Registered number: 07669940
FOR THE YEAR ENDED 31 OCTOBER 2024
CHART FORTE HOLDINGS LIMITED
COMPANY INFORMATION
CHART FORTE HOLDINGS LIMITED
CONTENTS
CHART FORTE HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The Directors present their strategic report of the Company and its subsidiaries ("the Group") for the year ended 31 October 2024.
Chart Forte Holdings Limited (“the Company”) is a limited liability company domiciled and registered in England and Wales. The principal activity of the Company is that of a holding company with wholly owned subsidiaries in the United Kingdom and Ireland. These companies principally own, operate and develop hotels, food & beverage outlets together with a residential and commercial portfolio.
Chart Forte Holdings Limited (“the Company”) is a limited liability company domiciled and registered in England and Wales. The principal activity of the Company is that of a holding company with wholly owned subsidiaries in the United Kingdom and Ireland. These companies principally own, operate and develop hotels, food & beverage outlets together with a residential and commercial portfolio.
During the year ended 31 October 2024, the Group operated eight hotels and is in the process of developing 4 hotels. The Group operates under various brands including Seraphine (own brand), and under Franchise arrangements with Marriott, Hilton and IHG.
The Group’s commitment to excellence and strategic foresight has enabled us to navigate challenges effectively and seize opportunities for growth. During the year, our operations have demonstrated resilience and success which is featured by several key accomplishments.
For the year ended 31 October 2024, the Group delivered a total revenue performance greater than the prior financial year, with revenue increasing by €5,284,426 to €67,681,754 (2023: €62,397,328). This was driven by an increase in occupancy levels and the benefit of higher average room rates, together with an increase in rooms from hotels in development completing and becoming operational. The growth in rooms sold during the year was supported by strong international and domestic demand.
The Group also saw market-wide challenges on inflation and interest rates. As a result pre-tax expenses for the year ended 31 October 2024 increased by €4,608,750 to €54,765,991 (2023: €50,157,241). The largest impact has been interest payable, which increased from €16,089,522 in 2023 to €17,892,679 as a result of an increase in the Group's bank loan facilities to fund the development of new hotels and increased interest rates, as well as employee costs which increased by €1,020,939 to €9,064,727 (2023: €8,043,788) as a result of the increase in the national minimum wage and an increase in the average number of employees.
However, despite these challenges, management has maintained a tight cost base control and taken together with the revenue performance, has delivered a strong year-on-year profit growth, with profit after taxation increasing by €1,212,739 to €13,565,706 (2023: €12,152,967).
The net asset position of the Group has increased to €231,710,516 (2023: €197,681,870). This is largely due to the profit after taxation and an uplift on revaluation of trading assets, less deferred tax, of €18,684,766.
The Group also invested in the development of new hotel sites and making upgrades to existing sites, resulting in capital expenditure during the year of €58,895,728. Additional bank loan funding was drawn down up to fund this capex, resulting in an increase in the Group's bank loan facilities from €244,556,532 at 31 October 2023 to €285,028,999 at 31 October 2024.
For the year ended 31 October 2024, the Group delivered a total revenue performance greater than the prior financial year, with revenue increasing by €5,284,426 to €67,681,754 (2023: €62,397,328). This was driven by an increase in occupancy levels and the benefit of higher average room rates, together with an increase in rooms from hotels in development completing and becoming operational. The growth in rooms sold during the year was supported by strong international and domestic demand.
The Group also saw market-wide challenges on inflation and interest rates. As a result pre-tax expenses for the year ended 31 October 2024 increased by €4,608,750 to €54,765,991 (2023: €50,157,241). The largest impact has been interest payable, which increased from €16,089,522 in 2023 to €17,892,679 as a result of an increase in the Group's bank loan facilities to fund the development of new hotels and increased interest rates, as well as employee costs which increased by €1,020,939 to €9,064,727 (2023: €8,043,788) as a result of the increase in the national minimum wage and an increase in the average number of employees.
However, despite these challenges, management has maintained a tight cost base control and taken together with the revenue performance, has delivered a strong year-on-year profit growth, with profit after taxation increasing by €1,212,739 to €13,565,706 (2023: €12,152,967).
The net asset position of the Group has increased to €231,710,516 (2023: €197,681,870). This is largely due to the profit after taxation and an uplift on revaluation of trading assets, less deferred tax, of €18,684,766.
The Group also invested in the development of new hotel sites and making upgrades to existing sites, resulting in capital expenditure during the year of €58,895,728. Additional bank loan funding was drawn down up to fund this capex, resulting in an increase in the Group's bank loan facilities from €244,556,532 at 31 October 2023 to €285,028,999 at 31 October 2024.
Page 1
CHART FORTE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The Key Performance Indicators (KPI’s) used to measure the trading performance of the hotels are revenue, profit after tax, occupancy percentage, average room rate (ARR) and revenue per available room (RevPAR).
Portfolio update
IRELAND:
Holiday Inn Express Dublin: This 198-bedroom hotel, situated in the heart of the City Centre has consistently maintained high occupancy rates. The site has now received planning consent to refurbish the existing 198 rooms and extend the hotel by an additional 89 rooms. Development of this is due to commence in Q1 2026. At the same time, the brand will be changed to the “Indigo” brand. The property will be refinanced to allow for the costs of refurbishment and development.
Holiday Inn Dublin Airport: The hotel has enjoyed robust performance throughout the year.
Hampton by Hilton, Dublin: The hotel opened in 2022 has enjoyed substantial growth in terms of revenue and EBITDA since opening. The hotel also achieves consistently high reviews on the booking platforms and guest satisfaction surveys. The hotel also continues to perform well in its comp set.
Waterford Marina Hotel: The hotel continues to trade well following the refurbishment and the management team is now looking at different ways to further improve on revenue and EBITDA.
Moxy/Residence Inn, Cork: The multi brand hotel opened in 2023 and has traded very well since opening. Due to the location in the City Centre, Occupancy and ARR is very strong and continues to improve. The levels of service provided by the management team are second to none and have been recognised in the high level of guest satisfaction surveys and outperforming its competitors.
Hilton Home2Suites, Dublin: Development continues for this 290 key hotel – the brand is Hilton’s first Home2 Suites property in Europe, and it is envisaged to open this hotel in Q1 2026.
Aloft, Galway: Development is due to commence in November 2025 for this 163 key hotel.
Tapestry by Hilton, Cork: Development of this 103 key hotel is due to commence in December 2025.
UNITED KINGDOM:
Hampton by Hilton, Ealing: This 182-room hotel continues to trade well and exceeds the annual budget.
Seraphine Hotel, Hammersmith: This 41-room boutique hotel continues to trade well.
Hideaway, Kensington: Development of this 59-bedroom boutique hotel is nearly complete with opening in December 2025.
IRELAND:
Holiday Inn Express Dublin: This 198-bedroom hotel, situated in the heart of the City Centre has consistently maintained high occupancy rates. The site has now received planning consent to refurbish the existing 198 rooms and extend the hotel by an additional 89 rooms. Development of this is due to commence in Q1 2026. At the same time, the brand will be changed to the “Indigo” brand. The property will be refinanced to allow for the costs of refurbishment and development.
Holiday Inn Dublin Airport: The hotel has enjoyed robust performance throughout the year.
Hampton by Hilton, Dublin: The hotel opened in 2022 has enjoyed substantial growth in terms of revenue and EBITDA since opening. The hotel also achieves consistently high reviews on the booking platforms and guest satisfaction surveys. The hotel also continues to perform well in its comp set.
Waterford Marina Hotel: The hotel continues to trade well following the refurbishment and the management team is now looking at different ways to further improve on revenue and EBITDA.
Moxy/Residence Inn, Cork: The multi brand hotel opened in 2023 and has traded very well since opening. Due to the location in the City Centre, Occupancy and ARR is very strong and continues to improve. The levels of service provided by the management team are second to none and have been recognised in the high level of guest satisfaction surveys and outperforming its competitors.
Hilton Home2Suites, Dublin: Development continues for this 290 key hotel – the brand is Hilton’s first Home2 Suites property in Europe, and it is envisaged to open this hotel in Q1 2026.
Aloft, Galway: Development is due to commence in November 2025 for this 163 key hotel.
Tapestry by Hilton, Cork: Development of this 103 key hotel is due to commence in December 2025.
UNITED KINGDOM:
Hampton by Hilton, Ealing: This 182-room hotel continues to trade well and exceeds the annual budget.
Seraphine Hotel, Hammersmith: This 41-room boutique hotel continues to trade well.
Hideaway, Kensington: Development of this 59-bedroom boutique hotel is nearly complete with opening in December 2025.
Page 2
CHART FORTE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Aloft/Residence Inn, Belfast: Development of this multi brand 228 key hotel continues and is due to open in Q1 2026.
Clement House, London, EC3: The property was acquired by the Group in December 2024 with planning consent for this 200 key deluxe hotel due imminently. Development will commence in Q1/Q2 2026 with a 24 month build programme.
Principal risks and uncertainties (continued)
The Group is exposed to financial and operational risks in the ordinary course of its business.
Both the Irish and UK economic outlook can be uncertain, due to political changes, and the impact from wider macro-economic trends together with increasing volatility from geopolitical issues. This may result in the softening of demand with the number of international tourists decreasing; and in addition, inflationary pressures which leads to challenges to meet customer demand to deliver high quality services.
The Group has a robust balance sheet and together with strong liquidity and a large freehold base, which has resulted in the Group having the option to raise additional funds if so required. The Group also continues to execute its strong commercial strategy, designed to increase market share and financial returns by implementing various commercial initiatives.
The principal risks and uncertainties facing the business are considered to be as outlined below.
Cyber Security Risk
Businesses globally are at the mercy of cyber attacks that have resulted in operational disruption and can result in an adverse impact on the value of the business.
The Group has outsourced its IT function to a specialist company which provides proactive security controls to protect the Group from Cyber Security risk. The Group also has the latest up to date anti-virus software and access control. A comprehensive and continuous security improvement programme is in place.
Brand Strength Risk
The Group is operating hotels under various brands which could suffer a loss in value due to changes in customer demand.
The Group performs extensive scenario-based analysis allowing it to assess the impact of changes in customer demand and enables us to make informed decisions to protect against this. The brand standards that are set by the Franchisors are also strictly adhered to.
Health and Safety Risk
Serious injury can arise from negligence or significant failure can result from food, fire, terrorism attack or other significant safety failure. All these factors may lead to adverse publicity, brand damage and loss of revenue/EBITDA.
The Group has robust fire safety procedures and policies in place – together with training for our team members. Regular health and safety updates are provided to the Board and Executive Committee. The Group also provides ongoing site level training to help identify hostile activities and to ensure appropriate response, should such an event take place. The Group also has stringent food safety and sourcing policies.
Clement House, London, EC3: The property was acquired by the Group in December 2024 with planning consent for this 200 key deluxe hotel due imminently. Development will commence in Q1/Q2 2026 with a 24 month build programme.
Principal risks and uncertainties (continued)
The Group is exposed to financial and operational risks in the ordinary course of its business.
Both the Irish and UK economic outlook can be uncertain, due to political changes, and the impact from wider macro-economic trends together with increasing volatility from geopolitical issues. This may result in the softening of demand with the number of international tourists decreasing; and in addition, inflationary pressures which leads to challenges to meet customer demand to deliver high quality services.
The Group has a robust balance sheet and together with strong liquidity and a large freehold base, which has resulted in the Group having the option to raise additional funds if so required. The Group also continues to execute its strong commercial strategy, designed to increase market share and financial returns by implementing various commercial initiatives.
The principal risks and uncertainties facing the business are considered to be as outlined below.
Cyber Security Risk
Businesses globally are at the mercy of cyber attacks that have resulted in operational disruption and can result in an adverse impact on the value of the business.
The Group has outsourced its IT function to a specialist company which provides proactive security controls to protect the Group from Cyber Security risk. The Group also has the latest up to date anti-virus software and access control. A comprehensive and continuous security improvement programme is in place.
Brand Strength Risk
The Group is operating hotels under various brands which could suffer a loss in value due to changes in customer demand.
The Group performs extensive scenario-based analysis allowing it to assess the impact of changes in customer demand and enables us to make informed decisions to protect against this. The brand standards that are set by the Franchisors are also strictly adhered to.
Health and Safety Risk
Serious injury can arise from negligence or significant failure can result from food, fire, terrorism attack or other significant safety failure. All these factors may lead to adverse publicity, brand damage and loss of revenue/EBITDA.
The Group has robust fire safety procedures and policies in place – together with training for our team members. Regular health and safety updates are provided to the Board and Executive Committee. The Group also provides ongoing site level training to help identify hostile activities and to ensure appropriate response, should such an event take place. The Group also has stringent food safety and sourcing policies.
Page 3
CHART FORTE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Liquidity Risk:
The Group has policies in place, including regular reviews of its cash position and cash flow forecasts, to manage its liquidity risks which relate to its ability to pay its trade and other payables.
Credit Risk:
The Group is exposed to a small amount of credit risk attributable to its trade and other receivables. This is minimised by dealing with counterparties with good credit ratings.
Section 172(1) Statement
The Directors are aware of their duty under Section 172(1) of the Companies Act 2006, to act in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as'a whole, and in doing so have regard to (amongst other matters):
∙the likely consequences of any decisions in the long term;
∙the interests of the Group's employees;
∙the need to foster the Group's business relationships with suppliers, customers and others;
∙the impact of the Group's operations on the community and environment;
∙the desirability of the Group maintaining a reputation for high standards of business conduct;
∙the need to act fairly as between members of the Group.
For the purposes of decision making, the directors have identified key stakeholder groups and evaluated their interests. The Directors have described in the Directors' Report how they have engaged with and responded to the interests of those stakeholders during the year.
This report was approved by the board on 31 October 2025 and signed on its behalf.
Page 4
CHART FORTE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present their report and the financial statements for the year ended 31 October 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to €13,565,706 (2023 - €12,152,967).
No dividends have been proposed during the year (2023: €889,933).
The directors who served during the year were:
The Group's future projections indicate promising growth, with 80% additional keys expected to be added within the next 3-4 years. This expansion is estimated to increase our group's portfolio value to approximately £750 million, with a net asset of approximately £338 million, maintaining a prudent LTV of 55%. The Group's track record in delivering profit performance gives us confidence to grow further and will open the door of future opportunities.
Page 5
CHART FORTE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors recognise that our employees are fundamental to the success of the Group. In accordance with section 172 of the Companies Act 2006 the Board has taken steps to ensure effective engagement with employees and consideration of their interests throughout the year.
∙Communication and Feedback: Regular updates were provided through internal newsletters, team briefings, and digital platforms. We conducted quarterly employee surveys to gather feedback on workplace satisfaction, wellbeing, and suggestions for improvement. Results were reviewed by senior management and informed decision-making.
∙Training and Development: The Group has invested in professional development through online learning platforms, leadership workshops, and mentoring schemes. Over 90% of employees participated in at least one training programme during the year.
∙Health and Wellbeing: The Group expanded its wellbeing initiatives, including mental health support, flexible working arrangements, and access to counselling services. A new Employee Assistance Programme has been launched.
∙Diversity and Inclusion: We continued to promote an inclusive culture through awareness campaigns, employee resource groups, and targeted recruitment efforts. These efforts cover the recruitment and treatment of disabled employees.
∙Recognition and Reward: A revised performance appraisal system was introduced to better align individual contributions with the Group's goals. Recognition awards and incentive schemes were used to celebrate achievements across all departments.
The directors believe that these initiatives have strengthened employee engagement, improved retention, and contributed positively to the Group’s performance and culture.
Engagement with suppliers, customers and others
The directors acknowledge the importance of maintaining strong relationships with key stakeholders, including suppliers, customers, and other business partners, in promoting the long-term success of the Group. In accordance with Section 172 of the Companies Act 2006, the Board has considered their interests in its decision-making throughout the year.
Engagement with suppliers, customers and others
The directors acknowledge the importance of maintaining strong relationships with key stakeholders, including suppliers, customers, and other business partners, in promoting the long-term success of the Group. In accordance with Section 172 of the Companies Act 2006, the Board has considered their interests in its decision-making throughout the year.
∙Customer Experience and Satisfaction: The Group prioritised guest satisfaction through regular feedback channels such as post-stay surveys, online reviews, and direct engagement. Insights were used to improve service delivery, amenities, and digital booking platforms.
∙Supplier Collaboration: We maintained open and transparent relationships with our suppliers, particularly in food and beverage, housekeeping, and maintenance services. Regular performance reviews and ethical sourcing policies ensured quality and sustainability. We also supported local suppliers to reduce carbon footprint and strengthen community ties.
∙Travel and Booking Partners: The Group worked closely with online travel agencies (OTAs), corporate clients, and tour operators to optimise occupancy rates and revenue management. Strategic partnerships were renewed and expanded to include dynamic pricing models and bundled offerings.
∙Sustainability and Community Engagement: We collaborated with local councils, tourism boards, and environmental groups to promote responsible tourism. Initiatives included waste reduction programmes, energy efficiency upgrades, and community volunteering by hotel staff.
∙Health and Safety Compliance: In light of evolving public health guidance, we engaged with regulatory bodies and industry associations to ensure our operations met the highest standards of cleanliness and safety. This included supplier audits and customer communication on safety protocols.
∙Accessibility and Inclusion: We continued to improve accessibility for guests with disabilities and language needs, working with specialist consultants and advocacy groups to enhance facilities and staff training.
Page 6
CHART FORTE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors believe that these engagements have strengthened stakeholder trust, enhanced brand reputation, and contributed to the resilience and growth of the business.
During the financial year ended 31 October 2024, Chart Forte Holdings Limited continued to make progress in managing its greenhouse gas (GHG) emissions across its hotel portfolio in the United Kingdom and Ireland. The Group remains committed to operating in an environmentally responsible manner and to reducing the carbon intensity of its operations in line with its long-term sustainability objectives.
Energy consumption during the year totalled 854,558 KwH, with an intensity ration of 0.0079 tCO2e per occupied room. Carbon emissions, by scope were as follows:
Energy consumption during the year totalled 854,558 KwH, with an intensity ration of 0.0079 tCO2e per occupied room. Carbon emissions, by scope were as follows:
∙Scope 1, direct (natural gas combusion and transport): 709.45 tCO2e
∙Scope 2, indirect (purchased electricity): 1,224.56 tCO2e
∙Scope 3, value chain (waste, water and transport): 1,297.54 tCO2e
∙Total: 3,231.76 tCO2e
The Group’s approach to sustainable operations includes:
∙Designing new properties to achieve high environmental performance standards (targeting BREEAM “Excellent” or equivalent);
∙Retaining embodied carbon by reusing and refurbishing existing structures where feasible;
∙Locating hotels close to public transport hubs to reduce guest and staff travel emissions;
∙Operating a low-emission vehicle fleet using clean fuels;
∙Implementing water monitoring systems to proactively track and reduce consumption; and
∙Rolling out site-specific energy and waste reduction programmes across all managed hotels.
The Directors oversee sustainability performance as part of the Group’s governance framework, and progress is monitored regularly to ensure continued alignment with the Group’s objectives.
Emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting (2024) and the Hotel Carbon Measurement Initiative (HCMI).
Page 7
CHART FORTE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
On 18 November 2024 the Group refinanced its loan facilities, taking out a new commercial facility of €58.4m to replace its existing loan with GWM of €58.4m The new commercial loan facility is repayable in quarterly instalments of €162,5000 for the first three years, then increase, with all remain amounts repayable on 18 November 2019.
On 18 November 2024 the Group refinanced its loan facilities, taking out a new commercial loan facility of €29.1m with Natwest Bank to repay its existing loan with Punjab National Bank of €25.5m. The new commercial loan facility is repayable in November 2029.
On 16 December 2024, the Group was granted a €19.9m acquisition finance facility by OakNorth Bank for the acquisition of an office block in the City of London to subsequently convert into an upscale hotel subject to planning approval.
On 18 November 2024 the Group refinanced its loan facilities, taking out a new commercial loan facility of €29.1m with Natwest Bank to repay its existing loan with Punjab National Bank of €25.5m. The new commercial loan facility is repayable in November 2029.
On 16 December 2024, the Group was granted a €19.9m acquisition finance facility by OakNorth Bank for the acquisition of an office block in the City of London to subsequently convert into an upscale hotel subject to planning approval.
On 27 February 2025 the Group refinanced its loan facilities, taking out a €38.5m development loan facility with NIIF to repay its existing loan with Apex Group of €38.5m and fund the ongoing construction of a dual branded 228 bedroom Aloft & Residence Inn by Marriott in Belfast City.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 31 October 2025 and signed on its behalf.
Page 8
CHART FORTE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHART FORTE HOLDINGS LIMITED
We have audited the financial statements of Chart Forte Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 9
CHART FORTE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHART FORTE HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
Page 10
CHART FORTE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHART FORTE HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to minimum wage requirements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll taxes and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙evaluating management’s controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries posted to revenue, postings with unusual account combinations, postings with unusual descriptions; and
∙challenging assumptions and judgements made by management in their critical accounting estimates, particularly in respect of the valuation of freehold and investment property.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 11
CHART FORTE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHART FORTE HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
Page 12
CHART FORTE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 13
CHART FORTE HOLDINGS LIMITED
REGISTERED NUMBER: 07669940
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2025.
Page 14
CHART FORTE HOLDINGS LIMITED
REGISTERED NUMBER: 07669940
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2025 .
The notes on pages 21 to 44 form part of these financial statements.
Page 15
