The Valiant Charitable Trust Trustees' Report & Financial Statements 6 April 2020 to 5 April 2021 

Charity No. 1135810 

52675.1 



THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
6 APRIL 2020 TO S APRIL 2021
Page
Reference and administrative details of the Charity,
its Trustees and advisers
Trustees, Report
Audito¢s Report
6-8
Slalemenl of Financial Activities
Balance Sheet
10
Slalemenl of Cash Flows
Notes to the Financial Statements
12-18
Investment schedule
(Not riled with the Charity Commission)
19-25

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
6 APRIL 2020 TO 5 APRIL 2021
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY
ITS TRUSTEES AND ADVISERS
Founder
Lady Valerie Diana Dixon
The Board of Trustees
Lady Valerie Diana Dixon
Mr lan Roger Woolfe
Mr Paul Thomas Clifford Brenham MBE DL
Charlty reglstered number
1135810
Principal Office
clo Collyer Bristow LLP
140 Brompton Road
Knightsbridge
London
SW3 1HY
Auditors
Bourner Bullock Chartered Accountsnls
Sovereign House
212- 224 Shaftesbury Avenue
London
WC2H 8HQ
Bankers
CAF Bank Ltd
25 Kings Hill
Wesl Malling
Kent
ME194JQ
Solicitors
Collyer Brislow LLP
140 Brompton Road
Knightsbridge
London
SW3 1HY
Investment manager
Fairslone Group Limited
1 The Bulrushes
Woodstock Way
Boldon Business Park
Tyne & Wear
NE35 9PF

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
6 APRIL 2020 TO 5 APRIL 2021
TRUSTEES, REPORT
The Trustees present their annual report together with the financial statements of the Valiant
Charitable Trust (the Charity) for the year from 6 April 2020 to 5 April 2021. The Trustees confirm
that the report and financial statements of the Charity comply with the Charities Act 2011, the
requirements of the Charity's governing document and the provisions of the Statement of
Recommended Practice ISORPI applicable lo Charities preparing their accounts in accordance with
the Financial ReF)Orting Stsndard applicable in the UK and Republic of Ireland on 16 July 2014. The
financial statements have been prepared in accordance with the accounting policies set out in the
notes to the financial statements.
Status and administration
The Charity was established by a Declaration of Charitable Trust dated 23 March 2010 and
is registered with the Charity Commission under charity number 1135810. The Charity's
governing instrument is ils Trust Deed which allows for any activities covered by the
Charity's objectives, with no specific restrictions.
Charitable objectives for the public benefit
The objectives of the Charity are to provide funds for general charitable purposes as the
Trustees shall from time lo time think fil.
The Trustees Confirm that they have complied with the duty in section 17 of the Charities
Act 2011 and have referred to the guidance contained in the Charity Commission's general
guidance on public benefit when reviewing the Charity's aims and objectives and in
planning future aclivib'es and setting the grant making policy for the year.
Grant making policies
The Trust's gffint making policies are to make grants for general charitable purposes
throughout England and Wales to individuals and organisalions. The Trustees meet
annually to decide on the grants they will make in the coming year and will monitor how the
funds are used once the grants are made.
Governance
The management of the Charity is the responsibility of the Trustees who are elected and
co-opted under the terms of the Trust Deed. The Trustees meet at least once a year to
discuss and implement policy.
Financial review
Total income has decreased overall as a result of an decrease in dividend and interest
income. The investment income was £70,49012020 - £94,828).

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
6 APRIL 2020 TO 5 APRIL 2021
At 5 April 2021, the market value of investments was £5,152,30315 April 2020 £3,982,587).
There was no donation of Offshore Bond investments received during the year1£236 in
20201. Income from Investments tolalling £70,35812020 - £92,937) was received. Most of
the investments are in the form of accumulation units which do not generate income by way
of cash. The Income is reinvested directly Into units.
Review of activities and achievements
During the year, there were grants made to 16 charities which are listed in note S of the
accounts. The donations of £10,000 and over are as follows."
£200,000 for the Keech Hospice- October 2020 pledge- something Special for the
children
£25,000 paid lo Herts Homeless for the Live Life Project.,
£20,000 paid lo Rotary Club Hitchin for the Mental Health Support aclivilies.,
£10,000 paid lo Celtic Harmony for Prehistory Centre Phase 3 internal fittings.,
£10,000 paid lo East and North Herts Hospitals for helping Little Heartbeats appeal.,
£10,000 paid lo MNDA West Sussex North - lo improve care and support for people with
motor neurone disease.,
£10,000 paid lo Norman Hyde Scout Trust towards costs of attending World Jamborees
and Leader training expenditure.,
£10,000 paid lo PHASE Hitchin- support school pupils after their return to school learning.
Investment policy
As at S April 2021, all cash funds were held on deposit with CAF Bank Limited, Scottish
Widows Bank, Virgin Money and Collyer Bristow Client account. The Trustees, investment
policy Is to aim for safety commensurate with immediate and planned spending
requirements.
The Offshore Bond investments is valued at £2,434,51012020 -£1,843,347>. Within
the Offshore Bond there is no tax payable until such time as the funds are brought
back into the UK.
All the investments are managed by an independent investment manager in
conformity with the charity policy and its constitution. The holdings comprise
numerous collective funds which provide for a broad investment spread and
consequently low risk in accordance with the Trustees, risk management policy. The
investments are held within a wrapper so as to reduce costs of running the portfolio.
Reserves and funding
The Trustees are maintsining sufficient cash reserves to meet current and planned
expenditure.

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
6 APRIL 2020 TO 5 APRIL 2021
Financial review
The Trust's incoming resources from Gift Aid donations, Offshore Bond donation and
income received from the invested portfolio tolalled £482,99012020- £600,694).
The resources expended lotalled £380,47012020 - £336,346) and include grants
made of £335,00012020 - £290,491).
There is an increase in total fund balances at the year end from £4,171,221 in 2020
10 £5,396,154 in 2021.
Appointment and induction of Trustees
The power to appoint new or additional Trustees is vested in the Founder during her lifetime
and is exercisable by deed bul the Founder may al any time at her discretion by declaration
in writing surrender such power either temporarily or forever. In such event, the power to
appoint will be vested in the continuing Trustees.
In appointing a new Trustee, the Trustees will lake into account the benefits of appointing a
person who is able by virtue of his or her personal or professional qualifications to make a
contribution to the pursuit of the objects or management of the Charity.
Risk managernent
The Trustees are responsible for the management of the risks faced by the Charity-
All major risks lo which the Charity is exposed have been reviewed and systems have been
established to mitigate these risks.
Plans for the future
The Trustees will continue to make grants lo charities and charitable causes generally
within the North Hertfordshire area. They will also consider applications for grants from
other areas.
The Trustees will invest some of the donations received whenever they consider
appropriate.



V D Dixon 

16.11.21 

## I R Woolfe 

16.11.21 

## P Brenham 

16.11.21 



THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
6 APRIL 2020 TO 5 APRIL 2021
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VALIANT
CHARITABLE TRUST
Opinion
We have audited the financial statements of The Valiant Charitable Trust (the 'charity'l for the
year ended 5 April 2021 which comprise the Statement of Financial Activities, Balance sheet
and notes to the financial statements, ineluding a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparab'on is applicable law
and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom
Generally AC￿pIed Accounting Practicel.
In our opinion, the financial stalemenls..
give a true and fair view of the stale of the charity's affairs as al 5 April 2021 and of its
incoming resources and application of resources for the year then ended",
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice, and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS
IUKII and applicable law. Our responsibilities under those standards are further described in
the Auditor's responsibilrties for the audit of the fi'nancial statements section of our report. We
are independent of the charity in accordance with the ethical requ1￿mentS that are relevant lo
our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we
have fulfilled our other ethical responsibilities in accordance with these requirements. We
believe that the audit evidence we have obtsined is sufficient and appropriate to provide a
basis for our opinion.
Conclusions relating to going concern
In auditing the financial stalemenls, we have concluded that the Iruslees, use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating lo events or conditions that, individually or collectively, may cast significant doubl on
the charity's ability lo continue as a going concern for a period of al least twelve months from
when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect lo going concern are
described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the
financial statements and our auditor's report thereon. The trustees are responsible for the
other information contained within the annual report. Our opinion on the financial slalements
does not cover the other information and, except to the exlenl otherwise explicitly stated in
our report, we do not express any form of assurance conclusion thereon. Our responsibility is
to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course
of the audit or otherwise appears to be materially misststed. If we identify such material

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
6 APRIL 2020 TO 5 APRIL 2021
inconsistencies or apparent material misststemenls, we are required to detemiine whether
this gives rise to a material misstatement in the financial statements themselves. If, based on
the work we have performed, we conclude that there is a material misslalement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing lo report in respect of the following matters in relation to which the Charities
(Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion-
the information given in the trustees, report is inconsistent in any material respect
with the financial stalemenls, or
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records an
returns., or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully In the trustees, responsibilities statement sel out on page 5 the
trustees are responsible for the preparation of the financial statements and for being satisfied
that they give a true and fair view. and for such internal control as the Iruslees determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due lo fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the charity's
ability to continue as a going concern, disclosing, as applicable. mallers related lo going
concern and using the going concern basis of accounting unless the Iruslees either intend lo
liquidate the charity or to cease operations, or have no realistic alternative bul to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in
accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due lo fraud or error, and lo issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always
delecl a material misslatemenl when il exists. Misstalemenls can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be
expected to Influen￿ the economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design prO￿dureS in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The exlenl lo which our procedures
are capable of detecting irregularities, including fraud is detailed below..
Discussions with and enquiries of management and those charged with governance were
held with a view to identifying those laws and regulations that could be expected lo have a
material impact on the financial statements. During the engagement team briefing, the
outcomes of these discussions and enquiries were shared with the team, as well as
consideration as to where and how fraud may occur in the entity-
The following laws and regulations were identified as being of significance to the entity..

THE VAUAI•T CHARITABLE TAUST
TAUSTEES. REPORT & FINANCIAL STATEMENTS
• APRIL Z02fj TO S APRL 2021
Thom IM Y•gulation• lor t*tthch non-cornpIFance may be fiJndamental to th•
oper•ling •sp•¢l• ol lh• buwn•s9 •nd th•refore may ￿¥¢ a m4t•ri•l effect on the
In•ncwl •L*i•mwt• rnclud• complr•nc* with Chty Law.
Aurfrt und•rt•k•n in fegpon•e to thè poten￿ risks relaling to wreguhrtrs (vth￿h
Indud• frwd norrtorn￿lIfte• Y171h l•w* ond ryl•tiM*l compfflsed ot. •nquiri•* ol
manageTr*nl and thom chargad gov•m•nce as to ¥thether the antity eorylie• *ryth such
and r•gul•tion•. •nquwi•• +4Alh th• Con￿rning •ny #c￿al or polert1￿ litsg•tion QT
¢l*'ms.' Mp¢ction ol r•l•v•nt l•gal corra8pondence,' review of boaNI minut•8," testing the
#PryO￿At•rl•￿ rf joum•l •niriM: I￿1 Ihe wrformanc* gf an•tytiGal revtew to iden￿ty
unexpe¢ted mo¥wn•nl¥ in •¢count b•l•Fws which rnay b• IThJ￿al￿e ol fraud.
No In•1￿¢0 ol rn•t•n￿ r￿￿￿mplI*r￿* were Nlentsfied. Plo*rver. lh• likelihood of detectlng
I￿gUI*1rt￿, indudkng frwd. is Ilrnrt•d by Ihe Inh•rènt difficulty Sn detecltng ¥regUla￿lI*S, th•
•ft¢cti¥•nHs olthe •ntity's conlrds. And the nalw8. liming •nd extent of Ihe audit PTo¢•dur
perf￿ed. lryulaites thlt r¢sUti fraud might b• inher•ntly more difficult tc det•cl th
1rrWarrt￿# th47t Tel￿t from •rror. Ag •xpJained above, there i¥ w unavoidable risk Ihal
material misstatements may nol be d¢tect•d, even though the audrt h88 plann•d and
rfcrfmed in aCGord•nce wth Ishs IUKI.
A ￿ti￿￿10n of our re¥p(Mwibiliies tr audit af the financi•l statem•nls is l¢xat•d
the
Fin•nci•l
Reportwig
Coundl's
web$lte
.Ltk1a￿Ilo
es. This d•sGnpkn fums part ol our •udiior's
r•port.
Ug• of our Y•port
This rep¢yt is made s01•ty tsj the chwty'J tnJtsts¢s. •5 • t￿y, ￿ accorda1￿¢ *ilh Part 4 ofth•
Choritieg IAccounlJ and R•ptxtsl Regulabons 2008. Our &￿j1t h#$ been l￿￿•rt¥k•D
Ih•t we rn￿ht state io Ihe charity's trustees those rnatters w• are r•quired to state to them
an auditor's rewt •nd fc* no otl*r purpose. To the fuh$t exteTIt permitted by law. we do not
atterrt or assume r•iponsibiknty lo •nyone olheT than th• chanty arKJ th• truslees as
body, for our wjdil work, for this T•PDrt. ￿ forthe opinlons vn have fLYmed.
BoumerBullod( ISt*utoryAuditorl
Chartered Accouttsnts
Soverugn Hou
212-224 Sh•ftabury A¥•nu•
London
2H 8HQ
Ik fyoL/fy04U frfrl
BourneT BLffjoGk is ellgible for ¥ppoint(Mit a8 authtor of the tharty by wrtue of its ellgibilty br
•p￿1ntmellt as audi*or of 8 company uniler section 1212 d the Cèmp•nies Act 2006.

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL ACTIVITIES
6 APRIL 2020 TO 5 APRIL 2021
Total
Unrestricted
funds
Total
Unrestricted
funds
2021
2020
Notes
INCOME FROM:
Donations
412.500
506,136
94,828
Investments
70,490
Total
482.990
600.964
EXPENDITURE ON..
Raising funds
Charitable activities
22.740
357,730
25.754
310,592
Totsl
380.470
3￿.346
Gainslllossesl on investment assets
11, 14
1,122,413
1555,2771
Net Movement in funds for the year
1,224.933
{290.6591
Reeonciliation:
Total funds brought forward
4,171,221
4,461,880
Fund balances at S Aprll 2020
14
5,396,154
4,171,221
The notes on pages 12 to 18 form part ol these financial statements.

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
BALANCE SHEET AS AT 5 APRIL 2021
2021
2020
Notes
Fixed assets
Investments
5,152,303
3,982.587
Current assets
Debtors
12
82,815
174,369
50,000
148,200
Cash at bank and in hand
257,184
196,200
Cieditors. amounts falling due within one year
13
13,333
7,566
Net current assets
243,851
188,634
Total assets less current liabilities
5,396,154
4,171,221
CHARITY FUNDS
Unrestricted funds
14
5,396,154
4,171,221
TOTAL FUNDS
5,396,154
4,171,221
The financial statements were approved by the board of Trustees and authorised lor issue on
16.11.21
and signed on its behaw by..
Date
V D Dixon
Lady Valerie Diana Dixon
Trustee
10

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
STATEMENT OF CASH FLOWS
6 APRIL 2020 TO 5 APRIL 2021
2021
2020
Not85
N•t Cash flows from op•rating activitiès..
Net cash provided by (used in) operating
¢tivitie
15a
4,981
1119,1221
Cash flow¥ from investing a¢tivitie¥'.
Dividends and Interest from Investments
70.490
94,828
Proceeds of sale of invesltllenls
430.118
486,813
Purchase of investments
{481,7e61
1862,9501
Net cash provided by (used inl investing activities
18,842
281,309
Change in cash and cash equivalents in
the reporting p8riod
23,823
1400,4311
Cash and cash equivalents al the beginning
of the reporting period
266,265
666,696
Cash and cash equivalents at the end of
the reporting period
15b
290,088
266,265

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT& FINANCIAL STATEMENTS
6 APRIL 2020 TO S APRIL 2021
NOTES TOTHE ACCOUNTS
l At¢ounbny poli¢i*s
The pnnel￿1 accounllng policies adDPted, judgements and key sourcegof eslimatiDn uncenainty In preparabon ol
Ih¥tinan¢iJ 8tstsm￿ts ¥r6 4$folbw
1.1 Basls of preparatlon
Thp tinan￿81 statements have prepared in accord?ncewilh'Acwunbng and RepDrbry by Charthps". Slatetneni
ol Recotnrnended Practice applicable lo charities prepanng their accxuDts In accordance wilh the FinarKial Reporting
Standard ap￿ICable In the UKand Republic of Ireland IFRS 1021 (Second Edition), and the Financial Rewrting
Standard ap￿ICable In the United ￿n9￿orn and Republic ol Ireland IFRS 1021 and the Chariues Aci2011 and UK
Ge￿rallY A¢¢epteo Prad￿¢ 8$ il applie$ Irom 1 January 201S
The finaDGial statemen15 have ￿￿en prepared lo give a'lrue fairf viewand havedewarta trom the Chatibes
{Accounts and Reports) Regulations 2008 onlyto Iheextentrequired lo proV￿e a true and fair viwi,. This dewrture
has InvDlved fdknving'Accounlin9 and Reporting by Charities. Statement ol Recommended Ptseli￿ apKAicable
¢h8rilie$ pre￿rIng Iheir8¢¢0uni$ in 8¢¢ordan¢ewilh the Finan¢i81 Reportiny stsnd4rd 8ppli¢able in the UK
Republic of Ireland IFRS 1021 (Secono Edrtv)nl'ralher ihan IheAcoKunbng and RepDrbDg by Chathes." Statetnenlof
Recofflmended Practice effective from 1 April 2005 vthiGh has SI￿￿ withdrawn.
1.2 Incomlng r•gourcès
Donation5. legaues and olherfom15 01 vduntsry Income are recogn15ed a5 incoming resourceswhen recerlable,
ex￿p1 In50faras they are Incapable olfinancial measurement.
Invesbxenl Income IS rewnised ¥then reeav£￿e. ex￿p1 insof£raA it Is InCa￿tsIe 01financ￿ meaAuremenL
1.3 Resourcps expended
l e%penOilurp Is a￿oUnted foron ?cctuals baws?nd has induded underexpeDse ￿tegoneS that
aggregate all cos15 fDrallorAlion lo activities. Vvhere cos15 cxnnot be directly attributed lo parbc4Alaractivilies ihey
have been allocated on a ￿sIS consislenlwilh the use of the reSoUr￿s.
¢o$ts ol gèntrr81ing funds
Thiscomprises exFenditure incuThed In connection wlh generdling funds for Chanty.
¢haritabb8¢bwlie$
This COTnprises expendrture iDcutred In conneGtion wlh the L*a[Itab￿ objectives of the Charjty.
Governa￿e costs
This comprises expenditure incurred in ￿nneCtIOn Vyilh managernenl and
adminlstrabon ol the Chariiy.
1.4 DirectTaxation
As a Chatitylhe thatity Is generally exemplfrorn Income taxand capital gains t￿, bul not from VAT. Irrecoverable
VAT Is Included in the cosiof those ￿ ￿ttICh il relate5.
1.5 Invèstmonts
Invesbxents are held al market value Insofaras they drecapa￿e ol measurement The realised and Un￿liSed
gains or losses are in the $￿tement ol Fina￿1¥ A¢bvilie*
1.6 Fund accounting
Unreslncted Incotne funds are general lund$that8rt avaiLgbla lor ug6 aithe Irustse¥' Jis¢r6b¢n in lurthèranca oithe
objethves ofthe Chanty.

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT& FINANCIAL STATEMENTS
6 APRIL 2020 TO 5 APRIL 2021
NOTES TOTHE ACCOUNTS
1.7 Cash
C8sh St bank 8nd in hand 1$ held to me# $hort-term ¢a$h ¢ommitmenb as Iheyf811 dLe ratherthan for Invesbxenl
putPQ$*S.
1.8 Débtors
Debtors (in￿￿ding loans re¢eiV8blel are on Inlll81 rwnibon at $ettiementamouni They are shown In the
fin8ncial slalem8nts?I the cash orolher oKnwder*on e¥p8cted to bp reCe￿ed.
1.9 Crèdttor¥
The Trust hag¢rediiors whith 8re mea$ured at seiuementamounl$.
1.10 Going Con¢ern
The iruslees considerlhere 15 no rnalerial Un￿rtaInlieS the charivs ability to continue as a going concem.
The ￿vI￿V ol theirlinsncial POSibDn, reserve levels 8nd fu￿re ￿aThS gives trustees conlldence the ttha￿Y remalnsa
goiw wn¢sm forlhtrfore￿a0l*1UIur*
On 30 January 2020 theWor￿ Health Organisation dedared the outbreak of the Coronavirus ICovid-181 pandernic
lo be a public health emergency ol Inlern2tional concern During Iheye2r the pandemic did not have a Signiftsnt
negabve impsct on Ihe¢h¥rily's operabng a¢tivilie$, wrfh the charity being able lo oper*¢ $$ normal The Trustses
have been reviewing, cortinueto review, ihe Itnpact of the paDdemic OD the operations of the chanty on a
regularbasis and have taken measure5 loensure ihe risks faced are ffliligaled. The most recent valuation report
availableforlhe Investments held Kryth James Hay Partnership Is as al 1 September 2021 which shows a valuation ol
£5.627.424.
1.11 Firt•n¢i81 instrumonts
The Trust 8c¢ounis lorihe b9$1¢ linanual In$irumentson inilial recognthon as per p8pagBph 10.7 FR$ 102 SORP.
Sub$8quent ￿$sUr*M#nI 15 KW par8gr8pfv$ 11.17 to 11.19 FRS 102 SORP.
1.12 Judgrnents accounting policy
Pre￿rstiOn ol the8tCOunting statements reqvi¢$ Ihetru$iee8 ￿ make ¢ertaln $ignilltsnijudgements and e$iim8te8.
Thpre have been no estimates orjudgetnent8re88to rep￿ dunng the linanual year.
2 Voluntary income
Total
Unrègtrl¢tod
funds
Total
Unr8strict
funds
2021
202D
Donations and grants
330.QOO
406,136
GIftAid tax recoverable
82.500
100,0
412.500
508,136

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT& FINANCIAL STATEMENTS
6 APRIL 2020 TO S APRIL 2021
NOTES TOTHE ACCOUNTS
3 Investment income
2021
2020
Dividend in¢om8
70.358
92,937
Interestre￿l¥d￿e
132
1.891
70.490
94,828
4 Analy81$ of t8$OUr￿ oxpondod by •xp8rtdituro ty
Othèr
¢o¥ts
Grants
Total
2021
Total
2020
¢osts o19ener2llng funds IS￿ r￿e 51
22.740
22.740
25,754
Grantfunding ol activities and projects (see
note 61
$35,WO
335,000
290,491
Alkxatsd Govemarbce o)sls (sep Dots 71
22,7S0
22,730
ZO,101
22.740
357,730
380.470
336,346
S Costs of generatlng lunds
Total
2021
Total
2020
Investrnenl marbagerfeesand Commis￿0￿
22.740
25,754

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT& FINANCIAL STATEMENTS
6 APRIL 2020 TO S APRIL 2021
NOTES TOTHE ACCOUNTS
6 Grants p8y8bloto in8titubons
Total
Totsl
2021
2020
RedoveloppwJt(buildinul
The Letchworth Centre ￿ H￿￿thY Living- Bu1￿1n9 work
25,000
Kids In Action- re4evelopmenlof their Building
SI EIiz8beih'8 Irtfurb adutt a¢¢ommod81ionl
Sl Clare's Hoswce- Community sh
114,SO81
50,491
Generalpubllc
Keech Hospi
200,￿0
Herts Young Homel
25,000
Rokry Club Hitchin Tile- Hiithin Mental Health- for supwrtactivrties
20,000
Cettic Hatrnony
10,000
E & N Herts Hospital8
10,000
NDA Wesl Sussex North
10,000
Notman Hyde ScoutTrus1
lo,￿0
PHASE Hilthin
10,000
Brooke Hospltal forA
5.000
Hac*ney Empire
5,000
Hackney Qve$l
5,000
MIND
5.000
PCC Sl John of JerusaleTn
5,000
Ru$hmore Primary S¢hool
5,000
Speual Effecl.org.uk
5.000
Support [￿S Ltd
5,000
Keech HoSpi￿- hydrotheraphy pool patients
Home-slart Hertrordshire
S¢outA$￿i¥ll¢n- Gtrneral a¢¢ouni
Oyspraxia Foundation
25,000
Daisythains
Lut¢n Sl M8ry PCC
Tilehouse Counsellirbg-counselling foryoung people
Digswell PlaTr RDA Group
10,000
Hiichin's Churches Schools WorkerTrusl
10,000
RNLI
10,000
Ea$iAnyli8n AirAmbu18n¢t
Hiithin's Cricket Club
335,000
240,000
Total Grants
335.000
290.491

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT& FINANCIAL STATEMENTS
6 APRIL 2020 TO S APRIL 2021
NOTES TOTHE ACCOUNTS
7 Gov*rn•n¢• Co8t$
Total
Unrestrlcted
funds
Total
Unrestrfcted
funds
2021
2020
Auditors lees
2.832
1,920
Legal and profession¥ltses
19,801
18,093
Bank charges
97
22.730
20,101
B Analysis of resources expended by activitips
Costs of
generatlng funds
Grant fundlng
of actlvltks
Govemance
COStS
Total
Total
Z021
2021
2021
2021
2020
22.740
335.000
X,730
380,470
336,346
9 TnBtPF8
No remunerallon w£s pald lo the Trustees and nD expenses irthrred by the Trustses have been relmbursed durlng the
ana9ementand administration expenses Include £19 801 1£18.903 in 20201 paid for legal arhd accounbn9 vnrk lo Collyer
Bri$iow LLP. 4 firm ol O1¢rt01s, vthere14n RogerW(dlewa$ a ￿rtrner Until September2015 and he 1$ now8 ¢onsuiiant.
GIftAid Donations received in ihe yearfrorn Lady Dixon lotalled £330.00012020" £400,000).
No donations ¢1 off$ho* bond were received frw ¢kied parbe$ in Ihe¢urrentye8r1202D- £2361.
10 Employees
The Charity ha5 no ern￿oYees during ihe currentyearor ihe p￿I￿S year.

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT& FINANCIAL STATEMENTS
6 APRIL 2020 TO S APRIL 2021
NOTES TOTHE ACCOUNTS
2021
11 Investments
1l8rttet vJue 81the beginning ol the year
Add.- $ddilion8 $1 m$1
Less. disposa15 atcarryirbg value
Addldeducl.. prolivllossl on disw>sal
Addldeduct. neigainlllossl on revdu3￿0
118rket V81u6 aithe eno 01 ytr8r
2,862,523
451,766
52.293
1,070.120
5,036,5E4
Cash held by J8mps Hay {jnvesltnenl m¥n8gersl pending invesltnent
115,719
5,152.303
Dlsclosurè of Indlvldual Invèstmonts ov8rS% of total ptsrtfollo valuè
Any Ind￿1￿U31 investsnentswlh a value as at5 April 2021 over£251,829, 15% of £5.036,5841 aredisclosed
Value
Namè of holdlng
AXA Framlington- UK Mid Cap ZAC
8lackRock- European Dynamic FD ACG
Fundsmilh Equity l Acc
Legal & Gèner81- US Index Tw$1 i A¢¢
Stewart Investors- Asia P8¢if¢ L6aJerg BA¢¢
Z85,187
267.400
288.080
377,056
276,310
12 Debtors
2021
2020
GiftAid tsx due to be recove
82.500
Inoweduefrorn Broker
315
82,815
50,000
13 ¢redit(vs= amounts falling due Mthin one year
2021
2020
AuditllndepeTbdenl Examinerfsfees
5,532
2,700
Loyal and profe$$ionalts*$
7.801
13.333
7,566

THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT& FINANCIAL STATEMENTS
6 APRIL 2020 TO S APRIL 2021
NOTES TOTHE ACCOUNTS
14 Statement of funds
Incorning
sovr¢88
R￿oUrceS
Exptrnd•d
oth•rgalnB
¥nd loss
Carrlèd
forw8rd
Brought forn•rd
Unr•th¢¢•d fund$
4B2,990
1381,4701
1.122.413
5,296,154
1Sa Reconclllatlon of net Incomellexpendlturelto net cash flow from 0￿ra￿n9 actlvlues
2021
2020
Net IncomellexpendlturÈl lorthÈ reportln9 las ￿rtheStAtement of
1,L4.933
{ 2W,6Sel
Alljustments for..
Lossllprolitl on sale ol Invesbxents
IGainllk)s5 on revaluation
Dividend$ and Inie¢$ifrom inve$imeni8
lIncr￿SevdeCrease In debtors
Incre3selldecreasel In cr8¢ilors
152,2931
11,070,120)
170,4901
174,L11
e29,498
56.250
1345,1fj21
5,766
Net ¢8$h pro￿ded by lu$od inl oporating a¢tivitios
4.961
15b Analysls of cash and cash equlyalents
2021
2020
Cash al bank
Cash held by JAmes Hay pending Invesbnenl
174.369
115.719
146.200
120,065
Total cash and cash e4uiYalpnts
290,088
266,2fj5