Valentine Charitable Trust
Financial Statements
305eptember 2020

Valentlne Charltable Trust
Contents
Page
Legal and admlnistratlve informatlon
Trustees, report
Independent auditors, report to the trustees
Statement of flnanclal activitles
12
Balance sheet
13
Cash flow statement
14
Notes to the fSnancial statements
15

Valentine Charltable T¥ust
Legal and Admlnlstratlve Information
Trustees
The trustee5 who Served during the year were..
Mr D J E Neville~Jones
Mrs S C K Palterson
Mr RAGregory
Mrs D Tory
Mr P Leatherdale
Wing Commander DAJack
Mrs S J Ridley
Ms F Normington-smith
Principal Address
Hintorb House
Hinton Road
Bournemouth
BHI 2EN
Auditors
Saffery Champness LLP
Midland House
2 Poole Road
Bournemouth
BH25QY
Bankers
Lloyds Bank PIC
45-47 Old Christchurch Road
Bournemottth
BHI IEO
Sollcitors
Preston Redman
Hinton House
Hinton Road
Bournemouth
BHI 2EN
Investment Managèrs
Charles Stanley & Co. Limlted
2 Westover Road
Bournemouth
Dorset
BHI 2BY
Investec Wealth & Investment Llmited
Midland House
2 Poole Road
BouTnemouth
BH2 5QY
Page I

Valentlne Charltable Trust
Trustee5' report
For the year ending 30 September 2020
The Trustee5 are pleased to present their report together wlth the flnanclal statements of the Trust for the
vear endlng 30 September 2020. The financial statements have been prepared in accordance wlth the
accounting policies set out in note I to the account5 and comply with the Charitie5 Trust Deed (Ind the Charitie5
Att 2011 and the Statement of Recommended Practice- Accounting and Reporting by Charities 2005.
REFERENCE ANDADMINISTRATIVE DETAILS
The Valentine Charltable Trust Is a reglgtered charSty Ino 10017821.
STRUCTURE, GOVERNANCE. MANAGEMENT
The Trust was started by the late Mlss Ann Cotton and is governed by its Trust deed dated 10 December 1990,
last updated l November 1995.
Deci51ons are made by the board of Trustees, present and voting at duly constltuted meetings. The Trijstees
meet once a quarter. The day to day administration of the charity is delegated to Preston Redman Sollcitors
under terms of reference Issued by the Bvard of Trustees.
A full115t of Trustees can be found on page l. All Trustees served throughout the year and to the date of this
report.
Policy and procedures for recrultlng. Inductlon and tralnlng of Trustees
The Trustees have the power to appolnt new trustees. The Trustees have identified the need to be aware of
the fact that the present Trustees will not romtin in place indefinitely and that they should consider the
recruitment of replacement or additional Trustees from time to tlme to ensure future contlnuity.
They will endeavourto identify likely candldates and try to re¢oEnlsÈ the qualitles in them, which might benefit
the futvre adminislratlon of the Trust. If suitable people are suggested and agreed by the Trustee5 they will
be approached to ask whether they arè willing and able to be considered for tiusteeship.
When a nÈw TrustÈe is appointed the existing Trustees will do their best to provide them with all background
information on the Trust. They will a150 as51St with any nè¢Èssary guldelines and other education as required,
on the duties, Yesponsibilities and requirements which must be taken on by trustees. A review after 6
months will be conducted to establish whethèr additlonal information, help or advice is required by a new
Trustee.
New Trustees, when appointed, wlll be asked to slgn a self-de¢laratlon of wlllingness and eliglblllty to act and
a list of appointments and positions which may give rise to conflicts of interest.
Risk assessment
The Trustees have examined the majo¥ strategic, business and operational rlsks which the Trust faces and
confirm that systems have been established to enable regular reports to be produced so that the necessary
steps can be taken to lessen these risks.
Page 2

Valentine Charitable Trust
Trustees. report
For the year ending 30 September 2020 Icontlnuedl
OBJECTIVES AND ACTIVITIES
The charity's objectives as laid down irk the charity'5 trust deed are to apply income and capital toward5 such
charitable purposes as the Trijstees may in their absolute discretion think fit. In particular, Ibut without
limltatlonl,111 the provislon of such anjenllies and facllitles for the beneflt of the publlc as are not provided
from public funds and lill the protection and safeguarding of the countryside and wildlife and the control and
reduction of PDllution.
The maln objective for the year was to malntaSn the real vallte of the investment and obtaln Sncome of greater
than £750,000. Stock market volatility adversely impacted value which wa5 not maintained, however. despite
a f811 in dividend income. the Trust's income objective was a¢hleved.
The Trustees tonfirm that they have referred to the guidance Contèined in the Cl)arity Commission's general
guidance on public benefit when reviewing the Trusvs aims and objectives and in planning future activities.
GRANT MAKING POLICY
The Trustees, donation policy Is that they will aim to distribute the majority of the income each year to
charitable organisations of their choice with a view to helping and supporting favoured charities on a regular
basis whilst also making one-off donations for specific appeals, subject to the availability of funds and
charitable requirements.
The Trustees have over recent years operated a Policy of not considering applicatlons unless they have what
they consider to be an established relatior)ship with the applicant. Despite that theie have been occasions
when the Trustees have been able to make Erants outside that pollcy, particularly in the case of local
applicants.
The Ilkely income of the Trust after expenses Is estlmated to be in excess of £700,000 a year. That flgure will
vary from year to year but the Trustees aim to make distributions on a quarterly basis. The income cash flow
may not be unlform over the year but capital cash can be used to iron out fluduatlons.
The Trustees have Identified the following general aims..
The Trustees have been entrusted with the Charity's substantial assets and they propose to try and manage
those to produce as large an income as reasonably possible commensurate with preserving the real value of
the Charlty's capltal assets. They then propose to distribut@ the resulting income of the Charity after expenses
by way of grants to other charitie5 or organisations of an equivalent status.
The Trustees have concluded that to achieve the vision of the Charity they should adopt the following criteria
when maklng grants. In settlng out these crlleria the T¥ustees are demonstiatln8 how they propose lo apply
the vision of the Charity a5 Its mission.
Page 3

Valentlne Charitable Trust
Trustees, report
For the year endlng 30 September 2020 lcontlnuedl
Grants to local charltie5
Miss Cotton lived most of her life in Dorsel, first at Broadstone and latterly at Canford Cliffs in Poole.
Involveinent in local projects appealed to her as she demonstrated while she was a Trustee of the Charity. The
Trustees do not propose to set a physirdl limit on what they consider to be local but when dealing with
charltles with limlted areas of Inte￿5t, they wlll be likely to give preference to those whlch operate in Dorset.
The Trustees will also consider making grants to charities which, while not based in the local area. operate
there.
6rnnts to charltles which have traditlonolly recelvedsmull grants
Over the years Ithe Charity was formed in 19911 the Charity has been in the habit of making relatively small
8rantS to d number of charities on a reBular basis. Many of these ori8inated in Mlss Cotton's time or are a
dlrect reflecilon of her thoughts. The Trustees propose to contlnue these subject to appropriate review at the
lime each is considered to be repeated. The Trustees do however appreciate that circumstances change so
the mere fact that a charity has recelved giants on a regular basls In the past does not mean there Is an
automatic decisron to continue to do so.
Grattts to support objective5 in otherpt¥rts of the world
The Charity has supported a number of small initiatives in the third and undeveloped world. The Trustee5
particularly1Ske to look for projects whlch offer sustalnability to local communities.
Grants fo one off uppeuls
There are regularly one off appeals to provide fundlng for specific projects and the Trustee5 have regularly
made dor)atlons to such appeals wliere they are for local facilities. However the Trustees are noi keen on
village halls or thè fabric of church buildings.
Grantsfor medlcal reseur¢h ond hospltuls
The Charlty has made regular donations In these areas but, as a matter of pollty, the Trustees look for
guarantee5 that any donations the Charity makes to bodies or objects related to the National Health Se￿1
arè for projects or equipment which have no likelihood of being provided Dut of central fun(ls in the
foreseeable futLFre.
Grantsfor corefundlrtg
One of the recurrent themes of comments made to the Trustees by applicants concerns the problems of
obtalnlng ¢orè fundSng. Apparently many #rant making trusts have a policy of not provSdlng ¢ore fundlng. The
Trustee5 have decided that they are prepared to make donations toward5 the core funding of charities and
make such grants on a repeat basis. However any repeat donations require a report from the applicant charity
and a new application so that the Trustee5 can revlew the posillon. They take the view that If It has been right
to support a particular charily once then, unless something changes, that motive can be followed again. albeit
charitlès are encouraged to become self-rellant and/or seek funding from other sourcès so that they do not
become solely dependent on the Valentine Charitable Erust for their core f(Jnding in the long term
Iwutchedlunding and pledges
The Trustees regularly use the device of offering funding to a project conditional upon the applicant raising
other funds before the donation will be forthcoming. Similarly offer5 of donations are sometimes made on
the basis that they will only be made once the project actually proceeds. All such offers are subject to review
up until the tlme they are actually made.
Page 4

Valentlne Charitable Trust
Trustees, report
For the year endlng 30 September 2020 Icontlnuedl
Social Investmentfunding
Following Mis5 Cotton's death the Charity's assets were invested in a very narrow ¥an8e of investments. To
35SlSt with diversification the Trustees developed what they teTm social investment funding. This involves
either the purchase of prem15e5 which are then leased to an operatln8 charity for its Use- the lease is usually
at a modest or nomlnal rent and for a relatively limited term, or the provision of a loan wlth an interest rate
of between 0% and base rate to an operatine charily to allow it to acquire property.
Admlnlstrotlon
All appllcatlons will be ackiiowledged with standard lettefs, even those that are not app¥opriate for receiving
a grant. This responsibility is delegated to the Trust's administrato¥ who then provides a report to the next
trustees, meeting.
The following general comments summarlse some of the ton51derations the Trustèes seek to apply when
considering applications for funding.
The Trustees look for value for money. While this concept 15 difficult to apply in a voluntary sector it can
certainly be used on a comparative basis and subjectively.
If the Trustees have competing applications theywill usually decide to support just one of them a5 they believe
that to concentrate the Charity's donations is more beneficial than to dilute them.
Regular contact with the charities to which donations are made is COFbsidered essential. Reports and accounts
are also ieque5ted from charities which are supported and the Trustee5 consider those at thelr meetings.
The Trustees take great comfort from the fact that they employ the poll¢y of only maklng donatlons to other
charitie5 or similar bodies. However they are not complacent about the need to review all donatiorbs made
and the Dbjects to which those have been given.
The Trustees are conscious that, particularty with the smaller and local charities, the community of those
workii)g for and with the charity is an important consideration.
The Trustees regularly review the classifications to which donations have been made so that they can obtain
an overview Df the Charity's donations and assess whether their policies are being impleinented in practice.
They aTe consClOUS that whon dealing with individual donations It is easy to lose sight of the overall picture.
Charities are asked to formally acknowledge receipt of their grants and any cheques that are not presented in
a timely fashion are discussed at a future quarterly meeting.
ACHIEVEMENTS AND PERFORMANCE
Financlal review
The attached ac¢ountS Show total incomlng Income resources for the yearof £909,44812019: £1.227,2521 and
resources expended of £1,283,16912019'. £1,240,092) resulting in a deficit for the year, before considering
movements in invèstments, of £373,72112019: £12,840).
The investment portfolio had realised losses of £715,93812019: £51,369 Igainll and unrealised losses arising
in the year of £2,054,50512019- £515,485 Igainsll. This contributed to the decrease in the value of the overall
trust fund from £36,991,612 to £33,847,448.
Page 5

Valentlne Charltablè Trust
Trustees, report
For the year ending 30 September 2020 Icontinuedl
Activitie5 in furtherance of charitable objects.
During the year the charity made grants totalling £1,125,000 to 135 charitie$12019.' £1.068,500 to 137
charitiesl. These are detailed in note 4.
The value of market rent not charged on the properties rented Is approximately £60.000, which, although not
a direct EranE of cash, released funds to these charities for their core objectives.
Investments
The coronavirus pandeinic has presented some particularly difficult condltiofts both forthe Trust's investment
managers and for many of the orEanisations which the Trust supports. This has resulted In a redLlCtÉon of the
capital value of the Trust's Investment portfollos from £33,632,768 to £31,471,891, ar)d its income. The
Trustees declded that desplte those reductions they would conllnue to support many of those applying for
grants even though that meant making grants in excess of the Trust's income.
INVESTMENT POLICY
Under the terms of the trust deed the Trustees have wide powers of investment over the assets of the Trust.
The Truslees have delegated the investment management to Charles Stanley and Company Llmlted and
Invèstec Wealtl) and Management Limitod who arè rèquirèd to sÈlÈtl Invèstments whlch wlll give equal
consideration to the production of an annual income and a level of capital growth to maintain the real value
of the trust fund for the future. This strategy should produce a total return that allows the Trust to pursue its
tharltable objectlv@% as fully as possible. The investment strategy should be one of medlum rlsk.
The Trustees also reserve the right to invest capital monies in property or other investments.
The Trustees have agreed an ethical investment policy and instructed the Charity's brokers to follow that.
Page 6

Valentine Charitable Trust
Trustees, report
For the year endlng 30 September 2020 Icontlnuedl
RESERVES POLICY
The Trustecs, policy is to review reserve levels on a regular basis and to maintain a level of rese￿e5 which will
provide a stable base for the Trust's continuing activities whilè at the same time ensuring excessive funds are
not accumulated.
There 15 generally, in the normal course of administration, a substantial cash balance of income in bar)k
accounts which can be utilised to facilitate lar8e donations for charitable purposes should the need arise. Thè
Trustees meet quarterly and aim to maintain a cash balance of approximately £150,000 In the income fund to
meet the commitments falling due in each forthcomin8 quarter. The income reserves at 30 September 2020
show a deflclt of £38,385 12019.. £281,992 Isurplusll. This is exceptional and Is a reflection of the extreme
Circumstances created by ihe pandemic and the Trustees, ijecision to continue to make 8rants despite the
impact on the Trust's cash posltion. This will be kept under review.
PLANS FOR FUTURE PERIODS
To malntaln the real value of the investment portfolio and of the income from it in the long term, with a
current target income of £750,000.
To continue to meet its primary obje¢tSves as stated on pagÈ 3.
TRUSTEES, RESPONSIBILITY AND INTERNAL CONTROL
Law applicable to charities requires the trustees to prepare financial statements, which give a true and fair
view of the state of affairs of the Trust at ihe end of the financial year and of its incoming resources and
application of resour￿5 for the year then ended. In doing so, the trustees are required to..
Select sultable accountlng policies and then apply them conslstently
Make judgements and estimates that are reasonable and prudent
Prepare the financial statements on a going concern basls unless It becomes Inapproprlate to presume
that the Trust will continue in the foreseeable future
State whether appllcable accountlng standards have been followed, subject to any matellal departures
disclosed and explained in the financial slatements
The Trustees have over311 responsibility for ensuring that the Trust has appropriate systems of inteTnal
controls, financial and otherwise. They ère also responsible for keeping proper ac¢ountinB records, whlch
dlsclnse wlth reasonable 8c¢.uracy at any tlme the flnancial positlon of the Trust, and enable them to ensure
that the financial stètements comply with the Charities Act 2011. They 8re also responsible for safeguardin8
the assets of the Trust and hence for taking reasonable steps for the prevention and detectlon of fraud and
other irre8ularities and to provide reasonable a55urance that..
The Trust is operatlng efflciently and effectivelyi
Its assets are safe8uarded a8ainst unauthorised use or disposltion,.
Proper records are maintained and the financial iiiformation used withln the Trnst is rellable; and
The Trust complies with relevant laws and regulations.
Page 7

Valentine Charitable Trust
Trustees, report
For the year ending 30 September 2020 Icontinuedl
AUDITORS
A resolution to re-appoint Saffery Champness will be submitted to the Annual General Meetlng.
By order of the trustee
Ms F Normlngton-smlth
Date 24 June 2021
Page 8

Valentine Charitable Trust
Independent auditors, report to the Trustees
For the year ended 30 September 2020
Oplnion
We have audited the financial statements of the Valentlne Charltable Trust for the year ended 30 September
2020 which comprise the statement of financial activities, balance sheet, cash flow Statement and notes to
the financial statements, includlng a summary of significant accounting policies. The financial reporting
framework that has been applied in theSr preparation is applicable law and United Kingdom Accounting
Standard5, Including Finantial Reporting Standard 102, the Financial Reporting Standard applicable in the UK
and Republlc of Ireland (Uniled Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a tiue and fair view of the state of the ¢harlty's affalrs as at 30 September 2020 and of its
incoming resources and application of resources for the year then ended.
have been properly prepared In accordance with United Kingdom Generally Accepted Accounting
Practice; and
have been prepared in accordance with the requlrements of the Charities Act 2011.
Ba515 for opinion
We conducted ouraudit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities unde¥ those standards are further described in the Auditors, responsibilities for the
audit of the finan£ial statements section of our report. We are Independent of the charity in accordance with
the ethical requirements that are relevant to our audit of the financial statements in the iIK, including the
FRtrs Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtalned Is sufflcient and appropriate to provlde a
basls for our opinlon.
Concluslons relatlng to going contern
We have nothing to report in respect of the following matters in relatlon to which the ISAS IUKI require u5 to
report to you where..
the trustees, tsse of the going concern basis of accounting in the preparation of the financial
statements is not appropriate; or
the trustees have not disclosed in the financial statements any Identified material uncertaintles that
may cast SlEnificant doubt about the charity's ability to continue to adopt the going concern basis of
accounting for a period of at least twelve months from the date when the financial statements are
authorised for issue.
Other information
The trustees are re5pon5ible for the other information. The other informètlon comprlses the Information
included in the annual report, other than the financial statements and our audltors, report thereon. Our
opinion on the finaiicial statemeiits does not cover the other Informatlon and, except to the exlent otherwise
explicitly stated in our report, we do not express any form of assurance concluslon thereon.
Page 9

Valentine Charitable Trust
Independent audltor< report to the Trustees
For the year ended 30 September 2020
In connection with our audit of the financial statements, our responsiblllty Is to read the other Information
and, in doing 50, consider whether the other information is materially inconsistent with the finaiicial
statements or our knowledge obtained in the audit or otherwise appears to be materially mSsstated. If we
identify Such material incon51Stencie5 or apparent material misstatement5, we ale required to determine
whether there is a material misstatement in the financial statements or a material misstatement of the other
information. If, based on the work we have performed, we conclude that therels a material misstatement of
thi5 Other info¥mation,' we are required to report that fact.
We have nothing to report in this regard.
Matteys on whl¢h we are requlred to report by exGeptlon
We have nothing to report in respect of the following matters in relation to which the Charlties IAccounts and
Report51 Regulations 2008 require us to report to you if, in our opii)ion-
the Information glven In the Trustees, Annual Report Is Inconslstent In any material respect with the
financial statements: or
the charSty has not kept sufflclent accounting records,. or
the financial statements are not in agreement with the accounting records and returns,. or
we have not received all ihe Informatlon and explanatlons we requlre for our audlt.
Responsibilities of trustee5
As explained more fully in the Trustee5' Responsibilities Statement set out on page 7, the trustees are
responsible for the preparation of the financial statements and this has been delegated to Saffery Champness
and for belnE satisfled that they glve a true and falr view, and for such Internal control as the trustee5
determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparlngthe financial statements. the trustees are responsible for assessing the charitws abilityto continue
as a going concern, disclosing, as applicable, matters related to going concern and using thè golng concern
basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have
no realistic alternative but to do so.
Auditoys, responsibilities for the audit of the financial statements
We have been appointed as audltors under the Charities Act 2011 and report in accordance with regulations
made under that Att.
Our objectivès are lo obtain rèasonablè a￿UranCe about whetherthe flnanclal statements as a whole are free
from matefial mlsstatement, whether due to fraud or error, and to issue an auditors, report that include5 our
opinion. Reasonable assurance is a high level of assurance, bLIt is not a guarantee that an audit conducted in
accordance wlth ISAS IUKI wlll always detect a materlal mlsstatement when St exlsts. Mlsstatements can arise
from fraud or error and are consldered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decislons of users taken on the basis of these flnanclal statements.
Page 10

Valentlne Charltable Trust
Independent auditors, report to the Trustees
For the year ended 30 September 2020
A further description of our responsibilities forthe audit of the financlal statements is located on the Financial
Reporllng Councll's website at- www.fic.or
audilorsres
onsibilities. This description forms part of our
auditors, report.
Use of our report
This report is made solely to the charity's trustee5, as a body, in accordance with part Al of the Charities
(Accovnts and Reports) Regulatlons 2008. Our audit work has beer) undertaken so that we mighi state to the
trustees those matters we are required to state to them in an auditor's 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 charlty
and the trustees as a bodyi for our audit work, for thls report, or for the opinions we have lormed.
Saffèry Champness LLP
Chartered Accountants
Slatutory Auditors
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Date:
28 June 2021
Saffery Champness LLP is eli8ible to act as an audltor In terms of sectlon 1212 of the Companles Act 2006
Page 11

Valentlne Charltable Trust
Statement of financlal activities
For the year ended 30 Sèptèmbèr 2020
Unrestricted
capltal
fund
2020
Unrestricted
income
fund
2020
Unrestricted Unrestrlcted
funds
fund5
total
total
2020
2019
Notè
INCOME
Investment income
909,448
909,448
1.103,311
othe¥ Income
123,941
Total Sncome
909,448
909,448
1,227,252
EXPENDITURE
Charltable activities
Grants awarded Sn the year
Support costs
1,125,000
51,481
1,125,000
51,481
1,068,500
63,950
Cost of raising funds
Investment managemenl fees
(excluding commisslonsl
Total expendlture
53,344
53,344
106,688
107,642
53,344
1,229,825
1,283,169
1,240,092
Realised Ilossllgaln on Investment assets
Unrealised Ilossllgain on investmerbt
assets
1715,938)
1715,9381
51.369
12,054.5051
12,823,787)
12,054,505)
13,144,164)
515,485
Net MovÈmÈnt In funds
1320,3771
554,014
Total funds brought fonmard
12
36,709,620
281,992
36,991,612
36,437,598
Total funds carried forward
12
33,885,833
138,385}
33,847,448
36,991,612
The statement of financial activities includes all gains and1055es retognised In the year.
All income and expenditure derive from continuing activities.
The notes on pages IS to 26 form part of these flnancial statements.
Page 12

Valentine Charitable Tyust
Balance sheet
As at 30 September 2020
Note
2020
2019
Fixed assets
Tangible fixed assets
Investments
1,059,058
31,471,891
1,059,058
33,632,768
32,530,949
34,691,826
Current assets
Other debtors and prepayments
Cash at bank
io
457,698
902,915
447,324
1,896,115
1,360,613
2,343,439
Creditors: amounts falling due within one year
other creditor5 and accruals
li
144,1141
143,6531
Net current assets
1,316,499
2,299,786
Net a55ets
33,847,448
36,991,612
Funds
Unrestricted capital fund
Unrestricted income fund
12
12
33,885,833
138,3851
36,709,620
281,992
33,847,448
36,991,612
The notes on pages 15 to 26 form part of these financial statements
Approved by the Board on 24 June 2021 and signed on it5 behalf by..
Trustee
.f L)IQL
Page 13

Valentine Charitablè Trust
Statement of cash flows
For the year ended 30 September 2020
2020
2019
Net cash absorbed by operatlng actlvltles Isee note)
1383,6341
1115,3951
Cash flows from investlng activltles
Purcliase of investment5
Dlsposal proceeds of Investments
Purchase of property
Disposal of property
Net Cash (usèd Inllprovided by Investing activities
17,221,055)
6,611,489
14,748,803)
5,542,802
1415,0001
450,000
828,999
1609,5661
Chan8e in cash and cash equivalent5 in the year
1993,2001
713,604
Cash and cash equivalents at l October 2019
Cash and cash equivalents at 30 September 2020
1.896,115
902,915
1,182.511
1,896,115
NOTE
Recon¢115atlon of net In¢gme to net ¢ash flow from
operating activitie5
Net Ideficlt}/ Intome for the reporting period as pey
the statement of financial activities
13,144,164)
554,014
Adlustments for
Ilncreasell decrease in debtors
Increase creditors
Realised losse51 Igainsl on investment assets
G8in on disposal of tangible flxed a5set5
Unrealised lossesl Igalnsl or) investment asseis
110,3741
461
715,938
11,660
9,726
151,3691
1123,9411
1515,4851
2,054,505
Net cash absorbed by operatlng actlvltles
1383,6341
1115.3951
Cash and cash equlvalents
Cash at bank and on instant access deposit accounts
902,915
1,896,115
Page 14

V4lentlne Charltable Trust
Notes to the financial statements
For the year Ènded 30 September 2020
l Accounting Policies
al Basis of preparation
The account5 Ifinancial statements) have been prepared In accordance wlth the Statement of Recommended
Practice.. Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financlal
Reporting Standard applicable in the UK and Republic of IrelandlFRS 1021 i$5ued on 16 July 2014 and the
Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the
Charitles Act 2011 and UK Generally Accepted Practice as It applles from l January 2015.
The Charlty constitutes a public benefit entity as deflned by FRSIO2.
The financial statements are prepared in sterlingi which is the functional currency of the CharSty. Monetary
amounts in these financlal statements are rounded to the nearest £.
The financial statements have been under the h15torital c05t convention, with the exception of the Investments
which are held at market value.
bl Going concern
At the time of approving the financial statement5, the trustees have a reasonable expectation that the Charity
ha5 adequate resources to continue in operatlonal existence for the foreseeable future. Thu5 the governors
Continue to adopt the goin8 concern basis of accounting in preparing the financial statements.
c} Fund accounting
All funds are unrestritted. Unrestricted funds are avallable for the Trustees to use in accordance with the
charitable objectlves.
dl Income
All incoming resources are included in the statement of financlal actlvltles when the charlty is legally entitled to
the Income and the amount can be quantified with reasonable accuracy.
el Expenditure
Resources expended are included In the statement of flnanclal actlvities on an accruals basis, inclusive of anv
VAT, which cannot be recovered. Grants payable are accounted forwhen a legal orconstructive obligatlon ari5e5.
A constructive obligation arises when the other party has a reasonable expectation of receipt.
f) Condltlonal grants
Where payment of a grant is subject to a condition which is under the control of the Trust no commitment Is
recognised until the condition has been fulfilled. Where a grant is payable subject to a condStlon which is w>ot
under the Trust's control, a Ilabllity15 recognised for the payment of the grant as soon as the Trust informs the
recipient that the grant has been approved subject to condition. Such commitments are only reversed if and
when it becomes clear that the condition will not be fulfilled.
Page 15

Valentine Charitahle Trust
Note5 to the financial statements
For the year ended 30 September 2020 lcontlnuedl
gl Tangible flxed assets and depreclatlon
Tangible fixed assets comprise of freehold land and buildings and are stated at cost.
h) Investments
Investments ale Included at market value, a5 al the balance sheet date. Any investments where there has been
a permanent diminution In value slnce the balance sheet date are included at the impaired value. Realised galns
are calculated as the difference belween market value at the date of disposal ar)d market value at the prevlous
balance Sheet date lor datÈ of acquisition if later). Unreallsed gains are calculated as the difference between
the m¢irket value at the balance sheet date and the market value at the previous balance sheet date lor date of
acquisltlon If afterl.
11 Allocation of support Costs
Support costs are allocated on the basis of tlme Spent on particular actlvltles.
11 Sotlal Investments
Social investments are included at C05t.
kl Financial instruments
The charity has financial assets and Ilabilities of a kind that qualify as basic financial instruments. Basic financial
instruments are recognised initially in the accounts at transaction price, Including any transaction costs. At the
end of eacli accounting period, basic financial instruments are recognlsed at amortSsed cost. For debt
In5trument5 this is calculated u51ng the vffeLtive Interest rale method.
11 Crltlc41 estlmate and Sudgements and key sources of estimation uncertainty
In the application of the Charity's accounting policies, tlie trustees are required to make judgements, estimates
and assumptions about tlie carrying amount of asseis and liabilltles that are not readily apparent from other
50urce5. The e5tSmates are recognised in the period in which the estimate is revised where the revision affects
only that period, or in the perlod of the Yevislon and future periods where the revlsSon effects both current and
future perlods.
Page 16

Valentine Charltable Trust
Notes to the financial statements
For the year ended 30 September 2020 (continued}
Investment Income
2020
2019
Dividends
Interest on cash deposits
Other income
Rental intome
802,183
84,079
16,085
7,101
1.021,166
61,220
12,952
7,973
909.448
1,103,311
3 Other Income
2020
2019
Gain on disposal of tangible fixed asset
123,941
123,941
Charitable activitie5
Grants awarded In the year
2020
2019
10 Cliristchurch Imudefordl Scout Group
1851 Marine Trust
Acce55 Dorset
Age Concern North Dorset
AIM Communitv
Alabare Homes for Veterans Dorset
Alcohol Education Trust
Allvel
AMECA Trust IThel
Andrew Simpson Sailing Foundation
The Ark Child okefoTd
Arts Development Company (The)
Art5reach
Asthma Relief
Bag Book5
BCP Homelessness Aclion Collaborative
Beaufort Community Association
Bipolar UK
Blandford Food Bank
Blandford Opportunity Group
Bournemouth Christians Alongside RoL*gh Sleepers
Bournemouth Community Church
5,000
7,500
7,000
4,OOD
15,000
10,OOD
5,000
5,000
5,000
7,000
6,000
5,000
4,000
10,000
5,000
10,000
5,000
5,000
10,000
3,000
5,000
10.000
5,OOD
7,OOD
10,OOD
5,000
5,000
10,000
Carrlèd Forward
i(x),000
90,500
Page 17

Valentine Charitable Trust
Note5 to the financlal statements
For the year ended 30 September 2020 Icontinuedl
Grants awarded In the year Icontinuedl
2020
2019
Brought forward
Bournemouth Hospital Charity
8ournemouth Nlghtclub Outreach Work
Bournemouth Parks Foundation
8ournemouth Symphony Orchestra
Bournemouth Town Centre Detached Youth Work Project
Bourneinouth University
Bourne Academy
B-side Communily Inlerest Companv
Bowel Cancer UK
Brainwave Centre (Thel
Breadllne Africa
Breast Cancer Haven
Bridport & District Citizens, Advice Bureau
British Forces Foundation
British Red Cross (Belrutl
Burnbake I'rust
Burngate Stone Craving Centre
81h Christchurch (Burlonl Scout Group
Bus Stop Club
Butterfly Con5eYvation
ChanÉinE Tunes
Chase Africa
Chernobyl Children in Need
Chesil Sailabilitv
Chesll Saillng Trust
Child of Hope
Chrlstchurch Actlvltles for Young People
Christchurch Community Partnership Limited
Cltizens Advlce BCP
Citizens Advice Bureau East Dorset
Cltizens Advlce Bureau Purbeck
Clt12èns Advlcè Cèntral Dorset
Compass Learnin8 Centre
Creative Klds
Criminon UK
Crumbs
DEED
DEMAND
Dentai(I
Divelse Abilities Plus
Dorchester Arts
Dorset 81ind A5s0ciatlon
Dorset Childrens Foundation
loo,000
io,(K)o
90,500
10,000
10,000
5,000
5,000
20,000
6,000
5,000
6,000
5,ODO
10,000
5,OOD
10,000
5,000
5,000
5,ODO
6,000
7,000
5,000
10,000
5,000
10,000
5,000
io,ooo
5,00
10,ODO
1,000
10,000
10,ODO
5,000
3,000
10,000
10,OOD
5,000
4,OOD
5,000
4,000
7,000
7,000
5,000
7,500
10,000
25,000
2,000
5,000
10,000
5,000
10,000
1,500
10,000
10,ooc>
15,OOC)
7,500
10,000
10,000
20.000
15,000
5,000
15.000
10,000
5,000
Carried Forward
368,000
312,000
Page 18

Valentlne Charltable Trust
Notes to the financial st4tements
For the year ended 30 September 2020 (continued
Grants awarded in the year (continued
2020
2019
Brought forward
Dorset Mind
Dorset Natural History Museum
Dorset Opera
Dorset Parent & Infant Partnersliip
Dorset Reading Partners
Dorset Youth Associalion
East Dorset Citizen's Advice Bureaux
Ellen MacArthur Can￿r Trust
Faithworks Wessex
Families for Children
Fearnheath Play Association
Fernheath Community Sports Associatlon
Fine Cell Work
Footprints Project
Frlends of Guys Marsh
Frontier Youth Trust
Game & Wildllfe Conservatlon Trust
Gateway Church Poole
GillinÈham CommunSty Church
Goedaedacht Trust IThel IGrow Peace)
Grow Peace
Happy Days Children's Charity
Health and Loan Food for Families
The Health Bu5 Trust
Home-start North Dorset
Home-start West Dorset
Home-start South East Dorset
Honeypot Chlldren's Charity
Hope Housing Training & Support Ltd
Hope In the Communlty
Horatio's Garden
Horsecourse (The)
Huntington's Disease Assoclatlon
Hurting 2 Healing
Immanuel United Reformed Church
Independent Arts
Inspire Foundation
International Care Network
Island Community Action
Jubilee Sailing Trust
The Keep Military Museum
Koesiler Triisl
Lewls-manning Hospi
368,000
5,000
312.000
10,000
25,000
10,000
5,000
3.ODO
10,000
10,000
10,000
10,000
10,000
12,000
20,000
5,000
20,000
5,000
10,000
5,000
3,000
10,000
5,000
20.000
10,000
15,000
5,000
10,000
15,000
5,000
5,000
5,000
5,000
4,000
5,000
5,000
15,000
10,000
5,000
10,000
5,000
10,000
10.000
5,OOD
5,000
10,OOD
5,000
10,000
5,000
8,000
4,000
5,000
15,000
15,000
10,000
5,000
10,OOD
15,OOL)
3,OOD
5,000
5,OOt)
io,ooc)
30,OOQ)
20,000
Carried forward
618,000
639,000
Page 19

Valentine Charitable Trust
Note5 to the financlal statements
For the year ended ao September 2020 Icontinuedl
Grant5 awarded In the year (¢ontlnuedl
2020
2019
Brought forward
Life Education Wessex
Listening Book5
Link Visiting Swanage
Livability
Llving Palntlngs
Lyme Regis Development Trust
Lyme Reg15 Philpot Museum Trust
MacDougall Trust
MatmSllan Cancer Support
Magdalen Environmental Trust
Marine Conservation Sociely
MARS Trust (The)
Mediation Dorset
Medical Aid for Palestlnlans
Michae15 l.imited
Mont￿$ Community Hub
MOSAIC
MyTime
Naoml House
New Forest Bike Project
New Opportunities for Community & Support
Ombetja Yehinga Organlsation Trust
Opporlunities R UnLimited
Orbis
Pathways for All People
People First Forum
Thè Phoènlx Project IIOWI
Poole Communities Trust
Poole Forum
Poole Museum Foundation
Poole Town Pastors
Prama Care
PramaLIFE
Prisoners Abroad
Purbeck Art Weeks Festival
Purbeck Citizens Advice Bureau
Purbeck Strings
Purbeck Youth & Community Foundation
Rainbow Centre
React
Read Easy
Recoop
Recovery Two
618,000
5.000
5,000
639,000
6,000
3,000
io,oao
5,000
5,000
10,000
20,000
6,000
8,1)00
5,QOO
10,000
5,000
5,000
20,000
6,000
10,000
10,000
3,000
10,000
30,000
10,000
15,000
io,aoo
5,000
15,000
io,(x)o
15,000
10,000
5,000
6,000
10,000
5,000
10,000
5,000
10,000
io,o¢)o
10,000
5,000
25,000
5,000
10,000
500
10,000
1,500
5,000
15,000
5,000
10,000
5,000
2,000
10,000
500
5,000
10,000
3,500
ID,000
5,000
5,000
500
5,000
3,500
5,000
5,000
Carried forward
877,500
904,500
Page 20

Valentine Charltable Trust
Notes to the financlal statements
For the year ended 30 September 2020 Icontlnuedl
Grants awarded in the year Icontinuedl
2020
2019
Brought forward
Revltalise Ifomierly Vitalisel
RNLI
Roald Dahls MeNellous Children's
Charity
Rotjtes to Roots
SA-Yes
Safe Partnership Limited
Safewise
Salisbury Cathedral
Salisbury Hospice Charity
Schoolreaders
Second Chance
Sedcat
Shelling Special Education Trust IThel
Shine Project
SMILE Connecl
Somerford Alliance Resource Centre
Species Recovery Trust
Springhead Trust
St John of Jerusalem Eye Hospital
Stable Famlly Home Trust
Stormbreak CIO
Swanage & Purbeck Development Trust
swop
Tall Ships Youth Trust
Tax Help for Older People
Tolpuddle Old Chapel Trust
Tralning & Learning Company IThel
Turn2us
UK Salling Academy
Waterfall Trust
Wess@x Cancer Trust
The Wheelyboat Trust
Whee15 for Freedom
Whlti-Kidi
World Medical Fund for Children
WOTS
Project
(Coach
in
Community)
Yeovil H05Pltal Charity
YMCA IBoLtrnemouthl
Young Dorset
Youth Action Group
877,500
10,000
5,000
5,000
904,500
10,000
5,000
10,000
5,000
5,000
15,000
5,000
1,000
5,000
5.000
5,000
20,000
5,000
4.000
3,000
10,000
6.000
5,000
5,OOD
5,OOD
5,000
15,000
10,000
10,000
I,ODO
20,000
10,000
3,000
10,000
5,000
10,000
10,000
4,000
5,000
10,ODO
5,000
5,000
8,000
10,000
4,000
10,000
5,000
7,500
4,0(K)
S,0(K)
the
iO,O(K)
15,0(N)
io,o(K)
6,OCM)
5,ODO
Cayrled forward
1,115,000
1,058,500
Page 21

Valentine CharitableTrust
Notes to the financSal statements
For the year ended 30 SÈptember 2020 Icontlnuedl
Grants awarded in the year Icontlnued)
2020
2019
Brought forward
Youth Resources Servlces (Rendezvous
Sherbornel
1,115,OOD
10,000
1,058,500
10,000
1,125,000
1,068,500
Support Costs
Note
2020
2019
Administrative costs
Bank audlt fee letter
Professlonal fees
Governance costs
41,744
30
53,823
30
450
9,fA7
9,707
51,481
63,950
Governance costs
2020
2019
Audit and advisoyy teès
Truslees, indemnity insurance
8,4(K)
1,307
8,340
1,307
9,707
9,647
Staff costs
Expenses of £nil were paid to the trustee5 during the year12019.' £nill. No trustees received any remuneration
durlng the yèar for thelr servi￿5 as trusteÈ$12019: £nlll. There worè no empltsyèes In the year12019.' nlll-
Tanglble flxed assets
Freehold
land and bulldlngs
Cost:
As al l October 2019
Disposals
Additions
1,059,058
As at 30 September 2020
1,059,058
In the trustee's opinion the net book value of the fun¢tlon31 freehold13nd and bulldlngs is not Impaired. All the
functional freehold land and buildings are used for charitable purposes. TheTrustees considerd whether it would
be appropriate to Instruct a formal revaluation of thè property portfolio but did not deem it necessary at that
point, but this will be kept under review, with due consideration given to material changes to market cor)ditons.
Page 22

Valentine Charitable Trust
Note5 to the financial statements
For the year ended 30 September 2020 Icontinuedl
Investments
2020
2019
Listed share porifolio
Market valLFe as at l October 2019
Additions
Disposal proceeds
Realised Ilossesll gains on disposal
Unrealised IIDssÈ%l/ galns on revaluatlon
Market value as at 30 September 2020
33,632,768
7,221,055
16,611,489)
1715,9381
12,054,505)
33,859,913
4,748,803
15.542,8021
51,369
515,485
31,471,891
33,632,768
The share portfolio was valued by Charle5 Stanley and Company Limited and Investec Wealih & Investment
Limited based on the mid-market price at 30 September 2020.
2020
2019
Original cost 45 at 30 September 2020
26,882,033
25,668,297
Analysls of115ted Investments
2020
2019
Fixed interest securities
Unit trusts
Equity shares
other
5,363,315
6,607.137
16,471,464
3,029,975
5.068,475
5,989,214
19,684,415
2,890.664
31,471,891
33,632,768
Included in the listed investments above are the following individual holdin85 at 30 September 2020, whlch are
considered to be material.
2020
Market
ValLEe
2019
Market
Value
Treasury Stock 2.5% Index Linked 2024
270,773
282.045
L&G Global Inflation linked Bond Indèx C ACC
610,200
576,300
Unlisted Investments
The TFU5t holds £25 ordinary £15hares in The Dorset Golf Club Broadstone Limited. These share5 were gifted
to the Trust and have no cost value.
Page 23

Valentine Charitable Trust
Notes to the financial statement5
For the year ended 30 September 2020 Icontinuedl
io
Debtors
2020
2019
Social ir)vestment funding
Prepayments and acciued income
412,51JO
45,198
412,500
34,824
457,698
447,324
An amount of £412,50012019'. £412,5001 included in debtors 15 due for repayment In more than one year.
li
Creditors
2020
2019
Amounts falling due within one yèar..
Accruals
44,114
44,114
43,653
12
Unrestricted funds
Balantes
l October
2019
Balances
30 September
2020
Incoming
resource5
REsour¢e5
expended
Loss on
inve5tment5
Capllal fund
Income fund
36,709,620
281,992
153,3441
11,229,825)
12,770,443
33,885,813
138,3851
909,448
36,991,612
909,448
11,283,169)
2,770,443)
33,847,448
13
Related partle5
D J E Neville-jones, a trustee, is a consultant in Preston Redman solicitors. During the year Preston Redman
provided administrative se￿iceS amounting to £41,23812019: £53.1641 Inclusive of VAT.
R A Gregory, a trustee, is also a trustee of the MacDougall Trust. Durlng the year the MacDougall Trust received
a grant of £20,00012019'. £20,000) from the Valentine Charitable Trust.
Page 24

Valentine Charitable Trust
Note5 to the flnancial statements
For the year ended 30 September 2020 IcontlnuÈdl
14
Commitmènts
In addltion the Trustees have approved annual grants which are Subject and conditional to a final review before
the grant5 will be paid. These Èrants are reviewed at each meetln8 and an annual update is sought on progress
where appropriate. Additionally, the oveiall level of pledges is c105ely monitored each quarter to ensure
sufficient funds remain available to sijpport these on-going commitments These giants have not been provided
In the accounts and the aggregate value of these grants is as follows'.-
2020
2019
One off pled8es
65,000
66,000
Page 25

ValentlnÈ Charltable Trust
Ntstes to the financial statements
For the year ended 30 September 2020 l¢ontlnuèdl
16
statement of flnantlal actlvitles comparative information for 2019
Unrestricted
capital
fund
2019
Unrestricted
Income
fund
2019
Unrestricted
funds
total
2019
INCOME
Investment income
1,103,311
1,103,311
other income
123,941
123,941
Total Income
123,941
1,103,311
1,227,252
EXPENDITURE
Charitable activitie5
Grants awarded in the year
Support costs
1,068,500
63,950
1,068,500
63,950
Cost of ralslng funds
Investrnent management fees
(excluding commi551onsl
53,821
53,821
107,642
Total expenditure
53,821
1,186,271
1,240,092
Realised gain on investment assets
51,369
51,369
Unreallsed galns on Investment assets
515.485
515,485
Net movement in funds
636,974
182,960
554,014
Fund balances brought forward
36,072,646
364,952
36,437,598
Fund balances carried forward
36,709,620
281,992
36,991,612
This page does not form part of the accounts on which the auditors have reported.
Page 26