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 fill￿5 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 drilI1￿1]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 en￿￿ble 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 lo11L￿er 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¢Spo￿51b1ll11Cl 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 sl*lteiMeiils 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 pre￿red 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 Iv1￿1her 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 I￿11Cri#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.41￿￿eLl 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 incor￿r￿liO￿ 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.

2. 

## **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. 



3. 

## **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. 

4. 

**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:- 

................................................................ 

................................................................