Charity registration number: 326038
THE FORTE CHARITABLE TRUST
## FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
## **THE FORTE CHARITABLE TRUST**
I N D E X
## **Year ended 5 April 2025**
||**Page**|
|---|---|
|General information|2|
|Report of the trustees|3|
|Independent examiner’s report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8|
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## THE FORTE CHARITABLE TRUST
## GENERAL INFORMATION
Year ended 5 April 2025
## ne Settlor Sir Rocco Forte
## Trustees
Sir Rocco Forte (Chairman) Lady Olga Polizzi Lowndes Trustees Limited
Principal address 78 St James’s Street London SW1A 1JB
## Charity number
326038
Bankers C Hoare & Co 37 Fleet Street London EC4P 4DQ Investment manager Charles Stanley & Co. Limited Ropemaker Place London EC2Y 9LY
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## THE FORTE CHARITABLE TRUST REPORT OF THE TRUSTEES Year ended 5 April 2025 Se The trustees are pleased to submit their report and accounts for the year ended 5 April 2025.
## Constitution
The trust is a registered charity, number 326038, and is constituted under a trust deed dated 14 January 1982. The Trust was established by an initial gift from the Hon Sir Rocco Forte (the Settlor).
## Objectives and activities
Grants are made for charitable purposes and to charitable institutions, for the public benefit, at the discretion of the Trustees. The Trustees have continued to make grants to other charities during the year for the benefit of the elderly and the general public/mankind.
## Trustees
The names of the present trustees, who served throughout the year, are stated on page 2. The directors of the corporate trustee Lowndes Trustees Limited are as follows:
The Hon Mrs M L © Burness The Hon Mrs | M A Danilovich The Hon Mrs G M Alen-Buckley The Hon Miss P M L Forte
New trustees may be appointed by the Settlor during his lifetime and thereafter by the trustees, such that the number of trustees is at least three but does not exceed seven. New Trustees are briefed on the aims of the charity and given copies of most recent accounts and the governing Trust deed to aid their understanding of the Charity.
The trustees have wide powers to administer the trust and to invest funds. The Trustees have the power to make grants from both income and capital.
## Organisation
The Trustees are responsible for the day to day running of the charity. They also decide on the investment of charity funds and the payment of grants. The principal address of the charity is shown on page 2.
## Public benefit
The trustees, having regard to the Public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that that purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same act.
## Review of the year
As shown on page 6, there was an overall net decrease in funds of £20,178 in the year (2024 ~ £132,442 increase), which was made up of income of £56,270 (2024 - £46,351), investment losses of £20,096 (2024 — £167,895 gains) less expenditure of £56,352 (2024 - £81,804), which included grants to other charitable institutions of £36,000 (2024 - £61,500). At the end of the year funds totalled £2,233,878 (2024 - £2,254,056).
The trustees consider the total funds at the balance sheet date to be at an appropriate level to provide future investment returns to meet their objective of making grants to other charitable institutions.
## Investment policy and performance
The trustees have appointed investment managers with the long term objective of safeguarding the real value of capital whilst providing approximately £60,000 per year to fund grants.
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## THE FORTE CHARITABLE TRUST
REPORT OF THE TRUSTEES
Year ended 5 April 2025
————ee
## Reserves
At 5 April 2025 there was £13,220 of income retained as unrestricted funds (2024 - £nil). The trustees consider the aggregate level of expendable endowment funds and unrestricted funds sufficient to meet their objective of maintaining annual giving of approximately £60,000, in real terms.
## Risks
The Trustees have reviewed the major risks to which the charity is exposed and established systems to mitigate those risks.
## Accounts
These are set out on pages 6 to 10 and have been drawn up in accordance with the accounting policies set out in note 1 to the accounts and comply with thé charity's trust deed, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
On behalf of the Trustees
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“SIR ROCCO FORTE
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ay July 2025
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# 12 August
|
## THE FORTE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
Year ended 5 April 2025
|Year endedended 5 April 2025|Year endedended 5 April 2025|Year endedended 5 April 2025|Year endedended 5 April 2025|Year endedended 5 April 2025|Year endedended 5 April 2025|
|---|---|---|---|---|---|
|a||||||
||Note|Expendable
endowment
Funds|Unrestricted
Funds|Total
2025|Total
2024|
|||£|£|£|£|
|INCOME||||||
|Income from quoted investments
Bank interest||-
-|54,257
2,013|54,257
2,013|45,270
1,081|
|Total income||-|56,270|56,270|46,351|
|EXPENDITURE||||||
|Expenditure on charitable activities
- Grants
- Governance costs|3
4|-
-|(36,000)
(7,050)|(36,000)
(7,050)|(61,500)
(8,040)|
|||-|(43,050)|(43,050)|(63,540)|
|Expenditure on raising funds
- Investment management costs||(13,302)|-|(13,302)|(12,264)|
|Total expenditure||(13,302)|(43,050)|(56,352)|(81,804)|
|Net (losses)/gains on investments|5|(20,096)|-|(20,096)|167,895|
|Net income/(expenditure) forthe year||(33,398)|13,220|(20,178)|132,442|
|Transfers between funds||-|.|-|-|
|Net movement in funds for the year||(33,398)|13,220|(20,178)|132,442|
|Total funds broughtforward at6 April 2024||2,254,056|.|2,254,056|2,121,614|
|Totalfundscarriedforwardat5April|2025|2,220,658|13.220|2,233,878|2,254,056|
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## THE FORTE CHARITABLE TRUST
BALANCE SHEET
At 5 Aprit 2025
|At 5 ApritAprit 2025|At 5 ApritAprit 2025|At 5 ApritAprit 2025||||
|---|---|---|---|---|---|
|aaa|||EEE|||
||Note|Expendable
endowment
Funds
£|Unrestricted
Funds
£|Total
2025
£|Total
2024
£|
|Fixed assets||||||
|Investments|5|2,091,690|-|2,091,690|2,127,051|
|Current assets||||||
|Cash atbank||132,168|19,220|151,388|136,065|
|Creditors
—amounts falling duewithinoneyear
Netcurrentassets|6|(3,200)
128,968|(6,000)
13,220|(9,200)
142,188|(9,060)
127,005|
|Totalassets lesscurrentliabilities||2,220,658|13,220|2,233,878|2,254,056|
|Funds:||||||
|Expendableendowmentfunds(page
Unrestrictedfunds (page 6)|6)|2,220,658
-|-
13,220|2,220,658
13,220|2,254,056
2,254,056|
|||2,220,658|13,220|2,233,878|2,254,056|
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The financial statements on pages 6 to 10 were approved by the trustees on Zt Tu ley 2025 and
signed by: =—
/ \ottp A’ wt
SIR ROCCO FORTE
LADY OLGA POLIZZI
LOWN TRUS], | D
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## THE FORTE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
Year ended 5 April 2025
## I
## 1. Accounting Policies
## General information
The Trust is a charity registered in England and Wales (number 326038), with a principal address of 78 St James's Street, London SW1A 1JB.
## Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the accounting policies below.
The charity constitutes a public benefit entity as defined by FRS102.
The trustees consider that there are no uncertainties about the charity's ability to continue as a going concern and accordingly continue to adopt the going concern basis in preparing the financial statements.
Fund structure There is an expendable endowment fund created by a gift. These funds are held as capital with income arising representing unrestricted income. The terms of the fund allow the capital to be spent if the Trustees so determine. The unrestricted income arising is available for use at the discretion of the Trustees.
## Income recognition
Dividend income is recognised when the trust is entitled to the dividend and interest income is recognised on an accruals basis.
## Expenditure recognition
Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. Other expenditure is included on an accruals basis.
## Investments
Investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) using the closing quoted market prices at the balance sheet date. All gains and losses are taken to the statement of financial activities.
## Financial instruments
Financial instruments are accounted for, according to the substance of the contractual arrangement, as financial assets and financial liabilities.
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## THE FORTE CHARITABLE TRUST
## NOTES TO FINANCIAL STATEMENTS
## Year ended 5 April 2025
## 2. Staff numbers The charity had no employees in either the current or prior financial year.
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||||||||||
|---|---|---|---|---|---|---|---|---|
|3.|Grants|2025|2024|
|£|£|
|Grants|to|institutions|
|Breast|Cancer|Now|-|2,500|
|British|Wireless|for The|Blind|Fund|-|7,000|
|Comwall|Air Ambulance|Trust|-|2,000|
|Corfu|Animal|Rescue|Establishment|1,500|-|
|Criminon|UK|1,500|-|
|Depaul|International|3,500|5,000|
|Disabled|Sailors|Association|1,500|-|
|England|and|Wales|Blind|Golf|-|2,000|
|Festival|of|St.|Anthony|5,000|5,000|
|Handicapped|Children's|Action|Group|1,500|-|
|Italian|Scotland|SCIO|5,000|2,000|
|Liberty|Choir UK|-|3,000|
|On|Course|Foundation|-|2,000|
|Race|Against|Dementia|5,000|-|
|Ralli|Hall|Lunch|and|Social|Club|-|5,000|
|Target Ovarian|Cancer|5,000|5,000|
|The|Passage|-|5,000|
|The|Rose|Patterson|Trust|5,000|-|
|The|Seeing|Dogs|Alliance|1,500|-|
|University|of Oxford|—|Sir|Roger|Bannister|Athletics Track|-|10,000|
|Vow|for|Girls|-|7,000|
|We|Are|Grow|.|5,000|
|36,000|61,500|
|4,|Governance|costs|2025|2024|
|£|£|
|Accountancy|fees|5,600|6,500|
|Independent|examination|fee|4,000|1,000|
|Bank|charges|450|540|
|7,050|8,040|
|5.|Investments|Quoted|investments|
|£|
|Market|value|at|6|April|2024|2,127,051|
|Additions|at|cost|503,214|
|Disposals|proceeds|(518,479)|
|Net|loss|on|investments|(20,096)|
|Market value|at|5|April|2025|2,091,690|
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## THE FORTE CHARITABLE TRUST
NOTES TO FINANCIAL STATEMENTS
Year ended 5 April 2025
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|||||||||
|---|---|---|---|---|---|---|---|
|Tn ————|
|6.|Creditors — amounts|falling|due|within|one year|2025|2024|
|£|£|
|Accruals|6,000|6,060|
|Other|creditors|3,200|3,000|
|9,200|9,060|
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## 7. Taxation
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
## 8. Trustees’ expenses
No trustee received any remuneration or were reimbursed any expenses in the year under review (2024 - Enil).
## 9. Related party transactions
There were no related party transactions requiring disclosure in the year
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|---|---|---|---|---|
|10.|Financial|instruments|2025|2024|
|£|£|
|Financial|assets|at|fair|value|
|Investments|2,091,690|2,127,051|
|Financial|assets|at|amortised|cost|
|Cash|at bank|161,388|136,065|
|Financial|liabilities|at|amortised|cost|
|Accruals|and|other creditors|9,200|9,060|
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