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 TI￿SteeS, 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 i1￿kIl)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 si￿1 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 r￿0MMended 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 su￿1¢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 e￿Or, 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 TRu￿r
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
. B￿SiS 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 reCo￿lsed 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
Sprin￿ead 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 LI1￿lled. 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¢slI￿CnfS
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. N￿V 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 8￿17(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.