Charlty regSstrallon number 1181272 THE VALERIE EVELYN MORANT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE VALERIE EVELYN MORANTTRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees K Manning S L Kinsey R Fisher Charlty number 1181272 Independent examiner Price & Company 30-32 Gildredge Road Eastbourne East Sussex BN214SH Bankers Lloyds Bank plc 17 Wellington Place Hastings East Sussex TN34 INX Sollcltors Heringtons LLP 19-21 Eversley Road Bexhill on Sea East Sussex TN40 IHA Investment advlsors Charles Stanley & Co Ltd 55 8i5hopsgate London EC2N 3AS THE VALERIE EVELYN MORANTTRUST CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 6-14 THE VALERIE EVELYN MORANTTRUST TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present their annual report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and '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 IFRS 1021 leffective l January 20191. Objectlves and activlties The areas of benefit of the Charity are for such charitable purposes connected with: 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 and Haringey and Barnet. Projects for the advancement of medical research and education into and the alleviation of suffering arising from gastro-intestinal disorders particularly bowl disorders particularly for the benefit of people living in East Sussex and the London Borough and Haringey and 8arnet. Projects for the maintenance and improvement of the maritime and coastal research and rescue services particularly for the benefit of people living in East Sussex. For such charitable purposes generally ad 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 to dlstribute as near as possible the annual Income Sn 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 considers each on its merits. Achlevement5 and performance Thi5 15 the fourth complete financial year for the Trust which was registered on 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. Financial review This is the fourth tomplete 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 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. It is constituted and governed by the will provided on 10th August 2015. New trustees are usually known by existing Trustees and are appointed by them. THE VALERIE EVELYN MORANTTRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 The Trustees who served during the year and up to the date of signature of the financial statements were: K Manning S L Kinsey R Fisher The Trustees, report was approved by the Board of Trustees. S L Kinsey Trustee 20 March 2025 THE VALERIE EVELYN MORANTTRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VALERIE EVELYN MORANT TRUST I report to the Trustees on my examination of the financial statements of The Valerie Evelyn Morant Trust (the Trust) for the year ended S April 2024. ResponslbSlltles and basls of report As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Art 2011 (the 2011 Act). I report in respect of my examination of the Trust's financial statements carried out under Section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement Your attentSon is drawn to the fact that the charity has prepared fSnanclal statements In accordance with Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulation5 but has now been withdrawn. understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. I have completed my examination. I confirm that no matters have come to my attentSon In connection with the examination giving me cause to believe that in any material respect.. accounting record5 were not kept in respect of the Trust a5 required by section 130 of the 2011 Act,. or the financial statements do not accord with those records,. or the financial statements do not comply with the applicable requirements conterning the form and content of accounts set out in the Charities IAccounts 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 acros5 no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. G D Message FCA 30-32 Gildred8e Road Eastbourne East Sussex BN2145H Dated.. 20 March 2025 THE VALERIE EVELYN MORANTTRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 UnrestrScted Endowment funds funds 2024 2024 Totsl Unrestrlcted Endowment funds funds 2023 2023 Total 2024 2023 Notes Income from: Investments 182,152 182,152 176,951 176,951 Total 5ncome 182,152 182,152 176,951 176,951 Expendlture on: Raising funds Charitable activities 33,667 104,168 33,667 104,168 34,219 13,924 34,219 13,924 Total expendlture 137,835 137,835 48,143 48,143 Net gains/llossesl on Investments io 165,1971 46,176 119,0211 142,0641 1327,0261 1369,0901 Net Income/lexpendlture) 120,8801 46,176 25,296 86,744 1327,0261 1240,2821 Transfers between fund5 1150,0751 150,07S 74,210 174,2101 Net movement In funds 1170,9551 196,251 25,296 160,954 1401,2361 1240,2821 Reconclllatlon of funds: Fund balances at 6 April 2023 443,910 4,579,848 5,023,758 282,956 4,981,084 5,264,040 Fund balances at 5 AprS12024 272,955 4,776,099 5,049,054 443,910 4,579,848 5,023,758 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. THE VALERIE EVELYN MORANTTRUST BALANCE SHEET AS AT S APRIL 2024 2024 2023 Notes Fixed assets Investments 12 4,630,334 4,386,964 Current assets Debtors Cash at bank and in hand 13 2,990 418,187 2,990 638,452 421,177 641,442 Credltors: amounts falllng due wlthln one year 14 12,4571 14,6481 Net current assets 418,720 636,794 Total assets less current Ilabllltles 5,049,054 5,023,758 Net assets 5,049,054 5,023,758 The funds of the Trust Endowment funds Unrestricted funds 15 4,776,099 272,955 4,579,848 443,910 5,049,054 5,023,758 The financlal statements were approved by the Trustees on 20 March 2025 S L Kinsev Trustee THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accountlng policles Charity information The Valerie Evelyn Morant Trust is an unincorporated charity, registered in England & Wales. The registered charity number is 1181272 and the registered office address is Heringtons, 19-21 Eversley Road, Bexhill on Sea, East Sussex, TN40 IHA. 1.1 Accounting convention The financial 5tatement5 have been prepared in accordance with the Trust's Igoverning documentl, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective I January 20191. The Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. Thi5 departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional turrency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Goln8 concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existente for the foreseeable future. Thus the Trustees continue to adopt the goin8 concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are Set out in the note5 to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust. THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Accountlng policles (Continued) 1.4 Income Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it 15 probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 ExpendSture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliablv. Expenditure is classified by activity. The cost5 of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis conslstent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Flxed asset Investments Fixed asset Investments are inltially measured at transaction price excluding transactlon costs, and are subsequently measured at fair value at each reporting date. Change5 in fair value are recogni5ed in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalent5 Cash and cash equivalent5 include cash in hand, deposit5 held at call with bank5, Other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Accountlng policles (Continued) 1.8 Flnancial 5nstruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrumentslssues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there 15 a legally enforceable right to Set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneouslv. Basic financial assets BasSc flnancial assets, which Include debtors and cash and bank balances, are InitSally measured at transaction price including transaction costs and are Subsequently carried at amortised cost Using the effective interest method unless the arrangement constitutes a financing transaction, where the transattion is measured at the present value of the future receipts discounted at a market rate of interest. Financial asset5 classified a5 receivoble within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unles5 the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for Boods or service5 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due withln one year or less. If not, they are presented as non-current liabilities. Trade creditors are recogni5ed initially at transaction price and subsequently measured at amortised cost Using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Trust'5 coritractual obligations expire or are discharged or cancelled. 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's service5 are received. Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits. THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Crltlcal accountlng estlmates and Judgements In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from Investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Property income distribution Dividends Overseas income 6,890 118,758 40,013 7,388 9,103 6,219 115,409 42,580 2,936 9,807 Gross interest Fixed interest 182,152 176,951 Expendlture on ralslng funds Unrestrlcted Unrestrlcted fvnd5 fund5 2024 2023 Investment management 33,667 34,219 THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Expendlture on charitsble artlvltles Unrestricted Unrestricted funds funds 2024 2023 Dlrect costs Grant funding of actSvStles (see note 61 95,000 6,000 Share of support and governance costs (see note 71 Support Governance 240 60 8,928 7,864 104,168 13,924 Analysls by fund Unrestricted funds 104,168 13,924 Grants payable Unrestrlcted Unrestrlcted funds funds 2024 2023 Grants to institutions.. Queen Elizabeth Scholarship Trust St Marks Hospital Foundation Pett Level Independent Rescue Boat Association DitchlinR Museum of Art & Craft 6,000 55,000 35,000 5,000 95,000 6,000 -io- THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Support costs allocated to activlties 2024 2023 Bank charges Governance costs 240 8.928 60 7,864 9.168 7,924 Analysed between: Unrestricted fund5 9,168 7,924 Audltor'5 remuneratlon Fee5 payable to the charity's auditor and assOClates'. 2024 2023 For audlt servlces Audit of the financial statements of the charity 2.160 2,160 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the Trust during the year. 10 Galns and1055es on Investments Unrestrlcted Endowment fund5 fund5 2024 2024 Totsl Unrestrlcted Endowment fund5 fund5 2023 2023 Total 2024 2023 Gains/llossesl arising on.. Revaluation of investments Sale of investments 46,176 46,176 165,1971 1327,0261 1327,0261 142,0641 165,1971 142,0641 165,1971 46,176 119,0211 142,0641 1327,0261 1369,0901 li- THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 11 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Flxed asset Investments Llsted Snvestments Cost or valuatlon At 6 April 2023 Additions Valuation changes Dlsposals 4,386,964 848,231 46,176 1651,0371 At S April 2024 4,630,334 Carryln8 amount At 05 Aprll 2024 4,630,334 At 05 April 2023 4,386,964 13 Debtors 2024 2023 Amounts fallln8 due wlthln one year: Other debtors 2,990 2,990 14 Credltors: amounts fallSn8 due wlthln one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 2,191 297 297 2,160 2,160 2,457 4,648 12- THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 15 Endowment funds Endowment funds represent assets which must be held permanently by the Trust. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. At 6 Aprll 2023 Transfers Ga5ns and 1055e5 At 5 Aprll 2024 Permanent endowments 4,579,848 150,075 46,176 4,776,099 Prevlous year: At 6 Aprll 2022 Transfers Galns and losses At 5 Aprll 2023 Permanent endowments 4,981,084 174,2101 1327,0261 4,579,848 16 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 6 Aprll 2023 Incomln8 resources Resources expended Trnnsfers Galns and losses At S Aprll 2024 General funds 443,910 182,152 1137,8351 1150,0751 165,1971 272,955 Previous year: At 6 Aprll 2022 Incoming resources Re50urces expended Tran5fer5 Gains and losses At 5 Aprll 2023 General funds 282,956 176,951 148,1431 74,210 142,0641 443,910 13- THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 17 Analysls of net assets between funds Unrestrlcted Endowment funds funds 2024 2024 Total 2024 At 5 Aprll 2024: Investments Current assetsllliabilitiesl 4,630,334 145,765 4,630,334 418,720 272,955 272,955 4,776,099 5,049,054 Unrestrlcted Endowment funds funds 2023 2023 Total 2023 At 5 Aprll 2023: Investments Current assetsllliabilitiesl 4,386,964 192,884 4,386,964 636,794 443,910 443,910 4,579,848 5,023,758 18 Related party transactlons S L Kinsey and R Fisher are both Designated Members of Heringtons LLP. Included in the financial statements are expenses totalling £6,76912023.. £5,704) in favour of Heringtons LLP in relation to the administration of the charity. There were no outstandin8 balances at the balance sheet date. -14-