Charlty re8lStration number 1181272 THE VALERIE EVELYN MORANT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE VALERIE EVELYN MORANTTRvsr LEGAL AND ADMINISTRATIVE INFORMATION Tru5tee5 K Manning S L Kinsey R Fisher Charlty number 1181272 Independent examlner Price & Company 30-32 Gildredge Road Ea5tbourne East Sussex BN214SH Banker5 Lloyds Bank plc 17 Wellington Plate Hastings East Sussex TN34 INX Sollcltors Herlngtons LLP 19-21 Eversley Road Bexhill on Sea East Sussex TN40 IHA Investment advlsors Charles Stanley & Co Ltd 55 Bishopsgate London EC2N 3AS
THE VALERIE EVELYN MORANTTRUST CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities 8alance sheet Note5 to the financial statements 14
THE VALERIE EVELYN MORANT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present their annual report and financial statements for the year ended S April 2025. 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" (effective l January 20191. ObjectSves and activltie5 The areas of benefit of the Charity are for such charitable purposes connected with.. • The promotion of arts educatlon and research wlth particular emphasis on pre-nineteenth century visual art particularly for the benefit of people living in East sussex and the London Boroughs of Haringey and Barnet. Projects for the advancement of medital research and education into and the alleviation of sufferin8 arising from gastro-intestinal disorders particularly bowl disorders particularly for the benefit of people livinB in East Sussex and the London Borough and HarinBey and Barnet. Projects for the maintenance and improvement of the maritime and coastal research and rescue service5 particularly for the benefit of people living in East Su55ex. For such charltable purposes generally ad the Trustees may from time to tSme determlne. The Charity has an endowment invested to produce an annual income and it 15 the Trustee5 intention to try to 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 or8anisatlons and for funding conslders each on Its merlts. Achlevements and performance This is the sixth complete financial year for the Trust which was registered on 19th December 2018. It is the intention of the Trustees to meet and di5CU55 the achievement5 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. Flnancial revlew The trustees will meet and consider donations and future distributions after these accounts have been approved. Strurture, 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 tru5tee5 are usually known by existing Trustees and are appointed by them.
THE VALERIE EVELYN MORANT TRUST TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 5 APRIL 2025 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 I klnsey S L Kinsev Trustee 2 February 2026
THE VALERIE EVELYN MORANT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VALERIE EVELYN MORANTTRUST I report to the Trustees on my examination of the financial statements of The Valerie Evelyn Morant Trust (the Trust) for the year ended 5 April 2025. Responslbllltles 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 Act 2011. I report in respect of my examination of the Trust'5 financial Statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Independent examlner's statement Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charitie5 preparing their financial statements 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 15 referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Charities Act 2011. the finantial statements do not accord with those records; or the financial Statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered a5 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 financial statements to be reached. G D Messa8e FCA 30-32 Gildredge Road Eastbourne East Sussex BN214SH Dated.. 2 February 2026
THE VALERIE EVELYN MORANTTRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestrlcted Endowment Total Unrestrlcted Endowment Total fund5 2025 fund5 2025 funds 2024 fund5 2024 2025 2024 Notes Income from: Investments 158,013 158,013 182,152 182,152 Total Income 158,013 158,013 182,152 182,152 EMDendlture on: Raising funds Charitable activities 26,385 127,230 26,385 127,230 33,667 104,168 33,667 104,168 Total expendlture 153,615 153,615 137,835 137,835 Net gainslllossesl on Investments io 16,051 182,4831 166,4321 165,1971 46,176 119,0211 Net Incomellexpendlturel 20,449 182,4831 162.0341 120,8801 46,176 25,296 Transfer5 between funds 3,885 13,8851 1150,0751 150,075 Net movement Sn funds 24,334 186,3681 162,0341 1170,9551 196,251 25,296 Reconclllatlon of funds: Fund balances at 6 April 2024 272,955 4,776,099 5,049,054 443,910 4,579,84 5,023,758 Fund balances at 5 Aprll 2025 297,289 4,689,731 4,987,020 272,955 4,776,09 5,049,054 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 MORANT TRUST BALANCE SHEET AS AT 5 APRIL 2025 2025 2024 Note5 Flxed assets Investments 12 4,635,54 4,630,33 Current assets Debtors Cash at bank and in hand 13 2,990 418,187 355,791 355,791 421,177 Creditors: amounts falllng due wlthln one year 14 14,3201 12,4571 Net current assets 351,471 418,720 Total assets less current liablllties 4,987,02 5,049,05 Net assets 4,987,02 5,049,05 The funds of the Trust Endowment funds Unrestricted funds Is 4,689,73 297,289 4,776,09 272,955 4,987,02 5,049,05 The financial 5tatement5 were approved by the Trustees on 2 February 2026 s I klnsey S LKinsev Trustee
THE VALERIE EVELYN MORANT TRUST NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accountlng pollcles Charlty Intormatlon The Valerie Evelyn Morant Trust is an unincorporated charity, registered in Eng13nd & 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 statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP '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" 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 IAccounts and Report51 Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved followinB the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Stotement 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 currency 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 financlal instruments at fair value. The principal accountirbg policie5 adopted are set out below. 1.2 Going concern At the time of opproving the financial statement5, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable 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 notes to the financial statements. Endowment funds are subject to specific condition5 by donors that the capital must be maintained by the Trust.
THE VALERIE EVELYN MORANT TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Accounting policie5 (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 is 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 impendin8 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 Expendlture 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 benefit5 will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs 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 whlch are not attrlbutable to a slngle activity are apportboned between those activities on a basis consistent with the use of resources. Central staff cost5 are allocated on the basi5 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 initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Change5 in fair value are recognised in net income/lexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, 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 MORANT TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Accounting policie5 (Continued) 1.8 Flnanclal Instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financi81 instruments. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument. Financial asset5 and liabilitie5 are offset, with the net amounts presented in the financial 5tatement5, when there is 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 simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction cost5 and are subsequently carried at amortised cost Using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors and bank loans are initially recoBnised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment5 discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carrled at amortlsed cost, uslng the effective Snterest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary ourse of operation5 from suppliers. Amounts payable are classified a5 current liabilities if payment 15 due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilitie5 are derecognised when the Trust'5 contractual obligation5 expire or are discharged or cancelled. 1.9 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Trust is demonstrablv committed to terminate the employment of an employee or to provide termination benefits.
THE VALERIE EVELYN MORANT TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Crltlcal accountlns estlmates and ludgements 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 readilv 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 reco8nised 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 period5. Income from Investments Unrestrlcte Unrestrlcte d funds d funds 2025 £ 2024 £ Property income distribution Dividends Overseas income Gross interest Fixed interest 7,807 89,492 36,866 16,592 7,256 6,890 118,758 40,013 7,388 9,103 158,013 182,152 Expenditure on raising funds Unrestrlcted Unrestrlcted funds funds 2025 2024 Investment management 26,385 33,667
THE VALERIE EVELYN MORANT TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Expenditure on charitable artivities Unrestrirted Unrestricted funds funds 2025 2024 Dlrert costs Grant funding of activities (see note 61 120,638 95,000 Share ol support and governance costs (see note 71 Support Governance 48 6,544 240 8,928 127,230 104,168 Analysls by fund Unrestricted funds 127,230 104,168 Grants payable Unrestrlrted Unrestrlrted lunds funds 2025 2024 Grants to institutions.. St Marks Hospital Foundation Pett Level Independent Rescue 8oat Association Ditchlin8 Museum of Art & Craft Friends of Conquest Hospital Hasting5 International Piano 5,000 55,000 35,000 5,000 111,588 4,050 120,638 95,000 -io-
THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 5 APRIL 2025 Support C05t5 allocated to activities 2025 2024 Bank charges Governance costs 48 6,544 240 8,928 6,592 9,168 Analysed between: Unrestricted funds 6,592 9,168 AudStor's remuneratlon Fees payable to the Charity's auditor and associates.. 2025 2024 For audlt servlce5 Audit of the financial statements of the charlty 2,160 2,160 Trustees None of the Trustees lor any person5 connected with them) received any remuneration or benefits from the Trust during the year. 10 Galn5 and1055e5 on Investrnents Unrestrlcted Endowment funds funds 2025 Total Unrestrlcted Endowment funds funds Total 2025 2025 2024 2024 2024 Gainslllossesl arising on: Revaluation of investments Sale of investments 182,4831 182,4831 16.051 46,176 46,176 165,1971 16,051 165,1971 16,051 182,4831 166,4321 165,1971 46,176 119,0211 li-
THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 11 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Fixed a55et investments Llsted investments Cost or valuatlon At 6 April 2024 Additions Valuation changes Disposals 4,630,334 1,923,352 182,4831 11,835,654) At 5 April 2025 4,635,549 Carrylng amount At 05 April 2025 4,635,549 At 05 April 2024 4,630,334 13 Debtors 2025 2024 Amounts falllng due wlthln one year: Other debtors 2,990 14 Credltors: amounts falllni due wlthln one vear 2025 2024 Other creditors Accruals and deferred income 297 2,160 4,320 4,320 2,457 12-
THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 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 2024 Transfer5 GaSns and 105se5 At 5 Aprll 2025 Permanent endowments 4,776,099 13,8851 182,4831 4,689,731 Prevlous vear: At 6 ADrll 20Z3 Transfers Galns and losses At 5 Aorll 2024 Permanent endowments 4,579,848 150,075 46,176 4,776,099 16 Unrestrlrted fvnds The unrestrlcted funds of the charity comprise the unexpended balances of donatlons and Erants which are not subject to specific condition5 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 specifit purposes. At 6 Aprll 2024 Incomlng resources Resources expended Transfer5 Galn5 and losses At 5 Aprll 2025 General funds 272,955 158,013 1153,6151 3,885 16,051 297,289 Prpvinii* vpxr.. At fi Anril 2023 Inrnminp resources R•snLirr.ps Trxnsfp At 4 Anril 2024 expended losses General funds 443,910 182,152 1137,8351 1150,0751 165,1971 272,955 13-
THE VALERIE EVELYN MORANTTRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2025 17 Analys15 of net a55ets between funds Unrestricted Endowment funds funds 2025 2025 Total 2025 At 5 April 2025: Investment5 Current assetsllliabilitiesl 4,635,549 54,182 4,635,54 351,471 297,289 297,289 4,689,731 4,987,02 Unrestrlcted Endowment fund5 funds 2024 2024 Total 2024 At 5 Aprll 2024: Investments Current assetsllliabllltiesl 4,630,334 145,765 4,630,334 418,720 272,955 272,955 4,776,099 5,049,054 18 Related party tran5actlons S L Kinsey and R Fisher are both Designated Member5 of HerinBtons LLP. Included in the financial statements are expenses totalling £4,38412024.. £6,769) in favour of Heringtons LLP in relation to the administration of the charity. Included in the financial statements are grants paid out totalling £111,588 12024.. Nil) paid to Friends of Conquest Hospital, a charity of which R Fisher is a trustee. In addition, until December 2024, K Manning was a paid employee of the East Sussex Healthcare NHS Trust, which oversees the Conquest Hospital. There were no outstanding balances at the balance sheet date. -14-
nable Issuer Price & Company Document generated Tue, 3rd Feb 2026 10.'45.'07 GMT Document fingerprint 3a71 a96b4183c933757932b867c0425f Partles Involved wlth thls document Document processed Party + Fingerprint Tue, 3rd Feb 2026 11..07..53 GMT Sally Kinsey - Signer Ibda9fad6efc06573a14eb5281026fbd81 Tue, 3rd Feb 2026 10'.48.'41 GMT George Message - Signer {35c321287c4880051b16ff002288ef021 Audit history log Date Action Tue, 3rd Feb 2026 10..45..07 GMT Envelope generated by George Message162.249.215.11 Document generated with fingerprint Tue, 3rd Feb 2026 10.'45'.07 GMT 49983778d328727b45ab0089bd9a9012162.249.215.11 Tue, 3rd Feb 2026 10'.45.'07 GMT Document generated with fingerprint 3871 a96b4183c933757932b867c0425f162.249.215.11 Tue, 3rd Feb 2026 10.'48'.17 GMT Sent the envelope lo Sally Kinsey for signing162.249.215.1 } Tue, 3rd Feb 2026 10..48..17 GMT Document emailed lo party email Sent the envelope lo George Message for signing {62.249.215.11 Tue, 3rd Feb 2026 10..48..17 GMT Tue, 3rd Feb 2026 10'.48.'17 GMT Document emailed lo party email Tue, 3rd Feb 2026 10.'48'.23 GMT George Message viewed the envelope162.249.215.11 Tue, 3rd Feb 2026 10'.48.'41 GMT George Message signed the envelope162.249.215.1 } Tue, 3rd Feb 2026 11..06..40 GMT Sally Kinsey viewed the envelope1185.57.153.651 Tue, 3rd Feb 2026 11..07..53 GMT Sally Kinsey signed the envelope1185.57.153.651 Tue, 3rd Feb 2026 11..07..53 GMT This envelope has been signed by 811 p8rties1185.57.153.65} Tue, 3rd Feb 2026 11'.07.'53 GMT Signed document confirmation emailed to party email1185.57.153.651 Tue, 3rd Feb 2026 11.'07'.53 GMT Signed document confirmation emailed to party email1185.57.153.651 Signed document confirmation emails have been sent to all parties. Tue, 3rd Feb 2026 11'.07.'53 GMT Document URL.. hll s.'Ila nable.a Ishareablelenvelo e?t=1 Oad4503-3aac-490b- 99ea-e246e7a95b9a1185.57.153.651