REGISTERED CHARITY NUMBER: 1185682 REPORT OF THE TRUSTEES AND UNAUDrrED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 8 APRIL 2024 THE VERINA BLACK CHARITABLETRUST
THE VERINA BLACK CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 8 APRIL 2024 Page Report of the Trustees Independent Examiner's Réport ststement ol Financial Actlvltlgs Balancg Shg&t Notes to the Flnancial Statomants 6 10 10
THE VERINA BLACK CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 8 APRIL 2024 The trustees present their report wth ihe financial slalemenls of tho charity for the year ended 8 April 2024. The trustees have adopted the provisions ol Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard appliCae in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. OBJECTIVES AND ACTIVITIES Oble¢tlv¢s and alms The trustees shall hold the capital and income ol Ihe trust lund upon trust lo apply the income, and all or such part or parts ol the capital, at such time or times and in such manner io. OT lor the benefit of. such exclusively charitable objects and purposes in the United Kingdom and the United States of America as the tnjslèos may in their discretion think fit. Publ1¢ beneflt The trustees confirm that they have referred lo the guidance contained in the Charity Commission's general guidance on publiG benefit when reviewing the charhy's aims and objoeiives and in planning future aetivilies. The ttuslees refgr lo public benefit throughout this report. ACHIEVEMENT AND PERFORMANCE Charltsble actlvllles The Iruslees are keen to support a wide range ol aroas that would have been of interest lo the late Mrs Verina Black. In particular lo supwrl voluntèer led projects that enhanco rural life and promote local skills. The Trustees are keen lo act on a matchod lunding basis wherever possible, but will consider stand done lunding where thera is significant benefit for Ihg community. Through the grants paid in the yeaT we have sought lo ge assistance in the ¢ompletion of existing fund raising thereby enabling fE to come lo completion. During the year we were particularly ploased to assist Sn the funding of an apprenticeship with the South Downs Nationa Park Trust and we have committod to be part ol the fvnding for a new eco-building ai Tuppenny Barn lo be used as an educational establishment and hdp develop their 0.8¢l1veS. We continue to explor8 a number of initiatwos wh¢o we can hopefully make a difference. Investment performance The current investment object is lo provide captta] growth ov9r the medium term, with no specifi¢ in¢ome requirement. We are very pleased wf(h the portfolio performance this year particularly given the continuing uncertainly in the wortd both in Ukrwne and the Middle East FINANCIAL REVIEW Flnanclal position During Ihe year the charity rocoivod only a modest distribution from the late Verina Black Estate. These nK)nies have be8n invested with grants starting lo be paid out towards rneeling the charitable activities of the trust. lTrvestm8nt pollcy and objectlve8 We have sought to mitigate the risk of poor investment performance by instruBtion professional fund managers and have givon them a fftandate with an objective to provide capltal growth in the medium term. Given that the Charity dogs not have an operating cost base there is no particular need to focus on income generation. Reserves pollcy Given the wide objects of the Charity the Trustee8 do not believe il is necessary lo carry any fixed level of reserves. FUTURE PLANS The Trustees have no specifie plans wf(h regard lo futuro grants or donations. We will continue to review any aKylicalions that we receive to ensure that wherever F)ossible WÈ support applicants that are consislenl with the wishes of the lale Verina Black. Page 1
THE VERINA BLACK CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 8 APRIL 2024 STRUCTURE, GOVERNANCE AND MANAGEmEr Goverriing documenl The charity is conlrolled by its governing documerrt, a deed of trust and conslitules an unincoTporaled charty. Recrullment and appolntment of n8W trusiee$ New Iruslees may be appointed or discharged by a resolutlon of a meÈting of the ITuslees. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number 1185682 Princlpal add$¥ Mornington HDuse Speltham Hill Hamb1edon Walerlooville HanN)shif8 P074RU Trusteè5 S Dettmer rs J Dettmer Independeni Examiner S F Mackie, FCA 13 Old 8am Crescent Hambledon Hampshire P07 4SW Investment Advisgrs Gore Brown Investment Management Chequers Court 37 Brown Street sl$bUry Wiltshire SP12AS EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the noles to the tinancial statements. .v.....QtrY(t. and slgned on tts behalf by.. Appro order ol the board ol irustees on S Dellmer- T slee Page 2
INDEPENDEKf EXAMINERS REPORTTO THE TRUSTEES OF THE VERINA BLACK CHARITABLE TRUST Independent examlngr's roport to the trustees of The Verlna Black Charitable Trust I report to Ihg charity trustees on my examination ol the accounls ol The Verina Black Charitable Tnjst Ithe Trust) lor the year cndod 8 April 2024. Re$pon8ibilitles and basls of report As the charity trustees ol the Trust you are respDnsilJe for the preparation of the a¢¢ounls in accordance with the requirements of the Charities Act 2011 Ilhe AGI'I. I report in respect ol my examination of the Trust's accounts carried out under Section 145 of the Act and in ¢arrying out my examination I have followed all applicablg Directions gwen by the Charity Commission under Section 14515llbl ot the Act. Ind8pendeni examiner's 81atemeDI I have completed my examination. I confirm that no material maller8 have come to my attention in connection wilh the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of thg Act., or the accourrts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content ol accounts s81 out in the Charities (Accounts and Reports) Regulations 2008 other than arry 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 ¢on¢erns and have come across no other matters in connection wih the examination to which attention should be drawn in this report in order lo enable a proper understanding ol the accounts to be reached. S F Mackie, FCA 13 Old Barn Crescent Hambledon Hampshire P07 4SW DatO'. Page 3
THE VERINA BLACK CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 8 APRIL 2024 2024 Unrestrithed fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 18,958 161,793 Investment income 47.235 30,751 Total EXPENDITURE ON Raising funds 17,734 17,218 Charltable activities Charitable aaivf(ies 30,120 Total 47.338 Nel gainslllossg51 on investments 233,1161 NET INCOMEI{EXPENDITURE> 82,994 187,9101 RECONCILIATION OF FUNDS Total funds brought forward 1,636,004 1,723,914 TOTAL FUNDS CARRIED FORWARD 1,718998 1,636,004 The notes form part of those financial statements Page 4
THE VERINA BLACK CHARrrABLE TRUST BALANCE SHEET 8 APRIL 2024 2024 Total funds 2023 Total funds Notes FIXED ASSETS Investments 1,710,578 1,632,084 CURRENT ASSETS Cash al bank 8,920 4,420 CREDITORS Amounts falling due within on8 year 1500) {5001 NET CURRENf ASSETS 8,420 TOTAL ASSETS LESS CURRENT LIABILITIES 1,718.998 1,636,004 NET AssErs 1 718 998 1 636.004 FUNDS Unrestricted funds 12 1718.998 TOTAL FLINDS 1 718.998 1.636,004 The finan ial statements were approved by the Board ol Trustees and aulhorised for iSSLJe O and were signed on its behalf by- SDe rustee The notes Iurtrb part ol thase fInarla1 slatemenls Page 5
THE VERINA BLACK CHARITABLE TRUST NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 8 APRIL 2024 AccouvnNG POLICIES Basis of preparing the flnanelal statements The financial slat6menls ol the charity, which is a publi¢ benefit ¢ntity under FRS 102. have een prepared in o¢¢ordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended fvactice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191., Finanoial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republ of Ireland. armj the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the excèption of investments which are included al markei value, as modified by the revaluation of certain assets. The Charty constitutes a public bgnelil gnlity as defined by FRS 102. The trustees consid8r that there arg no material uncertainties aut the Charills abilwty to continue as a going concem. Incomg All income is recognised in the Sialemenl ol Financial Activities once the charity has entitlement lo tho funds, il is probable Ihal the income will be r¢c¢iv¢d and the amount can be measured reliably. Expendliure Liatylilies aro re¢ognisÈd as expendlture as soon as there Is a legal or constructive obligalton mmitting the charity lo that exper)dilure, it is probablo that a transfer ol economic benefits will be required in settlement and the amount of the obligation can be rneasured reliably. Expenditur8 is accounted lor on an accruals basis and has been classrfied under headings that aggregate all cost related lo the category. Where costs cannot be direcly attributed to particular hoadings Ihoy have been allo¢at¢d lo activfties on a basis consislenl with the use ol resources. Grants offered subject lo conditions which have not b¢¢n mot at the year etKJ date are noted as a commitment but not accrued as expenditure. Taxatlon The charity is èx¢mpt from lax on its charitable activities. Fund ac¢ountlng Unrestricted funds can b8 used in accordance with the Gharitable objectnr¢s at Ihe dis¢retion of the trusloes. Reslricled funds can only be used for particular restricted purposes within the objects of the charity- Reslriclions aiise when specified by the donor or when funds are raisad tor particular reslricled purposos. Furthgr explanation ol the nature and purpose ol each fund is included in the notes lo the financial slalements. Flnanclal instruments The ¢ha¥ity only entors into basic financial inslrumenls transactions that result in the recognitlDn of financial assets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for these instruments is detailed below. Debtors and cash at bank Trade and other dgbiors are re¢ognised at the settlement amount due after any trade discount offered. Prepayments are valued ai ihe amount prepaid nei ot any trade discounts due. Cash at bank and in haThJ included cash held on deposit or in a current account. Credltors and provlslons Page 6 continued...
THE VERINA BLACK CHARITABLETRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 8 APRIL 2024 ACCOUNTING POLICIES - continued Flnanclal Instruments Creditors and prowsions arè recognised where the charlly has a pres&nt obligation resulting from a past event that will probably result in the transfer ol funds lo a third paty and the amount due Ici settle the obligalion can bo measured or estimated reliably. Creditors and provisions are normally recogni5od al their settlement amount after allowing lor any trade discounts due. DONATIONS AND LEGACIES 2024 2023 Legacies 18,958 161,793 INVESTM INCOME 2024 2023 Interest and dniidend8 47,235 All inveslw*nl income is derived from assets held In the United Kingdom. RAISING FUNDS Inv8gtm8nt management costs 2024 2023 Porttolio management 17,218 CHARITABLE ACTIVITIES COSTS Grant lunding of activities (see note Support costs (see note 71 Totals Charitable activities 20,000 5DO 20,500 GRAwfs PAYABLE 2024 2023 Charttable activities 22,500 The to1 grants paid to inslilution5 during the year was as follows: 2024 2023 Hambledon Pre-school Friends ef St AldhÈlm's Church James, Place Charity South Downs National Parfi Trust 10,000 10,000 2,500 20,000 22,500 Page 7 continued...
ThE VERINA 8LACK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 8 APRIL 2024 SUPPORT COSTS Governance costs Charitablo activities 5tK) SupFXIrt Gosts, included in the abovg, are as follows-. Governance ¢o$ts 2024 Charitable activities 2023 Total activtties Legal fees Accountancy 6.720 900 500 500 7,620 TRUSTEES. REMUNERATION AND BENEFrrs Th8r8 were no trustees. remunaration or other benefits tOT the year ended 8 April 2024 nor for the year ended 8 April 2023. Tru*ee$' expens8$ During the year no trustees {2023-. None) were reimbursed tsul ¢1 pocket expenses totalling £Nil 12023.. £Nill. COMPARATIVES FOR THE STATEME OF FINANCIAL ACTIVMES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 161,793 Inveslmgnl income 30,751 Total 192,544 EXPENDrruRE ON Raising funds 17,218 Charitable aclivhles chilable activities 30.120 Total 47,338 Net gain51llossesl on investments 233,116 NEf INCOMEI{EXPENDITURE) 187.910) RECONCILIATION OF FUNDS Total fLJnds brought loard 1,723,914 Pagg 8 continued...
THE VERINA BLACK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEmErs - continued FOR THE YEAR ENDED 8 APRIL 2024 COMPARATIVES FOR THE STATEME OF FINANCIAL ACTIVITIES- continued Unrestricted fund TOTAL FUNDS CARRIED FORWARD 1,636,004 10. FIXED ASSET INVESTMENTS sted investments MARKET VALUE At 9 April 2023 Addf(ions Disposals Revaluations 1,632,084 66.193 142,7341 55,035 Ai 8 April 2Q24 1 710578 NET BOOK VALUE Al 8 April 2024 1.710,578 At 8 April 2023 Analysis ol investments by type: 2024 2023 Equities Fixed interest securities Cash held within the investment portlolio 1,357.271 225,119 128,188 1,335,399 76,050 220,635 1,710578 1,632,084 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 500 500 12. MOVEMENT IN FUNDS Net movement in ftjnds At 8.4.24 At 9.4.23 Unrostrlcted funds General fund 1,636,004 82,994 1.718,998 TOTAL FUNDS 1,636 004 82,994 1 718998 Page 9 onilnued...
THE VERINA BLACK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 8 APRIL 2024 12. MOVEMEKf IN FUNDS- continued Net movbmgnl in fvnds, included in the above are as follows: Incoming rasour¢¢s Resources expended Gains and losses Movement ill funds Unrèstrlcted funds General fund 66,193 138,234} 55,035 82,994 TOTAL FUNDS 55,035 82,994 Cornparallv8s for movoment In fund8 Nel movement in lurKIs At 8.4.23 Al 9.4.22 Unrestricted funds General fund 1,723,914 187,9101 1,636,004 TOTAL FUNDS 1,723,914 1,636,004 Comparative nel movement in funds. included in the aVe are as follows: Iwoming resources Resources expended Gains and losses Movement in funds UnTestricted funds General fund 192,544 147,3381 1233,116} 187,9101 TOTAL FUNDS 192.544 47 3381 233 116 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year emled 8 April 2024. 14. MATERIAL LEGACIES Legacy income is only included in incoming resources where the legacy has been received or both the receipt and amount has be&n quanlilied. As al 8 April 2023 the Charty had bgen nolified of a legacy amwnling to £18,958 which has not be¢n recognised as income in these accounts. This amount has been recognised as income for the year gnding 8 April 2024. Whilst the Estate has now been wound up there remains the possibilily of further funds boing received as the result ol a ndIng court case that hopefully will be resolvod noxt year and may result in the recovery ol lurther fu[S. At this time il is not possible or practicable to estimate the amount that may be received. Paga10