Charity reglstration number. 326038 THE FORTE CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024 THE FORTE CHARITABLE TRUST IN DEX Year ended S Aprll 2024 Page General information Rèport of the trustees Independènt ex4min•r's repor( Siatemenr of financial activicies Balance 5heec No￿$ to ¢he financlal scacements THE FORTE CHARITABLE TRUST GENERAL INFORMA TION Yur 5 Aprll 2024 S¢tdor The Hon Slr Rocco Fon• Trusts¢¥ The Hon Sir Roc¢0 Forre (Chalman> The Hon Mr3 0 M L A Poliui di Sorr•ntlno CBE Lowndes Trust•￿ Limited Prin¢ip414ddrws 78 S¢ lame5 s Srrnet London SWIA IJB Charlty number 326038 Banke C Hoare & Co 37 Fleet Streer London EC4P 4DQ Investment mana8•v Ch2rl•s Sranl•y & Co. Llmit•d 55 8ishopsp London EC2N 3AS THE FORTE CHARITABLE TRUST REPOR T OF THE TRUSTEES Year •nded 5 Aprll 2024 The trv51ee5 are pleased co submit their report and accounts for the y•¥ ènded 5 April 2024. Const5tutlon The tru5t1s a r•glstered charlty. nurnber 326Q38. and Is constituted under i trust d?ed dated 14 January 1982. The Trus¢ was established by an inidal grft from the Hon Slr Rocco Forte (the SettlDr). Objective5 •nd activities Granrs are made for charitable purposes and to ¢hariraE4e institution5, for the pthlii benefir, At the discretlon of the Trus¢•e$. The Trustees have CDntinued 10 make grants to other charitles during th• y•ar for the benefit of Ihe eldtrty and the gener31 publiclmanklnd, Trurtees Th¢ names of the presen¢ trustees, who serv•d throughouc the year. are sraied on page 2. The dlreccors of the corporate trustee Lowndes Trustees Lirnited are 0$ lollows: The Hon Mrs M L C Burness Th• Hon Mrs l M A Danllovieh The Hon Mrs G M Alqn-Buckley The Hon Mi55 P M L Fort• New tru5cees may be appoinced by the Secdctrr during his lifeiimo and thereafter by the rrustees, such thai the number of trustees is 3¢ least three but do¢s noc exc¢¢d seven. New TrusE¢es are biiefed on the alms ol Ihe chariry and given coples ol most receiiL acEounr3 and the 8overnlri8 Trust dÈ•d to aid their under5tzndln8 tsf Ihe Charlty. The rru$cees hxve wlde power5 co administer the trusi and 10 Inve51 fund5, The Trustees have che power cts make grants from both incorne and capital. Orranlsatlon The TrusrÈé$ Ire responsible for the day tts day running ol th* chirhty. Th•y also d•cide ¢n th¢ Invesiment Df charity funds and the payment of ¥ranrs. The Princip￿ address of the chariry is shown on pègt 2. Public benefit The tyuste•s, having regard to tht Publtr benefii 8uidanc¢ pub115hed by the Chiriry Commisslon In accordance wich 5ECtlon 17 of the Charit103 Art 2011, consider that tha¢ purpose and ?ctivitSes of rhe charlry satisfy the rew1rernen￿ of the public ￿nefiC te5( set out in sec¢ion 4 01 the same act. Review of the year As shown orj page 6, therè was an over311 net increase In funds of £132,442 ID the year (2023- £168.709 decrease). whith was made up of inc¢rne 01 £46.35112Q23 - £28.092). investment galns of £167.89512023 - £140,9191055es) le55 eKpenditur¢ of £61,804 (2023 - £55,882). which includèd grants to other charltable Ins¢itu(ion5 of 161.500 12023 - £39,0001- AE the end of the ye3r funds toralled £2,2S4.056 (2023 - 11121,614}. Thé trusteès eonslder the totsl fund5 at the balance sheet d4tc to be at an appropriate level to pravide invèstment retiirns to ￿￿et Iheir ¢blecthe of making grints to other charitable institutions. Investnieiit pollcy and perfomiance The trusrees have appolmted inv•stmenc manag8rs with the long term objecdvè of safeguardSng Ihe real value ol caplral whllsi providing approxlrna¢ely £60.000 per year co fund gr3nts. A total recurn policy Is followed. THE FORTE CHARITABLE TRUST REPOR T OF TH E TRUSTEES Year ended 5 Aprll 2024 Reserves As showft on page 6. £25571 12023 - £19.6041 was transferred from che capital account ro the income icctsunt during Ehe year to make up the shortfall on the Income accounL At S April 2024 there was no undi$rributed income (2023 - £nill. The trustees con5idor the aggregate level of CaPiEal and undtstrlbured income S￿￿1Clent fo meet their objectivc of maintaining annuil 8Sving of L60.000, in rèal terms. Rlsks Th• Trustees have revlewed the rnAlor rl$ks to whlch the G￿rIty Is exposd ind È$rabliihqd systems to mitlgart tho1• riskn. A¢¢ounts These ar¢ sei our on pages 6 10 1 O and h&ve been drawn up in accordance with the ac¢ouniing policies sec <￿[ in noce l EQ che accounis and comply wlih the ¢harl¢y s Iru5c deed, Che Ch3rities Acc 2011. and Aecouniing and Reportlng by ChArlties'. Sta¢emeni of Recommended Practit¢ applicuble to charsties preparing Eheir atcounts in 3c£ordiir)ce wtih the Financial Repor¢in% Standard applicable in the UK and Ropublic ol Ir¢l?nd IFRS1021. On behaK of th• Trus￿0$ SIRR CO FORTE THE FORTE CHARITABLE TRUST IN DEPENDENT EXAMI NER'S REPOR T Year ended 5 Aprll 2024 INDEPENDENT EXAMINER% REPORT TO THE TRUSTEES OF THE FOATE CHARITABLE TRVST I report to the trustees on my exarnlnatltsn of the accounts of tlie TNst for the year ended S April 2024. Responsiblllties and basi6 *rfYeport As the Charl￿ crusiees of che Trust you are responsSbl* lor the preparntioii of the accounts in accordance wlih ihe requirements of (he ChariLie5 Acc 2011 I'the Att.). You are satlsffted chai ￿ audit Is not requirèd far Ehis year uttd•r charity law thar an Indep•ndenc examinacion Is needed. I reporc in re5pe¢c of rny examlnatlon of the Trust's accounts carrled our under section 145 of th¢ 2011 Act and in carrylng out my examinacion I have followed all the 3pplic2bl¢ Dlrectlons ¥lven by the Chariw Commission under sectoon 145{51{b> of (he ACL Dlxon Wi150n, a firm of Chartéred Accountants of whlch l am a partner ha5 provided bOOk￿e¢pIng 5erYic¢3 to the Trust ?nd I have appliod th• FRC'S Revised Ethical Stsndvd In carryln8 out my exarnlnarlon. An Indep•nden¢ examlnauon doe5 noc Invofve piliering all the eyldence th?c would be required in an audit and con509u•ntly does not cover 811 thè matter5 that an audlror conslders In giving their opinion on the accounts. Thc plannins and conduct of an audir goe5 beyond the limlted assurdnce ihar an Ind•perKIEnt examinauon can provide. Con5equentty, l express no ¢pinion as to wh¢thÉr the accounts presen¢ è 'true and fair. vlew and my repurt is limi¢ed to those specofic marrer3 5cI ou¢ ¢he irndependent examlner's 5t¥temeni. Independent examlnerfs statement l am qualified to undertake the examination by being a qualifled mernber ?[ the Institute of Chartered Accountants In England and Wales. I have completed my examination. I confjrm that no material mittors ha￿ comè to my atrention in connectlon wlth the examlnaiion givin¥ me cause to believe thit in any material respecL' accounting rÈcords were not kept In respect ol the Trust as required by settion 130 of th¢ Act., or the accounts do not accord with ihose records- or the a£ fftMncl•l ¥ssèrs and finantil liabi1Stl•5. THE FORTE CHARITABLE TRUST NOTES TO FINANCIAL ST A TEMENTS YaAr ended S April 2024 Grnnts 2024 2023 arants to inrtl¢utlons A Fimily For Every Orphan Brea5¢ Cancer Now Brithh Wlreless for The Bl*id Fund CornwaLI Atr Amb￿nce Tntst Dèpaul Int•rn*lonal Engtsnd and Wales Blind Gdf Fesuval of 5¢. Anthony Itallan Scotland SCIO Llberty Cholr UK On Course F(wndadon Ralu Hall Lunch and Soclal CILrb St Patrlck's Roman Cathol¢ Churth Target Ovarlbn Cancer Th• Brldsh Red Cross Socle Th• Garden Museum Th• Pa5Sa8e Th• Wrqn Pral•rt UnIV•￿ity of Oxford- Sir Rager Bannister Athhtk5 Track Vow lor Gir15 W¢ Ar• Grow 2.500 7.01)0 iooo 5,000 iooo 5,000 2.000 3,000 iooo s,000 2.000 4.000 5.000 5.000 s.ooo 5.000 I,ooo 5.000 2,000 10.000 1.000 s.000 61.500 39.000 Govornancè costs 2024 2023 Acco¥ntsnq f••s Ind¢p•ndènt 4x*rn5nation fee Bank chary¢s 6,SOO 1,000 540 3,9(10 510 8,040 4,410 Inv•stments Llsted In¥￿tmonts Market Yalue ar 6 April 2023 Addltions ar cos¢ Dlsposals proceeds Net gakn5 on Inve5trn¢nt5 Mark•t •Alue at 5 Aprfl 2024 1,959.716 575.226 (575,786> 167,895 2.127,051 THE FORTE CHARITABLE TRUST NOTES TO FINANCIAL ST A TEMENTS Year ènded S Aprll 2024 Credlt•rs- amount5 falling due wlthin one year 2024 2023 Accru21s Other ¢redltors 6M60 3.000 5,760 720 9,060 6,480 Taxatlon Th• Trust 13 J r•g15t¢r•d eharlty and aceordlngly Is •x•mpt from taxatlon on k3 In¢ome •nd 81kns where th4y are applied for charlublg purpos•s. Trurtees. •xpen$•s No rru$¢ee recetr••d any remunerailon ¢x w•r• relmbur$¢d any expen3es kn cho year und¢r r•Y*w P023 . £nlll. Relat•d party trans•¢tlons Thère wer• no reh(ed pany trnnsactlonj rEqulrlng disclosure In th• y•ar. Fln•ndal Instruments 2024 2023 Financlal assets at falr value Invesiments 2.127.051 1.959.716 Financial assets at amortised c05t Caih 4t bank 136,065 168J78 Flnancial liabilitle$ at amortlsed Cost ALeruals and oth•r cradltors 9.060 6,480 10