation's accounts tÈrried out under secuon 145 01 the 2011 A¢¢ and in carrying out my examlnatyon I have fdlowed all the aPplice Direalons given by the Charfry Commission undèr section 145151{bl ol thè Act. Dixon Wdson, a firm of Chartered Ac¢Dunrants of whlch l am a partner ha5 provided bookkeepiTr8 seryites to the Foundarion and I have ¥plied the FRC'S Revised Ethical Standard ¢arryln¥ out rny examination. An independenr examinaiion doe5 no¢ invdve Dth¢ring all thè evidence thar would be requred In audit #nd consequently does noc cover all the matters than an avditor considers in thtlr opinion on the accounts. The pknnning and £ondurt of an audrc goe5 beyond the limited asjyrance thar an independent exarninaEion can provlde. Coh&¢quenEty, l express no oplnltsn a5 to whether the a£counts present a 'true aThd fw'r. Vlew and my report 1$ linited to those specthc mtter5 set in the independent examiner's ¥tatemenL Indwndent exthnerfs Statrment l am quthed to undertak¢ the •xamlnaiion by being a qualffi¢d mernbtr of the Instle of Chartered kcountants in England aThd Wales. I have completed ry examinJrion. I confirm that no macerial matters have come to my attentitx in tonnettion wrh the exominaciM yvlng me cause to believe thai any rtNi¢eri respetr. a¢coursting re¢ords were not kept kn re$c¢ of the Foday0 as required by section 130 of thè Affj or the acE¢unrs do not accord with those rectsrds: or the XCQUhfS do not ¢ompty wth the appliubl¢ requiremenrs concerning the form and conr*n( of ounT$ set out in the charit IA¢counts and Reports) Re8ulati005 2008 other than any requirement thai the accourts give a 'true and wew. which is not a matter eonsidered a5 Part of an thdependent examination.. or the accounii have not been prepared in accordance with the methods and Princit$ of the Staternerbt ol Recommended Praetiee for accountlng and reporting by tharities applicable to tharipes prepanng thelr accounu in accordancè with thé Financi Reporting Standard applicable in the UK and Repubk of Irtland IFRS 1021. I have concerns and have ceme across no matters in eonnettion wfth the examination to whlch attention should be drawn in this reporr in order to enable a proper uTr4erstanding of tht accounts ro be reached. G SMYE Dlxon Wlls 21 Chancery Lane Ltsndon MSBY ACA CTA wc ILS 27 january 2025
THE LORD FORTE FQUNDATION ST A TEM ENT OF FI NAN CIAL ACTIVITI ES Year ended 31 March 2024 General lund Note 2024 2023 Income Inve5trneiic Inwme Dottaucns in klnd Bank interesT 73,581 7500 919 73,907 7.500 367 Totsl income 81000 81.774 Expenditure CosL5 of ¥eTheraiing funds . Investment MagemEnt Costs 117.7721 fl 7, 188) Expenditure on charitable aaiitie - Grnnts . Governance costs 162.ofK>I 17.9601 169.9601 f9ZS00) 17,9501 1100,4501 T¢>tsl expendlture 187.732} {117.6381 gain{10553) on invesrrnents Net incumel(expendltur¥) for thè y¢ar aAd net movèmont in funds Tgral ffijnds brought forward ar l April 2023 Total funds caTrTied forward ¢ JI M4r¢h 2024 231,SS7 1154,6081 1190.4721 3,134.297 225.825 2.943,825 3.169.650 2,943.825
THE LORD FORTE FOUNDATION ALANC E SH EET Year ended 31 MaKh 2024 Note 1024 2023 Axed aMÈts Invèstments at m**ei value 3,059,278 2,671,008 Debtors Cash and osh ¢qu¢tr 26 114,070 30 291165 114.896 291195 Credittsrn. AmouDts falllnz du¢ wlthln on¢ y•ar (414) 110,372 119.378J 272,817 Net rurrent as¥ets 3,169.650 2.943.825 Gener41 fvnd- unrestyleted funds (page 6) 3.169.650 2,943.825 The financRI startments cn page5 6 to 10 were approved by the rrustee5 grb 23 January 2025 and were si8ned on thetr behaKbr.- THE HO Truffte SIR ROCCO FORTE T N SCADE MBE TrIe
THE LORD FORTE FOUNDATION NOTES TO TH E FINANCIAL ST A TEMENTS Year ended 31 Mah 2024 A¢tounting polldès Basls of preparation The fInana statem¥ts have bg•n prepared n accor¢knte with the knounting and Reporring by charle5.. Stateme of REcommerwJed Pracce applicatAe to charities preparing thelr attounrs in acctsrdance the Flnanctr ReporringSt3ndard applicable in the UK and Kewjbfic of IrelaThd IFRS1021 the Charities Art 101 I. The financial statements havo been prepred under the historf¢al tort convenoon with items reco¥tbised at cost or ansattion value unless otherwise 5u¢ed in the accwnt(ng pohcks b¥low. The FOUndaOn ctsnsiirJJtes a publK benefit a5 defined by FRS102. The trustees coD5ider that there are no un¢eroin¢i¢5 about the FoundAtyon's ability to continue as a going ¢oncerrL Fund structure Unrestricted lund5 art awdilèble for use at th¢ discret of the tr¥stees fvrtherance ol Ehe Eeneral objectives of the Foundation. Income re¢ognltlon Ihetsme is rectsgnlsed once rhe Foundarion hAs etltsdemtnt ro the Incom& bf is prob8ble Imvre likety dmn notl that the incom will be received and the monetary value Can be measured with sufficient rddiility. Donamcns In represent the co# of donared SEr¥lces received during the year vued at the pn'ce thi¢h thE Founthtion would pay in the open mark¢k where thi5 can be re3sonably qwtified. E¢ItU refoznltlon Expendiwre ¢>n grant5 15 recorded oDr¢ the Fod**JOn has made an uncondioonal commivnetbt to pay the grant and th15 15 communicated to the eficIary or the grant h% been paKI. whithev¢r h the earuer. Other expondiwre is induded On an acuu31$ b2SiS. Investmènts Invesfments are included at frair fdlue usvig the dosint quotsd market prices x the balance Sheet dat& Al realistd and unrg31ised gairbs and10sses are tsken to th¢ $ternent of aryancl acu¥itie5. Fln•n¢lo1 Instruments Finantial iTrsrnJments are areounted for. accordlng to the substsnce of the contrattual arr3ngÈmenL as firncilI assers and ffinanCI liAblliise$. Inv¢stment Income 2014 2023 Diwderth irrterestfrorn listed investments 73381 73.907 Donations in Idnd 1014 202J Prtrbo independent ¢¥2mination Ind accowntancy fees 7.SOQ
THE LORD FOATE FOUNDATION N OTES TO THE FINANCIAL ST A TEM ENTS Year ended JI March 2024 Gr4nts 2024 2023 Grants to in$titlltiOnS thx prtryide trning c+rsel in the h05Pit31ity industry. Edinburgh Napier UThiver5ity Gokj Serwte Foundation Hotel Sth( In$d(ute of Ho¥pitaficy Lkefield Traitbing Centre Perth Cdlege Development Trusr Queen Margkrer UniversKy, E¢linbur Springboard Chartsble Trust The Innholderg Charittbk Founthdon (Mastyr Innhc4dgr5} The Vittor Cesernii Hospittlitystudent Memor1 khoknrship Univ¢rsity of Strathdyde 5.CQO 15.000 15,000 4.CM)O 5,000 IC¥)0 30.OOLI 125OQ 15.OOQ 15.OOC 10,000 S.OOC 5.OOQ 7.500 3.500 5.Q)O 62.QOO 92JOO Governn¢¢ Costs 2024 2023 bono kndepend+mt exarninatyon lees Pr¢-bono accountsncy fees B¥)k ch2rge5 1.500 6.OOCI 450 460 7.960 7.95t) None oftheTrtJsrees reEElved any rernunerndon or expense reirnbursements itt the year undÈr review (21ll3- £nill. Staff numbers The average number ol persons émpbyed by the Foundation during the year was nil Q023.. nll)- Fixed ¥ss•t Invertments 2024 Ustsd knvestments Market vakK at l April 2023 Addition5 at cost 2,671.008 85Q645 1693.932) 231.557 Dlsposll prcK2eds Ne¢gains on inv•5tsnÈnrs Market Yak at 31 March 2024 3.059,178
THE LORD FORTE FOUNDATION NOTES TO TH E FI NANC IAL ST A TEMENTS Year ended 31 Mar¢h 2024 2024 2023 Acctijed inc¢me 826 30 Credltors: amovThts falllngdu• wlthln on• yar 2024 2112> Grants yb Accrva15 15.000 4.378 4.$24 4.524 19,378 10. Rela¢ed party transactions There were no relatèd party trantIonS reqring disd05ure in the year. Flnanci instruménts 2014 1023 Financial assets at hir value knvestments 3.059,278 2.671.008 Financial a55trs at amorrised cost Accrued incorne Cash and cash eqUentS 826 114,070 30 292.165 114,896 292.15 FlThan£1 Ilabillti¢S at amortised cosr Grants payab Attruals 15,000 4,378 4,524 4524 19,378 10