REGISTERED CHARfTY NUMBER: 1185682 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 8 APRIL 2025 FOR THE VERINA BLACK CHARITABLE TRUST THE VERINA BLACK CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 8 APRIL 2025 Page Report of the Trustees Indepandent Examinevs Report Statement of Financial Activitios Balance Sheet Notas to thg Financial Statements 6 10 10 THE VERINA BLACK CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 8 APRIL 2025 The trustees present their report with the financial slalements of the charity for the year ended 8 Aprtl 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES Objgctlves and aims The trustees shall hold the capitsl and income of the trust fund upon trust lo apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable objects and purposes in the United Kingdom and the United States of America as the tNstees may in their discretion think fil Public beneflt The trustees confirm that they have referred to the gU￿ance contained in the Charity Commission'5 general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees refer to public benefit throughout this report. ACHIEVEMENTS AND PERFORMANCE Charitable activities The trustees are keen to support a wide range of areas that would have been of interest to the late Mrs Verina Black. In particular to support volunteer led projects that enhance rural life and promote local skills. The Trustees are keen to act on a matched funding basis wherever possible, but will consider stsnd alone funding where there is significant benefit for the community. Thrciugh the grants paid in the year we have sought to gtve assistance in the completion of existing fund raising thereby enabling il to come to completion. This year we have donated a total of £30,250 to various causes. We are particularty pleased to have given £10,000 to Living Paintings, a charity that Verina Black knew well and was very fond of. Furthemiore we have conditionally agreed to provide further funding for the next four years. We gave £9,250 to the University of Southampton to help fund a Mastevs degree in the study of pre-historic turtles, following the discovery of a near complete 35 million year old Tryonix turtle on the Isle of Wight. £5,000 was given in response to Hampshire Council's appeal for computers in infant hools and £5,000 was given lo the Kingswood Trust, a charty that provides outdoor learning through nature. We continue to explore a number of initiatives where we can hopefully make a difference. Investment performance The current investment object is to provide capital growth over the medium term, with no specific income requirement. Given the continuing uncertainty in the world both in Ukraine and th8 Middle East, the performanc8 of the portfol￿* whilst disappoinb'ng is und8rstandable. FINANCIAL REVIEW Financial posltlon During the year the charty received no more income from the late Verina Black Estste. Income continued to be received from monies invested. Grants have continued to be paid out towards meeting the charitsble activrties of the trust. Investment pollcy and objectives We have sought lo mitigate the risk of pwr investment performance by instruction professional fund managers and have given them a mandate with an objective to provide capital growth in the medium term. Given that the Charty does not have an operating cost base there is no particular need to focus on income 9eneralion. Reserrfes policy Given the wide objects of the Charity the Trustees do not believe it is necessary io carry any fixed level of reserves. FUTURE PLANS The Tiuslees have no specific plans wlth regard to future grants or donations. We will continue to review any applications that we receive lo ensure that wherever possible we support applicants that are consistent with the wishes of the late Vèrina Black. Page 1 THE VERINA BLACK CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 8 APRIL 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrnlng do¢ument The charity is controlled by ils governing document. a deed of trust and constitutes an unincorporated charity. Recruitment and appolntment of new trustees New trustees may be appointed or discharged by a resolution of a meeting of the trustees. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1185682 PrlncSpal address Mornington House Speltham Hill Hambledon Walertooville Hampshire P07 4RU Trusteos S Dettmer Mrs J Dettmer Independent Examiner S F Mackie, FCA 13 Old Bam creS￿nt Hambledon Hampshire P07 4SW Investment Advise Gore Brown Investment Managem8nl Chequers Court 37 Brown Street Salisbury Willshire SP12AS EVENTS SINCE THE END OF THE YEAR Infomialion relating trj events since the end of the year is given in the notes to the financial statements. Appro by order of the board of trustees on 8 January 2026 ané signed on its behalf by.. S Dettmer- Trustee Page 2 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VERINA BLACK CHARITABLE TRUST Indepgnd&nt examiner's raport to the trustees of The Verina Black Charitable Trust I report to the charity Iruslees on my examinalian of the accounts of The Verina Black Charitable Trust {the Trust) for the year ended 8 April 2025. 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 ￿quirementS of the Charities Act 20111'the AGri. I report in respect of my examination of the Trusvs 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 SeclTron 14515llbl of the A¢t. Ind&pendent examinerfs Ststement I have completed my examinalion. I confirm that no matsrial matters have come to my attention in connection wilh the examination giving me cause to believe that in any material respect" accounting records were not kept in respect of the Trust as ￿qUIred by Se¢tion 130 of the Act,. or the accounts do not aecord with those records," or the accounts do not comply with the applicable ￿quirementS con¢erning 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 ￿nSIdered 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 a¢¢ounts to be reached. S F Mackie, FCA 13 Old Barn Crescent Hambledon Hampshire P07 4SW 8 January 2026 Pag8 3 THE VERINA BLACK CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 8 APRIL 2025 2025 Unrestricted fund 2024 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 18.958 Investment income 44.709 Totsl 44,709 EXPENDITURE ON Raising funds 17,752 17,734 Charitable actlvltle8 Charrtable activities 30,750 20,500 Total 48 502 Net g8inslllossesl on investrnellts 109,3411 55,035 NET INCOMEIIEXPENDITUREI 1113,1341 82.994 RECONCILIATION OF FUNDS Total fvnds brought forward 1.718,998 1,636,004 TOTAL FUNDS CARRIED FORWARD 1,605,864 1,718,998 The notes fomi part of these financial statements Page 4 THE VERINA BLACK CHARITABLE TRUST BALANCE SHEET 8 APRIL 2025 2025 Total funds 2024 Total funds Notes FIXED ASSETS Investments 10 1,598,194 1,710,578 CURRENT ASSETS Cash at bank 8,170 8,920 CREDITORS Amounts falling due within one year (5001 (500} NET CURRENT ASSETS 7,670 8,420 TOTAL ASSETS LESS CURRENT LIABILITIES 1,605,864 1,718,998 NET ASSETS 1605 864 1,718998 FUNDS Unrestricted knnds 12 1605 864 1718,998 TOTAL FUNDS 1605 864 1718 998 The ffnancial statements were approved by the Board of Trustees and authorised for issue on 8Jan 2026 and were signed on its behalf by-. S Dettmer- Trustee The noles fomi part of these financial statements Page 5 THE VERINA BLACK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 8 APRIL 2025 ACCOUNTING POLICIES Basis of preparing the financial stat¢m¢nts The financial stalemenls of the Charity, which is a public benefit entity under FRS 102, have been prepared In accordance with the Charities SORP IFRS 102) 'A¢counting and Reporting by Charits'es.. Statement of Recommended Practi￿ applicable to ¢harrties preparing their accounts in accordan¢e with Ihe Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102} (effective 1 January 20191,, Financial Reporting Standard 102 The Financial Reporting Slandar applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial slalements 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. The Charity conslitules a public benefit enllty as defined by FRS 102. The trustees ¢onslder that there are no material uncertalnties about the Charity's ability lo continue as a going ￿nCern. In¢ome All income Is recognised in the Statement of Financial Actlvllies once the charity has entltlemenl to the fijnds, il 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 lo that expenditure, it is probable that a transfer of economic benefits will be required In sefflement 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 lo the category. Where costs cannot be directly attributed to particular headings they have been albcaled to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment bul not accrued as expendilure. Taxation The charity is exempt from tax on tls charitable activities. Fund accountlng Unreslricled funds can be used in accordance with the charitable obj'ectives 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 fijnd is included in the notes to the financial statements. Financlal Instruments The Charity only enters into basic financial instruments transactions that result in the recognFiion of nancial assets and liabilities like Irade and olher accounts re￿Ivable and payable and investments in stocks and shares. The measurement basis used lor Ihese instruments is detailed below. Debtors and ¢ash at IKnk Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Cash at bank and in hand included cash held on deposit or in a current account. Crfrditors and provisions Page e continued... THE VERINA BLACK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 8 APRIL 2025 ACCOUNTING POLICIES - ¢ontinued Financial Instrum8nts Creditors alld provisions ale recognised where the charity has a present obl￿allOn resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing ft)r any trade discounts due. DONATIONS AND LEGACIES 2025 2024 Legacies 18,958 INVESTMENT INCOME 2025 2024 Interest and dividends 44.709 47,235 All investment income is derived from assets held in the United Kingdom. RAISING FUNDS Investment management costs 2025 2024 Portfolio management CHARITABLE ACTIVITIES COSTS Grant funding of 2CtNities (see note 6) Support ¢osts (see note 7) Totals Charitable activities 30,250 500 30,750 GRANTS PAYABLE 2025 2024 Charitable actlvilies 30.250 The total grants paid to inslstutions during the year was as follows.. 2025 2024 South Downs National Park Trust Living Paintings The National Youth Orchestra The Kingswood Trust Hampshire Council Schools University of Southampton 20,000 10,000 1.000 5,000 5,000 9,250 30,250 20.000 Page 7 continued... THE VERINA BLACK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 8 APRIL 2025 SUPPORT COSTS Governance costs Charitsble activities 500 Support costs, included in the above. are as follows.. Governance costs 2025 Charitable activities 2024 Total activities Accountancy 500 500 TRUSTEES, REMUNERATION AND BENEFITS There were no truste8s' remuneration or other benefits for the year ended 8 April 2025 nor for the year ended 8 April 2024. Trustees. expenses During the year no trustees 12024.. None) were reimbursed out of pocket expenses totalling £Nil 12024.. £Nil}. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled fund INCOME AND ENDOWMENTS FROM Donations and legacies 18,958 Investment income Total EXPENDITURE ON Raising funds 17.734 Charltable activltles Chanlable activities 20 500 Total 38,234 Nel gains on investments NET INCOME 82,994 RECONCILIATION OF FUNDS Total funds brought forwar 1.636,004 TOTAL FUNDS CARRIED FORWARD 1,718998 Page 8 continued... THE VERINA BLACK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 8 APRIL 2025 10. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 9 April 2024 Disposals Revaluations 1,710,578 13,0431 109,341) At 8 April 2025 1 598 194 NET BOOK VALUE Al 8 April 2025 1598,194 Al 8 April 2024 1,710,578 Analysis of investsrents by type.. 2025 2024 Equities Fixed interest securities Cash hekl within the investment portfolio 1.249,821 332,079 1,357,271 225.119 128 188 1,598,194 1,710 578 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other creditors 500 500 12. MOVEMENT IN FUNDS Nel movement in funds At 8.4.25 At 9.4.24 Unrestricted funds General fund 1,718,998 1113,134) 1,605,864 TOTAL FUNDS Net movement in fvnds. included in the above are as follows.. Incoming sources Resources expended Gains and losses Movement in funds Unrestrl¢t¢d funds General fund 44,709 (48,502) 1109,341) 1113,134} TOTAL FUNDS 44,709 48 5021 Page 9 continued... THE VERINA BLACK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 8 APRIL 2025 12. MOVEPAETrrr IN FUNDS- ¢ontinued Comparatives for movernant In funds Net movement in funds Al 8,4.24 Al 9.4.23 Unrestricted funds General fund 1,636.004 82.994 1,718,998 TOTAL FUNDS 1,636.004 82,994 1,718,998 Comparative nel movement In funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unre8trfcted funds General fund 66,193 138,2341 55,035 82,994 TOTAL FUNDS 66,193 55,035 82,994 13. RELATED PARTY DISCLOSURES There were no relaled party transactions for the year ended 8 April 2025. 14. MATERIAL LEGACIES Legacy income is only included in incoming resources where the legacy has been re￿IVed or both the receipt and amount has been quan*ified. Whilst the Estate has now been wound up there remains the possibility of fvrther funds being received as the result of a pending court case that hopefully will be resolved next year and may result in the recovery of further funds. Al this time il is not possible or practicable to estimate the amount that may be re￿1ve￿. Page 10