Charity reglstratlon number. 298100 THE LORD FORTE FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2025
THE LORD FORTE FOUNDATION INDEX Year and 31 Maveh 2025 Pago General infonrAti Tru$tee8' annual report IrKlependent exlnerfS r statewont of ffinan¢ial actP4iti9S Balance sheel Notes to the financial stat•ments
THE LORD FORTE FOUNDATION GENERAL INFORMA TION Year ended 31 March 2026 Trustees The Hon Sir Roc¢0 Forte Ichaimianl The Hon Mrs O M L A Polizzi di Sorrentino CBE T N Seade MBE A McKenzie G Booth Correspondent and prln¢lpal addr•ss The Trustees rjo Judy Lewendon 78 St James's Street London SW1A 1JB Charity number Independ•nt examlner 298100 G Smye-Rum$by Dixon Wilson 22 Chancery Lane London WC2A 1 LS Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Investment managers Rathbon&s 30 Gresh8m Street London EC2V 7QN
THE LORD FORTe FOUNDATION TRUSTEES, ANNUAL REPOR T Year end•d 31 March 2025 Tnjstees submit thr annual r8wt Ic¥3haT with ts accounts of th8 Foundation for th8 year ended 31 March 2025 which have been prepared in a¢Qdance with current statutory r8quirem8nts and in acCordae wrth its goveming document. Constitutlon The Lord Forte Foundation was founded by thè late Charl85 Forte. Baron Forte of Fknpby. and is govern by a Trust Deed dated 17 November 1987, and registered as a charity. number 298100. The Truste¢5 have wide pwers to administer Ihe Foundation and lo raise and invest funds. The Trustees may not htrHever raise fund8 by undertaking any pemianent trading actNitses, nor may any trustee be appou)led to any salaried office of the Foundatlon. Trusteas The Tntsteas who served during the year are listed on page 2. The Per of appointing neH trustees 1$ held by the Trust. Wh8n looking for new trustees, the Trustees may seek recommendations from stakeholders in the hosprtality and catering industry, including major employers. tr&Je associations, major grant recipnIs. and the hotel aTrJ catering educational establishment generally. The deusion on selection is a matter for the Trustees. All the TN$tees 9ive of their time freety and no trusle? remuneraticffl was paid durfng the year. Nerthor did the Trust88s r8ceiv8 reimbursemenl for any expenses. Truslees are required to discl¢)se all relevant interests and. in accordance with the Trusys policy, wilhdiaw from deusn3 wh8ra a conflicl of interest arises. Prlnclpal offlce Thè principal office ofthe charity is as shuwn on poge 2. Object and actfvttle8 for t publlc benefft The object of the FourKlation. as ¥el out in the Trust D9ed. 15 to encourage excellence wilhin the fields of hospitality, en¢ompa$¥ing thg hotol. ¢atering. travd and tourism industries within the UK aNI oversoas. The Foundation achieves its object principally by making awards directly to educational astablishments which provkle training courses or carry out research or other projects relating to the hospitalty industry. These educational establishments are, in the main, cpen to all mambers of the general public who apply to them and meet their academic and olhor entrance criteria. The Foundation seeks to prowde financial support which rewards excellence, and specrficalty assists in meeting the costs of study for those from PWTer backgrounds. By Using on these areas. the Foundation achieves its strategic obJ'6ctNe of promoting thlucation and excellenc& within the field of ho8Pitalty. Public benefft The trustees, having regard to tha Public benerrt guidarKe published by the Charity Commission in accordance wilh seclion 17 of the Charities Act 2011, consKler tho1 the purpose and aclwities of th8 Foundation saligfy tha requirements of the public benefrt te8t Sel out in section 4 of the same oct. Revlew of activiiios. results and re5eT¥es policy As Shown on page 6, the Foundation's fund8 inereased by £53,180 in the yèar ended 31 March 2025 12024- increase of £225,825) and tolalled t3.222,830 as at the end of the year12024 - £3,169.650). The crease in funds for the year included inveslrrEnl income cl £70,50712024 - £73,581) and nel gains on the Truslges, investme*nl porttolio of £40,105 {2024- net gain$ of £231,557), as wdl as expenditurp on charitable activib'es, which included grants of £40.00012024 - £62,000). The TTustee5 anticipate making grants in futur8 y&ars 8quival&nt to their annua5 income and regard their r8seNa$ as being at an appropriate level for this objectwe.
THE LORD FORTE FOUNDATION TRU sfEES ANN UAL REPOR T Icontlnued) Y•ar ènded 31 March 2025 Inve5tm8nts The Trustee$ havè invested th8 rnajority ollh8lr funds wtih Ratltsn Inv88tment Management Limrted wilh the mandate to generate income ol over É60,¢X)O per annum whilst prole¢bn9 tho undetying Val ofthe funds in roal terms. Rlsk Th8 Tiuslees have considerod the major risks lo which the Foundation 1$ exposed and have eslablish¢d systems 8nd procedurès to mitlgale Iho$g risks. The Trustees consider the variabilrty ol Investment returns to Constitutè Ihe Foundation's mai¢f risk. They hav8 Ihereloie sured their investment portfolS018 wèll dNersth¢d and ¢Je5igned to pr(Ilect the capital value over the long and protsuc8 a sleady in¢om• return to fund grants. A¢¢ount• The aGcounl8 ar¢ sèi out on p8ges 6 10 10 and have been drawn up in a¢coTdance wrth Ihe accounting pL)liGies sèt out on page 8 and c¢)rnply wth the Fourdalion's Tru81 Deod, the CharitS A¢1 2011. and Accounting and Reporting by Charitie8 Slatement of R8comTnende4 Pr8Ctico applic8ble to charille$ preparing their accounts in 8ccordan¢e wilh the Financial Reporbng Slandard applicable Ihg UK and Republic ol Irtland (FRS1021 8y order of Iht Trust* THEH 3 Jul N SIR ROC 2025 O FORTE
THE LORO FORTE FOUNDATION INDEPENDENT EXAMINER'S REPOR T Yoar ended 31 March 2025 INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF THE LORD FORTE FOUNDATION I rewt to the Iru8tee8 on my axamination of the accounts of the Foundation for the year ended 31 March 2025. Rosponslbllllles and basi$ of report As th8 trustees of the FndatIOn you gre responsible for Iha preparatton of the accounts in 8ct¢ydance w'th th8 requirements of the Charities Act 2011 {'the ACYI. You are satksfied that an audrt is t Uired for thi5 year under charty law and that an ind8pendent examination is needed. I report in respect of my exwnination of the Foundation's accounts carried out under section 14S of tho 2011 Act and in carrying out my examination I have folkhved all the applicable Directions given ty the Charity Commission under $e¢tion 14515llb} of the Act. Dixon Wilson. 8 fimi ol Chartered Accountants of which l am a partner has provided bookkeeping services to the Foundation and I have applied the FRC'S Rewsed Ethical Standard in carying out my examination. An independ&nt examination does rtot invotve g&hering all the evhderKe th81 would be required in an audrt and consequently doe5 not cover all the matters than an auditor consider8 in giving their opinion on the accounts. The planning and condu¢t of an audrt goes b8yotKI th8 limrted assuran¢8 that an independent examination can provide. Consequentty. l expr8ss no opinion as lo whether the a¢counts present a Irue and fairf view and my report 15 Iwnited to those specrfic mallers set out in the independenl 8xaminerf$ ststement. Indapendent examIne8 statement l am qualified lo undertake the exarrinatKJn by Eeing a qUald member of the In$ti¢ute of Chartered Acwuntsnls in England and Wales. I have completed my examination. I confim that no matsrial matters have come lo my attanlion in onnection with the examination giving me Gause to believe that in any material respe¢t'. accounling record$ were not kept in respxt of the Foundation as required by Secon 130 dthe Act., or the accounts do Mt accord wi(h those records" or the lunt$ do Trat compty wf(h the applicable requirements ncernIng the fomi and content of oGGounts Sel out in the Charitles (Accnunls and Repcrfts} Régulaltons 2008 other than any requirement that the accounts gwe a'true and fair view, which is not a matter consklered as port of an independent examination., or the xcounts have not been prepared in accordance with the methcrtjs and principles ofthe Statement of Recommended Pwlice for accounting and reporting by charf(ies applicAble to ¢harrties preparing their accounts in accordan wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have come rOSS no matters in connection with the examlnab'on to which attention should be drawn in this report in order to enable 8 proper undernlanding of the accounts to be ched. BY ACA TA Dixon Wlson 22 Chancery Lane London WC2A 1LS 4 July 2025
THE LORD FORTE FOUNDATION ST A TEMENT OF FINANCIAL ACTIVITIES Year ended 31 March 2025 General fund (UDre$tricted funds) 2025 2024 Note Inme 70,507 7,500 1.792 79.799 T3,581 Investment income Donations in kind Bank interest 919 82,0 Total income Expendlture Costs of generating funds - Investrnenl managemeni costs Exp8nditur8 on charfitsle acIN1tS., - Grant5 - Govemance costs {18.8241 (17. 772) 140,0001 {7,9001 147.9001 (62,OCQ) (T,960) (69.960) {66.7241 f87. 732) Total oxpendlture Net gains on investments Mot incom for the yoar and nèt movom•nt in lund Total fund$ brought fonN?rd al 1 April 2024 Total funds ¢arri•d foThv#rd at 31 March 202S 40.105 53.180 3.169,6SO 3,222.830 231,557 225,825 2.943,825 3, 169,650
THE LORD FORTE FOUNDATION BALANCE SHEET Year oThd 31 March 2025 2025 2024 Investmenis at mart¢et value 3.048,730 3.059,278 Current assets 1.420 177.424 826 114,070 114,896 (4.524) 110.372 3. 169.650 Cash and cash equbvalents 178,844 (4.7441 174,100 3.222.830 Cr8dltors". Amounls falllng due wlthln one year Net current assets Nel assets General fund- unrnstrict•d funds {pag• 6) 3.222.830 3, 169,650 The finala1 statements on signed on their be ages 6 to 10 were approved by the trustses on 3 July 2025 and were 'THEHO Trustee SIR ROCCO FORTE Tdio T N SCADE M8E Trustee
THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Y•ar ended 31 Mah 2025 Accountlng pollcies Ba8ls of preparatlon The financial stslements hav¢ bo•n prepared in accord& with the Accounting and Reporting by Charit$.. Statement of Recommended Practice applicable to charthes preparing their aecounts in accordance with the Financial Reportsng Stsndard applicable in the UK and Republic of Ireland {FRS102) and the Charities Act 2011. Th¢ financial statements have been prepared under the historical cost converrtion wlth items re¢ognised at cost or tranSli0n value unths othemse sta1 in the accounting poIleS below. The Foundation cons16tutes a public benefit entity as defined by FRS102. The truste88 Gonsidgr thatthere are no uncertainties atroul th FOUndatK,s ability to continue 8s a going eoncem. Fund structure Unfestricled funds are available for use at the discrdion of the tru$te89 in furtherance of the general objectives of the FouTrJalion. Income Mcognltlon InG<xne is re¢c4Jnised once the Foundation has entrtlement to the income.11 is probable (more likely than noti that the income will be received and the monetary value can b8 measured with sufficient reliabilty. Donations n kind represent Ihè cost of donated ser¥e3 recewed during the year valued al the prKe which the Foundation would pay in the opèn maet, where this rAn be reasonably quantifd. Expendlturo rKognlli( Expenditure on grants is re¢orded once Ihe Foundation has made an uncOnditnal commitment to pay the grant and this is communicated to the beneficiary orthe grant has been paid, whichever is the eather. Other exFendf(ure is Included on an xcruals basis. Investments Investments are inGluded at fair value using the closlng quoted market prices ot the balance shget dato. All realised and unre8li8&J gains and losses are tsken to the $tatgment of financial aclwit*s. Financlal instruments Financial instruments are accounted for, a¢cording lo the SLtbstanc6 of the conlraclual arrangement. as financial assets and financial Ibabililies. 2024 Invmtment Incom• 2025 DMdend$ and intfrresl from listsd investrnents 70,507 73,581 2025 2024 Donatlono in kind PrbOn0 independènt examination arKI accountancy fees 7,500 7,51
THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Y•ar ended 31 March 2025 Grnnts 2026 2024 Granlg to institutions that pThvJe Iralning courses In the h08Pbtalty indu8ty. Edinburgh Napier Univer8ty Gold SeNcè Foundation Hot81 School Instltute of Ph)spitalty Lakefield Training Centre Parth Colhge Devek)pment Trust Quggn Margaret UnNersty, Edinburgh Springboard Charitable Trusl The Innholder3' Charitable Fjndat10n IMa8ter Inntrdder8) The Vthr Ceserani Hosplality Student Memorial Scholarship UnNetsty of Strathclyde 15,000 15,000 10,000 10,000 7.500 a500 40,000 Gov•mancg costs 2024 Plbon0 irKlependenl examination fee$ PrbOn0 a¢¢ountan¢y fees Bank Charges 460 7.960 None of the trustees rewved ary remuneratlon or eypense reimbursements in the year under review (2024- £nill. Staff numbgr¥ The average number of persons by the Foundalion dumg the yearwas nil (2024: niD. Fixed a••et investments 2026 Ll¥tsd InvgslmBnts MaJ1(et V81ue at l Apdl 2024 Additsons al c05t 3,059,278 895.2943 (945.946) 40.105 D18po6al proceods Net gains on investments Market value & 31 ma 2025 3.048,730
THE LORD FORTE FOUNDATION NOTES TO THE FINANCIAL STA TEMENTS Year ended 31 March 2026 2025 2024 Dobtorn 826 Accrued Iorne 1.420 Crodltors: amounts falllDg duo Tmlthln one yo•r 2026 2024 4,744 4.524 AcGruals 10. Related paty transartions There were no related party transactions requrtng disclosure In the year. 11. Flnanclal kn8truments 2025 2024 Financial ass¢t8 at fair valua Investments 3.059,278 3,048.730 FinanGial assets al ank)rtIS cost Accrued income Cash and cash equivaents t.420 177.424 178,844 826 114,070 114.896 Flnan¢ial IBbilities at 8mortised st ruals 4,524 4,524 4.744 4.744 10