Charity registration number: 1135810 

**THE VALIANT CHARITABLE TRUST** Trustees’ Report and Financial Statements for the Year Ended 5 April 2023 



## **THE VALIANT CHARITABLE TRUST** 

## **TRUSTEES' REPORT & FINANCIAL STATEMENTS 6 APRIL 2022 TO 5 APRIL 2023** 

||Page|
|---|---|
|Reference and administrative details of the Charity,||
|its Trustees and advisers|1|
|Trustees' Report|2-5|
|Auditor's Report|6-8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Statement of Cash Flows|11|
|Notes to the Financial Statements|12-18|





**THE VALIANT CHARITABLE TRUST** 

**TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **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 Ian Roger Woolfe Mr Paul Thomas Clifford Brenham MBE DL **Charity registered number** 1135810 **Principal Office** c/o Collyer Bristow LLP St Martins Court 10 Paternoster Row London EC4M 4EJ **Auditors** Bourner Bullock Chartered Accountants 114 St Martin’s Lane Covent Garden London WC2N 4BE **Bankers** CAF Bank Ltd 25 Kings Hill West Malling Kent ME19 4JQ **Solicitors** Collyer Bristow LLP St Martins Court 10 Paternoster Row London EC4M 7EJ **Investment manager** Fairstone Group Limited 1 The Bulrushes Woodstock Way Boldon Business Park Tyne & Wear NE35 9PF 

1 



**THE VALIANT CHARITABLE TRUST** 

## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **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 2022 to 5 April 2023. 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 (SORP) applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard 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. 

## **a. 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 its Trust Deed which allows for any activities covered by the Charity's objectives, with no specific restrictions. 

## **b. 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 to time think fit. 

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 setting the grant making policy for the year. 

## **c. Grant making policies** 

The Trust’s grant making policies are to make grants for general charitable purposes throughout England and Wales to individuals and organisations. 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. 

## **d.** 

## **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. 

## **e. Review of activities and achievements** 

During the year, there were grants committed to 26 charities which are listed in note 6 of the accounts. The donations of £10,000 and over are as follows: 

£10,000 paid to All Saints Preservation Trust with their work in restoring All Saints, St Pauls Walden; 

£10,000 paid to Bedford Guild House for their work in supporting older people and the elderly community in the Bedford area; 

£250,000 committed to Garden House Hospice to fund the development of the Inpatient Unit; 

2 



**THE VALIANT CHARITABLE TRUST** 

## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

£10,000 paid to Maggie’s Cancer Centre for their work in providing support for people with a cancer diagnosis; 

£15,000 paid to Celtic Harmony for their work in providing education regarding prehistory to schools in the local area, in particular in providing underprivileged children with the ability to attend school trips; 

£10,000 paid to Daisychains for their ongoing work supporting individuals with autism and their families; 

£20,000 paid to E & N Herts Hospitals in developing an outdoor terrace for individuals in the Intensive Care Unit at Lister Hospital; 

£10,000 paid to Grove Cottage for their work in providing social and educational activities for people of all ages with a learning disability; 

£10,000 paid to Happy Days for their work in supporting children who live with profound and severe disabilities; 

£10,000 committed to Hitchin Cricket Club to enable an uplift in their facilities; 

£500,000 committed to the Keech Hospice to fund a hydrotherapy pool; 

£10,000 paid to MACS for their work in supporting children in the Hertfordshire area with Microphthalmia, Anophthalmia and Coloboma; 

£10,000 paid to MAGPAS for their work providing emergency medical care with the MAGPAS air ambulance; 

£10,000 paid to Medical Detection Dogs in their work in training medical alert assistance dogs in the Hertfordshire area; 

£10,000 paid to Music for my Mind for their support in improving the well-being of people living with dementia by creating personalised playlists; 

£10,000 paid to Rotary Club Hitchin Tilehouse for their work in bringing together individuals who wish to help the community; 

£250,000 committed to the St Clare Hospice to enable funding of their various capital projects; 

£10,000 paid to Teens Unite for their work in relation to supporting teenagers and young adults with their cancer diagnosis; 

£10,000 paid to The A-T Society for their work in relation to supporting children and young adults living with ataxia telangiectasia; and 

£10,000 paid to Tilehouse Counselling for their work counselling young people not provided for by the NHS. 

## **f. Investment policy** 

As at 5 April 2023, all cash funds were held on deposit with CAF Bank Limited and Scottish Widows Bank. The Trustees’ investment policy is to aim for safety commensurate with immediate and planned spending requirements. 

The Offshore Bond investments is valued at £2,412,007 (2022 - £2,566,692). Within the Offshore Bond there is no tax payable until such time as the funds are brought back into the UK. 

3 



**THE VALIANT CHARITABLE TRUST** 

## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

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. 

## **g.** 

## **Reserves and funding** 

The Trustees are maintaining sufficient cash reserves to meet current and planned expenditure. 

## **h. Financial review** 

The Trust’s incoming resources from Gift Aid donations and income received from the invested portfolio totalled £373,376 (2022 - £696,996). 

The resources expended totalled £1,290,122 (2022 - £421,278) and include grants made of £1,227,000 (2022 - £370,300). 

There is a decrease in total fund balances at the year end from £5,841,836 in 2022 to £4,488,902 in 2023. 

## **i. 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 at 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 take 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. 

## **j. Risk management** 

The Trustees are responsible for the management of the risks faced by the Charity. 

All major risks to which the Charity is exposed have been reviewed and systems have been established to mitigate these risks. 

## **k. Plans for the future** 

The Trustees will continue to make grants to 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. 

4 



**THE VALIANT CHARITABLE TRUST** 

## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **Statement of Trustees' responsibilities** 

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations. 

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- `•` prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the trustees are aware: 

- there is no relevant audit information of which the charity’s auditor is unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

Signed by the Trustees: 

V D Dixon 16 November 2023 **Lady Valerie Diana Dixon Date** I R Woolfe 16 November 2023 **Date** 

**Lady Valerie Diana Dixon** 

I R Woolfe **Mr Ian Roger Woolfe** 

Paul Brenham 

**Mr Paul Thomas Clifford Brenham MBE DL** 

16 November 2023 

**Date** 

5 



**THE VALIANT CHARITABLE TRUST** 

## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **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’) for the year ended 5 April 2023 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, 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 Ireland_ (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 5 April 2023 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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 to 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 basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, 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 material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to 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 statements does not cover the other information and, except to the extent 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 misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine 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 report that fact. 

6 



**THE VALIANT CHARITABLE TRUST** 

## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion **:** 

- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and 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 set 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to 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, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but 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 to fraud or error, and to 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 (UK) will always detect a material misstatement when it exists. Misstatements 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 statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Discussions with and inquiries of management and those charged with governance 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 to 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 to have a direct effect on the financial statements include UK financial reporting regulations. 

7 



THE VALIANT CHARITABLE TRUST
TRUSTEES. REPORT & FINANCIAL STATEMENTS
6 APRIL 2022 TO 5 APRIL 2023
Those laws and r8gulations for which nor7-compliance may be fvndamentsl to the
operatsng aspects ot the business and therefore may have a material effect on the
finandal Stslemonts include compliance wrth Charity Law.
Aiirlit pmrAiJrpq iJndp.rtAkftn in rp.SFKJn8A tn thft pntAntiAI risks rglating to irr8giJ18ritips (which
include fraud and non-¢ompllan¢e wlth laws and fygulalion81 comprised of.. enquirie3 of
management an(J those charqed Tmth governance as to whether the ents'ty complies with such
laws arKI regulatlons. inqulries with the same concemlng any actual or potential litigation or
LEt*ifn¥", iri¥p¥tststJri vf i¥l¥vÉaiil I¥y&il fyryJfr¥¥p(Jiid¥ii¥¥" ￿¥1￿￿ vl tX)cirtl minut¥s," t¥btiny th
appmpriateness of joumal entries.. and the pèrfomianee of analytical rÈvi8W to Ident
unexpeGted movements in aGGouf7t balanGes which rnay be indiGative of fraud.
No instances of matgrial non-complianc8 w8rg id8ntffi8d. However. the lik81ihood of detecting
irregularlti&s, including fraud, is limit￿ by the inherent difficulty in del8cting irregularitles, the
effectiveness of the entity'g controls. and the nature. liming and extent ol the audit procedures
perfom)ed. Irrtgularitie8 that re$ult from fra(Jd might be inher6ntly more difficult to deteGt than
irregularities Ihatresultfrom error. As explained above, there is an unavoidable rÈ8k that material
mi88tatomont8 may not be d8t8c*8d, evan though the gudit has bggn planned and pèrformed
in accordance with ISAS {UKI.
A further description of our responsibilities for the audit of the financial stattsmonts is locatsd on
Ihe Financk81 Rep)rting Counal's websile at.. htt s:1/￿V.[rC.o
.uklauditorsres
onsibililies.
Thi8 description forn￿ part of our aud6￿8 report.
Usè ol our roport
This report 18 made 801ely to the th8rity'8 IrL181oa8, a3 a body. in a¢¢ordanc6 with Part 4 of the
Ch8rities IAccounls an¢J Reports) Regulations 2008. Our audit work has been undertaken so
Ihat we might state lo tho ¢h8rity'$ trustee$ those mattors wts are roqulrod to Stste to them in
an 8udf£or's report an(J for no other purpose. To the fullest extent perTnltte(J by kqw. we do not
r￿pt nr A.4xumA r￿pnn￿Ihl1jty ta anynnA nthftr than thA r.harity thA r.harity'* truqtAKI%
body, for our audit work, for thi8 raport, or for the opinions we have fomied.
Boumer Bullock
Ch8rtered Accountants
Statutory Auditor
114 St Mgrtin's Lan$
Covenl Garden
London
WC2N 48E
Dxt4'.
6oumer Bullock Is eligible for appoirnment as audrtor of the charty by virtue of ils eligibility lor
appointment as auditor of a company undef section 1212 of the Companies Act 2006.

## **THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **STATEMENT OF FINANCIAL ACTIVITIES 6 APRIL 2022 TO 5 APRIL 2023** 

|**Notes**<br>**INCOME FROM:**<br>Donations<br>2<br>Investments<br>3<br>**Total**<br>**EXPENDITURE ON:**<br>Raising funds<br>4<br>Charitable activities<br>4<br>**Total**<br>Gains/(losses) on investment assets<br>10, 13<br>**Net Movement in funds for the year**<br>**Reconciliation:**<br>**Total funds brought forward**<br>**Fund balances at 5 April 2023**<br>13|**Total**<br>**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>260,800<br>112,576<br>373,376<br>24,872<br>1,265,250<br>1,290,122<br>(436,188)<br>(1,352,934)<br>5,841,836<br>**4,488,902**|**Total**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>616,200<br>80,796|
|---|---|---|
|||696,996|
|||26,268<br>395,010|
|||421,278|
|||169,964|
|||445,682<br>5,396,154|
|||**5,841,836**|



The notes on pages 12 to 18 form part of these financial statements. 

9 



## **THE VALIANT CHARITABLE TRUST** 

## **TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **BALANCE SHEET AS AT 5 APRIL 2023** 

|**Notes**<br>**Fixed assets**<br>Investments<br>10<br>**Current assets**<br>Debtors<br>11<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>12<br>**Net current (liabilities)/assets**<br>**Total assets less current liabilities**<br>**CHARITY FUNDS**<br>Unrestricted funds<br>13<br>**TOTAL FUNDS**|**2023**<br>**£**<br>5,026,480<br>50,000<br>451,292<br>501,292<br>1,038,870<br>(537,578)<br>**4,488,902**<br>4,488,902<br>**4,488,902**||**2022**<br>**£**<br>5,377,090|
|---|---|---|---|
||||123,240<br>353,146|
||||476,386<br>11,640|
||||464,746|
|||||
||||**5,841,836**|
||||5,841,836|
||||**5,841,836**|



The financial statements were approved by the board of Trustees and authorised for issue on 

## 16 November 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 2022 TO 5 APRIL 2023** 

|**Notes**<br>**Net cash flows from operating activities:**<br>**Net cash provided by (used in) operating**<br>**activities**<br>14a<br>**Cash flows from investing activities:**<br>Dividends and Interest from Investments<br>3<br>Proceeds of sale of investments<br>10<br>Purchase of investments<br>10<br>**Net cash provided by (used in) investing**<br>**activities**<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>Cash and cash equivalents at the beginning of<br>the reporting period<br>Cash and cash equivalents at the end of the<br>reporting period<br>14b|**2023**<br>**£**<br>71,148<br>112,576<br>262,689<br>(356,762)<br>18,503<br>89,651<br>453,479<br>**543,230**|**2022**<br>**£**<br>152,803|
|---|---|---|
|||80,796<br>1,465,754<br>(1,535,862)<br>10,688|
|||163,491|
|||290,088|
|||**453,579**|



11 



## **THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **NOTES TO THE ACCOUNTS** 

## **1 Accounting policies** 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in preparation of the financial statements are as follow: 

## **1.1 Basis of preparation** 

The financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. 

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

## **1.2 Incoming resources** 

Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. 

Investment income is recognised when receivable, except insofar as it is incapable of financial measurement. 

## **1.3 Resources expended** 

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. 

i) Costs of raising funds This comprises expenditure incurred in connection with generating funds for Charity. ii) Charitable activities This comprises expenditure incurred in connection with the charitable objectives of the Charity. iii) Governance costs 

This comprises expenditure incurred in connection with management and administration of the Charity. 

## **1.4 Direct Taxation** 

As a Charity the charity is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those to which it relates. 

## **1.5 Investments** 

Investments are held at market value insofar as they are capable of measurement. The realised and unrealised gains or losses are shown in the Statement of Financial Activities. 

## **1.6 Fund accounting** 

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the Charity. 

12 



## **THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **NOTES TO THE ACCOUNTS** 

## **1.7 Cash** 

Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. 

## **1.8 Debtors** 

Debtors (including loans receivable) are measured on initial recognition at settlement amount. They are shown in the financial statements at the cash or other consideration expected to be received. 

## **1.9 Creditors** 

The Trust has creditors which are measured at settlement amounts. 

## **1.10 Going Concern** 

The trustees consider there is no material uncertainties about the charity's ability to continue as a going concern. The review of their financial position, reserve levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future. 

## **1.11 Financial instruments** 

The Trust accounts for the basic financial instruments on initial recognition as per paragraph 10.7 FRS 102 SORP. Subsequent measurement is per paragraphs 11.17 to 11.19 FRS 102 SORP. 

## **1.12 Judgments accounting policy** 

Preparation of the accounting statements requires the trustees to make certain significant judgements and estimates. There have been no estimates or judgement areas to report during the financial year. 

## **2 Voluntary income** 

|Donations and grants<br>Gift Aid tax recoverable|**Total**<br>**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>208,640<br>52,160|**Total**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>492,960<br>123,240|
|---|---|---|
||260,800|616,200|



13 



## **THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **NOTES TO THE ACCOUNTS** 

|**3 Investment income**<br>Dividend income<br>Interest receivable<br>**4 Analysis of resources expended by expenditure type**<br>**Other**<br>**costs**<br>**£**<br>Costs of raising funds (see note 5)<br>Grant funding of activities and projects (see<br>note 6)<br>Allocated Governance costs (see note 7)<br>24,872<br>-<br>-<br>24,872|**3 Investment income**<br>Dividend income<br>Interest receivable<br>**4 Analysis of resources expended by expenditure type**<br>**Other**<br>**costs**<br>**£**<br>Costs of raising funds (see note 5)<br>Grant funding of activities and projects (see<br>note 6)<br>Allocated Governance costs (see note 7)<br>24,872<br>-<br>-<br>24,872|**Grants**<br>**£**<br>-<br>1,227,000<br>38,250|**2023**<br>**£**<br>110,450<br>2,126|**2022**<br>**£**<br>80,776<br>20|
|---|---|---|---|---|
||||112,576|80,796|
||||**Total**<br>**2023**<br>**£**<br>24,872<br>1,227,000<br>38,250|**Total**<br>**2022**<br>**_£_**<br>26,268<br>370,300<br>24,710|
||24,872|1,265,250|1,290,122|421,278|



## **5 Costs of raising funds** 

|Investment manager fees and commission|**Total**<br>**2023**<br>**£**<br>24,872|**Total**<br>**2022**<br>**_£_**<br>26,268|
|---|---|---|



14 



## **THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **NOTES TO THE ACCOUNTS** 

## **6    Grants payable to Institutions** 

|**Grants payable to Institutions**|||
|---|---|---|
|**_General public_**<br>All Saints Trust<br>Apart of me<br>Bedford Guild house<br>Cancer Centre<br>Celtic Harmony<br>College London<br>Daisychains<br>Digswell Place Group RDA<br>E & N Herts Hospitals<br>E&H Air Ambulance Trust<br>EDT<br>Garden House Hospice<br>Grove Cottage<br>Happy Days<br>Hitchin Cricket Club<br>Hitchin Rugby Ltd - Bungalow project<br>Home Start Hertfordshire<br>Keech Hospice<br>Kids in Action<br>MACS<br>MAGPAS<br>Medical Detection Dogs<br>Music for my Mind<br>Preston Cricket Club<br>Princes Trust<br>Rotary Club Hitchin Tile - Hitchin Mental Health - for support activities<br>Save the Children Hitchin - Ukraine<br>St Clare Hospice<br>St Elizabeth's<br>Sterling & Trossachs Scouts - minibus<br>Teens Unite<br>The A-T Society<br>The Chai Centre<br>Tilehouse Counselling<br>Total Grants|**Total**<br>**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>10,000<br>5,000<br>10,000<br>10,000<br>15,000<br>-<br>10,000<br>-<br>20,000<br>5,000<br>4,000<br>250,000<br>10,000<br>10,000<br>10,000<br>-<br>5,000<br>500,000<br>-<br>10,000<br>10,000<br>10,000<br>10,000<br>8,000<br>-<br>10,000<br>-<br>250,000<br>-<br>-<br>10,000<br>20,000<br>5,000<br>10,000|**Total**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>20,000<br>20,000<br>10,000<br>-<br>-<br>-<br>25,000<br>-<br>-<br>-<br>20,000<br>12,300<br>106,000<br>10,000<br>-<br>-<br>-<br>-<br>-<br>50,000<br>-<br>20,000<br>-<br>20,000<br>37,000<br>-<br>-<br>-<br>20,000|
||1,227,000|370,300|



15 



## **THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **NOTES TO THE ACCOUNTS** 

## **7 Governance Costs** 

|Auditor's remuneration – Audit of the financial statements<br>Auditor’s remuneration – non-audit fees<br>Legal and professional fees<br>Bank charges|**Total**<br>**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>4,200<br>4,620<br>29,330<br>100|**Total**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>3,000<br>-<br>21,600<br>110|
|---|---|---|
||38,250|24,710|



## **8 Trustees** 

No remuneration was paid to the Trustees during the year (2022: nil). Furthermore, no expenses incurred by the Trustees were reimbursed during the year (2022: nil). 

Management and administration expenses include £29,330 (2022: £21,600) in relation to legal and other administrative support carried out by Collyer Bristow LLP; a firm of solicitors, where Ian Roger Woolfe was a partner until September 2015 and is now a consultant. 

Gift Aid Donations received in the year from Lady Dixon totalled £208,640 (2022: £492,960). 

## **9 Employees** 

The Charity had no employees during the current year or the previous year. 

16 



## **THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

## **6 APRIL 2022 TO 5 APRIL 2023** 

## **NOTES TO THE ACCOUNTS** 

|**10 Investments**<br>Market value at the beginning of the year<br>Add: additions at cost<br>Less: disposals at carrying value<br>Profit/(loss) on disposal<br>Net gain/(loss) on revaluation<br>Market value at the end of the year<br>Cash held by James Hay (investment managers) pending investment|**2023**<br>**£**<br>5,276,656<br>356,762<br>(262,689)<br>5,462<br>(441,650)|
|---|---|
||4,934,541<br>91,938|
||5,026,480|



## **Disclosure of individual investments over 5% of total portfolio value** 

Any individual investments with a value as at 5 April 2023 over £246,727 (5% of £4,934,541) are disclosed below: 

|**Name of holding**|**Value**|
|---|---|
||**£**|
|Artemis - Income I Acc|299,138|
|Legal & General - US Index Trust I Acc|300,459|
|Legal & General UK Property Feeder I Acc|273,888|
|Stewart Investors - Asia Pacific Leaders Sustainability B Acc|251,873|



|**11 Debtors**<br>Gift Aid tax due to be recovered<br>**12 Creditors: amounts falling due within one year**<br>Trade creditors<br>Accruals<br>Grants committed<br>**13**<br>**Statement of funds**|**2023**<br>**£**<br>50,000|**2022**<br>**£**<br>123,240|
|---|---|---|
||50,000|123,240|
||**2023**<br>**£**<br>3,000<br>20,870<br>1,015,000|**2022**<br>**£**<br>-<br>11,640<br>-|
||1,038,870|11,640|
||||



|**Unrestricted funds**|**Brought forward**<br>**£**<br>**Incoming**<br>**resources**<br>**£**<br>**Resources**<br>**Expended**<br>**£**<br>**Other gains**<br>**and losses**<br>**£**<br>**Carried forward**<br>**£**<br>5,841,836<br>373,376<br>(1,290,122)<br>(436,188)<br>4,488,902|
|---|---|



17 



## **THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS** 

**6 APRIL 2022 TO 5 APRIL 2023** 

**NOTES TO THE ACCOUNTS** 

## **14a Reconciliation of net income/(expenditure) to net cash flow from operating activities** 

|**Net income/(expenditure) for the reporting period (as per the statement of**<br>**financial activities)**<br>**Adjustments for:**<br>Loss/(profit) on sale of investments<br>(Gain)/loss on revaluation<br>Dividends and interest from investments<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>**Net cash provided by (used in) operating activities**<br>**14b Analysis of cash and cash equivalents**<br>Cash at bank<br>Cash held by James Hay pending investment<br>**Total cash and cash equivalents**|**2023**<br>**£**<br>(1,352,934)<br>(5,462)<br>441,650<br>(112,576)<br>73,240<br>1,027,230<br>71,148<br>**2023**<br>**£**<br>451,292<br>91,938<br>543,230|**2022**<br>**£**<br>445,682<br>(321,003)<br>151,039<br>(80,796)<br>(40,425)<br>(1,694)|
|---|---|---|
|||152,803|
|||**2022**<br>**£**<br>353,146<br>100,433|
|||453,579|



18