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.




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V D Dixon<br>**----- End of picture text -----**<br>



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I R Woolfe<br>**----- End of picture text -----**<br>



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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
ne￿SSary 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 prO￿dureS 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-com￿lance 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￿$.
Costs of generating funds
This comprises expendrture incurred in conn8Ction with generating funds for Charity.
charitab￿ activities
This Comprises expenditure incurred in connedion with the charitable Obl￿￿￿e$ of the Charity.
GovernanGe Gosts
Thi$ comprise$ expenditure inCu￿d 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 Unreall￿d
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[uSa￿M
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