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-

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Issuer
Price & Company
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George Message viewed the envelope162.249.215.11
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Sally Kinsey viewed the envelope1185.57.153.651
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