The Fort Trust Charity Accounts

COMPANY REGISTRATION NUMBER: 10586304

CHARITY REGISTRATION NUMBER: 1173376

The Fort Trust

Company Limited by Guarantee

Unaudited Financial Statements

31 January 2026

The Fort Trust

Company Limited by Guarantee

Financial Statements

Year ended 31 January 2026

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	6

Statement of financial activities (including income and expenditure account)	7

Statement of financial position	8

Notes to the financial statements	9

The Fort Trust

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 January 2026

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 January 2026 .

Reference and administrative details

Registered charity name	The Fort Trust

Charity registration number	1173376

Company registration number	10586304

Principal office and registered	2nd Floor Parkgates Bury New Road
office	Prestwich
	Manchester
	M25 0TL

The trustees

	Mrs B Lobenstein
	Y A Lobenstein
	H Z Sanger	(Appointed 22 May 2025)
	Mrs R M Lasry	(Resigned 22 May 2025)

Company secretary	Y A Lobenstein

Independent examiner	Mr Howard Schwalbe ACA
	2nd Floor - Parkgates
	Bury New Road
	Prestwich
	Manchester
	M25 0TL

Structure, governance and management

The Fort Trust is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 26 January 2017 as a company and the company number is 10586304 . It was registered as a charity on 13 June 2017 with a charity number being 1173376 .

Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

There is no chief executive officer. The day to day affairs are undertaken by Mr Y Lobenstein on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.

There are no policies for the induction or training of new trustees.

Risk review

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.

The risks faced by the trust are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.

Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.

Objectives and activities

The objects of the charity are: (i) For the public benefit promote the education of people of all ages around the world in such ways as the charity trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organisations worldwide that provide education. (ii) The prevention or relief of poverty or financial hardship anywhere in the world by providing: grants or loans to individuals in need and /or charities, or other organisations working to prevent or relieve poverty of financial hardship.(iii) To advance the orthodox Jewish religion worldwide for the benefit of the public in accordance with the principles of the code of Jewish law (Shulchan Aruch). (iv) To promote and protect the physical and mental health of sufferers of any medical conditions around the world through the provision of financial assistance, support and practical advice.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.

Grant making policy

The charity is funded by donations and investment income. The charity gives out grants in line with the above objects.

There were no grants to individuals made during the year.

Grants made during the year to institutions are as detailed in the accounts.

The application of the funds by way of grants to either institutions or individuals and is almost always to institutions.

The trustees consider they have met the public benefit test and outline these achievements below.

The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.

The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

The charity received £7,501 (2025: £60,000) in donations during the year of which £185,116 (2025: £47,610) was paid out by way of grants and support costs. These grants were made in line with the stated objects of the charity and were for educational or relief of poverty purposes.

The charity also had investment income receivable during the year amounting to £21,759 (2025: £12,004).

The charity has low governance costs comprising professional fees.

All other office costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.

Grants over £2,000 made during the year to institutions are as detailed in the accounts.

The charity purchased a new investment property syndicate during the year and the details can be found in the notes to the accounts.

The charity sold its holding in one of the investment property syndicates during the year and the details can be found in the notes to the accounts. The gain attributable to the sales amounted to £5,000 as disclosed on the face of the SOFA.

There were no material fundraising costs during the year.

Related party transactions are disclosed as applicable in the notes to the accounts.

There was a net expenditure and net movement in funds for the year amounting to (£153,045), (2025: £51,894).

Financial review

Investment performance

The investment performance was 3%, which is acceptable to the trustees when compared with returns from deposits held in any banking institution. Additionally, this does not take into account any potential capital appreciation.

Reserves policy

The unrestricted fund represents the unrestricted funds arising from past operating results.

The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.

In considering the limited financial obligations of the charity, the trustees have resolved to maintain a minimum reserve roughly equal to the net current assets of the charity.

The trustees have considered the fair value of the investment property taking into account the loan to value of the properties as well as the nature and exposure of the syndicate properties. The trustees consider the holding value to be the fair value.

The trustees are delighted to have made many valuable contributions to the community as a result of this income and hope to be able to do so for many years to come.

The free reserves, represented by the net current assets of the charity stand at £365,194 (2025: £1,331), all of which are unrestricted.

Total funds held by the charity at the year end were £381,708 (2025: £534,753), all of these are unrestricted.

The trustees' annual report and the strategic report were approved on 20 October 2026 and signed on behalf of the board of trustees by:

Y A Lobenstein

Trustee

The Fort Trust

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of The Fort Trust

Year ended 31 January 2026

I report to the trustees on my examination of the financial statements of The Fort Trust ('the charity') for the year ended 31 January 2026.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr Howard Schwalbe ACA Independent Examiner

2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL

20 October 2026

The Fort Trust

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 January 2026

	2026		2025
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	7,501	7,501	60,000
Investment income	6	21,759	21,759	12,004
		--------	--------	--------
Total income		29,260	29,260	72,004
		--------	--------	--------

Expenditure

Expenditure on raising funds:

	Investment management costs	7	6,455	6,455	–
Expenditure on charitable activities		8,9	180,850	180,850	47,610
			---------	---------	--------
Total expenditure			187,305	187,305	47,610
			---------	---------	--------

Net gains on investments	12	5,000	5,000	27,500

	---------	---------	--------
Net (expenditure)/income and net movement in funds	( 153,045)	( 153,045)	51,894
	---------	---------	--------

Reconciliation of funds

Total funds brought forward	534,753	534,753	482,859
	---------	---------	---------
Total funds carried forward	381,708	381,708	534,753
	---------	---------	---------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The Fort Trust

Company Limited by Guarantee

Statement of Financial Position

31 January 2026

	2026	2025
Note	£	£

Fixed assets

Investments	16	771,935	588,752

Current assets

Investments	17	360,000	–
Cash at bank and in hand		6,094	2,051
		---------	-------
		366,094	2,051

Creditors: amounts falling due within one year	18	900	720
		---------	-------
Net current assets		365,194	1,331
		------------	---------
Total assets less current liabilities		1,137,129	590,083

Creditors: amounts falling due after more than one year	19	755,421	55,330
		------------	---------
Net assets		381,708	534,753
		------------	---------

Funds of the charity

Unrestricted funds		381,708	534,753
		---------	---------
Total charity funds	20	381,708	534,753
		---------	---------

For the year ending 31 January 2026 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 20 October 2026 , and are signed on behalf of the board by:

Y A Lobenstein

Trustee

The Fort Trust

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 January 2026

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2nd Floor Parkgates Bury New Road, Prestwich, Manchester, M25 0TL.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported besides the valuation of fixed asset investments at the year end.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The Fort Trust is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.

5. Donations and legacies

Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
£	£	£	£

Donations

Donations	7,501	7,501	60,000	60,000
	-------	-------	--------	--------

6. Investment income

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Income from investment properties	21,497	21,497	11,805	11,805
Bank interest receivable	234	234	199	199
Other interest receivable	28	28	–	–
	--------	--------	--------	--------
	21,759	21,759	12,004	12,004
	--------	--------	--------	--------

7. Investment management costs

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Property repairs and maintenance charges	1,104	1,104	–	–
Other investment management costs	5,351	5,351	–	–
	-------	-------	----	----
	6,455	6,455	–	–
	-------	-------	----	----

8. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Charitable grants	163,660	163,660	46,860	46,860
Support costs	17,190	17,190	750	750
	---------	---------	--------	--------
	180,850	180,850	47,610	47,610
	---------	---------	--------	--------

9. Expenditure on charitable activities by activity type

	Grant funding of activities	Support costs	Total funds 2026	Total fund 2025
	£	£	£	£
Investment Costs.	–	16,290	16,290	30
Charitable grants	163,660	–	163,660	46,860
Governance costs	–	900	900	720
	---------	--------	---------	--------
	163,660	17,190	180,850	47,610
	---------	--------	---------	--------

10. Analysis of support costs

	Analysis of support costs activity 1	Total 2026	Total 2025
	£	£	£
General office	1,230	1,230	30
Finance costs	15,060	15,060	–
Governance costs	900	900	720
	--------	--------	----
	17,190	17,190	750
	--------	--------	----

11. Analysis of grants

	2026	2025
	£	£

Grants to institutions

Academy For Talmudical Research	–	2,500
ABG Trust Fund	8,500	–
Asser Bishvil	10,000	13,600
Bnos Schools	2,700	–
Grants under £2,000	5,230	4,010
Lehachzikom UK	–	5,000
M H	–	2,000
Manchester Hachnosas Kalloh	11,000	–
Mcr Yeshiva Kollel	2,000	4,000
Naale Beis Yaakov	9,000	–
Ohel Torah	3,780	–
SMD Foundation	18,250	–
T T T	93,200	15,750
	---------	--------
	163,660	46,860
	---------	--------
Total grants	163,660	46,860
	---------	--------

12. Net gains on investments

	Unrestricted Funds	Total Funds 2026	Unrestricted Funds	Total Funds 2025
	£	£	£	£
Gains/(losses) on investment property	5,000	5,000	27,500	27,500
	-------	-------	--------	--------

13. Independent examination fees

	2026	2025
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	900	720
	----	----

14. Staff costs

The average head count of employees during the year was Nil (2025: Nil).

No employee received employee benefits of more than £60,000 during the year (2025: Nil).

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

16. Investments

	Other investments
	£
Cost or valuation
At 1 February 2025	588,752
Additions	233,183
Disposals	(50,000)
	---------
At 31 January 2026	771,935
	---------
Impairment
At 1 February 2025 and 31 January 2026	–
	---------
Carrying amount
At 31 January 2026	771,935
	---------
At 31 January 2025	588,752
	---------

All investments shown above are held at valuation.

Listed investments

Other investments

Other investments represents capital introduced by the charity into a syndicate plus accrued surpluses less deficiencies but without revaluing the syndicate properties. The syndicate in which the charity is a participator has borrowings that are secured on the syndicate property. The charity accounts for its syndicate investments under the equity accounting basis and thus the charity's share of the borrowings is not included in these financial statements.

Valuation of the syndicate property is at fair (market) value of the syndicate property in the opinion of the trustees. The charity owns three syndicates and the percentage holding is between 1% and 10%. The trustees consider that they do not have significant influence over the operating and financial policy of the undertaking.

The charity also owns an apartment with 100% ownership, as a result of the part sale of a previously owned investment syndicate. The value of this apartment is £250,000 in the opinion of the trustees.

Additionally, the charity invested a further £220,390 into an additional wholly owned investment property.

17. Investments

	2026	2025
	£	£
Other investments	360,000	–
	---------	----

18. Creditors: amounts falling due within one year

	2026	2025
	£	£
Accruals and deferred income	900	720
	----	----

19. Creditors: amounts falling due after more than one year

	2026	2025
	£	£
Bank loans and overdrafts	147,031	–
Loans	608,390	55,330
	---------	--------
	755,421	55,330
	---------	--------

20. Analysis of charitable funds

Unrestricted funds

	At 1 February 2025	Income	Expenditure	Gains and losses	At 31 January 2026
	£	£	£	£	£
General funds	534,753	29,260	(187,305)	5,000	381,708
	---------	--------	---------	-------	---------

	At 1 February 2024	Income	Expenditure	Gains and losses	At 31 January 2025
	£	£	£	£	£
General funds	482,859	72,004	(47,610)	27,500	534,753
	---------	--------	--------	--------	---------

21. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2026
	£	£
Investments	771,935	771,935
Current assets	366,094	366,094
Creditors less than 1 year	(900)	(900)
Creditors greater than 1 year	(755,421)	(755,421)
	---------	---------
Net assets	381,708	381,708
	---------	---------

	Unrestricted Funds	Total Funds 2025
	£	£
Investments	588,752	588,752
Current assets	2,051	2,051
Creditors less than 1 year	(720)	(720)
Creditors greater than 1 year	(55,330)	(55,330)
	---------	---------
Net assets	534,753	534,753
	---------	---------

22. Related parties

Mr Y A Lobenstein , director and trustee of The Fort Trust , is also a trustee in Teshuvoh Tefilloh Tzedokoh. During the year The Fort Trust paid £93,200 in grants to Teshuvoh Tefilloh Tzedokoh. Included within loan creditors at the year end are loans owing to the children of Mr Y A Lobenstein amounting to £55,330 on an interest free basis. Mr H Sanger, director and trustee of The Fort Trust , is also the director of Sunninghill High Ltd. During the year, Sunninghill High Ltd lent the charity £160,060 on an interest free basis. This was still the balance at the year end. Mr H Sanger, director and trustee of The Fort Trust lent the charity a total of £370,000 during the year, on an interest free basis. There were repayments of £10,000 during the year, leaving a balance of £360,000 owing to him. Brantwood Estates Ltd, is a company under the directorship of Mr B M Lobenstein, a brother of Mr Y A Lobenstein, director and trustee of The Fort Trust Ltd. During the year, Brantwood Estates Ltd lent the charity £178,000 on an interest free basis. This was still the balance at the year end.

23. Taxation

The Fort Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.