2023-04-05-accounts

Charity re8iStrntion number. 326038 THE FORTE CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED S APRIL 2023

THE FORTE CHARITABLE TRUST INDEX Yw ended 5 Aprll 2023 G•n•ral Informatlon Repon of thè trnst••s Ind¢p•ndent oxamln•r's report Sta¢emeDt of flnanclal acdvltt•s BalaThc• Sh￿t Notes to the financlal sra¢gmenr5

THE FORTE CHARITABLE TRUST GENERAL INFORMA TION Year ended 5 April 2023 Settlor The Hon Sir R¢x¢o Forte Trustées The Hon Slr Rocco Forte (Chalrman) The Hon Mrs O M L A Pollzzi dl Sorrendno CBE Lowndes Tnjstees Limlted Princlp•l address 70 Jtrniyn Str¢er London SWIY6NY Charfty number 326038 Bankerj C Hoare & Co 37 Fleet S¢re¥t London EC4P 4DQ Investm•rbt m￿*Ser Char4es Stanley & Co. Umlted 55 Blshopsgat• London EC2N 3AS

THE FORTE CHARITABLE TRUST REPOR T OF THE TRUSTEES Year ended S Aprll 2023 The trustees are pleased to submi¢ their report and acwunts for the year ended 5 April 2023. Constltuthn The trust is a re￿stered charlty, number 326038, and is Con$￿tuted under a trust deed dated 14 January 1982. The Trust was established by an initial gift from the Hon Sir Rocco Forte (the Setdorl. Obl•ctlv•s and actlvltles Grants are made for charltable purposes and to charitable In5dtutlons. for the publlc benef1¢ at the dlscretlon of the Trustees. The Trustees have continued to make grants to other charldes durlng the year for the benefit of the elderly and the general publlclffmnkln Trust••s The names of the present trU5tee5, who 5eThed throughout ¢ho ye¥, are stated on page 2. The dlrectors of th• corporate trustee Lowndes Tru5teos Umlt¢d are as follows.. The Hon Mrs M L C Burness Thè Hon Mrs l M A Danlloylch The Hon Mr5 G M Alen-Buckley Tho Hon M155 P M L Forrg New trustee5 may be appoSnred by th¢ Sgdor durlng h5$ IiferJme and thereafrer by the trust¢¢s, $u¢h thac thè number of trustees Is at least three but does not exceed seven. New Trustees are brlefed on the alm5 of the charlty and glven coples of m05t recen¢ accounu and the goyernlng Trust deed to ald thelr undersundlns of the Charty. The trustees have ￿de powers to admlnlster th• trust and to Invest funds. The Trustees have the power to mak•

rants from both Incorne and capltal.

Or8anSsatlon The Trustees are responslblo for the day to day runnlng of the charfty. They also declde on the Investment of charlty fund5 and the payment of grants. The prfnclpal address of the charlty Is shown on page 2. Publlc beneflt The trus¢ees. haylng regard w the Publlc benefit gulthnce publlshed by the Charty Comm155lon In accordancè wlth 5ecdon 17 of the charl￿e$ Act 2011. conslder that tha¢ purpose and ac￿VItIeS of the charlw 5adsfy the requlrements of the publle benefit test set ou¢ Sn secdon 4 of the same acL Revlew of the year As shown on page 6, there wa5 an overdll net decrease In fund5 of £168.709 In the year12022 - £7,349 Increase). which ￿4$ made up of income of (28.092 (2022 . £17.7131. investmen¢ losse5 Of £140.91912022 - £33.884 pins} less expendlture of £55.882 12022 . £44.2481. which Included grants to other eharltable Institu￿On$ of £39.000 {2022 - £27,OCKI)- At the end of the year funds tOt￿led £1121,614 (2022 . £2,290,323). The trustees consider the total funds at che balance sheei date to be at an appropriate level to PrO￿de future Investment returns to meet their obiective of rnaking grant5 to other charitable institution5. Invejtmert policy and perfornwice The trustee5 have appolnted investment minagers with the long term oblectlye of safeguarding the real value of eapltal vthi15t prorfdlng approxlmately £60,000 per year to fund grants. A total return pollcy Is lollowed.

THE FORTE CHARITABLE TRUST REPOR T OF THE TRUSTEES Year ended S Aprll 2023 Reserves As shown on page & £19,604 12022 - £1&1361 was transf8rrnd from th• Cap￿ account to thè Incom• account durlng the year ¢0 make up the shortfall on the Incom4 account At 5 Aprll 2023 thera wa5 no und15trlbuted Income {2022 - £nil). The ¢ru5tees consider the aggregate level of capltsl and undlsrrlbuted Income 5ufflcl8nt to meet thelr oblecdve of malntainln8 annual glvlng of £60.000, In terms. Rlsks The Trustees have re￿¢Wed the major rlsks to wNch th• charlty Is •xposed and estab115h•d systems to ml*ate those risks. Account$ These Ire Set ¢JJt on pages 6 to 10 and have been &awn up In accordance th4 accountlng pollcle5 set out In noce I to the acc¢)unts and comply wlth the Charlty's trust deed. the Charltbès Art 2011. and Accountlng and Reportlng by Charldes.. Statement of Recommended Practke appllcable to charltlès preparlng thelr accounts In accordance wlth the Flnanclal Reporring Srandard appllcable In the UK and Republlc of Iroland {FRSI 02). On behalf of the Truste SIRR CCO FORTE 30Ja ary 2024

THE FORTE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPOR T Year ended 5 April 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FORTE CHARITABLE TRUST I report to the trusoes on my ¢￿Mination of the accounu of th¥ Trus¢ f¢Y the year éndtd S Aprll 2023. Responjlbllltles and basls of report AS the chariry tru5tee5 of the Truse you are respon51ble for the preparatlon of the accounts In accordance wlth the requlrements of the Chari¢ie$ Att 2011 I'the Act'l. You are sa￿$fied tha¢ audlt Is not requlred for this year under charlty law and that an independent examlnatlon is needed. I report in respect of my examlnatlon of the Trus￿5 accounts carrled out under secdon 145 of the 2011 Act and in carrying out my examSnatlon I have followed all the appllcable Directlons zlven by the Charlty Commisslon under sectl¢)n 145{51{bl of the Act. Dixon WSlson. a flrm of Chartered Accountants of whlch l am a partner ha5 provlded bookketplng seNlces to the Trust and I have applled the FRC'S Revised Ethlcal Standard In carry(ng ou¢ my eXamIna￿an. An Independent examination not invofve satherlng all thè ¢•Adence that would be requlred In an audlt and conse¢wendy does not cover all the matters that an audltor con55der5 In giylng their oplnlon on the accounts. The plannlng and eoThduct of an audit goes beyond the Ilmited assurance that an Independenr exarnlnatlon can provlde. Consequendy, l express no opinion as to whether the iccounts present a 'true and falr. vlew and my report Is Ilmlt¢d ro thost specKlc matters set our In the independent examiner's J¢a¢effjent. Independent examlner's stateM￿t l am quaiifled ro under¢4ke the examlnadon by belng a qualthed memb•r of th• Initltute of Chart•r•d Accountants In Enlind and Walej. I have completed my examlnadon. I confirm that no material mat¢ers have come ¢0 my attendon In Connecdon wlth the examlnatlon ￿VIng me caus• to b•ll¢Y• that In any materlal r￿pe¢L. accountyng records were not kept in respect of the Trust a$ r•qulr•d by sec￿On 130 of the Act: or the accounts do not iccord wSth those records.. or the accounts do not comply the appllcable requlrements concerning the form and content of accounts s•t out In the Charlu¢s {Accounts and Reports) Reguladons 2008 other than any requirement that th• account5 give a 'true and fair vltw, which Is not a mattèr consldered as part of an Independent examination.. or the accounts have not been prepared in accordance with the methods and principles of th• Statemen¢ of Recommended Pracdce for accountlng and reportin8 by charities appllcthe to charltie5 preparing tholr accouftcs In accordance wlth th• Flnanclal R•pordng Sundard appll¢3ble in the UK and Republic of Ireland (FRS 1021. I have no concern5 and have come across no matters in connection with the examinauon to whith atten￿tsn should be drawn In thls report In order ¢0 enable a proper understanding of the accounts to be reached. G SMYE-RL MSBY ACA Dlxon Wll$on 22 Chancery Lane London wc￿ ILS 2024 10 Fabruary

THE FORTE CHARITABLE TRUST ALANCE SHEET At S April 2023 Note 2023 2022 Flxed assets Investments 1.959,716 2.110.194 Curvent a*Jets Cash at bank 168,378 185.629 Credltors- an)ounts falling due wSthln one year Net current a55ets {6.4801 161,898 (5.500) 180.129 Total assèts l•ss current Ilabllltl•s 1121.614 2,290,323 Unr•$trlc¢ed funds.. Capltal fund Ipw 61 Incorne fund Ipage 61 2,121,614 2.290,323 2,121,614 2.290.323 Th• financlal ases 6 ¢0 1 O w•re approved by the twstees on 30 January 2024 and 51gned by.. SIRR CCO FORTE fy. fuk MRS O M LA POLIZZI NDES TRUSTEES LIMITED

THE FORTE CHARITABLE TRUST NOTES TO THE FINANCIAL 5T A TEMENTS Year ended S April 2023 Accountin8 Polici¢1 Basls of accountlng The flnanclal statements have been prepared in accordance vrith Accoundng and Reportlng by char￿e$.. Statement of Recommended Practice applicable to charttles preparlng thelr accounts In accordance wlth the Flnancl81 Reporung Standard appllcable In the UK and RepublSc of Irelarbd IFRS1021 and the Charltles Act 2011. The financial $ratements have been prepared under the h15torlcal cost convèntlon ¥￿th Items reCO￿￿sed at cojt or tran5attlon Ydlue unless otherwise srated in the accounting pdicies below. The charity con5tltut•s a publlc benefit entity as defind by FRS102. The trustees ¢+xslder that thert arè no uncertalnde5 abour the chariW5 ablllty to Can￿nUe as a golns concern. Fund itructur• Unrestrlcted fun& ar• aRllable for use at the dlscredon of the trustees In furtherance of th¢ gen•ral obltcdvs of the charity. A5 & total recurn pollcy Is foll¢)wed whère Income funds ar• Insuffl¢len¢ capl¢al fund5 are used to fund expendlture on charitabl• acdYld•s, and a corr•$pondng transf•r b•ts¥••n funds Is made to reflect this. Incomo r•co8nltlon Divldend income Is r•co8nlsed whn the trust Ss endded ¢0 the dlvldend and Intere$¢ Income is r•cognls•d on an accru315 ba515. Expendlturn r•cognltlon E¥pendlture on grants h rncorded once the Tnjst has made an uncondltl¢)nal commltment to ply the 8rani and chls Is comrnunlcated to the beneflclary or rhe grant has b•érn pald, whlchover Is th•, earller. Other ¢xpendlture Is Included on an accrua15 bx519 ind split between the Income and capltal fund5 a5 approprlatg. Investm•nts Invgstments are 1n1t1￿lY recogn15ed at thelr tran5aCtlon value and are subsequently rne45ured at thèlr falr rtlu• {market value) u51ng the eloslng quot•d mark•t prk•s at th• balanc• sh••t &te. All galns and losses are taken to the sratement of financlal ac￿¥1￿0$. Flnanclal Instruments Financlal Instruments are acc¢>Jnted for, accordlng to the substance of the contracvjal arran8emen4 as nnanclal assets and flnanclal Ilabllldes.

THE FORTE CHARITABLE TRUST NOTES TO FINANCIAL ST A TEMENTS Year ended S Aprll 2023 Grants 2023 2022 Grants to Instltutlons A hmily For Every Orphan Arandora Star London Memorkl Trust England And Wale5 Bllnd Golf Festival of SL Anthony Grinling Gibbons Society Growing Well Llmlted Llberty Cholr UK St Patrlck's Aoman Cathoh¢ Church Target Ovarlax Canur The Britb5h Red Cross Sotlèty The Garden Museum The Wr•n Proiett Wg Ar¢ Grow Women for Women Int4rnatlonal UK 2.000 iocrf) 4,0 5,000 5,000 5.OCKI 5,OLTh) 5.000 5.000 39.000 27,000 Governance crfts 2023 2021 Accountancy fees Bank charges 3.182 450 sio 4,410 3.632 Investments Usted Inmtmènts Market value at 6 Aprll 2022 Add￿lon5 at cos¢ Disposals proceeds Net losses on Investmenu ZI 10,194 507,103 1516,6621 1140.9191 1,959.716 Markèt fdlué at 5 Aprll 2023

THE FORTE CHARITABLE TRUST NOTES TO FINANCIAL ST A TEMENTS Year ended 5 April 2023 Creditors- amounts fallln8 du• wlthln one year 2023 2022 Investment management cost Accountancy fees 3.060 3,420 3.100 2.400 6.480 5,500 Taxatlon Th• Trust Is a relsternd charlty and accordnoy Is exempt from taxatSon on Its Income and 8aln5 where they are applled for charfitable purpose5. Trust•es' expenses NO rrusree recefvod any remuneratlon or were relmbursed any •xpens•s In the year under revlew {2022 - £nlll. Related party transactlona There were no related party transac￿0￿$ requlrlng dlsclo$ur• In th• y•ar. Flnanclal Initrum•Thts 2023 2022 Flnanclal a$5et5 at falr value Investrnents 1,959,716 2,110,194 Flnanclal assèts at aMor￿sed cost Cash at bank 168,378 185,629 Flnanclal Ilabllldes at amort15ed c05t Other pardblis 6.480 5.500