Valentlne Charltable Trust Flnanclal Statements 30 September 2022
| Page | ||
|---|---|---|
| Legal and administrative | information | |
| Trustees' report |
||
| Independent auditors' |
report to the trustees | |
| Statement offinancial |
activities | 13 |
| Balance sheet | 14 | |
| Cash flow statement | 1S | |
| Notes to the financial statements | 16 |
| Trustees | The trustees who served during the year were: |
The trustees who served during the year were: |
The trustees who served during the year were: |
The trustees who served during the year were: |
The trustees who served during the year were: |
||
|---|---|---|---|---|---|---|---|
| Mr DJ E Neville-Jones | |||||||
| Mrs SC K Patterson | |||||||
| Mr R A Gregory | |||||||
| Mr P Leatherdale | |||||||
| Wing Commander | D A Jack | ||||||
| Mrs SJ Ridley | |||||||
| Ms F Normington-Smith | |||||||
| Mrs D M A Tory | (Retired | 28'" | October 2021) | ||||
| Principal | Address | Hinton House |
|||||
| Hinton Road |
|||||||
| Bournemouth | |||||||
| BH1 2EN | |||||||
| Auditors | Saffery Cham pness | LLP | |||||
| Midland House |
|||||||
| 2 Poole Road | |||||||
| Bournemouth | |||||||
| BH2 SQY | |||||||
| Bankers | Lloyds Bank Pic | ||||||
| 45-47 Old Christchurch | Road | ||||||
| Bournemouth | |||||||
| BH1 1ED | |||||||
| Solicitors | Preston Redman |
||||||
| Hinton House |
|||||||
| Hinton Road |
|||||||
| Bournemouth | |||||||
| BH1 2EN | |||||||
| Investment | Managers | Charles Stanley | gr Co. Limited | ||||
| 2 Westover Road |
|||||||
| Bournemouth | |||||||
| Dorset | |||||||
| BH1 2BY | |||||||
| Investec Wealth | &Investment | Limited | |||||
| Midland House |
|||||||
| 2 Poole Road | |||||||
| Bournemouth | |||||||
| BH2 SQY |
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | ||||||
|---|---|---|---|---|---|---|---|---|---|
| capital | Income | funds | funds | ||||||
| fund | fund | total | total | ||||||
| Note | 2022 | 2022 | 2022 | 2021 | |||||
| E | E | E | E | ||||||
| INCOME | |||||||||
| Investment income |
1,067,503 | 1,067,503 | 986,127 | ||||||
| Total income | 1,067,503 | 1,067,503 | 986,127 | ||||||
| EXPENDITURE | |||||||||
| Charitable activities |
|||||||||
| Grants awarded in the year |
868,000 | 868,000 | 710,500 | ||||||
| Support costs | 46,135 | 46,135 | 41,497 | ||||||
| Cost of raising funds | |||||||||
| Investment management |
fees | 60,175 | 60,175 | 120,350 | 110,156 | ||||
| (excluding commissions) | |||||||||
| Total expenditure | 60,175 | 974,310 | 1,034,485 | 862,153 | |||||
| Realised (loss)/gain | on investment | assets | 8 | (8,156) | (8,156) | 502,056 | |||
| Unrealised (loss)/gain |
on | investment | |||||||
| assets | 8 | (4,251,841) | (4,251,841) | 5,111,506 | |||||
| Net movement in funds |
(4,320,172) | 93,193 | (4,226,979) | 5,737,536 | |||||
| Total funds brought | forward | 11 | 39,444,317 | 140,667 | 39,584,984 | 33,847,448 | |||
| Total funds carried forward | 11 | 35,124,145 | 233,860 | 35,358,005 | 39,584,984 |
| Note | 2022 | 2021 | |||
|---|---|---|---|---|---|
| F. | 6 | ||||
| Fixed assets | |||||
| Tangible fixed assets | 1,059,058 | 1,059,058 | |||
| Investments | 32,885,569 | 36,896,382 | |||
| 33,944,627 | 37,955,440 | ||||
| Current assets | |||||
| Other debtors and prepayments | 474,136 | 458,679 | |||
| Cash at bank | 987,243 | 1,215,181 | |||
| 1,461,379 | 1,673,860 | ||||
| Creditors: amounts | falling due within one year | ||||
| Other creditors and | accruals | 10 | (48,001) | (44,316) | |
| Net current | assets | 1,413,378 | 1,629,544 | ||
| Net assets | 35,358,005 | 39,584,984 | |||
| Funds | |||||
| Unrestricted | capital | fund | 35,124,145 | 39,444,317 | |
| Unrestricted | income | fund | 233,860 | 140,667 | |
| 35,358,005 | 39,584,984 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| E | f | |||
| Net cash absorbed by operating activities |
(see note) | 21,246 | 123,195 | |
| Cash flows from investing | activities | |||
| Purchase of investments | (4,714,484) | (4,100,650) | ||
| Disposal proceeds of investments | 4,465,300 | 4,289,721 | ||
| Net cash (used in)/provided | by investing | activities | (249,184) | 189,071 |
| Change in cash and cash equivalents in the year |
(227,938) | 312,266 | ||
| Cash and cash equivalents | at 1October 2021 | 1,215,181 | 902,915 | |
| Cash and cash equivalents | at 30September 2022 | 987,243 | 1,215,181 |
| NOTE | NOTE | NOTE | ||
|---|---|---|---|---|
| Reconciliation of net income to net cash flow from |
||||
| operating activities |
||||
| Net (deficit)/ income for the reporting the statement ofRnancial activities |
period as per | (4,226,979) | 5,737,536 | |
| Adjustments for |
||||
| (Increase)/ decrease in debtors |
(15,457) | (981) | ||
| Increase in creditors |
3,685 | 202 | ||
| Realised losses/ (gains) on investment | assets | 8,156 | (502,056) | |
| Unrealised losses/ (gains) on investment |
assets | 4,251,841 | (5,111,506) | |
| Net cash absorbed by operating activities |
21,246 | 123,195 | ||
| Cash and cash equivalents | ||||
| Cash at bank and on instant access deposit accounts | 987,243 | 1,215,181 |
| 2 | Investment Inco |
m | e | ||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| E | E | ||||||
| Dividends | 990,286 | 898,748 | |||||
| Interest on cash | deposits | 70,120 | 80,282 | ||||
| Rental income | 7,097 | 7,097 | |||||
| 1,067,503 | 986,127 | ||||||
| 3 | Charitable activities |
||||||
| Grants awarded | in | the year | |||||
| 2022 | 2021 | ||||||
| E | f | ||||||
| 360Skills for life | 15,000 | ||||||
| Age UK Dorchester | 5,000 | ||||||
| AIM Community | 10,000 | 10,000 | |||||
| Alabare Homes for Veterans |
Dorset | 5,000 | |||||
| Alcohol Education | Trust | 10,000 | |||||
| Andrew Simpson |
Sailing Foundation | 10,000 | |||||
| Anthony Nolan Trust |
5,000 | 15,000 | |||||
| Artsreach | 3,000 | 3,000 | |||||
| Asthma Relief |
5,000 | ||||||
| Axe Valley &West | Dorset Ring and Ride Service | 10,000 | |||||
| BCP Homelessness | Action Collaborative | 5,000 | |||||
| Blackmore Vale | Charity | 5,000 | |||||
| Carried Forward | 78,000 | 38,000 |
| Grants awarded in the y |
e | ar | (continu | ed) | |||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| E | E | ||||||
| Brought forward | 78,000 | 38,000 | |||||
| Blandford Food Bank |
6,000 | ||||||
| Blandford Opportunity | Group | 7,000 | |||||
| Bournemouth Christians |
Alongside | Rough | Sleepers | 10,000 | 10,000 | ||
| Bournemouth Community |
Church | 10,000 | 8,000 | ||||
| Bournemouth Hospital |
Charity | 10,000 | |||||
| Bournemouth Parks Foundation |
5,000 | ||||||
| Bournemouth Town Centre |
Detached You | th Work Project | 6,000 | ||||
| Bournemouth University |
4,000 | ||||||
| Bourne Academy | 10,000 | 5,000 | |||||
| British Refugee Council | 25,000 | ||||||
| Burnbake Trust |
5,000 | ||||||
| Bus Stop Club | 5,000 | ||||||
| Chase Africa | 10,000 | 10,000 | |||||
| Chernobyl Children in Need |
4,000 | ||||||
| Chesil Sailability | 5,000 | 4,000 | |||||
| Chesil Sailing Trust | 5,000 | 5,000 | |||||
| Child of Hope | 5,000 | 5,000 | |||||
| Child in Need india (CINI) | UK | 5,000 | |||||
| Christchurch Activities for Young People |
15,000 | 7,000 | |||||
| Citizens Advice Bureau East Dorset | 15,000 | 5,000 | |||||
| Citizens Advice Bureau Purbeck | 10,000 | ||||||
| Citizens Advice Central | Dorset | 5,000 | |||||
| Creative Kids |
10,000 | 5,000 | |||||
| Crimlnon UK |
7,500 | 10,000 | |||||
| DEMAND | 5,000 | 5,000 | |||||
| Dentaid | 10,000 | ||||||
| Diverse Abilities Plus |
10,000 | ||||||
| Dorchester Community |
Plays Association | 2,500 | |||||
| Dorchester Ik West Dorset |
Scouts | 5,000 | |||||
| Dorset Blind Association | 15,000 | 10,000 | |||||
| Dorset Childrens Foundation |
15,000 | ||||||
| Dorset Country Museum |
20,000 | ||||||
| Dorset Mind | 10,000 | 10,000 | |||||
| Dorset Parent Ik Infant Partnership |
5,000 | ||||||
| Dorset Race Equality Council |
5,000 | ||||||
| Dorset Reading Partners | 5,000 | 3,000 | |||||
| Dorset Youth Association | 10,000 | 10,000 | |||||
| Faithworks Wessex |
5,000 | 5,000 | |||||
| Families for Children | 10,000 | ||||||
| Family Counselling Trust |
(Dorset) | 5,000 | |||||
| Fernheath Play Association |
15,000 | 12,000 | |||||
| Fine Cell Work | 5,000 | ||||||
| Footprints Project |
10,000 | ||||||
| Carried Forward | 354,000 | 258,000 |
| 3 | Grants awarded In |
the year (continued) | the year (continued) | the year (continued) | the year (continued) | the year (continued) | ||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| E | f | |||||||
| Brought forward | 354,000 | 258,000 | ||||||
| Game fk Wildlife Conservation | Trust | 10,000 | 10,000 | |||||
| Gateway Church Poole | 10,000 | |||||||
| Gillingham Community |
Church | 5,000 | ||||||
| Grow Peace | 5,000 | |||||||
| Happy Days Children's | Charity | 5,000 | ||||||
| Health and Local Food for Families | 5,000 | |||||||
| Home-Start North |
Dorset | 15,000 | ||||||
| Home-Start West |
Dorset | 15,000 | 5,000 | |||||
| Home-Start South |
East | Dorset | 15,000 | 10,000 | ||||
| Hope Housing Training |
Ik | Support | Ltd | 10,000 | 5,000 | |||
| Hope Church | 5,000 | |||||||
| Horatio's Garden |
5,000 | |||||||
| Horsecourse (The) |
10,000 | 10,000 | ||||||
| Inspire Foundation | 10,000 | |||||||
| International Care |
Network | 20,000 | 15,000 | |||||
| Island Community | Action | 10,000 | ||||||
| Jon Egging Trust | 10,000 | |||||||
| Jubilee Sailing Trust | 25,000 | 5,000 | ||||||
| Koestler Trust | 5,000 | |||||||
| Lewis-Manning Hospice |
20,000 | |||||||
| Life Education Wessex | 5,000 | 5,000 | ||||||
| Listening Books |
6,000 | 5,000 | ||||||
| Livability | 10,000 | |||||||
| Live Music Now | 5,000 | 5,000 | ||||||
| Living Paintings | 5,000 | |||||||
| Lyme Regis Development | Trust | 5,000 | 5,000 | |||||
| MacDougall Trust |
20,000 | |||||||
| MARS Trust (The) | 5,000 | 5,000 | ||||||
| Mediation Dorset |
(3,000) | |||||||
| Medical Aid for Palestlnians | 10,000 | 10,000 | ||||||
| Michaels Limited |
2,500 | 10,000 | ||||||
| Monty's Community |
Hub | 10,000 | ||||||
| MOSAIC | 15,000 | 15,000 | ||||||
| MyTime | 10,000 | 10,000 | ||||||
| New Forest Bike Project | 5,000 | |||||||
| Ombet)a Yehinga Organisation |
Trust | 20,000 | ||||||
| Orbis | 10,000 | |||||||
| PACE Trust (The) | 5,000 | |||||||
| Pathways for All People |
15,000 | 15,000 | ||||||
| People First Forum | 7,000 | |||||||
| Poole Methodists | 5,000 | |||||||
| Poole Museum Foundation |
10,000 | |||||||
| Poole Waste Not Want | Not | 5,000 | ||||||
| Carried forward | 644,500 | 515,000 |
| 3 | Grants awarded in the |
year (continued) | year (continued) | year (continued) | ||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| f | E | |||||
| Brought forward | 644,500 | 515,000 | ||||
| Pool Watersports Library CIC |
7,500 | |||||
| PramaLIFE | 15,000 | 15,000 | ||||
| Prisoners Abroad | 5,000 | |||||
| Purbeck Art Weeks Festival | 3,000 | |||||
| Purbeck Strings | 500 | |||||
| React | 3,500 | 3,500 | ||||
| Read Easy | 10,000 | |||||
| Recoop | 5,000 | |||||
| Recreate Dorset | 5,000 | |||||
| Roald Dahls Mervellous | Children's | Charity | 5,000 | |||
| Royal Agricultural Benevolent |
Institute | 5,000 | ||||
| Safe and Sound Dorset | 5,000 | 5,000 | ||||
| SA-Yes | 10,000 | 5,000 | ||||
| Safewise | 5,000 | |||||
| Salisbury Hospice Charity |
5,000 | 5,000 | ||||
| The Samaritans of Dorset |
10,000 | |||||
| Schoolreaders | 5,000 | 5,000 | ||||
| Second Chance | 10,000 | |||||
| Sedcat | 5,000 | |||||
| Shine Project | 15,000 | 10,000 | ||||
| SMILE Connect | 5,000 | 2,000 | ||||
| Springhead Trust |
5,000 | 10,000 | ||||
| StJohn ofJerusalem Eye Hospital |
10,000 | |||||
| StJohn gr Red Cross Defence Medical Welfare Service |
10,000 | |||||
| StJohns Church Broadstone | 20,000 | |||||
| Stable Family Home Trust | 10,000 | |||||
| Steps to Active Recovery | 4,000 | |||||
| Stormbreak CIO |
10,000 | 10,000 | ||||
| Swanage Ik Purbeck Development |
Trust | 1,000 | ||||
| Tall Ships Youth Trust | 10,000 | 10,000 | ||||
| Truth BeTold | 5,000 | 5,000 | ||||
| Weldmare Hospice Trust |
25,000 | |||||
| Wessex Cancer Trust | 5,000 | 5,000 | ||||
| Wessex Heritage Trust | 12,000 | |||||
| Wessex Museum Trust |
5,000 | |||||
| Wheels for Freedom | 7,500 | 7,500 | ||||
| World Medical Fund for Children | 5,000 | |||||
| Wlmborne Community |
Theater | 1,000 | ||||
| YMCA (Bournemouth) | 10,000 | |||||
| Young Dorset | 10,000 | |||||
| Youth Resource Services | 10,000 | |||||
| 868,000 | 710,500 |
| 4 | Support Costs | ||||||
| Note | 2022 | 2021 | |||||
| 6 | E | ||||||
| Administrative | costs | 35,378 | 31,280 | ||||
| Bank audit fee letter | 30 | 30 | |||||
| Governance | costs | 10,727 | 10,187 | ||||
| 46,135 | 41,497 | ||||||
| 5 | Governance | costs | |||||
| 2022 | 2021 | ||||||
| E | f | ||||||
| Audit and | advisory | fees | 10,020 | 8,880 | |||
| Trustees' | indemnity | insurance | 707 | 1,307 | |||
| 10,727 | 10,187 |
| Freehold | |
|---|---|
| land and buildings | |
| f | |
| Cost: | |
| As at 1October 2021 | 1,059,058 |
| Disposals | |
| Additions | |
| As at 30September 2022 | 1,059,058 |
| 2022 | 2021 | |
|---|---|---|
| f | f | |
| Listed share portfolio | ||
| Market value as at 1October 2021 | 36,896,382 | 31,471,891 |
| Additions | 4,714,484 | 4,100,650 |
| Disposal proceeds | (4,465,300) | (4,289,721) |
| Realised (losses)/ gains on disposal Unrealised (losses)/ gains on revaluation |
(8,156) ~4, 281,841) |
502,056 5,111,506 |
| Market value as at 30September 2022 | 32,885,569 | 36,896,382 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| f | f | ||||||
| Original cost as at 30September 2022 | 28,339,124 | 27,390,707 | |||||
| Analysis | oflisted investments | ||||||
| 2022 | 2021 | ||||||
| F. | f | ||||||
| Fixed | interest securities | 4,846,654 | 5,230,561 | ||||
| Unit trusts | 18,671,064 | 21,176,538 | |||||
| Equity | shares | 6,395,408 | 7,709,276 | ||||
| Other | 2,972,443 | 2,780,007 | |||||
| 32,885,569 | 36,896,382 | ||||||
| Included | In the listed investments above are the following |
individual | holdings | at 30September 2022, wh | |||
| considered to be material. | |||||||
| 2022 | 2021 | ||||||
| Market | Market | ||||||
| Value | Value | ||||||
| f | f | ||||||
| L&G Global Inflation | Linked Bond Index C ACC | 569,900 | 640,200 | ||||
| FIL Invest Serv European | GBPAcc | 724,602 | 774,290 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| E | E | |||
| Social investment | funding | 412,500 | 412,500 | |
| Prepayments | and | accrued income | 61,636 | 46,179 |
| 474,136 | 458,679 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| E | E | ||||
| Amounts | falling due within one year: | ||||
| Accruals | 48,001 | 44,316 | |||
| 48,001 | 44,316 | ||||
| Unrestricted | funds | ||||
| Balances | Balances | ||||
| 1October | Incoming | Resources | Gain/(Loss) | 30September | |
| 2021 | resources | expended | on | 2022 | |
| E | E | E | investments | E | |
| Current year | E | ||||
| Capital fund | 39,444,317 | 60,175 | (4,259,997) | 35,124,145 | |
| Income fund | 140,667 | 1,067,503 | 974,310 | 233,860 | |
| 39,584,984 | 1,067,503 | 1,034,485 | (4,259,997) | 35,358,005 | |
| Balances | Balances | ||||
| 1October | Incoming | Resources | Gain/(Loss) | 30September | |
| 2020 | resources | expended | on | 2021 | |
| E | E | E | investments | E | |
| Prior year | E | ||||
| Capital fund | 33,885,833 | 55,078 | 5,613,562 | 39,444,317 | |
| Income fund | (38,385) | 986,127 | 807,075 | 140,667 | |
| 33,847,448 | 986,127 | 862,153 | 5,613,562 | 39,584,984 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| g | f | |||
| One | off | pledges | 55,000 | 55,000 |
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| capital | income | funds | ||||
| fund | fund | total | ||||
| 2021 | 2021 | 2021 | ||||
| E | E | f | ||||
| INCOME | ||||||
| Investment income |
986,127 | 986,127 | ||||
| Other income | ||||||
| Total income | 986,127 | 986,127 | ||||
| EXPENDITURE | ||||||
| Charitable activities |
||||||
| Grants awarded in the year |
710,500 | 710,500 | ||||
| Support costs | 41,497 | 41,497 | ||||
| Cost ofraising funds | ||||||
| Investment management |
fees | 55,078 | 55,078 | 110,156 | ||
| (excluding commissions) |
||||||
| Total expenditure | 55,078 | 807,075 | 862,153 | |||
| Realised gain on investment | assets | 502,056 | 502,056 | |||
| Unrealised gains on investment |
assets | 5,111,506 | 5,111,506 | |||
| Net movement in funds |
5,558,484 | 179,052 | 5,737,536 | |||
| Fund balances brought |
forward | 33,885,833 | (38,385) | 33,847,448 | ||
| Fund balances carried forward | 39,444,317 | 140,667 | 39,584,984 |