THE STRAIGHT FORWARD TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 5 APRIL 2023
Tho Trustees present Ihelr annu81 report and financial 5talomenls forthe year ended 5 April 2023.
The fln8ncial stal8m6nts have been prepared In accordance vAlh the accounting polldes set out In note 1 lo th8
flnanclal statemenls and comply wllh the trust's governlng document, the Charitigs Act {North8rn ]￿land) 2008 and
2013 and "Accounting and Reporting by ChariUes.' Slalemenl of Recommended Pr8cIIc6 applicable to ¢h8rlll8S
prep8rlno th81r a¢¢ounts In accordancè wllh the Fln2ndal Reportlng Slandard applie2blè In Ihe UK and RepLJbllc of
Ir81and IFRS 102)" (as amended for aecounling periods commencing from 1 Jalluary 2016).
Oblectlves and 8Ctlvltles
Preservlng for the local communlty and the County of Down Iha prop8rti8S at Crawford8burn Road, N8wlownards,
County Down known as 116 Crawfordsbum Road. C8valEo Farm and Charlevilla Farm together wlth any other lands
h8redllaments and premlses whlch Ihe Truslaes may acqLiire In the Couniy of Down unspolled and properly
m8lnlained and for the ryomollon of conseNation Indudlng Ihe prolectlon of botsnlcal. blrd, 8nlmal. insect and olher
spoGies on th6 said propertles and lands bul only Insofar 88 any such form the Trusl Fund or part th6reof:111)
promollng and supportlng the use by Ihe Charily known as "Rldlng for lh6 Disabled" lor other charlty carrylng on lh8
same or slmllar funcllon) of Cavallo Farm for as long as It is posslble and approprlate for that lo occur; 1111)
promollng and 8UPPOrtlng Ihe advanGemonl of young and asplrlng ridgrs In thé oqu8slrlan fleld generally wllh 8 vl8W
lo Inler alla promollng and supporiing Ihelr educatian In stable and oqulne managem8nt and oxcellence In Ihelr
rldlng ability wholher In relatlon lo show-jumplng, evaiitlng, dressage or othe￿Ise InGluding wlih partlcular reference
to young p00ple from disAdvanlagod bad(groiJnd3' {ivl promotlng and 8UPPOrtlng Ihe u8e of Ch8d8vllle Farm as a
bBse for a charlly or chailtles Involved In anlm81 welfare andlor velerlnary r8se8rch particularly research Into equine
Illn8sse8, dlseases and Injuries,. {vl supporf of charili8s involved wlth tho care and walfare of horses, ponles and
donkoys andlor th8 promolion of rldlng and equeslrian sports (particularly for th8 b8neflt of chlldren and young
person8) andlor th8 care of 8nlmals,' (vl) olh6Jwise SUGh charllabl6 puTpos8s at such Ilma or Ilmes and in such
manner as the Tru8t8e6 may In thelT absolute dlscrelion Ihlnk flt.
Publ1¢ b8n811t
The Tiustees have paid due regard to guldanca Issued by th8 Charlly Commisylon In d8cldlng whal acllvltles the
trust should undert3k8.
Aclivitl8s
Grant Glvlng Actlvltlès
Tho Trubt88s have the dlsGr6llon to make granls wllhln Ihelgrms ol the Trust Deed.
Th6 Truste8s are considerlng pulling in place a spendlng wle of annual grants relallve to aver8ge assols lo ensure
that granl-glvlng Is suslalnable In th8 lon*lemi.
Operatlng Actlvltles
Aslde from granl-glvlng, th8 Charlly does not currently undertake dlrecl operatlng aolivitie$ as Ihls would requlre
slgniflcanlly more ￿oUrCe than ar8 currenlty avallable Indudlng land, bulldings and full-time staff.
Responslblllty and Reportlng
The Iruslees ar8 responsible lor tho all the assets of the Trust Fund and sound 8dmlnislrallon of Irusteg meolings.
The assets of the Trust Fund are regularly monilored and assessed annually and Teported to the Tru8tee8.

THE STRAIGHT FORWARD TRUST
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 5APRIL 2023
Achlevemants and performan¢¢
Slgnlflcant aclivili85 8¢hl8v6ments againsl objeclivas
Wh116t the Trust Wos established In 2011, il has not be6n able io mak8 meanlngful achl8V8mants 8galnst It
objeGllves owing lo a sack of resources.
Dyring the year donallons of £550.000 were rec8lved and steps WW8 laken to Set up an vnr8Strlcled endowment
fund In th8 Trust's name in Ilne ￿th the Trust's Inv6slMent Pollcy Slatemant lo provtda a durable basls for granl-
glvlng actlvllies, ￿th grant￿1vIng io commence In the following flnanclal y6ar.
Fund Ralslng
The Tru81 does nol Bcllvely rals6 funds from the publlc bul Is the reelplenl of phllanlhropic donallons from lh8 Selllor
dlrectly or from lh8 Settlor's DonorAdvised Fund whlch Is administered by thè Charlli8s Ald Foundatlon.
Flnanclal revlow
Durlng the year Ihe Trust used Ils Income lo start th8 Invèstment programme to S81 up an unreslricled endowm8nl
fund ta enabla future grant￿1vIng activilles.
When dolng so, th6 Trusteés had lo cL)n81dw the lollowlng dsks. and ways to mlllgai8 them:
L8gislallv6 Rlsk., Charlty legislallon and guld8nce govornlng charltles In Northem Ireland may change. To mllloalo
th18 fi8k, the Tru81e88 are mindful of any prop080d changes and can seek legal advlc8 If necessary.
Inv8slment Rlsk,. Granl-glvlng by 1118 Trust depends un the Iiivestment portfollo belng prudently invested not only to
support annual grant glvlno, bul also lo keep pace wlth Inflallon. The Tru8180s can mlllgala Ihls risk by ensurlng th81
the assets of th8 Tru81 are safoly held, property and professlonally m8Dag8d wllh due regards for dlverslflcallon,
11guldlty and valu8 for mon6y. This rlsk Is mltlgat8d by havlng an Inveslm8nt Polloy Slalemenl wllh Clear Inv8slm6nl
Oblectlves and Rlsk Conslralnls, The assels ol the Trust are Investèd In UK regulated dally dealing Inveslm6nt
fund8. A spending rule would help budget annual granl-glvlng wllh ref8renco to the average annual valuè of the
Inveslm6nt portfolio, such Ihat it Can be consldered sustalnabl8.
P8rsonng1 Rlsk,. lh8 Trustees acl on 8 pro bono basls. Wlh three Trusle8s, Ihéra Is scope lor appointlng 8ddillonal
Trustee8 should a Truslee rotlre or be Incapacilat8d. As the Trusl do8s not undertake any opgrallng actSvill68,11
does not requlre any salariod employees. Thls materially reduc68 personnel rl8k.
Op8rallng Rlsk,. as the Trust does nol currentty uTrJ8rtak8 any operalina acuvlllos aslde from granl-glvlng, hence
th18 rlsk Is currently sean lo be negllglbl8.
The TTuste8s' current pollcy ¢oncernkng the payment of trade creditors Is to f(Alow th6 CBI'S Prompt Payars Code
{cople8 ara aVaIlab￿ from the CBI, Centr6 Point, 103 N8w Oxford Slreel. London WCIA IDU).
Re8eNos pollcy
11 is tho pollGy af the Trusl that unr8Strlcled funds whl¢h hav8 nol ba&n deslgnated for a speciflc us8 and do not form
part of the inveslment portlollo should b8 malnt81ned al a 18vèI equivalerbl to b61wgen three and six month's
operydllng expe.ndlturo.
The Trusloes conslder Ihal ras8TV88 81 this level ￿11 ensuro that, In Iho event of a slgnlficanl drop In fundlng or a
drop In tho value of the Investment porllolio, they will bo able lo conlinug Ihe trust's current aGtivllle$ while
conslderalion is given lo ways as lo how operatin9 expenditur8 Gan be mel, If requlred.
Thls level of resaNes has been malntalned thrtwghoul the y&ar.
Bas8d on Ihe Trust's annual operallng expendlture of £1,031. approximalety £500 should bo held In resery&a to
meet thè ReseNes Policy,

THE STRAIGHT FORWARD TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
Invoslm8ntpollGy
In ordpr to ensura Ihat Ihe Trust can make grants for the long-term. ils assets are invested in an investment Portfono
to create an unr6stricled endowmenl lund. The Investments are managed In line with the Trust's Investment Policy
Statemenl. Th8 Trustees. Inveslmont powers aro sel out in lh8 Trust Deed. With respect to Income. the Trustees
may dlslrlbule or accumulate incom6.
Structurè, governance management
The Trust w8s created by a Dood of Trust dalod 19UI Aprll 2011 between Lady Perdlla Maureen H8mlEton-Temple
Blackwood ("Ihg set11￿) and Mr Pim Dalm. James Am)slrong and Mr Jan Bally rthe Trustees").
Following Ilie retlremenf of Mr Jan Bally, Mr Henry Cobbo was aprKJint8d AS Tru8te8 on 28th August 2015.
Followlng the mlir8menl of Mr Pim Dalm. Mr Patrftsk Whll8 was appolnled a8 Trust68 on 12th Februsry 2019.
Th8 Trustee8 who seNed durlng tha year and up to Ihe date of slonalure of the financlal stalemenl8 wèré: Mr Honry
Cobbe Mr Jam&s Armstrong and Mr Palrfck Whlte
The Truslees who seN8d durfng the y8ar and up to the dat8 of slgnalure of the flnanclal slal8m8nls were:
Mr Henry Cobbfj
Mr James Armslr¢)ng
Mr P81rlck A Whlle
Recrullmont and appolntm8nl of Irus18e8
The power of appolnllng new Trustèes of Ihg Charlly durlng the lifetime of the Settlor is vested In Iha Selllor and
after her death In Such person or p8rsons (If any) as Ihe Selllor shall by dead or deeds revocable or Irrevocab18 or
by Wlll or Codlcll 8ppdnl and In tho absenc8 of any such appolntment by lh6 Selllor 8 Trustee may be appolnl8d or
dlscharg8d by a re8olullon of a meellng of th8 Trustees provld6d Ihat a memorandum shall ba slgned as 8 de8d by
Ihe person presldlng al such m68llng Énd allested by two olhar persons al the meetlng, The total numbar of
Trustees shall al no tlme exceed five.
Thg Trustees currently have no immed1818 plan8 to recrull and 8ppolnl furiher Tru81ee8.
The company's current pollcy concerning the p8ym8nl of trade credltorÈ Is to folltjw tho CBI'S Prompl Payers Code
(ooples arg av811abla from the CBI, Cénlre Polnl, 103 New OxfoKd Slre&l, London WC1A1 DU).
The company's current pollcy concernlng the payment of trade crédllors Is lo:
sattle Iha lemis of paym8nl wllh suppllers when agreelng the terms of each Iransadlon.,
èn8ur8 Ihal suppllers are made aware of the temis of payment by Incluslon of the rel8vant torms In conlracls;
and
pay In accordance ￿th the compan￿$ contractual and other legal obllgallonts.
Trade cr8dltors of Iho company al the ye8r end were équlvalent to XX davs purGhase8, based on the average dally
amount involcod by suppSlèrs during the year.
Organl88tional slructur8
(Details of org8nisatlonal slructure,]
Inducllon and lrninlng of Iru81ees
Ti'ustees are ancouraged lo read or re-famlllarise Ihemselves wllh re5evanl Charlty Commlsslon of Northern Ireland
GuldanGe Includlng:
CCNI EG024 Runnlng your charlty guidance
CCNI EG042 Monltoring arKI compliance guldah(*- gelllng it right

THE STRAIGHT FORWARD TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
Olh8r mg118r
Beneli¢lal Inler6sl
Neilh8r the Selllor nor Ihe Trustees have any beneficial Interest In th8 Trust.
Organlsallonal slmolurg
Tlie Setlk)r meels with th8 three Truslees at least once a year to dls(aJss Ihe actlvltles of tho Trusl,
T.he three Truslees meet formally once a year to revi8w and decide on fha aclivltles of the Trust, Includlng Intended
Grants lo be given to Teglst8red charllies operaling in Northern Ireland that ar& conslstent wllh th8 Trust's
Oblecllve$.
The Trustaes receive regul8r reports from the Trust's Accountants, Bankers, and Investmenl Manager8 and
convene rn8ellngs lo dSscuss and acl on the same if requlred,
stalèmènt of Trusteès, r8sponslbilltles
Tho Trusl88s are responslble for pr8parlng th& Truste8s' Rep￿ and the flnancial statements In accordance wllh
8ppllcable law and Unlted Klngdom Accountlng StarKlards (United Klngdom Gen6rally Accepted Accounllng
Praalice).
The law appll¢able to charllles In North8m Irgland raqulres th8 Trustees lo preparé financlal siat8m8n16 for each
rinanclal yaar whlch glve a tIV8 and falr vlew of thè statè ot affalr8 of Ihe trust end of the Incomlng r8sDurces end
appllcallon of resources of the trust for that y8ar.
In prep8rfng IheGe flnanclal stal8mon13. the Trustees are reqUIr￿ to:
- se16Ct sult8bl8 accounllng pollcles and then apply them conslstenlty:
obsoNe the methods and prlnclple$ in the Charftlos SORP.
- make ludg6menls and estimates thal are rea80n8blè and prudent;
Slate whethor applicable accounttrjg standards havè been followed, subjecl lo any Mate￿al departuras disclosed
and explained In th6 finenc181 $18tem6nls; and
preparé th8 flnancl81 statements on tho gc4ng concern basls unless It Is Inapproprlala lo presum8 Ihal Ihe charlty
wlll contlnue In operallon.
The Trustees are responslble for keeplng proper a¢￿U￿¢1ng records whlch dlsc108e, wlth r8asonablo accuraGy al
any Ilm8. the flnanclal poslllon ol the charity. To onsuro Ihal propvr books and records 9re k6pi Ihg charity has
employèd approprlet8ly quallfied p6rsonnel and has maintained approprlato comput8rlsed accounllng systems. It Is
also responsible for safegu8rdlng the as$els of tho charity and hence for laklng reasonable st8pg for th& pravenllon
and detoclion of fraud and olh8r Irrogularilies.
Concluslon
As th6 Trust expands11s grant￿1VIng aclivilles, Ihe Trustees VAII ensura that ther6 are robu31 sy8lem8, PTOGe8ses
and conlrols lo ensuro Iho good governance of Iha Trust.

THE STRAIGHT FORWARD TRUST
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
Tha Tru$t805' report wa8 approved by tha Board of Truslé8S.
Mr Henry Cobbe
Trustae
Mr Patrick A While
Trustee
5 Febi'uary 2024