THK VALKNTINE CHARITABLE TRUST STATEMENT OF ACCOUNTS FOR THE Y AR ENDED 30 SEPTEMBER 2024 CONTENTS Administrative Infonnation 2 - 6. Trustee5' Report 7 - 9. Report of tlie Auditors 10. Sialem¢i)l of Finaiicial Activities Balance Sheei 12. Slalement of Casli Flows 13 22. Notes lo the A¢¢ouiils FLETCHER & PARTNERS CHARTERED ACCOUNTANTS SALISBURY
THE VALENTINE CHARITABLE TRUST CHARITY INFORMATION Trustees.. Mr D J E Nevtlle-Jones Mr R A Gregory Mr P J Leallierdale MrMDPLewis Mi's C E N¢vill¢-Jones Mrs F Noriningion-smiili Mi's S C K Patterson Mrs S J Ridley Mr M T O Stanley Principal Address: Hinloii House, Hii)loii Road, Boumeinoutli BH12EN Auditors: Flet¢lier & Partners, Crown Cliambers, Bridg¢ Str¢el, Salisbui'y SP12LZ Advl$¢i's: Bankers Lloyds Baiik plc, 45-47 Old Clirislthurcli Road, Bouriie)iioulli BH I I ED Solicitors Preston Redman, Hinton House, Hinton Road. Bouriiemoulh BH12EN Inv¢slin¢iit Maiiag¢rs Cliarl¢s Si8iil¢y & Co. Lld, 2 W¢51ovci' Road, Boun)¢iiioulli BH12B Y Raihbones incori)oraliiig Inveslec Weallli & Inveslmenl (UK), Midland House, 2 Poole Road, Bouiiieiiiouih BH2 5QY Jan)es Han)bro & Par1ners, 45 Pall Mall, London SWIY 5JG Charity Number: Regislered Chai'ily Number 1001782
THE VALENTINE CHARITABLE TRUST TRUSTF.E DIREcfoRS' REPORT FOR THE YE4 AR ENDED 30 SEPTEMBER 2024 The Trustees are pleased to presenl their Annual Report, together wilh the financial statements of the Trust for the year ended 30 Septeinber 2024. The finaiicial slatemenls have been prepared in accordance wilh the accounting policies set out iii note I to the accounts and comply ivilh the Trust's Trust Deed. the Charilies Act 201 l and the Siatement of Recommeiided Pi'aclice applicable to Charilies preparing iheir accounts in accordance ivith the Financial Reporting Stai)dard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT The Ti'iist ivas slaited by the late Miss Ann Cotton and is govemed by ils Trust deed dated l O December 1990, last updaied l Noveinber 1995. Decisions are made by the board ofTrustees, present and voting at duly constiluled meetings. The Trustees iheet once a quarter. Tlie day to day administralion of ihe Trusl is delegated to Preston Redman Solicitors under lenns of i'efei'ence issued by Ilie Board of Trustees. A fiill lisl of Trustees who served in the year can be found on page Pollcy and pi'oeedures for recruitliig* Induclion And trainiiig of Trustees The Ti'ustees liave the power to appoint neiv trustees, The Truslees are aware of Ilie fact that the preseiit Trustees will nol reniain in place indefinilely and that they should consider the recruitment of replaceinent or addilional Truslees fi'oiii tiine to lime to ensuir future continuity. They endeavour to identify likely candidales and try lo recognise Ihe qualilies in Ihem, whiclj might benefit the future adininisli'alioi) of the Trust. If suitable people are suggested and agreed by the Trustees, Ihey ivill be approached to ask iyheilier Iliey are willing and able lo be considered for Irusleeship. Wlieii a neiy Trustee is appointed the existing Trustees ivill do their best lo provide thein ivilh all backgrouiid iiifonnalioii on Ilic Triisl. Tliey ivill also assisl iyiih any necessary giiidelines and other education as I'equired, on the duties, respoiisibililies aiid r¢qiiirein¢ii15 wliicli iniisl b¢ tak¢n on by trusl¢es. A revieiv after 6 9 inonilis will be conducted lo estiibli511 wl)elher additlOllc11 inforiiialion, help or advice is required by a new Truste¢. Neiv TrLislees, Ivhen appointed, Ivill be asked lo sign a self-declaralion of willingness and eligibility to act and a list of appoiiilineiils and positions iyliich may give rise lo contlicls of interest. Rlsli Asse55meiit The Trustees have cxamin¢d th¢ major strategic, business and operational risks whicli the Trust faces and ¢onfinn Ihat systen)s have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. A SUMMARY OF THE OBJECTS OF THE TRUST AS SET OUT IN ITS GOVERNING DOCUMENT The Trust's objects as laid down in the Trnst's trust deed are to apply income and capital toivards sucli cl)arilable purposes as Il)e Trlislees may in Iheir absolute discretion think fit. In particular, (but without liinilalion), (i) Ilie provision of such aineiiilies and facilities for Ihe benefit of the public as are nol provided froin public funds and (li) the proleclion and safeguarding of the counlryside and iyildlife and the control and reduction of pollutioli. The main objectives for the year were to maintain the real value of the investmenls and obtain incoine of greatei. than £1, 100,000. Stock market recovery saw an increase in the portfolios valuations and dividend income over the previous yeai., enabling the Trust to achieve its objectives. The Trustees confirm that they have referred to the guidance conlained in ihe Charily Commission's gen¢ral guidance on public benefil ivhen reviewing the Trust's alms and objectives and in planning future activities.
THE VALENTINE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR INDF.D 30 SF,PTEMBER 2024 GRANT MAKING POLICY The TISteeS, donatÉon policy is that they ivill aim to dislribut¢ the majority of tlie income each year to chai'ilable organisalions of their choice ivith a vieiv to lielpiiig and supportiijg favoured charities on a I'egular basis whilst a150 Inakii)g one-off donations for specific appeals, subject to the availability of funds and charilable reqiiireiiienls. Tlie Ti'iisle¢s have over rec¢nt years opei'ated a policy of not coJisid¢ring applications unless 11)ey have ivlial they consider lo be ali established i'elalionship witli the applicant. Despit¢ Ihai there have been occasions ivlien the Trustees have beeii able lo Inake grants outside that policy, particularly ii) the case of local applicants. The likely inconie of the Triist after expei)ses is eslijiiated io be in excess of £ 1,100,000 a year. Thai figure ivill vary froin yeai. to y¢ai' biit the Trustees aim io make dislribiitions on a qiiarterly basis. Tlie incon)¢ casli flow Inay not be ui)iforin over tlie year but capilal rasl) can be used to iroi) out fliiclualions. Tlie Triistees have idei)lified Ille folloiving general aims: Tlie Triistees have beeTi enli'usted iyiih Ihe Trust's subslanlial assels and Ihey propose to try and Inaijage 11)ose lo pi'oduce as large an iiiconie as reasoiiably possible coinineiisurale iyiil) preserving the real value of Ilie Trust's capital assets. Th¢y theij propose lo distribute Ilie resul¢iii8 incoine ofilie Trust after expens¢5 by way of graii15 lo oilier cliai'ities oi. organisalioiis of 411 ¢qiiivalenl stalus. The Trustees have coiicluded that lo acljieve the visloii of the Trusl Ihey should adopt th¢ folloiYii)g criteria ivl)en i)iakii)g gi'ants. In settiiig oul Ihese ci'iteria Ihe Trustees are demonstraliiig how they propos¢ to apply the visioji of Ilie Ti'ust as ils niisSiOII. i'aiits to local cliai'ities Miss Cotton lived niosl of ller life in Dorsel, first at Broadsloiie and latterly al Canford Cliffs iii Poole, Iiivolveiiiei)t iii local projects appealed to her as slie deinonstraled ivl)ile slle ivas a Trustee of tlje Trust. Tlie Truslee5 do i)ol propose to sel a pliysi¢al limit oil ivhat tl)ey consider to be local but ivhen dealiiig ivilh charilies iviih lin)iled areas of interest, Iliey ivill be likelv to Rive pr¢f¢rence to those ivhicli opeiate in Dorsel. Tlie Ti'uslees ivill 8150 ¢oT)sider inaking grants to charities which, Ivl)ile nol based iii Ilie local area, opei'ate tliere. GrAllts lo eliRI'ities tlial liave traditionally received SMAII graiits Over the years (Ihe Trust was fomied iii 1991) the Trusl has been in the liabil of i1kIl)g relalively sinall gi'aiits lo a nuinbei. of charities on a regular basis. Maily of ihese originaled in Miss Colton's liiiie or ar¢ a dii'ecl refleclioi) of l)ei' Ilioiiglits. Tlie Ti'uslees propose lo conliniie Ihcse siibjecl to appropriate revieiy al Ilie lime eacli is coiisid¢red lo be repealed, The Trustees do hoivever appreciate tliat circiiinstances chaiige so tlle inere fact Iliat a charity has i'eceived gi'aiils on a rexular basis in the past does iiol meal) ther¢ is an automatic decision to conliiiue io do so. Gi'lliits to support objeclives itt otlier pRrts of tlie world Tli¢ Tiwsl lias supported a iiuinber of siiiall inilialives in the iliird aiid undeveloped ivorld. The Ti-ustees paiticularly like lo look for pi'ojecls ivliicl) oifer suslJinability lo local coTnii)Iinities. This suppo11 is giveii ilii'ough oihei. UK ciililics and the TrLlSt does iiol iiiake payn)ei)Is direct to overseas organisalioi)s. Grftiits to oiic off appeals Thei'e are i'¢gularly one off appeals lo provide funding for specific projecls ai)d tlie Twslees liave regularly iiiad¢ donations to such appeals where they are for local facilities. Hoiyever Ihe Trustees are iiot keen oil village lialls or the rabi'ic of churcli buildiiigs. Graiits lor iiiediclll research and hospilals Tl)e Trust lias made regular donalioiis in these areas but, as a inalter of policy, the Trustees look for guarantees tl)al any donatioiis the Trust niakes to bodies or objects related to ihe Nalional Healili Service are foi. pi'ojects oi. equipment ivhich liave no likelihood of being provided out of central funds in tlie foreseeable future.
Pa THE VALENTIIYE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 GrAnts for core fundtng One of the recurrent themes of comments made to the Tnistees by applicants concerns the problems of obiaining core funding. Apparently many grant making trusts hav¢ a policy of not providing core funding. The Trustees have decided thal Il)ey are prepared to Inake donalions towards Ihe core funding of charities and make sucli grants on a repeat basis. Hoivevei- any i'epeat donalions require a report from the applicant charity and a new applicalion so that the Ti'ustees can revieiv the position. They take the view Ilial if li has been right to support a particular charity onc¢ Iheii, unless soinething changes, Ihat molive can be folloiyed again. albeit charities are encouraged to become self-relianl and/oi' seek funding fvom ollier soiirces so that they do nol become solely depeiidettt on Ihe Valentine Charitabl¢ Trust for iheir core fuiidiiiu iii Ilie lonÉ terni Mlltched fuiidliig Aiid pledges The Trustees regularly use the devlce of offering funding to a Project conditional upon the applicant raisiiig otlier fund5 befoie the doi)ation ivill be forthcoming. Similarly otTers of donations are sometimes Inade on the basis ihat they ivill only be iiiade once the project aclually proceeds. All such offers are subject to review up until the tiine iliey are actually inade. SoclAI Investmeiit fiiii(ling Following Miss Cotton's dealh the Triisl's assets were invested in a very nam)iY range of inv¢stmenls. To assist iviih diversification the Trustees developed wliat they tern) social investment funding. This involves either the pui'chase of premises ivliich ai'¢ Ihen leased to an operating charily for ils use. the lease is usiially at a modest or noininal I'enl and fora I'elalively limited lei'm, oi. Ihe provision of a loan ivilli an inleresl rate of between 00/0 and base rate lo an opei'ating cliarily to alloiv il to acquii'e property. Admliiistrfttlon All applications ivill be acknowledged with standard letters, even those that are not appropriate foi- receiving a graiil, This respoi)sibility is delexated to the Trust's adminislralor wlio then provides a report lo ihe next Ii'uslees, IneetinR. The following general coinnienls suinmarise some of ihe considerations ihe TruslKs seek to apply ivhen considering applications foi. funding., The Trustees look foi. value for money. While this concept is difficult to apply in a voluntary s¢¢tor il can certainly be Used on a coinparalive basis and subjeclively. If Ihe TrLlStees have competing applications Ihey will iisually decide to support just one of them as they believe Iliat to concenli'ate Ihe Trust's donations is Inore beneficial Ihan lo dilute them. Regular contact iyith Ihe charities lo which donalions are made is considered essential. Reports and accoiinls are also requesled fi'oin chai'ilies ivhich are supported and the Truslees consider Iliose al Ilieir meetings. The Trustees lake great comfort from the fact that they employ the policy of only inaking doi)ations to oilier charities or siinilar bodies. Hoivever they are not complacent about the need to review all donations made and the objects to Ivhich those have been given. The Triistees are conscious that, particiilarly wilh the smaller and local charities, Ihe coininunity of Ihose working for ai)d iviili the charily is an important consideration. The Trustees regularly review the classificalions to which donalions have been made so tliat they can obtain an overvieiv of the Triisl's donations and assess whether iheir policies are being impleinented in practice. They are onscious that iyhen dealing iyith individual donations it is easy to lose si1 of ihe overall piclui'¢. Charities are asked to formally acknoivledge receipt of their grants and any Cheques that are not presented in a timely fashion are discussed at a future quarterly meeting.
THE VALENTINE CHARITABLE TRUST TRU.STEES' REPORT FOR THE YEAR ENDED 30 SEPTIMBER 2024 STRATEGIC REVICW ACHIEIVEMENTS AND PERFORMANCE OF THE CHARITY FiDai)cial Revlew Tlie attached accouiils sl)oiv total incoming income resources for tlie year of £1,309,554 (2023: £1,132,515) and i-esources exp¢nded of £1,347,851 (2023- £1,272,303), again r¢sultiiig in a deficit for the year, before considei'ing Inoveinents in iiiveslt)ienls, of £38,297 {2023: £139,788), Tlle iiivesliiieiit portfolio had a realised gain of £773,078 (2023: £429,938) on disposals in yeai" and ui)realised gaiiis ai'ising iii Ilie yeai. of £2,600,362 (2023: £1,299.037). This conlribuled to the increase in Ilie value of the overall Ii'usl fui)d froin £37.044.69110 £40.379.834. Actii'ities iii fiii'thei'anee of eliAri¢Able objects Durii)g tlie yeai. the Trust niade granls lotalling £1,145.500 10 130 charili¢s (2023.. £1,10 1.000 10 126 chai'ilies). These air delailed in i)01¢ 3. Tlie valu¢ of iiiai'ket i'enl i)ol cliarged on the pi'operties rented is approxiJiial¢ly £60,000, iyliicli, aliliougli not a direct gi'ant of casli, r¢leased fuiid5 to these cliarilies for their core objectiv¢& INVESTMENT POLICY Undei. tlie tei'iiis of tlie lyust deed the Truslees have ivide poivers of iiiveslmei)t ovcr the assets of Ilie Triisl. Th¢ 'fi'i18tees have d¢legated tlie iiiveslment manageinent lo Charles Slanley and Coinpan), Limited, Investec Wealtli and Manag¢ii)ei)t Limited, and James Hambro aii(J Parlners, Ivlio are r¢quircd lo selecl inv¢siiiienls ivhicli ivill give equal coJ)sid¢ratioii to Ilie productioii of ail ani)ual inconie aiid a lev¢1 ofcapilal groivlli to iiiaiiilain tlie real value of Ilie ti'ust fund for 11)e fului'e. This strai¢gy should produce a total reluni Iliat alloiys Ihe Trust lo pursue ils charitable objectives as fullv as Dossible. The iijvestmenl strat¢£v should be one of mediuin risk. Th¢ Ti'uslees also resei've Ihe riglit to invest capital inonies in property or other inveslinenls. Tlie Triislees liave agreed an ethical ii)vestmeni policy aiid iijslructed Ihe Trust's brokers to folloiv Ihat. POLICIES ON REI SERVES The Truslees, policy is to I'evieiy resewve levels on a regular basis and lo njaintain a level of resei'ves ivl)icl) iyill provide a stable base for Ilie Tru51'9 coi)liniiing aclivilies iyhile al Il)e same liine ensui'ii)g excessive fiiiids are nol accuiniiluted. I'here is geii¢ially, in the iioiThal coiirse of adiniiiisti'alion, a subslaiilial cash balance of iiicoiiie iii bai)k accouiils ivl)ich an be ulilised lo facilitate large doi)ations for cliaritable purposes sliould Ilie need arise. Tl)e Triislees iijeel quaiterly aiid aiiii to Inaintaiii a casli balance of approximately £150,000 in the iiicoine fviid lo meel the coiiiinilnients falliiig du¢ in eacli fortlicoiiiiiig quai'ter. Tl)e ii)com¢ reserves a130 September 2024 shoiv a surplus of £175,668 (2023 £147,967). PLANS FOR FUTURE PERIODS To maintain Ilie real value of ilie investment portfolio and of tlie incoine froin il iii lh¢ long tenn, Ivitli a current target inconie of £ l. l 00.000. To conti17ue lo ineet its primary objectives as slaied on page 2. PUIJLIC BENCFIT The truslees confii'm that Iliey liave complied will) Ilie duty in scction 17 (5) of tlie Charities Act 201 I to liave due regard to the public benefit guidance published by the Charity Commission.
THE VALENTINE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 TRUSTEES RESPONSIBILITIES AND INTERNAL CONTROL Charity laiv reoiiires the Ti'uslees lo prepare financial statemenls, for each financial period, in accordanc¢ with applicable law aiid United Kingdom Generally Accepted Accoiinling Practice (UK GAAP) Ivhicli give a true and fair view of the finai)cial activities of ihe charity during the year and of its financial posilion al Ilie end of the period. In preparing those slalemenls, the Trustees are required to: l ) Selecl siiitable accounting policies and Ihen apply them consistently: 2) Make judgeinenls and eslinjates that arc reasonable and prudent. 3) Siale wliellier applicable accoiinling standards and Slatenienls of r0MMended practice have been followed, subject lo aiiy d¢partiires disclosed and explained in the financial statements; 4) Prepai'e the accounts on a going concern basis unless it is inappropriate lo assum¢ thal the charity will continue in opei'atioii foi. the foi'eseeable future. Tl)e Trustees hove overall r¢sponsibility for ensuring tlie Trust has appropriate systems of internal control. They are also i'esi)oiisible for keeping proper accounling records. which disclose with reasonable accuracy at any time Ilie fiiiancial position of Ili¢ compaiiy and ivhich enable them to ensure thai Ilie financial slaleinents coinply ivilli the Cl)arilies Act 2011. Tliey are also responsible for safeguarding the ass¢ls of the charily, and hence for lakiiig reasonable slep5 foi. the prevention and detection of fraud and other irregularities, and to provide reasonable assurance Ihal: The Trust is operating efficiently and effectively. Ils assels are safeguarded against iinauihorised use or disposition. Propel. recoi'ds are Inaintained and Ihe financial informalion used iviihin the Trust is reliable. and Tlie Trust complies with relevant laws and regulalions. Tlie Truslees confirm Ihat, so far as Ihey are aware, there is no relevani audil inforn)alion of whicli the Trust's audiloi's al'e unawai'e. aiid each Triistee has taken steps ivhich he or she ought lo have taken as a Trustee to make hiiiiself or herself aivare of any i'el¢vaiit audit inforInalion and to establish ihal the company's auditors are aware of Ihal informalioii. AUDITORS A resolulion to re-appoinl Fletcher and Partners will be submilted to the Annual General Meeling. Signed on behalf of11)e Trustees: Mr R Gregoiy - triislee Appi'oved by the Trustees on ..%&..- 04..-..Zozg
THE VALENTINC CHARITABLE TRUST INDEPENDENT AUDITOIIS, REPORT TO THE TRUS'fEEI S OF THE VAI,F,NTINE CHARITABLE TRUST Opiiiion We liave audited Ille fiiiancial stateineiits of The Valentine Charilable Trust {the "Trust") for Ihe year ended 30 Selember 2024, Ivliicli comprise th¢ StateInent of Fiiiancial Activities. Ihe Balance Sheet. Ihe Cashfloiy Slateineiit, aiid iioles to tl)e fiiiancial stateineiils, incliidiiig a suiiiinary of significant accounling policies. The fiiiancial reportin8 frainework that lias beei) applied iii their pr¢paralioii is applicable laiy and Ui)ited Kii)gdoin Accounting Standards, iiicludii)g FiJ)ancial Repoiling Staiidard 102: The ' inaiicial Reporting Standai'd applicable ii) Ihe UK aiid Republic of Irelai)d (Uniled Kingdofft Geijernlly Accepied Accounting Pi'actice). Iii oiir 01)inioJ), the financial slAt¢menls". i} give 0 Iriie aiid fail. view of Il)e slate of the Triisl's atraii's as al 30 Septeiiiber 2024 and of its incoi)i¢ aild expendilui'e foi. tl)e yeai. Ilieii LiidLd. li) liave beeii pi'opei'ly prepai'ed iii accordance iviih UDited Kiii&doin Cjeiierally Accepted Accoui)tiiig Practice; and iii) liavc been pi'¢pai'ed iii accordai)ce ivilh the requireinenls olllie Cliarilies Aci 2011. IIAsls for opiiiioll We coiidiicled oui. audit in accordaiice iyiih Inl¢rnational Slaiidards oil Auditing (UK) (ISAS (UK)) aiid appli¢Able laiv. Oui. i'espoi)sibililies iiiider Ilios¢ slaiidai'ds are fui'llier described in ihc Auditor's respoi)sibilities foi. Ihe audit of the fii)aiicial slfileiii¢iits section of our I'epoi'l. We al'e iiidepei)deiil of Ihe Trust in accordaiice ivith the ethical reqiiiremeiils Ihat are relevaiil lo oui. audit of the riiiancial staleiiienls ii) Ilie UK, iiicluding the FRC'S Elliical Standard ai)d ive have fulfilled our oilier eil)i¢al r¢spoi)sibilities iii accoi'daiice ivilli tliese irquir¢ii)enls. We believe thal Ihe audit evid¢ii¢e we have obiained is su1¢1¢1]( &iid ai)propriale lo pi'ovide a basis for our ODinioii. Coiiclusioiis i'elAtiiig to goliig eoneern In aiidiliiig Ilie finai)cial stateijients, we l)ave coiicluded Ihat Ihe Iruslees, use of the going coiicei'ii basis of accountiiig in Ili¢ pi'¢pai'atioii of the financial slalcinents is appropriate. Based ot) Ilie ivork iv¢ h¢ive pei'fori))ed. iiie liave not identified aiiy maierial unc¢rtainties relating to eveiils oi. coi)ditions that, individually or coll¢ttively. Inay cast sigiiificant doubl on Ihe charily's ability to coiilii)Iie as a going concen) for a period of at least twelve iiioiitl)s froiii ivlieii the finaiicial stalei)ieiils ar¢ auihorised for issue. Oui. responsibililies and the responsibilities of the Iruslees iviili respect lo goiiig ¢oncerii ale described in Ilie relevant sections of Iliis repoi1. Olliev iiiformatioii The trustees are respoiisible for the other iiifoi'nialion. The other inforinalion coinprises the ii)fonnalion incliided Tn the aniiual i'eport otlier Il)aii the fiiiancial slaleiiienls and our auditor's report Iliei'eon. Our opinion oil the fii)anci81 slat¢sneiits does not covei. Il)e oiliei. infoyinalioii atid. except lo tlie extent otli¢rivis¢ ¢.xplicilly stated iii our reporl, Ive do ilot expi'ess aiiy fonn of assurance conclusion 11)ereon. In coDn¢clioii iitill) our aiidil of the finaiicial slaleineiits, our responsibility IS to read tlie otller infoi-i)Jalioii aiid, in doing so, consid¢i' Ivl)etl)ei' Ilie oihei. ii)foi'ination 15 Iliat¢i'ially iiiconsistent with ilie finaiicial stal¢inents or our knoiyledge obtained iii 11)e audit. or ollierivise appears lo be iiiaterially njisstated, If ive identify such Inalerial iii¢oi)sistencies or appareiil Inalerial Iiiisslalei)ients, Ive ale requii'ed to deleriiiii)e wli¢tlier th¢K¢ is a Inaterial Iiiisslalemenl in the finaiicial slaleineiils or a I))alerial Inisslaleineill of11)e otlier informatioii. If, based on tlie iyork ive have performed, Ive coiicliide Ihal there is a nialerial misslalem¢iit of Iliis oihei. inforiiiatioii, ive are I'eouired lo report that fact. We have notliing to i'eport in this regard.
Pa THE VALENTINE CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTIIS OF THE VALENTINE CHARITABLE TRUST CONTINUED Mntters on which we are required to report by exeeptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regiilalioiis 2008 require us to report to you if, in our opinion: i) the information given in the Trustees, Annual Report is inconsistent in any malerial respect wilh tlie financial statements; or ii) Ilie cliai'ily l)as not kepi sufficient accoiinling records. or iii) tlie financial stateiiieiits are not in agreeinent ivilh the accounting records and retiims; or iv) Ive have not received all the infom)ation and explanalions we requir¢ for our audit. Re5poiisibilltles of the trustees As explained Inore fully in the trustees. responsibilities Statement on page 6, the trustees are responsible for the preparaiion of the financial statements and for being satisfied that they give a true and fair vieiv, and for such inlemal conli'ol as they del¢m]ine is necessary to enable the preparation of fjnancial Sialements Iliat are free froin inaterial niisslatemenl, Ivheiher due to fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessing the Trust's ability lo conlinue as a goin8 coiicei'n, disclosing, as applicable, mallers related to going concem and using ihe going coiicem basis of accounting unless 11)e IrLlSt¢¢s either intend lo liquidate ihe Trust or to cease operalions, or have no realistic alternalive bul lo do so. Aud5tor's i'espoiisiblllties foi. the Audlt of the financlAI stitemenls We l)ave beeii appoinled auditors under s.144 of the Charities Aci 201 l and report in accordaiice ivilh regulalions niade under s.154 of that Act. Oui. objectives are to obiain reasonable assurance about ivhelher the financial statements as a whole are free froin Illlllerial misstateinent, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assuiTrnce is a high level of assurance, bul is not a 8uaranlee Ihal an audit conducted in accordance ivith ISAS (UK) iyill alivays delecl a iiialerial misstateinent when il exists. Misstateinents can arise fiDm fraud or error and are coiisider¢d iiialei'ial if, individually or in (he aggregate, Iliey could reasonably be expected io influence the economic deci.gini)8 nf iJ.4ei's tAken On the hasis nf these financiAI .qlaleinenl8. li-regularilies, including fimiid, are inslances of non-coinpliance iyith laws and regiilalions. We design pi'ocedui'es in lili¢ vilh oui. I'esponsibilities, outlined above, lo detect Inalerial misslateii)enls in I'especl of irregiilarities, includiiig fi?ud. Tlie exleiit to ivllicli oiir procedures are capable of delectin% irreEularili¢s, including fraud is detailed below. Identifying aiid assessing risks related to irregularilies: We assessed the siisceptibility of the charity's financial slaleinenls to material misslalement and how fraiid might occur, includiiig througli discussions wilh the trustee5, discussions iviihin our audit teain planning Ineeling, updalii)g our recoi'd of inlei'iial conli'ols and ensui'ing Iliese conlrols operated as inleiided. We evaluated possible inceiilives aiid opporlunities for fraiidulenl Inanipiilalion of the financial statements. We idenlified laivs and regulations Ihal are of significaiice in the ontexl of the charity by discussions iviih truslees and updating our understanding of the sector in ivliich Ilie charity Operates. Laws and irgiilalions of direct significance in the conlext of the charity include the Charilies Act 201 I, Ilie Charities (Accounts and Reports) Regulalions 2008 and guidance issued by the Charity Coinmission for England and Wales.
THE VALENTINE CHARITABLE TRUST INDEPENDENT AUDITOR&i' IIEPORT TO THE TRUSTEES OF THE VAI,F,NTJNE CHARITABLE TRUST CONTINUED Audit respoiise to i'isks identified: We consid¢i'ed Ihe exlenl ofcon)pliance ivilli these laivs and regulations as part of our audil procedures on ihe i'elat¢d finaiicial statement iteins includiiig a revi¥ of fii)ai)cial 5tatemeni disclosures. We revieived the cl)arity's i'ecoi'ds of breaclies of laws and regulatiojis, iiiiiiules of meeliiigs and correspondence ivilh relevanl authorities to idenlify potei)lial malei'ial iiiisstaleinenls arising. We discussed Ihe charity's policies and procedures foi. compliaiice iviili laws and ir8ulalioiis ivilh Ineinbers of mailagenienl responsible foi. coiiipliaiice. Duriiig Ilie plai)i)ii)g Iiieetiiig ivitl) tlle audil leain, th¢ engagement partner diew allention lo tl)e k¢y areas ivhich Tl)iglil iiivolve non-coii)pliance ivith laivs and regulations or fraud. We eiiquired of iiiaiiHgeineiit ivlieil)ei' they were ivai'e of atly inslaiic¢s of noii-coimpliance iviih laivs and r¢giilalioi)s oi. kiioivl¢dge of any acliial, siispected or alleged fralid, We addressed Ilie i'isk of fraud Ilirough managei)iei)t ovei'i'ide of conlrols by testin8 the appi'oi)i'ialeiiess of jouri)al enli'ies aiid idciitifyiiig ai)y stgiiificaiit Irai)saclioi)s t1131 iyei'e uiiusiial or outside Ili¢ Jioi'ii)al coui'se of business. We assessed wli¢th¢r jud8eii)eiils inade in Iiiakii)g accoiinlii)g ¢51iiiiales gave I'ise lo a possible indicalioii of iiiaiiageineiit bias. At the complelioi) siage of Ihe audil, tlie eiigagemenl partner's revieiv inclii(led ensuring Ilial tlje leain had approacl)ed Ilieir ivork iviili appropi'ialc Professional scepiici51n aild Iliiis Ihe capacity lo identify non-coiiiplian¢e ivilh laiys aiid regiilalions aiid fraud. Thei'e al'e ii)liereiii liinitatioi)s li) the audit procedures d¢s¢ribed above aiid Ilie fuith¢r reinoved non-compliance iyiil) laivs aild re8ulalioi)s is froiii the eveiils aiid IransaclioJ)s reflecled iii the fiiiaiicial stateiiiei)ts, tlie less likely Ive ivoiild becoine aiyai'e of il. Also. the risk of not delectiilg a iiiaterial Ihisslateiiieni due lo fi'aud is liigher Illan the risk of nol delectii)g one I'esvliiiig fi'oin eOr, as fraiid iiiay iiivolve delibei'ate coiic¢alineiit by, for exainple, foi'gery or iiite)Ilioiial Inisi'cpi'cseiilatioiis, or Ilii'ougli collusion. A fui'iher desci'iption of our responsibilities for Ihe audil of the finaiicial slalein¢nls is localed on Il)¢ P iiiaiicial Reporlii)g Council's ivebsite al.. IviviY.lYc.or .IIU I I'ior This de5crii)tion foriiis parl of our auditoi s report. Us¢ of oui. i'eport This i'epoi'l is niade solely to the Ti'ust's trustees, as a body, in accordaiice ivilli Part 4 of the Cllai-ilies (A¢¢ouiils and Reporls) Regiilalions 2008, Oui. audil ivork has been undcrtakeii $0 Ihal i¥'e iiiigl)I stale lo Ilie Ii'uslees iliose Inatlers iv¢ are required lo slate to ihein in ali aiidilor's report aiid for ijo otl)ei- putpose. To flle fu11¢5t exleiil pei'ii)illed by law, Ive do i)ot acccpt ol. assume respoiisibilily lo aiiyone ollier Iliaii Ili¢ cliarily aTid Ihe trustees as a body. foi. oui- audit ivork, for this reporl, or for Ilie opii)ions lye have foi'm¢d. Fletcher & Partiiers Cliarlered Accounlai)Is and Statutory Auditors Croivn Chambers Bridge Street Salisbury z<
e 10 THE VALENTINE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestricted Unrestricted Notes Ca ital Fund Income Fund 2024 2024 Total Fuiids 2024 Totnl Fiinds 2023 INCOME AND ENDOWMENTS FROM.. Invesliiieiil income 1,309,554 1,309,554 1,132,515 Totfil Income 1,309,554 1,309,554 1,132,515 EXPENDITURE ON: Charitable activities Suppoit costs Costs of raising funds 1,145,500 70,357 65,997 1,145,500 70,357 131,994 1,101,000 63,512 107,791 65.997 Totfil Expeiiditure 65,997 ,281,854 .347,851 1,272,303 Net inconiel(expeiiditure) (65,997) 27,700 (38,297> {139,788) Reali5ed (loss)Igain on investment assels Realised (loss)/gain on social inveslinenls Unealised (loss)/gain on iiiveslmejil assets 773,078 773,078 429,938 97,500 1,299,037 2,600,362 2,600,362 NEI T MOVEMCNT IN FUNDS 3.307,443 27,700 3,335,143 1,686,686 RECONCILIATION OF FUNDS Fund Balances brought forward 11112 £36,896,724 £147,967 £37,044,691 £35,358,005 Fiind Balances carried forward 11112 £40,204,167 £175,667 £40,379,834 £37,044,691 The slaleinent of finaiicial activities includes all gains and losses recognised in the year. All income and expendilure del'ive froln continuing aclivities. Tlie notes on pages 13 10 22 form part of these financial statements. The notes on pages I1- 20 fonn part of these accounts
THE VALENTINE CHARrrABLE TRur BALANCE SHEET AS AT 30 SEPTEMBER 2024 Noles 2024 2023 FIXEI D ASSETS Tangible fixed assets Iijveslinenls Social inv¢slin¢nts 1.059,058 37,138,981 442.500 1,059,058 34,387,420 250,000 38,640,539 35.696,478 CURRENT ASSEI TS D¢btors Casli al bank and ii) haijd io 13,986 ),696,309 14,091 ,279,818 ,810,295 1,393,909 CREDITORS . aiiiounts fAllliig due Ivitliiii oiie y¢Rr Cird iloi's (71,000) (45,696) Nl¢T CURRENT ASSETS 1,739,295 ,348,213 NET ASSETS £40,379,834 £37,044,691 Representing '. UNRESTRICTED FUNDS Capital fuiid liicoine fuild 12113 40,204,167 175,667 36,896,724 147,967 12113 £40,379,834 £37,044,691 Tlie iiotes on pages 13 10 22 fonn part of these fjnaiicial slatenients. Approved by Ilie Trustees on and sigiied on Il)eir bel)alf by Ti'ustee Ti'ustee
¢ 12 THE VALENTINE CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by (used in) operaling activities (1,322.441) (1,327,064) CASH FLOWS FROM INVESTING ACTIVITIES Purcliase of iiiveslineiils Proceeds froin the sale of iiiveslmenls Dividends received Interest received Reillal income r¢ceived (13,386.775) 14,008,653 ,052,571 249.886 7,097 (3,249,340) 3,476,464 863,455 261,963 7,097 Net cash provided by (used in) inv¢s1ing activitie5 ,931,432 1,359,639 CASH FLOWS FROM FINANCING ACTIVITIES Loaii advanced Rcpaymenl of loans advanced (192,500) 260,000 CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD £416,491 £292,575 Casli and cash equivalenls at the begtnning of the reporting period Casli and cash equivalents at the end of Ihe reporting period ,279,818 987,243 £1,696,309 £1,279,818 NOTES TO THE CASH FLOW STATEMENT ReconclliRtlon of nel incomel(expeJidlture) Ivltli iiet eftsh tloiv from operAtlng llcliviti¢ 2024 2023 Nel incoinel(expendilure) for ihe reporting period (as pei. Ilie slalenient of financial aclivilies) Adjuslinents foi.: Dividends and interest from inveslmenls Unrealised (Profityloss on investments (Profit)/loss on disposal of investinenls (Profit)/loss on disposal of social inveslinents {Ii)crease)Idecrease in debiors Increasel(decrease) in creditors Net cash floiv provided by (used in) operaling aclivities 3,335,143 1,686,686 (1,309,554) (2,600,362) (773,078) (1,132,515) {1,299,037) (429,938) (97,500) (52,455) (2,305) (£1,327,064) 105 25.305 (£1,322,441) Components of CRsh aiid cash equivalents: 2024 2023 Cash at bank and An hand £1.696.309 £1,279,818 The notes on pages 13 to 22 fomi part of these accounts.
THE VAI,FNTINF CHARITABLI TRUST NOTES TO THE ACCOU]YTS FOR THE Yfi,AR F.NDF,D JO SEPTEMBER 2024 I. ACCOUNTING POLICIEI S . BSiS of accouiitlng Tlie Accounls hav¢ beeii prepared in accordance iyiili Accounling aiid Reporting by Cliarilics: Statement of Recomineiided Praclice applicable to cliarilies pi'eparing ilieir accouiits iii accordaiice ivitli the Finaiicial Reporting Standard applicable in tlle UK aiid Republic of Irelai)d (FRS 102) (effective Jaiiuary 2019) and Ilie Cl)arilies Acl 201 l and UK Generally Accepted Practice. The Chai'ity is a chai'ily based in Dorsel and register¢d in England & Wales. 11 conslitutes a public benefit enlity as defiiied by FRS102. Tl)e fiiiancial slalenienls are pi'epared iii slerling. wl)ich 15 Ilie fuiiclioi)al curreiicy of11)c Chai'ily. Moi)elary Aii)ounls iii these fiiiancial staleinei)Is are I'oiiiided to Ihe neai'est £. Tl)e fiiiaiicial slaleiiieiils Iiave becii prepared ui)der Ihe historical cosl coiivenlion. Iviili Ilie exceplioi) of Ilie ii)vesti)ieiits ivhich al'e li¢ld al ii)arkel value. The principal accoui)tiiig policies adoped are set out beloiv. b. Goiiig eoiieei'ii Ai 11)e liin¢ of approvliig tl)e fii)ancial slat¢ii)enls. Ilie Iruslees have a reasoiiable expectation Iliat the Ti'ust lias adequate resoLlI'ces to ¢ontii)ue in op¢ralional existence for the foreseeable fiilur¢. Thus Ihe IrLislee5 coiiltniie lo adopi ilie goiiig coiiceni basis of accounling iii preparing ihe fii)ancial slalenieiils, c. Ci'itical Hteouiitliig judgemeiits aiid key sources of estlmation unccrtali)t.Y Ii) Ilie api)licalion of Ilie accouiiliiig policics, the Truslees are required lo inake judgeineiils, estimales, aiid assuinpiions aboLII the carrying value of assets and liabilities that are iiot readily appai'eiil fi'oin olller soiirces. The estimates aiid underlyiiig assumpiions are revieived on an ongoii)g basis. Revisions lo accouiiling eslimates are recognised iii Ilie pei'iod in ivhich the estiniate is revised if the revision affecls only Iliai period, or iii Ilie period of Ilie I'¢vision and fului'e periods if Ihe revisioi) affected curreiil and future periods. In Ilie vieiv of the Ti'uslees, Ihei'e air iio assuiiiplions concerning the future OT eslimation uncertaiiily affecliTig assets or liabilities at tlie balan¢e sheet date Ihat are likely to resuli in a rnat¢rial adju51inenl lo Il)eir caii'ying aniounls in tlie Iiext fiiiaTicial year. d. Taiigil)le fi ixed Asstts Aiid deprecialioii Tangible fixed assets coinpi'ise of freeliold land and buildings and are stated at C051. Tl)ey ale iiot depi'ecialed as Iliey l)ave a liigli I'esidual value iYl)icli Trustees coiisider lo be ai least eqiial lo ils cosl. Investinejitg Invesliiienls al'e included at market value, as al ihe balance sheet dale. Any inv¢sliii¢nls ivli¢i'e thgi-e has been a perinaiieiil diminulioii iii valiie since the balai)ce sheet dale are ii)clud¢d at the iinpaii'ed value. Realised gains al'e C21culaled as Ilie differeiice betiveeii market value at tlie dale of disposal aiid iiiaykel value at Ilie previous balance slieel date (oi. date of acquisitioii if lalei.). Unrealised gains are calculaled as ihe dirr¢rence beliv¢en the inarket value al Ilie balance sheet dale and Ihc market value at the previous balancc sheet date (or dale of acquisilioii ifaftei.). f. Casli Aiid eftsh equlyalents Casl) and casli ¢quivalenls al'e basic finaiicial assets and ii)clude cash in haiid, dep05ils lield at call iyill) baiik5, Oth¢i' sliori-terin liquid iiiveslinenis ivill) original malurilies of Il)ree iiionilis or Jess, and baiik overdrafts. Baiik ovei'drafts are slioiiii) Iviil)iii boiToiYiiigs in current liabililies. g. Fiiiancial Instruineiits The Trust lias finaiicial assets of a kind that qualify as basic aiid oll)er fiiiaiicial in51runienls and liabilities ora kind Ilial qualify as basic fiiiaiicial iiistruii)¢nls. Basic fii)ancial instruinents are Ye¢ogi)ised iiiitially in the accoui)Is at ti'aJ)saction price, including any tra175action costs, At the end of ea¢lJ accoiiijting period, basic finai)cial iiistruineiits are Yecognised at amortised cosl. For debt inslrumenls this is calculated using the effective interest rate metl)od.
e14 THE VALENTINE CHARITABLC TRUST NOTES TO THE ACCOUNTS FOR THE YF.AR ENDED 30 SEPTEMBER 2024 g. Fiiiancial liistruments (cont) Other financial assets are recognised initially in the accounts at fair value, Ivhich is nonnally Ihe transaction price. At the end of each account period, olher financial instruments and Tecognised at fair value and changes in ihe fair valiie are i'ecognised in profil or loss. Financial assels. other than those lield al fail. value through pi'ofjt or loss, are assessed for indicalors of impaimlent at each reporting dale. Financial assets are decrecognised only when the conlractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the risks and rewards of ownership to another entity. Financial liabilities are dei'ecognised when the charity's contractual obligiations expire or are discharged or cancelled. li. Fund AceoiiJi151)g All fiinds are unrestricted and are split between unreslricled capital and unrestricled income funds. Uijrcsli'icled funds al'e available for the trustees lo use in accordance wilh Ihe charilable objectives. Socllll Iiivestmelits Social inveslin¢iils al'e included at cost and shown in fixed assels. ncome All iiicoiiiing i'esources are included in the slalement of financial a¢livities ivhen the charity is legally entitled to the income and tl)e amount can be quanlified with reasonable accuracy. k. Expeilditure Resources expended are included in the slafement of financial aclivilies on an accruals basis, inclusive of any VAT, Ivliich caiinol be recovered. Granls payable are accounted for ivhen a legal or conslructive obligation arises. A consti'uclive obligation arises iyhen the other party has a reasonable expeclalion of receipt. Condltloilal grfiiits Whei'e payiiieiit of a grant is subject to a condition ivhich is under the control of the Trust no commitment is recogiiised until the condition has been fvlfilled. Where a grant is payable subject to a coiidilion ivliich is not linder Ilie Ti'ust's conlrol, a liability is recognised for the payment of the grant as soon as Ihe Trust iiiforins the recipient that Il)e grai)I lias been appi'oved subject to condition. Such commitments are only reversed if and when il becomes clear Iliat Ilie condition will not be fulfilled. AlloeHtioii of support cosls Support costs ar¢ allocaled on the basis of time spent on particular activities. Leases Reiilal iiicome froin operaling leases As recognised on a straight line basis over the lerm of the relevant lease. initial dii'ect cosls inriirred in negotiating and arranging an operaling lease are added to Ilie carrying amoLint of Ilie leased asset and reColsed on a slrai%ht line basis over Ihe lease tern). Foi'eign exchange Transaction5 in ciirrencies olher than pounds sterling are recorded at the rates of exchange prevailing at Ihe date5 of the transactions. Al each reporting dale, monetary assels and liabilities Ilial are deiioinii)aled in foretgn currencies are retranslated at the rales prevailing on the reporting end date. Gains and losses arising on translalion in Ihe perlod are included in profit or loss.
THE VALENTINE CHARITABLE TRUST NOTES TO THC ACCOUNTS FOR THE YEI AR ENDED 30 SEPTEMBER 2024 2. INVESTMENT INCOME 2024 2023 Divideiids ,052,571 249,886 7,097 £1,309,554 863,455 261,963 7,097 £1,132,515 ntei'est Rental ii)coihe 3. CHARITABLI ACTIVITIES 2024 02 Grants to inslitiilioiis 1,145.500 £1,145.500 1,101,000 £1,101,000 Detailed y'aiit aivards 2023 Access Dorsei Agc IJK Nortl), Soiiili & W¢si Dorset AIM C.oininunity Alcohol Education Trust Andreiv Simpson Sailiiig Foui)dalion Arlsreacli Arl Workshop (Siyanage & Purbeck) Baiik of Dreains aiid Niglilmare5 BCP Hoinel¢ssiiess Action Collaborative Bii)olar UK Black Clierry Theatre CIO Blackiiiore Vale Cllai'ily Blandford Food Bill)k Blandford Opporlunity Group Boley Triist Boroiigh Hannony Ceiilre Bourne Fouiidatioii Bourn¢mouth Coniniujiity Church Boui'i)einouih Food Bai)k Bournemouth Symphony Orchestra Boui'i)einouih University Chase Africa Chesil Sailability Chesil Sailing Trust Cliild iii Need IndiA {CIN!) UK Child of Hope Citizens Advice Bridport & Dislrict Citizens Advice Bureau C¢nlral Dorset Citizens Advic¢ Bureau East Dorset & Purbeck Creative Kids Criniinon UK Cruiiibs Project De¢i'vieiv Equine Interventions Deii)etitia Siipport Hampshire & low Deiitaid 10,000 5,000 15,000 5,000 10,000 3,000 1,000 5,000 7,500 2.500 2,500 10,000 6,000 7.000 15,000 10,000 5,000 ,000 5,000 5,000 5,000 10,000 10,000 15,000 20,000 5,000 20,000 5,000 5,000 4,000 10,000 10,000 10,000 20,000 15,000 10,000 20,000 20,000 5,000 4,000 6,000 10,000 25.000 15,000 10,000 i 0,000 10,000 5,000 5,000 5,000 15,000 239,500 Carried Fonyard 230.000
e16 THE VALENTINE CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 3. Grants awarded in the yeAr (conlinued) 2024 2023 Brought forward Diverse Abilittes Plus Dorchester Arts Doi'chester Fainily Support Dorchester Poverty Action Dorset Arcliives Trusl Dorsel Blind Association Dorset Cancer Care Foundation Dorset Childrens Foundalion Dorset Mind Dor¢st Opera Dorsel Parent & Infant Partnership (DorPip) Dorsel Race Equality Council Dorsel Reading Partners Dorset Scrapstore Dorsel Youth Association Ellen MacArthiis Cancer Trust Einerald Ant CIC Essential Drug & Alcohol Service Failhiyorks Wessex Fai'ining aiid Wildlife Advisory Group South West Fernhealh Play Association Fooiprints Proj¢¢t Friends of Dolphin Friends of Dorsel Coiinty Hospilal Gaiiie & Wildlife Coiiservation Trust Gateivay Church Poole Gilliiigham Community Church Goedgedaclil Trusl Harinony Centre Heath Bus Helpfiil Hoiinds Hoiiie-start Blackmore Vale Hoine-slart West Dorset Hoiiie-start Wessex Hope aiid Homes for Children Hope Church Ferndown CIO Hope for Food Hope Housing Traiiiing & Support Ltd Hope into Action (HIA) BCP Horalio's Garden Horsecourse (The) Immanuel Church Southbourne URC Independent Arts Inspire Foundation International Care Netivork Jon Egging Trust Ko¢siler Arts 230,000 15,000 10,000 7,500 6,000 7,500 15,000 10,000 10,000 10,000 5,000 5,000 5,000 6,000 5,000 Is,000 10,000 5,000 1,000 15,000 3,000 239,500 i 0,000 5,000 5.000 15,000 5,000 5,000 5,000 5,000 20,000 3,000 15,000 10,000 10,000 5,000 10,000 10,000 6,000 i 0,000 6,000 5,000 5,000 15,000 5,000 i 0,000 10,000 i 0,000 15,000 15,000 5,000 5,000 i 0,000 5,000 5,000 10,000 15,000 10,000 5,000 5,000 10,000 5,000 5,000 10,000 20,000 20,000 20,000 5,000 523,500 20,000 5,000 557,000 Carried Fonvard
Pa c 17 THE VALENTINE CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THLI YLI AR ENDED O SEPTEMBfi R 2024 3. Granls a)varded in tlie yeAr (eoiitijiued) 2024 2023 Broughi forivai'd Lewis-manniiig Hospice Life Educalion Wess¢x Lisl¢iiiiig Books Livability Live Music Now Liviiig Paiiitings Lyine Regis Boal Buildiiig Acadeniy Lyine Regis (Pliilpol) Museum Trust MacF)ougall Trust Maddie's Mii-acle Marine Coiisei'vatioi) Sociely MARS Ti'ust (Tlje) Medical Aid for Paleslii)iaiis Memory Box Foiindalioj) Micliaels Liiiiited Mid Dorset Mencap Monly's Coinmui)i(y Hub MOSAIC MyTiiiic Young Carers Neiv Forest Basics ljank Neiv Opportunities for CoiniMui)iiy Support Nortli Dorset Beekeep¢rs Assii Oiiibeija Y¢hinga Orgaiiisalion Trusl Ouilaiid Opera PACE Ti'usl {Tlie) Tlie Parks Fouiidaiion Paihivays for All People Pavilion r)ai)Le SW P¢ople Fii'st Foruii) PoolL Cojnmuiiities Triisl Poole Foodbank Poole Metliodists Poole Toiyn Pastors Poole Wast¢ Not Wailt Not Portland Sea Cadets Poitlaiid PCC Posilive Paili Foundation Poiyer House PrainaLifE Prisoilers Abroad Pui'beck Art Weeks Festival Pui'beck Filin fesiival Piii'b¢ck Youtli Music RAC Saddle Club Tlie Rainboiv CeJJtre React Read Easy Bridporl Read Easy UK Recoop Keci'eate Dorset 557,000 20,000 5,000 7,500 523,500 25.000 5,000 6.000 10,000 5,000 6,000 20,000 5,000 5,000 i 0,000 20,000 5,000 10,000 10,000 10,000 10,000 7,500 10.000 10.000 5,000 10.000 15,000 15,000 10,000 5,000 5.000 10,000 2,000 10,000 15,000 15,000 i 0,000 10,000 2,000 5,000 10,000 15,000 10,000 15,000 7,000 15,000 i 0,000 5,000 ,000 5,000 10,000 16,000 10,000 10,000 10,000 5,000 5,000 15.000 5,000 4,000 15,000 5,000 5,000 2,500 10,000 15.000 3,000 3,500 500 10,000 i 0,000 5,000 5,000 871,500 Carried Foriyard 847,500
e 18 THE VALENTINE CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTIMBER 2024 3. Grai)tS Awarded in the year (contlnued) 2024 2023 Brought fonvard Rex Clnema Routes to Roots Russell Coles Art Gallery Safe and Sound Dorset SA-Yes Salisbury Hospice Charity Schoolreaders Secoi)d Cliance SHINE Shine Pi-ojecl SMILE Connect Soinerford ARC Communily Trust Soinerford Youth & Community Centre Species Recovery Trust Sports forum for ihe Disabled Sprinead Trust St John & Red Cross Defence Medical Welfare Service St Mary's Sholing PCC Stable Fainily Hojne Trust STARS Steps to Active Recovery Stonnbreak CIO Siilton Poynlz Mission Hall Management Sivailage Sea Roiviiig Club Siyanage Skatepark Community Project Talk aboiil Trusl Tall Ships Youth Trusl Truil) Be Told UK Sailing Academy Univei'sily Hospilals Dorsel NHS Charily Ups and Doivns SW Vei'acily Community Hiib (St Mary's PCC) Velei'ans Hub Weymouih & Portland Vision Wimbouine Dial a ride Vita Nova Weldmare Hospice Trust Wessex Cancer Trust Wetwheels Haii)ble Wheels for Freedoin Whizz Kids Willdoes Wiinbome Coinmunily Theater Windrose Rural Media Trusl YMCA (Bournemouth) Youll) Resource Services Less: old uncashed grant cheques noiy written back 847,500 10,000 911.500 10,000 5,000 15,000 10,000 5,000 5,000 10,000 10,000 5.000 10,000 5,000 10,000 s,000 10,000 7,500 i 0,000 10,000 15,000 5,000 5,000 5,000 5,000 10,000 5,000 i 0,000 5,000 5,000 15,000 10,000 10,000 20,000 5,000 5,000 10,000 6,500 10,000 5,000 10,000 15,000 5,000 7,500 10,000 1,500 10,000 10,000 5,000 10,000 10,000 5,000 15,000 5,000 2,500 10,000 10,000 5,000 5,000 2,000 5,000 15,000 20,000 15.000 15,000 (15,000) 1,141,000 1,145.500
e 19 THE VALFNTINF CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THF YF.AR F.NDED 30 SEPTEMBER 2024 4. Support costs 2024 2023 Adininistralive costs Bank cliarges Governance costs 60,193 90 10.074 35,378 30 10,727 46,135 70,357 Goven)aiice costs compi'ise: Audit and advisory fees Triislees iiideniiiity iiisurance ,500 1,574 10,074 10,020 707 10,727 Fletcher aiid Pai1nei's charged £8.500 for Ilie preparation and audil of these fiiiancial slateiiieiils, £6,000 of wliicl) Ivas foi. the aiidil. 5, Costs of I'Alsiiig fuiids Tliese coi))prise invesln)ei)t managemenl fees. 6. Staff ¢osls aiid trustee J'ciiiuiieYa(ioii No trustees i'eceived ai)y reinuncralion during tlie year for iheir services as Ii'uslees (2023.. £nil), iioj. did Ihey receive aiiy expenses (2023: £1111). There ivere no employees in ihe year (2023: nil}. 7. Tillglble flxed assels Freehold property COST At l Oclobey 2023 Addilioi)s Disposals AI 30 Sepieinber 2024 1,059,058 1,059,058 Iii the Iruslees, opiiiion the net book value of the functional freehold lai)d aiid buildings is iiot iiiipaii'ed. All ihe fuiiclioiial fi'eeliold laiid aiid biiildings are used for charilabl¢ purposes. The Trustees coiisidered ivhcili¢r il ivould be appropi'iate to instrucl a fonnal revalualion of the property portfolio bul did not deein il i)ecessary al tlial point, but tl)is ivill be kept linder r¢vieiY, Ivill) due coi)sidei'ation given lo n)alerial changes to Inarket conditions. 8. Iiive5tments 2024 2023 Lisl¢d I Mai'ket value as at l Octobei. 2023 Addilioiis Disposal procceds R¢alised (losse5}I gains on disposal Uiirealised (lossesy gaiiis 01) revalualion Mai'ket value as al 30 September 2024 34.3¥7,419 13.3116,775 (14.008,653) 773.078 2.600,362 32,885,568 3,249,340 (3,476,464) 429,938 1,299,037 £34,387,419 £37,138,981 Tlie sliai'e porifolio ivas valued by Cliarle5 Stanley and Coiiipany LI1lled. Inveslec Wealili & Iiiv¢slineJit Liii)ited, aiid Jaine5 Hasbro and Partners. based on ihe mid-lnarkel price at 30 Septeii)ber 2024. 2024 2023 Original cosl as al 30 Septeinb¢r 2024 £29,827.165 £28,392.042
THE VALENTINE CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 8. Investmeiits (continued) 2024 2023 Analysis of listed inveslments Fixed interesl securili¢s Unit trusts Equity shares Other 7,526,415 15,287,803 11,883,419 2,441,344 6.362.511 7,027.861 19,090,892 ,906,155 £37,138,981 £34,387,419 Included in ihe listed investments above are the following individual holdings at 30 September 2024, whtcli are considered lo be Inaterial. Aviva Investors UK US Equity Inc li 2 Inc Nav JPMoi'gan Am UK Ltd US Equity Incoine Sclirodei. Strategic Credit Fuiid L £ Inc Blackrock Sterling Liquidity Fund £ Inc (Ire) Artemis Fd Mngrs income inslitulional UBS Assel Manageinent (UK) Ltd US Equity C Account FIL Invest S¢rv European GBP Acc 624,595 618,963 615,678 757,000 801,806 357,195 490,622 702,851 661,290 854,686 £4,265,859 £2,218,827 nlisled investm Tl)e Trust liolds £25 ordinary £ I shares in The Dorset Golf Club Broadstone Limited. nts 9. Soclal Investments 2023 Mortgage loans 442,500 250,000 442,500 250,000 The Trust advanced fiiiids in ilie fomi of loans secured by mortgages, whicli are registered as charges on the associated properlies, to assist two other organisalions Ihal deliver cliarilable oulcoiiies aligiied lo th¢ Triisl's objects. One of Ihese was repaid in the last year and ihe Trust used the relumed funds lo provide loan lo aiiollier local charity. The two social investment5 are held for Ihe long terni. 10. Debtors 2024 2023 Prepayments and accrued income 13,986 114,091 13,986 114,091 11. Creditors: Amounls falliiig due within one yeAr 202 202 Accruals and deferred income 71,000 71,000 45,696 45,696
THE VALENTINE CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30.SFPTFMIIER 2024 12. Analysis of iiet assets belween funds Fund balances at 30 September 2024 ivere represented by the folloiving assets and liabilili¢s- Unrestricted Unirstricted Total Capital Fuilds Income Funds Fuiids 2024 2024 2024 Total Fuilds 2023 Tangible fix¢d assets Ciii'reiit assels Cui'reiit liabilities 38,640,539 1,563,628 38,640,539 ,810,295 (71,000) 40,379,834 35,696,478 1,393,909 (45,696) 37,044,691 246,668 (71,000) 175.668 40,204,167 13. Futtd moveineiils Balance 30.09.2023 GAinl(IDSS) on Iiiv¢slICnfS Balaii¢¢ 30.09.2024 2024 Iiicoine ei)ditUlE Uiirestrieted fuii(Is Capital fund Incoiiie fiiiid 36,896,724 147,967 (65,998) (1,281.854) 3,373,440 40,204,167 175,667 1,309,554 37,044,691 .309,554 (1,347.852) 3,373,440 40,379,834 Balance 30.09.2022 Gaiiil(1058) on Ii)veslinenls Bali111ce 30.09,2023 2023 Income endilure Uiirestrieted fuiids Capital fund Iiiconie fund 35,124,145 233,860 J5,358,005 (53,896) (1,218,408) {1,272,304} 1,826,475 36,896,724 147,967 37,044,691 ,132,515 1,132,515 1,826,475 14. Related pHrty trllnshctioiis Mr M D P Lewis, a ti'uslee, is also a director of Dorsel Opera. Durii)g Ihe year Doi3ei Opera received a graiit of £5,000 (2023: £5,000) from the Valeiitifte Cliarilable Trust. Mr D J E Neville-jones, a trustee, is a former partner and actiiig consullanl in Preslon Redinaii soliciloi's. Dui'ing Ihe year Pi'estoii Redinan pi-ovideil adiiiinisli'ative services amoui)liiig 10 £60.193 {2023'. £53,753) iiiclLisive of VAT. At ilie year end the Triisl oiyed Preslon Redman £13,392 (2023, £11,614). Mrs S J Ridley, a Iruslee, is employed by Citizens Advice in Easl Dorset and Purbeck. During Ili¢ yeai. they received a gi-ant of £20,000 (2023.. £25,000) from ihe Valentine Charitable Trust. Mr M T O Slanleji a truslee, has a close family rnember Ivho iVOTk5 for Ihe New Foi'est Basics Baiik. Duriiig the yeai. NV forest Basics Baiik received a grant of £10,000 {2023'. £10,000) from the Valenline Charitable Trust. He is also a trustee of tlje Friends of Dolphiii, wlio ivere aivarded a grant of £10,000 iii year (2023: nil). 15. Coniinitmenls The Truslees have approved grants whicli are siibject, and condiiional to, a final revieiv before the 'an15 Ivill be paid. These grants are reviewed at each meeting and an annual iipdate is sought on progress iyliere ai?pi'opriate. Addiliot)ally, Ilie ovei'all level of pledges is closely Inonitored ea¢li quailer to ensure sufficient fui)ds i'ejnaii) available to siipport Il)cse oji-going coininifments Tliese 817(5 have not beeii provided foi. iii Ilie accouijts and ihe aggregate value of ih¢s¢ graiits is as folloivs:. 2024 2023 One off pledges 50,000 25,000
e22 THE VALENTINE CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 16. Comparative slatemenl of fJnAncial activities STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 30 SEPTEMIIER 2023 Unrestricted Unrestricted Notes C ital Fund Income Fund 2023 2023 TotAI Funds 2023 Totxl iiinds 2022 INCOME AND ENDOWMENTS FROM.. Inveslinenl incom¢ 1,132,515 ,132,515 1,067,503 Total Iiicome ,132,515 ,132,515 1,067,503 EXPENDITURE ON: Cliaritable activities Support costs Cost of raising fLinds ,ioi,000 63,512 53,896 1,101,000 63.512 107,791 868,000 46,135 120,350 53,896 TotAI Expenditure 53,896 1,218,408 1.272,303 ,034,485 Net inconiel{expendltiire) (53,896) (85,893) (139,788) 33,018 Realised (loss)Igain on iiivestinenl assets Realised (loss)/gain on social investinenls Unealised (lossygain on invesljnenl assels 429,938 97,500 1,299,037 429,938 97,500 1,299,037 (8,156) (4,251,841) Ti'Ai)sfers betweeii funds 25 NCI T MOVEMENT IN FUNDS 1,772,579 (85,893) 1,686,686 (4,226,979) RECONCILIATION OF FUNDS Fund Balances brought forward Fund Balances carried forward 11112 £35,124,145 11112 £36,896,724 £233,860 £35,358,005 £147,967 £37,044,691 £39,584,984 £35,358,005 The statement of financial activities includes all gains and losses recognised in Ilie year. All incoine and expenditiire derive from continuing activities.