**REGISTERED CHARITY NUMBER: 1181272**
**REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **FOR**
**THE VALERIE EVELYN MORANT TRUST**
Ashdown Hurrey Auditors Limited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 1BP
**THE VALERIE EVELYN MORANT TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|2|
|**Independent Examiner's Report**||3||
|**Statement of Financial Activities**||4||
|**Balance Sheet**||5||
|**Notes to the Financial Statements**|6|to|10|
**THE VALERIE EVELYN MORANT TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021**
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The areas of benefit of the Charity are for such charitable purposes connected with :-
- 1 The promotion of arts education and research with particular emphasis on pre-nineteenth century visual art particularly for the benefit of people living in East Sussex and the London Borough of Haringey and Barnet.
- 2 Projects for the advancement of medical research and education into and the alleviation of suffering arising from gastro-intestinal disorders particularly bowel disorders particularly for the benefit of people living in East Sussex and the London Boroughs of Haringey and Barnet.
- 3 Projects for the maintenance and improvement of maritime and coastal research and rescue services particularly for the benefit of people living in East Sussex.
- 4 For such charitable purposes generally as the Trustees may from time to time determine.
The charity has an endowment invested to produce an annual income and it is the Trustees intention to try and distribute as near as possible the annual income in the year in which it accrued due. Any unspent income is carried forward and expended in the following year.
The Charity receives approaches from various organisations and for funding and considers each on its merits.
## **ACHIEVEMENT AND PERFORMANCE**
This is the second complete financial year for the Trust which was registered on the 19th December 2018. It is the intention of the Trustees to meet and discuss the achievements and performance of the Trust when these Accounts have been approved. Quarterly Reports of the Trust investments are received from the Stockbrokers which are circulated to each of the Trustees.
Although no grants / charitable contributions have been made in this accounting period, significant grants have been made post year end and will be reflected in the next set of financial statements.
## **FINANCIAL REVIEW**
This is the second complete financial year for the Trust which was registered on the 19th December 2018.
The Trustees will meet and consider donations and future distributions after these Accounts have been approved.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The charity is registered with the Charity Commission, number 1181272 and constituted and governed by the Will proved on 10th August 2015.
New Trustees are usually known by the existing Trustees and are appointed by them.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1181272
## **Principal address**
Heringtons 19-21 Eversley Road Bexhill on Sea East Sussex TN40 1HA
Page 1
**THE VALERIE EVELYN MORANT TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021**
## **Trustees**
R Fisher S L Kinsey
## **Independent Examiner**
Ashdown Hurrey Auditors Limited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 1BP
## **Solicitors**
Heringtons LLP 19-21 Eversley Road Bexhill on Sea East Sussex TN40 1HA
## **Bankers**
Lloyds Bank 17 Wellington Place Hastings East Sussex TN34 1NX
## **Stockbrokers**
Charles Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS
Approved by order of the board of trustees on 12 April 2022 and signed on its behalf by:
S L Kinsey - Trustee
Page 2
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VALERIE EVELYN MORANT TRUST**
## **Independent examiner's report to the trustees of The Valerie Evelyn Morant Trust**
I report to the charity trustees on my examination of the accounts of The Valerie Evelyn Morant Trust (the Trust) for the year ended 5 April 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr S R Sampson BFP FCA FCIE DChA Ashdown Hurrey Auditors Limited Statutory Auditors 20 Havelock Road Hastings East Sussex TN34 1BP
13 April 2022
Page 3
**THE VALERIE EVELYN MORANT TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
3
**EXPENDITURE ON**
Raising funds
4
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
11
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
143,082
42,526
2,639
45,165
58,016
155,933
(15,490)
140,443
151,427
291,870|Endowment
fund
£
-
-
-
-
924,757
924,757
15,490
940,247
4,069,408
5,009,655|5.4.21
Total
funds
£
143,082
42,526
2,639
45,165
982,773
1,080,690
-
1,080,690
4,220,835
5,301,525|5.4.20
Total
funds
£
164,830
25,449
6,835
32,284
(390,483)
(257,937)
-
(257,937)
4,478,772
4,220,835|
|---|---|---|---|---|
The notes form part of these financial statements
Page 4
## **THE VALERIE EVELYN MORANT TRUST**
## **BALANCE SHEET 5 APRIL 2021**
|Notes
**FIXED ASSETS**
Investments
8
**CURRENT ASSETS**
Debtors
9
Cash in hand
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
-
2,437
293,330
295,767
(3,897)
291,870
291,870
291,870|Endowment
fund
£
4,923,889
-
85,766
85,766
-
85,766
5,009,655
5,009,655|5.4.21
Total
funds
£
4,923,889
2,437
379,096
381,533
(3,897)
377,636
5,301,525
5,301,525
291,870
5,009,655
5,301,525|5.4.20
Total
funds
£
3,775,896
2,437
444,302
446,739
(1,800)
444,939
4,220,835
4,220,835
151,427
4,069,408
4,220,835|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 April 2022 and were signed on its behalf by:
R Fisher - Trustee
S L Kinsey - Trustee
The notes form part of these financial statements
Page 5
**THE VALERIE EVELYN MORANT TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **1. STATUTORY INFORMATION**
The Valerie Evelyn Morant Trust is an unincorporated charity, registered in England & Wales. The charity's registered number and registered office address can be found in the Report of the Trustees.
## **2. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
In preparing the financial statements, the trustees are required to make an assessment of the ability of the charity to continue as a going concern. The trustees have prepared a cash flow forecast and budgets for the charity and against the backdrop of the COVID-19 Pandemic a "reverse stress" test has been applied to the forecasts, seeking to establish the level of liquidity headroom the charity is expected to have during the 12 month going concern period.
On the basis of these forecasts and the fact that the charity has substantial net current assets and net assets, the trustees are confident that the charity has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. As a result of the above, the trustees have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 6
**THE VALERIE EVELYN MORANT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021**
## **3. INVESTMENT INCOME**
|Dividends
Property income distribution
Unit trust dividends
Fixed interest
Overseas income
Gross interest
**4.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**5.**
**AUDITORS' / INDEPENDENT EXAMINERS' REMUNERATION**
Independent examiners' remuneration|5.4.21
£
98,503
-
-
15,514
29,065
-
143,082
5.4.21
£
42,526
5.4.21
£
1,800|5.4.20
£
115,448
2,556
792
20,151
25,472
411|5.4.20
£
115,448
2,556
792
20,151
25,472
411|
|---|---|---|---|
|||164,830||
||||5.4.20
£
25,449|
||||5.4.20
£
1,800|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**|Unrestricted
fund
£
164,830
-
6,835
6,835
-
157,995
(635,988)
(477,993)
629,420|Endowment
fund
£
-
25,449
-
25,449
(390,483)
(415,932)
635,988
220,056
3,849,352|Total
funds
£
164,830
25,449
6,835
32,284
(390,483)
(257,937)
-
(257,937)
4,478,772|
|---|---|---|---|
continued...
Page 7
**THE VALERIE EVELYN MORANT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021**
|**7.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**||
|---|---|---|---|---|
|||Unrestricted|Endowment|Total|
|||fund|fund|funds|
|||£|£|£|
||**TOTAL FUNDS CARRIED FORWARD**|151,427|4,069,408|4,220,835|
|**8.**|**FIXED ASSET INVESTMENTS**||||
|||||Listed|
|||||investments|
|||||£|
||**MARKET VALUE**||||
||At 6 April 2020|||3,775,896|
||Additions|||758,419|
||Disposals|||(535,183)|
||Revaluations|||924,757|
||At 5 April 2021|||4,923,889|
||**NET BOOK VALUE**||||
||At 5 April 2021|||4,923,889|
||At 5 April 2020|||3,775,896|
||Included in the above are investment assets outside the UK with a value of £1,752,544 at the balance sheet date||||
||Cost or valuation at 5 April 2021 is represented by:||||
|||||Listed|
|||||investments|
|||||£|
||Valuation in 2019|||14,004|
||Valuation in 2020|||(373,376)|
||Valuation in 2021|||924,757|
||Cost|||4,358,504|
|||||4,923,889|
|**9.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
||||5.4.21|5.4.20|
||||£|£|
||Other debtors||2,437|2,437|
Included in the above are investment assets outside the UK with a value of £1,752,544 at the balance sheet date. Cost or valuation at 5 April 2021 is represented by:
continued...
Page 8
**THE VALERIE EVELYN MORANT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Other creditors
Accrued expenses
**11.**
**MOVEMENT IN FUNDS**
At 6.4.20
£
**Unrestricted funds**
General fund
151,427
**Endowment funds**
Endowment
4,069,408
**TOTAL FUNDS**
4,220,835
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
143,082
**Endowment funds**
Endowment
-
**TOTAL FUNDS**
143,082
**Comparatives for movement in funds**
At 6.4.19
£
**Unrestricted funds**
General fund
629,420
**Endowment funds**
Endowment
3,849,352
**TOTAL FUNDS**
4,478,772|Net
movement
in funds
£
155,933
924,757
1,080,690
Resources
expended
£
(45,165)
-
(45,165)
Net
movement
in funds
£
157,995
(415,932)
(257,937)||5.4.21
£
1,800
297
1,800
3,897
Transfers
between
funds
£
(15,490)
15,490
-
Gains and
losses
£
58,016
924,757
982,773
Transfers
between
funds
£
(635,988)
635,988
-|5.4.20
£
-
-
1,800
1,800
At
5.4.21
£
291,870
5,009,655
5,301,525
Movement
in funds
£
155,933
924,757
1,080,690
At
5.4.20
£
151,427
4,069,408
4,220,835|
|---|---|---|---|---|
||||||
||||||
||||||
continued...
Page 9
**THE VALERIE EVELYN MORANT TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021**
## **11. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|164,830|(6,835)|-|157,995|
|**Endowment funds**|||||
|Endowment|-|(25,449)|(390,483)|(415,932)|
|**TOTAL FUNDS**|164,830|(32,284)|(390,483)|(257,937)|
|A current year 12 months and prior year 12 months combined||position is as follows:|||
|||Net|Transfers||
|||movement|between|At|
||At 6.4.19|in funds|funds|5.4.21|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|629,420|313,928|(651,478)|291,870|
|**Endowment funds**|||||
|Endowment|3,849,352|508,825|651,478|5,009,655|
|**TOTAL FUNDS**|4,478,772|822,753|-|5,301,525|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|307,912|(52,000)|58,016|313,928|
|**Endowment funds**|||||
|Endowment|-|(25,449)|534,274|508,825|
|**TOTAL FUNDS**|307,912|(77,449)|592,290|822,753|
## **12. RELATED PARTY DISCLOSURES**
The Trustees are both LLP Designated Members of Heringtons LLP. Included in the financial statements are expenses totalling £839 in favour of Heringtons LLP in relation to the administration of the charity.
There were no outstanding balances at the balance sheet date.
Page 10