2024-03-31-accounts - Peter Forbes Trust

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ZX 2007-14 The Peter Forbe5 Trusl Finaneihl Statements Perlod Ironi l JanuAn, 2013 to 3] March 2014 Scottish CbRrlti' Nmnibcr SCO D40022

The Peter Forbe5 1'ru$l Index to tbe financlal $tAtements Period ellded 3J Mthrch 2014 Index Page Charity infornialion Rcport of Ilie'l rusie¢s Iiidcpendenl Exumiiiei s Report SlÉileInenl ofFinaiibial AcliviliLS Balc111ce sh¢¢i Notes lo the fin41llCl11 I stalLm¢nls

Tbc Peter Forbes Trust Inform&tion Vor the period ended.31 March 2014 Scollish Cliarily Nuinbcr SC.0 040022 I'rustces Banker5'. 64166 Wesi F41ackliall Sireei Grcenock PA15 IXG iiresln)ciil l-und Malingers Ilalilax Inves111)eiil fuiid Nlanagers Lid Halifax P"iDJncial Services PO Box 285 Yolk Y090 IIIX Propet1y Managers NewloE] l)rop¢rty M(IniLgeni¢iil 87 Port Diaiid415 Rvad Glasblow G4 014F Indcpendei)l examiner R<ldleibbh I louse l Gulf Roiid Cliirksto (ilasgow G76 7HU Solicilo Mcspit rran aiid McC".orniick 19 Wiilcrlou Sir¥¥l G2

The Peter Forbes I'rllst Report of the 1'riistees Strueturt, Governane¢ And hqanAg¢ment -rh¢ 'l'nasl ivas loundcd in accordance iyiili assislaiicL lo iliosc eiilLririgi Ihe Priesil)ovd. Wl5h¢s, lo give financial Diiring the finiinciiil period to 31 Nlarcli ?014 thc lrnste¢s ivcrc as folloiv5-" Organi5atiDJ) Tlir boai'd of'i'Nsiecs has overAII responsibilil), for IIIC 5tr4llegFic direeiion and administration of ili¢ cliarily. Rela¢cd Cbarltlos The I)ic'LSe (Trl. Cylasgoiv, Moilienyell And Paisley aTe relal¢d ¢harilies. alihough thcre H'crc no l?1¢d party transactions in this or ihc previous year. Risk Man¥gcmenl I'he 'l'TUStLes Iiai'e exaiiiined n)#jor risks which Il)e ¢lTrii rily la¢¢s and will acl lo ¢nsurr that tlie risks.Irc effectively monitored lind Ih¢ir iiiipact milikiaicd far as pussiI)l¢. ObJ¢c¢li'e5 and Attli,liles Tli¥ objcciivcs lif PLl¢i' foi'bes Ttusl arL to assisl 111 fimincingj Ilic lom)aiion aiid eduLaiinn of Rornan C"a(liolic Priesls for ihe Atrhdio¢ebe of (ilasgoiv and for the Dincese% ol. Moll)cnvell and Paislcy. Anoilicr objeclive of tlie Trusl is io ke conlribiiii(>ns to assisi rLligious educalioi) aiid to address L'harilable Iieeds of congregiti lions wiiliin tlie S1L nie l¢rrilnries. Principle Activltie5, Achievemen1$ 4nd Performance thls )'eAr Tlie Inisl coi)linues to maiiilain the pnctice ihii cliclrit¢ible fill5 are generAi¢d throiigh invesinienls and renlal iiiconie from th¢ ¢liarity's Assets. As dL%lailcd in Ilie pr¢viou5 year's report the cliai'il)'s property is noiv adiniiiislered by Newloii Pr()p¢rties aiid Ihe Irvstees are sAiisfi¢d ihal Ihe propertics are nDM' m(InagJcd and mgLinlaiii¢d to 11 Snlisfll¢loiy Icvcl. Th¢r¢ 15 11 fcgiLl<if 50urcc of illLI)JTIL iiiid ilicrc are no long periods of va¢oiicy M'iihiii aiiy proi)criy. I lhviiigv rcviewcd Ilie .slalu5 (Jf ilie pi(Iperty p()rtloli(Tr nd Iiavinb? rcfleclcd on liow Il)is has l)ccii drilI11]ca1IY Iriithsfonn¢d, the ITuslees are oiifideiit ili£i1 5011iciliii)g wlii¢h a siwilicaiil coiicern and tibk lo ihe irnsi is noiv a profitabl¢ and posilive È8s¢1. It iva% d¢tailed iii la51 y¢ar's repoA ihai Ihere ilas concern nver the perfomancc of the Iiarili s iiiveslTn¢iil p()rtfolic), and Ihis Wll S to be r¢i'ieii'Ld and aciioned upon. As a resull ol. Ilie afoTeiTi¢iiiioned revieiv. Ihe major P*?rt of the charit}. s ini'estmcnt was reiknov¢d froni the Bank of Scoiland ii'hcjc it ivas eoi)cliided by the Inislc¢5 Ihal Il)e funds iverc iiol iiiaxiii)isiiig Iheir pibieiilial. 1.lie Lharil) s iiiveslmenis are Iiow iviih an indepeiidenl investnienl maiiagement firm And e¢lTly iiidications are tliat they performing si&Jiiifi¢anily bellcr.

The Peter Forbes Trust Report of the Trustees (Continued) Hoiveiier like Ihe period of slabilisation required after the renovation of the propetlies the trustees will be requircd lo ivail a PLrii)d of lini¢ b¢forc liavingi a Iru¢ grasp of ,at is ihc annval lik¢ly rctiini fron) Ih¢se inv¢slmeiTrls. 14oi'ingJ c0115idLred ihe above, a £20,000 gric l)I was aivmrded to St Marj, s. Abercroniby Sir¢el in ciccordai)ce M'iih Ilie Trust Deed. This rcllccls Ilic iiiiproire(I p()silion of ilie Irusl. where harilabl¢ doii£ilioiis Inade #r¢ iioiv double thai ofihe previoiis y¢ar. Reserves poliey I'he '] ru%iee.% policy is to Ini2ininin fund al £1 level which is boili sufficient to n)eel ongoinb costs aiid io enble IliL' cl)arity to exploil opportuiiitics and actiiiities wliiLli ii'ill furth¢i' the eharil) s ai111s and objecli¥'es. Investnient Pollcy Hairiiigj sci osidL a surriciLnl porlioii of r¢scrvcs in Ille baiik 4lLC()uiil lo i)i¢el sliort lerni reqiiireniciils. the majorit). of Ihe cli¢?rii)' s fiinds Ilre li¢ld iii loiiger iern) iiive.%tllieiiis ii) Ilic roni) ()fa Iiiai)*?&ycd piopLrty porif()lj() di)(l a maii¢2¥ed in¥'esln)eni plaii. Tlic I'Nslecs consider Ihal siicli lo11Ler lerni ini'e.stmeiils ivill belleT solebiiiard ihc cliarity's asseis lo fuiid ils longer leTJll llijns 71 l)d objeLIiiics. Flnancial Rei'ieii Tlic fiii¢incial 8lal¢tiicn¢s are prL'seiiled on pa¥¢5 6 to I l. Incoine exceeded ¢xpendiliire in the p¢riod l)), £12,032 12012 -£ 6631. llie balc1nce on Ilie gTciicfiil fuiid ai 31 Miircli 2014 ivas £1,405.46912012 £1.379,04.11. 'I'h¢ iru%l¢¢.% or¢ .5alislied wilh ihe fiiiic ncial position of tlie chi?ril}' lid will LOI)iillLl¢ tn Inoiiil(Trr nd reiiieiv Ilie iiicoinc, cxpeii(liiure aiid tLssLls of Ilic Ll)41ril Ji ivtsih vi¢w lo ciisuring ili(it 113¢ Lliarily's fiiiai)Lial 41ff<iirs Jr¥ LonduLled iIi a prudeiii ai)d cffeclive n)anner. Plans foi. li Utiire Periods Hllvii)bJ sibiJiificai)ily iii)proi'ed and s¢iurcd IhL pfopLrties beloii¥iiig ¢0 tlic I rust. IhL'I-rLislees liave ideiilified ihal ilic n¢xl Inc?joI' lask to be undeniik¢n a comprehensive ¢xaininalinn of Ilie ii)Itesimeiil portfolio. Ivhich iiecds to bc ¢XiiiiiiiiLd lo ensiire il)al il is fiiiicliciiiiiig iii ai) ciliical H'ay to bjive illaxiiiiuiii relurii lo Ilie 'l'rnsl. Willi slabilily Élchieiied in r¢ldlion lo tl)e priiperty poi1fnlio and eiicoiirRLYing p¢rfori)iaiice from the chttrilv's invcstn)eiils, Ihc Tnisl ii'ill scek io establish .11) idci)lifiable suiii ii,hieli ii'ill L()nsliliile tlic rebvular an)ouiil ai iiildblc for cliiifiiAble dislribulioii. The 'fnisi¢es are alw exaininiiig ar¢as of needs where tlie funds, resources can have niJxiniuiii iniplL cl, P1£ flieuliirly ivill) the oiigii)ing 14.orks ai)d iiecds ai Si Mary s aiid oilier paribliL'S, ajid dlsu iviili Il)e reslruLlurii)ki of the LIL'r&y foniialioii proLJiomsiie. I'lie tru81 will ¢xainii)¢ whiit posiliiie coniiibiilion L¢?n bc Inade ii) Ihese areii S. As with Ihe prei'iou8 year the Tnisl¢cs ,11] ¢ilso continue to Inoiiilor iIiL leillels or reiiii'LsliiiLiil ii¢ed¥d iu help tlie Trn51 re¢over soine ol. Ihc resourLe% eKpci)dcd oli Ili¢ property r¢novation, Ivhilsl keeping il proportion1£ le lo the oyernll charitable gii'ii)g.

The Peter Forhes Trust R¢por¢ of ihe Trust¢¢$ (contlnued) Truslttt, R¢Spo51b1ll11Cl In Relallon ¢0 the Fln4ncl41 Statements Cliarily le¥islatioii reqiiires Il)e iruslces lo prepare financial 5t1( iemenis for each fillancial yellr wliiLh &pji'e a irne and fair view, of Ihe Slatc of affairs nf lh¢ Lliariiy and of ils resu115 for Ilial period. In prcparin¥ ihose financial slalemenlg, lh¢ Iwslces are reqiiired io: select Suitable aceouniillg policies •nd Ilien apply them con5islenily make judgeiiieiils Hnd eslitnales Il)1£ l <ire reasoi)ablL aiid prLideiii' slale ivheihLr applicdble accouiiting s141ndclrd8 liave been follTrwd, subject lo any matcrial depRrturc5 discloscd aiid explciiiicd iii IhL finai)¢ial stRlciiienis.' pr¢parc ili¢ fiiiaiiLial blalen)eiils c)n ilie gJoingy concern basis unless il is inappropri21e io presuin¥ Ilial Ilie cl)arily ii'ill ¢i)Iilinuc io operaie. The INsle¢s arc responsible fnr kceping prliper acc(Trunling reLords M.Iii¢h disLlose iviilj reas()nablc aLLiiraLy ai aiiy liii?e Il)e finaiicial posilioti of Ihe Ch'ltY and to enable then) to en%Lire ihai ilie financi] st<iierncnls comply ivitli (he charity proi'isiniis of Ilie Laiv ReFonn IMPI (Scotlandl Aci 1991J and tliti CliaTilies AcLounls (SLoiland) Regulali()1)5 199? Tliey arL' als(Tr rcspon%ihlc lor safebwsirding Ihe asseis of ihL cliai'iiy and henLY for laking reosonablc steps for Ilie pre.lion aiJd ddeLlton uffraud or oih¢r irrcgtulariliLS. Thc financial sllteiMeiils hav¢ b¢ci) prepnrcd iti accordaiiLe wiih Ilie aLcouiiliiib wliLies s¢1 oul iii Nole I lo Ili¢ finilllcii21 slaleineTrls and comply iyitli tli¢ Sialemeni (Jf RcLxiniinciided Practic¢ 'A¢¢ouiiliiig niid Reporliiig by Cliai'iti¢s 2005.. Appr(iiied by Ihc Truslccs c)11 Iq aiid sigiied 011 ilieir behall'hy:. JrJl* Dalc

llldepeDdent Ex¥miner's Report to the Trustees of The Peter Forbe5 Trusl I have examined the financiol stalemcn15 of Thc Pei¢r fotl)cs Trusi for ilie peri( cnded 31 March 2014 whi¢h comprise of the staleni¢nt of finaiici81 aclivilies and ballince sheei, wilh relmtd notes. These financial staicmenls hav¢ been prered under Ihe accounling policies set oui Ilierein. Respeetlv¢ re5pDnsibilltics of tru5tet$ and exawiner The charit) s Triisiev% pr¢ rf spoiisible for the prepdrcltion of the cOUntS in aeeoTdance ivith lh¢ lenns vf lh¢ Cliariiies and Truslee Inve51inenl {Scoiland} ALt 2(K)5 and the Charilies Aciouiils (Scoilandl Regulations 2006. '1'he charily Inistees consider Iliai ihe audit rcquirein¢ni of Rcgulciiion 11) (i ) {a) lo (c) of Ilie 2006 Rcgulaliotis docs iiot apply. It is my respoi)5ibility lo exAn)ti?e Ihe aeeoiiiils as required under section 44 (1) (¢} ol- the Acl nnd to state Iv11her pllrticular mallers have conic to n)y Rll¢nlion. B¥sjs of indep¢ndenl QXAminer's 51alement My exainination is cirried out in occordanec wilh Re¥ulttlion I l of the 2006 Accounts Regulations. An exaininalion includes * rcview of ih¢ accouiilii)bP re¢urds kepi by ihe Lharity nnd a coi)IPÉlris()ii of ihc accounts prcseiiled iviili those record%. li also includes consideration uf llny Linusual ilciiis or disclosurLs Rn ili¢ accounts, aiid sceks ¢xplaiiulions froii) Ihc Inislees 01)cerning 4ny such matters. l-h¢ procedurcs uiideriaken do ¥Jol proi'ide all Ihe evidencc Ilial Ivould bc rcqiiircd in ali ftudil, and ronscquciiily I do not express an audil opinion on the vieiv ivcii by Ihc aLcouiiis. Independenl ex8mlner's stfitemeDI In tlic LOLirsc ol- Iiiy exainii)atioii. no matler has eome to Iny Atlention which giirs me reasonable ckiise lo believe ihat An any I11Cri#l respect the requircmenls: lo k¢¢p accounting record5 in nceordance witli S¢clion 4411) {a) ofilie 2005 Act and Reg*ulalioi) 4 of Ilic 2006 Aewuiits Regulation& and lo prepaw accounts iyliicli accord witli the Ac¢x)uiiiing records and comply wilh Rcgulatioii 8 of Ilic 2006 Account5 Relwlaitons hav¢ not beeii iiiet. or lo which. in my opinion. atienii(Trn should k drAwn in order lo eiiable a 19

The Peter Forbe5 Trust StAtem¢nt of FlnAnclAI Actli'itles Period ended.11 March 2014 Notes Unreslrict¢d Fund 1 S nionth$ ¢llded 31 MAr 2014 Unre5tri¢¢ed Funds Y¢ar ended .11 Dec2012 Ineoniijig resourccs Incominbl tesources froin ¥en¢raled funds.'_ Acliviiies for giciier£l1ing fullds Invc51n)enl in¢oTJ)C 56,696 14 32,960 TolAI in¢omlng resources 56,710 32,960 Resour¢e5 cxpendtd C'osis of kFeiieraliiig lunds'.- Fundraisii)gT trading oiliLr cosls ni'esli)Icnl 11)4inagcinei)t costs Cliarilablc llclivilies Govcrtiance LOSIS 20,419 3,299 20,000 960 21,217 i 0,000 1.080 I'otal rt¥ourcc5 expoDde(J 44,678 32.297 Nci Incomiiig re5O111'¢ts before other recognlsed galn5 and lossos Ii)Lreus¢ in iialue ol'propcrty portfolio 12.03? 6(13 87,140 Increase / (d¢cre41se) in VRliic of jl)l?e5tmcnls 14,394 {2,098) Nct movement ID funds Funds brouglii foThi'ard 26,420 1,379,043 85,705 1,293,338 li und$ carried forivard 1,405,469 1,379,043 The accoinpanyin# notes forn) p#rt of ihege fiEIAncial slaten)enis.

The Peter Forbes 'A-rugt Balinee sheet At 31 March 2014 31 Mar 2014 31 De¢ 2012 Fixed 4$5et5 T•iigible 14 ssels Invcsln)elllS 920.000 J27,098 920.000 314,602 1.247,698 1,234.662 Current Asset5 Debiors c.ash at bank and in hai)d 750 158,101 3.064 143.477 158,851 146.541 Creditors: Amount8 falliiiby due M'iiliiii one year 1,080 2.160 1 $7.771 144,381 Nf t curi'ent #s$cls £1,405,469 £1.379.043 Funds Unrestricled funds 10 £1,40S,409 £1,379,043 Tlic acconipaiiyin¥ notcs forn) part ofilicsc finaiicial siaieiyJentS. and.41eLl nii their heh*ll' hv'.- ljat

The Peter Forbes Trust Notes to tht Fln8JicSxl Slalements or the Period En(led 31 March 2014 l. Arcounling Poll¢le$ T])c principal Lcounlii)g poli¢i¢s arc.. BA%ls of prepAratloh -rhe fiiiaiiciiil slclieinenls are preparcd under Ihe historieal eosl convcntion (except in relc11ion lo Ihc Jrvalualion of Ic1nd and buildinLJs and Il)e incorrliO of Ilic Maiiaged bil'eslinent l)onfoli() al Incirkel value) and in aceoidai)cc iviih the Sialement of Ilccominend¢d Practice"Accoiiiiiiiibl lid Rcpnrtiiig b}, Cli£l1'iiies *005" 11. In¢on)Ing rcsourccs All ii)Loii)in¥ resour¢¢s are included i%,hen the chAriiy is lcgally entitled io Ilie incom and th¢ amnunl can be quaiitified with re47S011cible accur<lCy. No in¢oming rcsourcLS are deferred. 111. Re$ourtes eApended All expeiidiliire is ii)eluded 011 an aLcruals basis aiid r¢laie¥ directly to eharil#1ble IcliiJill¢S, ¢xccpI for bioi'ernai)ce Costs wliicli arc Il)c Losls of th¢ goiwcniai)ce ar141ll¥Linciiis of the Lharily related io Ilie piibli¢ a¢countability ol. Ilie Lliariiy Js opposed to ihose costs IlSSOCiiÉ led dircctly ivith charitable aclivlties. 'rAnxible fixed ftssets Laiid aiid BuildiiibFs arc ii)clu£lcd ij) IhL ac¢ounls ai ihl tru51ees valiialiiiii vii un open Illdrkei bic siq at the Balanc¢ Sl)eel date. C.hc1nge.8 in valualioi) Iirc refiecled in adjiisiinenls ID IIIL gicneral fiind. NL) depr¢Lialion pmvision is i)iadc. lllvestment5 Tlic inwestinLiils of ilie LlIRriiy ¢oinprise 11 mani2ged portfolio ofbharc5 and seclirities. As nnled in i. Mboi'c, IIIc5c iiiveslmenls arc ii)cludcd iii Ihe B<il£lllLe Sliecl al iuarkcl value.

The Peter Forbes'frust Note$ to the Tr inAnclal Sta¢cmtnts For the Period Ended.31 IIqAr¢h 2014 (eontinucd) 2. Actii,Itle$ for generatlng fund5 ple31 Mfir 2U14 yle31 Dec 2012 Rcnls and servi¢¢ ch¢irges due In'e¥'ov¢rable sums 60,685 3.989 33.040 80 N¢1 r¢ntal incon)e £56,696 £32,960 -7. IDve$tnient ineome ple31 Mar 2014 )'le.11 l)ec 2012 Inl¥r¢sl on b¢ink d¢p0511s 14 Total £14 4. Rtsoiiree$ txpcnded:. plc 31 2014 )'le.31 De¢ 2012 FuDdralslng trading other c051s Property mainlenhnce and ii)anabF¢iiiciil costs ?0,419 Charltable actlvittes ¢omprlsc:. During the year. donaiion.% were In£1de lo the followiii¥.'_ plc 31 hl4r 2014 .vle 31 Dec 2012 Saini Mary of ilie Assumplio 20,000 10.O(K)

10. Tb¢ Peter Forbes Tru51 Notes to Iht FinanciAI StAtements For the Perlod EDded .11 March 2014 (cotstlnued) 4. Resources expended (continued) Governance eo$tS:. plc3J Mar 2014 yle31 Dec 2012 Iiidependei)l exailiiiier's fee 960 1,080 5. StHff costs No rei)iiiiTr¢ratiL)i) or expenses were puid to ihe Trusiccs or lo any oihci. slalTI)iembcrs. 6. TAnglble fixed asset5 lfii'e51ment properties Valualioii broublil fonvli rd and carrled forwfird at.11 M8r 2014 £920,000 7. Inve51ments 31 Mar 2014 31 Dec2012 Mfirkct i'alue brought forii'•rd Add.. iiileresi I.C1ved 314,662 310,017 314.676 992 31U,1117 Invcsimcnts cashed I¢%s Sum reinvesied 315,668 310,017 6,743 (2,098) Tax adjiisltncnl rc chargeabl¢ cveiil In¢r¢Mse / (decrease) in value of inveslmenis ProfessivnLII LhilTgPCS 14,394 (2,3()4) MArket i'*liie cnrried forivHrd at 31 M&r 2014 £327,698 £314,66?

Tht Peler FoTbes Trust Notes to the FlnaDciAI St8tenient5 For the Period Ended 31 March 2014 (continued) 8. DebtorB 31 fvl*r 2014 31 Dec 2012 Rents receiiiable 750 3,064 9. Creditors: amounts fAlliMg due iyltbln one year 31 Mar 2014 31 Dec 2012 A¢¢rued expenses £1.080 £2,160 All ol. Il)e cl)ai-ily's fiinds at ilie }'¢ur Ciid dale ¥ver¢ unre5ti'icled.

The Peter Forbes Trust

Report of the Trustees

Structure, Governance and Management

The Trust was founded in accordance with wishes, to give financial assistance to those entering the Priesthood.

Throughout the financial year ended 31 March 2024 the trustees were as follows:-

Organisation

The board of Trustees has overall responsibility for the strategic direction and administration of the charity.

Related Charities

The Diocese of Glasgow, Motherwell and Paisley are related charities, although there were no related party transactions in this or the previous year.

Risk Management

The Trustees have examined the major risks which the charity faces and will act to ensure that the risks are effectively monitored and their impact mitigated as far as possible.

Objectives and Activities

The objectives of Peter Forbes Trust are to assist in financing the formation and education of Roman Catholic Priests for the Archdiocese of Glasgow and for the Dioceses of Motherwell and Paisley.

Another objective of the Trust is to make contributions to assist religious education and to address charitable needs of congregations within the same territories.

Principle Activities, Achievements and Performance this year

The charity continues to protect it’s main income source which was the properties in Rutherglen Main Street and the investment portfolio.

The property needed some investment to ensure that we were responsible landlords.

The charities main focus has continued to save resources to support the major capital investment in a hall for the community of St Mary’s, Calton. It was agreed= that funds would remain with the trust until concrete plans to progress this proposed project was underway. Investment of the Trust towards the formation of the clergy was considered not possible in this financial year due to the current arrangements in place by the Bishops’ Conference of Scotland in selling their current assets of the Pontifical Scots College, Rome. The trust is eager to support the formation of Clergy in capital investments projects, but it was not deemed a responsible use of trust funds to use resources on an asset that ultimately will not be of permanent benefit to the church in Scotland.

The Trustees agreed that next year would require a revision of our policy in distributing funds if no progress was made in the current arrangements of clergy formation and the progress of the St Mary’s Hall Project.

The Peter Forbes Trust

Report of the Trustees (continued)

Reserves policy

The Trustees policy is to maintain funds at a level which is both sufficient to meet ongoing costs and to enable the charity to exploit opportunities and activities which will further the charity’s aims and objectives.

Investment Policy

Having set aside a sufficient portion of reserves in the bank account to meet short term requirements, the majority of the charity’s funds are held in longer term investments in the form of a managed property portfolio and a managed investment plan. The Trustees consider that such longer term investments will better safeguard the charity’s assets to fund its longer term aims and objectives.

Financial Review

The financial statements are presented on pages 6 to 11. Income exceeded expenditure in the year by £77,570 (2023 – £20,049). The balance on the general fund at 31 March 2024 was £1,907,599 (2023 - £1,830,029). The trustees are satisfied with the financial position of the charity and will continue to monitor and review the income, expenditure and assets of the charity with a view to ensuring that the charity's financial affairs are conducted in a prudent and effective manner.

Plans for Future Period

As the forementioned given the hiatus in the developments aat Abercromby Street and the current provision of clergy formation the trustees will seek to identify other beneficiaries in the interim period. The Trustees also felt that the instability caused by pandemic had mostly faded. The Trustees agreed to identify a minimum of three beneficiaries for future funds in the next financial year.

The Peter Forbes Trust

Report of the Trustees (continued)

Trustees’ Responsibilities in Relation to the Financial Statements

Charity legislation requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its results for that period. In preparing those financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the charity provisions of the Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the Statement of Recommended Practice ‘Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standards application in the UK and Republic of Ireland (FRS 102)’.

Approved by the Trustees on and signed on their behalf by:-

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