COLLYER BRISTOW The Valiant Charitable Trust Trustees, Report & Financial Statements 6 April 2021 to 5 April 2022 Charity No. 1135810 52675.1
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO S APRIL 2022 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) 19-26
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 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 114 Sl Martin's Lane Covent Garden London WC2N 4BE 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 2021 TO 5 APRIL 2022 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 2021 to 5 April 2022. 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 admlnlstratlon 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 activities and selling the grant making policy for the year. Grant making policies The Trust's grant 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 Totsl income has increased overall as a result of an increase in dividend and interest income. The investment income was £80,79612021 £70,490). At 5 April 2022, the market value of investments was £5,377,09015 April 2021 £5,152,303). Income from investments tolalling £80,77612021- £70,358) 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.
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 Review of activities and achievements During the year, there were grants made to 13 charities which are listed in note 6 of the accounts. The donations of £10,000 and over are as follows.. £106.000 for the Keech Hospice to provide facilities for NHS nurses and stsff for their work during the pandemic", £50,000 paid lo Prince's Trust to support their continued work with young people in Hertfordshire", £37,000 paid lo Sterling & Trossachs Scouts for a minibus", £25,000 paid lo Garden House Hospice Care toward the training of paramedics., £20,000 paid lo Kings College London for MND research., £20,000 paid lo Daisychains lo support their work with families affected by aulism., £20,000 paid lo Hilchin Rugby Ltd towards costs of Rugby Club Bungalow project., £20,000 paid lo Sl Elizabeth's for ongoing work with highly vulnerable individuals with epilepsy and other complex conditions., £20,000 paid lo Save the Children Hitchin for the Ukraine appeal., £20,000 paid lo Tilehouse Councilling for their work counselling young people not provided for by the NHS, £12,300 paid lo Home Start Hertfordshire as part of their Big Give campaign 2021, SUPFX)rting families with young children., £10,000 paid lo Digswell Place Group RDA to support their work with disabled people and horse-riding.. £10,000 paid lo Kids in Action for out of school activities for disadvantaged and disabled children", Investment policy As at 5 April 2022, all cash funds were held on deposit with CAF Bank Limited, Scottish Widows Bank 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 £2,566,69212021- £2,434,510). 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.
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 Reserves and funding The Trustees are maintaining sufficient cash reserves to meet Current and planned expenditure. Financial review The Trust's incoming resources from Gift Aid donations Offshore Bond donation and ineome received from the invested portfolio tolalled £696,99612021- £482,990). The resources expended totalled £421,27812021 £380,4701 and include grants made of £370,30012021- £335,000). There is an increase in total fund balances at the year end from £5,396,154 in 2021 10 £5,841,836 in 2022. 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 but the Founder may al any time at her discretion by declaotion 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 management 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 miligale 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.
----- Start of picture text -----
V D Dixon
----- End of picture text -----
----- Start of picture text -----
31 January 2023
----- End of picture text -----
----- Start of picture text -----
I R Woolfe
----- End of picture text -----
----- Start of picture text -----
31 January 2023
----- End of picture text -----
----- Start of picture text -----
P Brenham
----- End of picture text -----
----- Start of picture text -----
31 January 2023
----- End of picture text -----
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 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 2022 which comprise the Statement of Financial Aclivilies, Balance Sheet, Statement of Cash Flows and notes to the financial stalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ire18nd (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the stale of the charity's affairs as al 5 April 2022 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 opinion 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 Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements 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 obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the trustees, 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 m8teri81 uncertainties relating to 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 infomiation The other information comprises the information included in the annual report other than the financial slalemenls and our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of assuran 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 lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, 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 misstatement of this other information, we are required to reF)Ort that fact.
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 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 slalemenl 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 neSSary 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 lo 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 assuonce 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 detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, lo detect material misslatemenls 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 inquiries of management and those charged with govemance were held with a view to identifying those laws and regulations that could be expected to 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 lo where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity.. Those laws and regulations considered lo have a direct effect on the financial statements include UK financial reporting regulations.
THÉ VALIANT CHARITABLE TRLIST TRUSTEES. REPORT 8 FINANCIAL STATEMENTS 6APRIL 2021 TO 5 APRIL 2022 Those laws and reaulations fnr which non-eomplignce may b• fund*mgntal to the operaling aspects of the buslness and therefore may have a material effect on the fin8ncial stalemenls Inclthje compllance wllh Charity Law. Audrt procedures undertaken in response lo the potential risks relating to irregularities Iwhich lftclude fraud and nOn-comlance with laws and regulations) comprised ol.. enquiries of management and those charged with governance as lo whether the entity complies with such laws and regulations. inquiries with the same Concerning any a¢al or potential litigation or claims,. inspection of relevant legal correspondence., review of board minules., testing Ihe appropriateness ol journal entries,. 8nd the perfomance of analytical review lo identify unexpected movements in account balances whl¢h may be Indicative of Ifaud. No instances of rnalerial non-compliance were identified. However. the likelihood of delecling riegularilies, including fraud, Is limited by Ihe inherent difficully in deleoling irregularities, the effe¢t(veness of the enlily's controls, and the naluTe, liming and exlenl of the audit procedures performed. lrregulafith.es that result from fraud might be Inherently more difficult lo detect than irregulairties that result from error. As explained above, there is an Ltnavoldable risk that material misstatements may not be dele¢led, even Ihough the audit has been planned and performed in accordance with ISAS IUKI. A further description of our responsibAities for the audit of the financial statements is located on the Flnancial Reporting Council's website al.. htt 5".11.1r¢.Ol .ukJauditorsres onsibil. report. 5 This description forms part of our auditor's Use of our report This report is made solety lo the charlly's trustees. as a body, in accordance wlth Part 4 of the Charilies (Accounts and Report81 Regulations 2008. Our audit WOTk has been undertaken so that we mighi siaie to the Gharily's Iruslees those matters we are requlred lo stale lo them in an auditor's report and foi no other Pufpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's tru$lee8 as botjy, Tor our audit work. tor ihis report, or for the opinlons we have formed. BourTrer 8ullo¢k Chartered Accountanls Stslulory Auditor 114 Sl Martin'8 Lane Covent Garden London WC2N 4BE Date.. Bourner Bullock is eligible for appointment as auditor of the charity by vlrtue of tts ellgibillly for appointment as audilor of a company under Section 1212 of the Companies Act 2006.
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS STATEMENT OF FINANCIAL ACTIVITIES 6 APRIL 2021 TO 5 APRIL 2022 Total Unrestricted funds Total Unrestricted funds 2022 2021 Notes INCOME FROM: Donations 616.200 412,500 70,490 Investments 80,796 Total 6*.996 482.990 EXPENDITURE ON.. Raising funds Charitable activities 26.268 395,010 22.740 357,730 Totsl 421.278 380.470 Gainslllossesl on investment assets 11, 14 169,964 1,122,413 Net Movement in funds for the year 445.682 1,224.933 Reeonciliation: Total funds brought forward 5,396,154 4,171,221 Fund balances at S Aprll 2020 14 5,841,836 5,396,154 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 2022 2022 2021 Notes Fixed assets Investments 5,377,090 5,152.303 Current assets Debtors 12 123,240 353,146 82,815 174,369 Cash at bank and in hand 476,386 257,184 Cieditors. amounts falling due within one year 13 11,640 13,333 Net current assets 464,746 243,851 Total assets less current liabilities 5,841,836 5,396,154 CHARITY FUNDS Unrestricted funds 14 5,841,636 5,396,154 TOTAL FUNDS 5,841,836 5,396,154 The financial statements were approved by the board of Trustees and authorised for issue on 31 January 2023 and signed on its behalf 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 2021 TO 5 APRIL 2022 2022 2021 Not85 N•t Cash flows from op•rating activitiès.. Net cash provided by (used in) operating ¢tivitie 15a 152,803 4,981 Cash flow¥ from investing a¢tivitie¥'. Dividends and Interest from Investments 80.796 70,490 Proceeds of sale of invesltllenls 1,465.754 430,118 Purchase of investments 11,535,862) 1481,7661 Net cash provided by (used inl investing activities 10,688 18,842 Change in cash and cash equivalents in the reporting p8riod 163,491 23,823 Cash and cash equivalents al the beginning of the reporting period 290,088 266,265 Cash and cash equivalents at the end of the reporting period 15b 453,579 290,088
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 NOTES TO THE ACCOUNTS 1 Accounting policie5 The principal accounting policies adopted, judgements and key sources of estimation uncertainly in preparation of the financial statements are as follow.. 1.1 Basls of preparatlon The fin8ncial statements have b8en prepared In accord8nc8 with 'Accounting and R&porting by Charit188.' Sl8t8ment of Recommended Practite applicable lo charrti&8 preparing their accounts in 8ccordance with the Financial Reporting Standard 2pplitablÈ In th& UK and Republic of Ireland IFRS 1021 (Second Edition), and the Financial Reporting Standard applit2blÈ In th& United Kingdom and Republit of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Actepled Pra¢ti* as it applies from 1 January 2015. The financial $talemenl$ have been prepa to gwe a'lrue and fair, view and have departed from the Charities IAccounts and Reports) Regulations 2008 onty to the exlent required lo provide a 'true and fair view,. This departure h85 involved folloMng 'Accounling and Reporting by CharitEs". Statement of ReGommended Practitt applicable to ch8rities preparing their accounts in accordan with the Financial Reporting Stand8r(18pplicable in the UK and Republic of Ireland IFRS 1021 Isecond Editionl'ralher than the Accounting and Reporting by Ch8rities.' Stalerllenl of Recommended Practice effective from 1 April 2005 which has since been wthdrawn. 1.2 Incoming resourc88 Donations, legacies and otherforrns of voluntary income are recogni5ed as incoming resources when receivable, extrpl insofar 8$ they 8re incapabk of financial measurement. Investment income is recognised when receivabk, except insofar a5 it is illcapab of financial measurement. 1.3 Resources expended All Èxp&nditure is accounted for on an atcruals basis and has been included under exp&nse categories that aggregate all costs for allocation to atlivilies. Where tosls tannol be directly attributed to particular adivities they have been alloGated on a basis Gonsistent with the use of the resour$. Costs of generating funds This comprises expendrture incurred in conn8Ction with generating funds for Charity. charitab activities This Comprises expenditure incurred in connedion with the charitable Oble$ of the Charity. GovernanGe Gosts Thi$ comprise$ expenditure inCud in ¢onne¢ti¢n wrth management antl administration of the Charity. 1.4 Direct Taxation A5 a Charity the Gharty is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those lo which il relates. 1.6 Investments Inve5tment5 are held 8t market value insofar as they are capable of measurement. The realised and Unrealld g8ins or1055es are shown in the Sl8tement of Finanual Activities. 1.6 Fund aGGounting UnrestriclÈd intom& funds are genèral funds that are available for use at the tftjstees, discretion in furtherante of the objectwes ofthe Charity. 12
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 NOTES TO THE ACCOUNTS 1.7 Cash Cash at bank and in hand is held to me&t short-18m cash commitments as they fall du& rather than for investmant purp08&S. 1.8 Debtors Debtors lincluding loans receivablel are measured on initial recognition at *ttlement amount. They are Shown in th8 financial statements at th& cash or other consideration 8XP8Ct8d lo be received. 1.9 Creditors The Trust ha$ ¢reditors whi¢h are measured al settlement amounts. 1.10 Going Concern The trustees consider there is no material uncertainties about the charity's ability lo continue as a going concern. The review of their financial position, reserve levels and future plans gives trustees confidence the charity remains a going conc&m for the foreseeable future. 1.11 Financial instruments The Trust accounts for the basic financial instruments on initial recognition as per papagraph 10.7 FRS 102 SORP. Subsequent measurernent is per paragraphs 11.17 to 11.19 FRS 102 SORP. 1.12 Judgments accounting policy Preparation of the accounting stalernenls requires the trustees to make certain signifi'cantju(Igement5 and estimates. There have been no estimates orjudgement areas lo report during the finanual year. 2 Voluntary in¢ome Total Unrestricted fund5 Total Unrestrictsd funds 2022 2021 Donations and grant8 492,960 330,0 GIftAid tax recov8r8ble 123,240 82,500 816,200 412.500
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 NOTES TO THE ACCOUNTS 3 Investment income 2022 2021 Dividend income 80,T16 70.358 Interest r8ceiv8bl8 20 132 80,796 70.490 4 Anatysis of resources expended by expenditure type other costs Grants Total 2022 Total 2021 Costs of generating funds (see note 51 26.268 26,268 22,740 Grant funding of activities and projecls18ee note 61 370,300 370,300 335,000 Allo¢ated Governan¢e ¢o$ts (see note 71 24.710 24.710 22,730 26.268 395,010 421,278 380,470 5 Costs of gen8rating funds Total 2022 Total 2021 Investment managerfee$ and ¢ommis$ion 26,268 22,740 14
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 NOTES TO THE ACCOUNTS 6 Grants payable to in5titution5 Total Total 2022 2021 Generalpubllc Keech Hospite 1Cé,000 200,000 Princes Trust 50,000 St8Aing & Tr08sachs Scouts- minibus 37,000 Garden House Hospice Care- paramedics 25,000 College London 20.000 Dai$y¢hain$ 20.000 Hitchin Rugby Ltd- Bungalow project 20,000 St Elizabeth'8 20,000 Save the Children Hitchin- Ukraine 20,000 Tilehouse Councilling 20,000 Hom& S18rt Herfordshire 12,300 Digswell Place Group RDA 10,000 Kids in Action 10,000 Herts Young Homeless 25,000 Rotary Club Hrtchin Tile- Hitchin Mental Health for support activitiÈs 20,000 Callic Harmony 10,0 E & N Herts Hospita15 10,000 MNDA West Sussex North 10,OC Norman Hyde Stout Trust 10,000 PHASE Hilchin 10,0 Brooke Hospital forA 5,000 Hathney Empire 5,000 Hathn&y Quest 5,000 MIND 5,000 PCC Sl John of Je[uSaM 5,000 Rushmore Primary S¢hool 5,000 Special Effect.org.uk 5,000 Support Dog8 Ltd 5,000 370,300 335,000 Total Grants 370.300 335,000
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 NOTES TO THE ACCOUNTS 7 Governance Costs Totsl Unrestricted funds Total Unrestrictsd funds 2022 2021 Audito¢s fe88 3,000 2,832 Legal and professional fees 21,600 19,801 Bank ch8rge8 110 97 24,710 22,730 8 Analysls of resources expond8d by actlvltl88 Costs of generaiing funds Grant funding of activities Governance costs Total Totsl 2022 2022 2022 2022 2021 26,288 370,300 24,710 421,278 380,470 9 Trustees No remuner8tion was paid to the Trustees 8nd no expenses incurred by the Trustees hsve been reimbursed during the Management and adminislralion expenses include £21,6001£19,801 in 20211 paKI for legal and accounting work to Collyer Bristow LLP, a fimi of solicrtors, where lan Roger Woowe was 8 partner until September 2015 and he is now a consuttanl. GiftAhJ Donations received In th8 year from Lady Dixon totalled £492,96012021.. £330,000). No donations of offshore bond were received from r818ted partie8 in the curr&nt year12021 Nill. 10 Employees The Charity ha5 no employees during the current year orthe previous year. 16
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 NOTES TO THE ACCOUNTS 2022 11 Investments Marf(el value at the beginning of tha y&ar Add.. addition8 at cost Less. disposals at carrying value Addldeducl profivllossl on disposal Addldeducl net gainlllossl on revaluation Market value at the &nd of the year 5,036,584 1,535,862 1,485,754) 321,003 151,0391 5,276,656 Cash held by James Hay (investment maD8ger51 pending inveslrnent 100,433 5,377,090 Disclosuro of individual inv8sbnents over 5% of totsl portfolio value Any Individual inv8stments wrth a value as at 5 April 2022 over £263,733,150h of £5,278,658) are disclosed below.. Value Name of holding Artemis- Incotne l AGG Blackrock- Glob81 Property Sec Equity Tracker D AGG Legal & General- US Index Trust l Acc Legal & General UK Property Feeder l Acc 294.517 283,028 316,940 320,714 12 Debtors 2022 2021 Gift AKJ tax due to be recovered 123.240 82,500 Incorne due from Broker 315 123,240 82,815 13 Cr8dltors.' amounts falllng due wlthln one year 2022 2021 Audit fees 3.000 5,532 Legal and professional fees 8.640 7,801 11,640 13,333 17
THE VALIANT CHARITABLE TRUST TRUSTEES. REPORT & FINANCIAL STATEMENTS 6 APRIL 2021 TO 5 APRIL 2022 NOTES TO THE ACCOUNTS 14 Statement of funds Incoming restsurces Resources Expended other gains and lossÈs Carried forward Brought forward Unre5triGted funds 5.396.154 696.996 421.2781 169,964 5.841.836 15a Reconclllatlon of net Incomollexpendlturel to net cash flow from operatlng actlvltlos 2022 2021 Net incom8llexpenditur61 for the reporting p8riod la8 per the ststomont of 445,682 1.224.933 Adjustments for.. Lossllprofitl on sale of investments IGainlllo88 on revaluation Dividends and interest from inve5tmeDIs Ilncre88elldecrease In debtors IncreaselldeGreasel in creditor5 1321,0031 151,039 180,7961 140,4251 11,6941 152,2931 11,070,120) 170,4901 132,8151 5.766 Net cash provided by Iu5ed in) operating activities 152,803 4.981 15b Analysls of cash and cash equlvalents 2022 2021 Cash at bank Cash held by James Hay pending investment 353,146 100,433 174.369 115.719 Totol Ga5h and Ga5h equivaler 453,579 290.088 18