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← The Valiant Charitable Trust

2024-04-05-accounts

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

Charity registration number: 1135810

THE VALIANT CHARITABLE TRUST Trustees’ Report and Financial Statements for the Year Ended 5 April 2024

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

Contents

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||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Reference|and|Administrative|Details|.........000 000000|ec|cc|cce|cee|ccc|eee|cee|cee|eeeceeeseuse|eae|teeeseaa|2| |Trustees’|Report... 0.0...|cce|cee|eee|e ene|ne|eee|cee|tne|nee|eee|cubes|ese|nee|eee|cee scene|cen|eeeeee|tasers|ceed|3to5| |Independent|Examiners’ Report...............0..000060|ce ccc cee cee cee cee cee cee eae|eee|eneeee eae|vee|eenaee cen eeeeaaes|7| |Statement|of|Financial|Activities....0.000 000000|cece|cece|ccc|ccc|ce rece|cee|cence|see|eeeueeneeneseeasa|8| |Balance|Sheet.....0000 00.|cece|ccc|cee|cee|cue|eee|pee|cee|cee|tee|ces ucetesegessenue|see|cseseusevenaecuseeenarenese|9| |Statement|of Cashflows......0..0000.000.0|cece|cee|cee|ee|cee cece|eee|eee tee cee bee|eb tue|ces serenese|aeeeeeneecenaees|11| |Notes|to|the|Financial|Statements.|.......0.00.000|0000.0|ccc|cce|cece ceeeccceseecseuseceterresscttessstsrsessessee|12|to|18|

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1

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY,
ITS TRUSTEESANDADVISERS
Founder LadyValerie Diana Dixon
The Board ofTrustees LadyValerie Diana Dixon
Mr tan RogerWoolfe
MrSteven lan Graham Dixon—Appointed 23 December2024
Mr Paul Thomas Clifford Brenham MBE DL —Resigned 23 December
2024
Charity registered number 1135810
Principal Office c/o Collyer Bristow LLP
St Martins Court
10 Paternoster Row
London
EC4M 4EJ
Independent examiners Bourner Bullock Chartered Accountants
114 St Martin’s Lane
Covent Garden
London
WC2N 4BE
Bankers CAFBank Ltd
25 Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors Collyer Bristow LLP
St Martins Court
10 Paternoster Row
London
EC4M 7EJ
Investmentmanager Fairstone Group Limited
1
The
Bulrushes
Woodstock
Way
Boldon Business Park
Tyne&Wear
NE359PF

2

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

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 2023 to 5 April 2024. 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 2nd edition of the Financial Reporting Standard applicable in the UK and Republic of Ireland on 1 January 2019. 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.

During the year, there were grants committed to 19 charities which are listed in note 6 of the accounts. The donations of £5,000 and over are as follows:

£20,000 paid to CHEXS with their work supporting poorer families in the Hertfordshire area;

£5,000 to Cruse Bereavement Support for their work supporting bereaved individuals in the Hertfordshire area

£5,000 paid to Daisychains for their ongoing work supporting individuals with autism and their families;

£10,000 paid to Homestart Hertfordshire in their support toward families in Hertfordshire;

£5,000 committed to JDRF regarding their research towards diabetes awareness and supporting those with diabetes in Hertfordshire;

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THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

£20,000 committed to Kids in Action to assist special needs children in Hertfordshire;

£5,000 paid to Leighton Town Boxing Club;

:

£15,000 paid to The Sadie Centre for their support in therapeutic options to help individuals move through emotional and psychological challenges;

£5,000 paid to MACS for their work in supporting children in the Hertfordshire area with Microphthaimia, Anophthalmia and Coloboma;

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

£10,000 paid to PHASE Hitchin for their work in promoting and supporting young people through challenges;

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

£5,000 paid to the Sick Children's Trust to enable them to support sick children in hospital;

£25,000 paid to St Mary's Church Hitchin which supports the Christian community in Hitchin;

£5,000 paid to St Paul’s Walden Tennis Club to support the tennis-playing community of Hitchin;;

£5,220 paid to the Stirling & Trossachs District Scouts community as a balancing payment of the minibus;

£10,000 to The A-T Society to support those individuals with the disabling condition ataxiatelangiectasia;

£25,000 to The Need Project to enable the charity to collect food and other items for distribution to those in need in the Hertfordshire area; and

£10,000 to Youth Talk to support those young individuals with counselling

f.

Investment policy

As at 5 April 2024 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. During this year, in order to consolidate accounts, the Scottish Widows Bank account was closed and funds were transferred to Collyer Bristow LLP's client account.

The Offshore Bond investments is valued at £ 2,594,782 (2023 - £2,412,007).

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.

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THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

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 £137,624 (2023 - £373,376).

The resources expended totalled £276,188 (2023 - £1,290,122) and include grants made of £205,220 (2023 — £1,227 ,000).

There is an increase in total fund balances at the year end from £4,488,902 in 2023 to £4,653,905 in 2024.

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.

5

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

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:

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.

Signed by the Trustees:

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2D Dexa LY -o1- lor
Lady Valerie wey Date
Mr I@ agex WoolfeYQ Date
LX“ ee13 au- lo
Mr Steveh lan-Graham Dixon Date
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6

Ind•p•nd•nt Examlnorfs R•port to th• Trii8to09 of Th• Vallant Charllabl• TnK•l I report to Ihe trusteej on my examinthn of the financial statemeth of The Valiant Charitable Trust {'the chanty,) for the year ended 5 April 2024 which comprise the Slalement of Financial Activities. the Balance Sheet. the Statement ol Cash Flows WKI related notes. ThiJ report 18 made 801*1 lo the charity'¥ trustees. as a body. in xcordance with 145 of the Charities Acl 2011. My work has been undertaken so that I might state to tho chanty's trustees those matters l am fequired to state to them in this report and for no other purpose. To the fullest extent pemiitted by law. I do not accept or assume responsibihty lo anyone other than Ihe chty and the chaiity'8 tntstees as a body, lor my ￿rk, for this roport or for ￿ opinlon8 I have lomied. R•spon•lbllftl•• and ba•1• ol r•port As Ihe trustees of the chanty you are responsible for the preparalion of the financial stalements in accordance with the requirements of the Chwlies Acl 2011 ('the Arf). I r¢port in respect of my examination of Ihe charity's fmancial statements carried out undèr section 145 ¢1 the Act and in carying out my examination I have folkmed all the appliGable Directions gtven by the Charity Conmiission wKler sedon 145(5Mbl of the Act. A8 ￿rmitted by Direction 2. tssued by the Charity commiss￿ the finn for 4thlch l has ￿ded th charity bookkeeping services durtng the year ended 5 Awil 2024. As a consequ•nce I have followed the requirement ￿ the FRC'S Ethul SI¥Klard when undertaking this a$s￿￿ment. An Sndependent exarninatlon do•s not involve galhering 811 Ihe avidance thal would be requlred In an audlt and consequently does nol cover al ts matters that an auditor considers in giving their oplnlon on the financial slatements. The planning con(kKt of an audil goes beyond Ihe limlted assurance thal an Independent oxaminallon Can provide. C￿sequent1Y l express no opinton as to wthether financial statemenls present a Irue and fairf viw arKI my report is limited to those specific rnatters set out in the Independent examinerf¥ $18t•menl. Ind•p•nd•nt •xamln•rf• st•t•m• I have completed my examination. l ¢onfwrn that ￿ material malkn havo ¢xxne to my attenllon In connection with the 8x￿1n8tiOn givlng me cause lo believe Ihat in any malerial respect accowlln9 records w•r• not kept M) respect of the charity as retyired by seclion 130 01 the A¢t; or

Ihe Ilnanclal statements do nol ￿0rd Vlith those rncords; or th• finrnl statements do not comply v￿th the appllcth requlrements concernlng the form and contenl of accounts set out in Ihe ChaTiti8s (knounts and Reports) Regulations 2008 other th8n any requirement that the accounis gNe a Irue arKI fair view wh+ch is not a matter considwed as part of an independent examinalion. I have no conceff& and hrn come across no olher mattews in connection wilh the examination to *thlch altention should be drawn in this report in iydef to enable a proper understsndirKJ of the financial statements to be reathed. Daifjd Malki Boumer 8ullock Chartered AccOunL￿ts 114 st. Martin's Lane Covent Garden Lond WC2N 4BE ofj ￿)rf

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT & FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL ACTIVITIES 6 APRIL 2023 TO 5 APRIL 2024

Total Total
Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
t(NCOME FROM:
Donations 2 - 260,800
Investments 3 137,624 112,576
Total 137,624 373,376
EXPENDITURE ON:
Raising funds 4 24,896 24,872
Charitable activities 4 251,292,1,265,250 1,265,250
Total 276,1881,290,122 1,290,122
Gains/(losses) on investment assets 10, 13 303,567 (436,188)
NetMovement in funds for the year 163,003 (1,352,934)
Reconciliation:
Total funds brought forward 4,488,902 §,841836
Fundbalancesat5April2024 13 4,653,905 4,488,902

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

8

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT & FINANCIAL STATEMENTS

BALANCE SHEET AS AT 5 APRIL 2024

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2024 2023
Notes £ £
Fixed assets
Investments 10 4,621,139 5,026,480
Current assets
Debtors 11 - 50,000
Cash at bank and in hand 59,178 451,292
501,292
yer amounts falling due within one 12 (26,412) (1,038,870)
Net current assets/(liabitities) 32,766 (537,578)
Total assets less current liabilities 4,653,905 4,488,902
CHARITY FUNDS
Unrestricted funds 13 4,653,905 4,488,902
TOTAL FUNDS 4,653,905 4,488,902
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The financial statements were approved by the board of Trustees and authorised for issue on
18" Sanu lors
Avera, > and signed on its behalf by:
Date —_
LP. 2D. Dba
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Lady Valerie Diana Dixon

Trustee

9

THE VALIANT CHARITABLE TRUST TRUSTEES‘ REPORT & FINANCIAL STATEMENTS

STATEMENT OF CASH FLOWS 6 APRIL 2023 TO 5 APRIL 2024

2024 2023
Notes £ £
Net cash flows from operating activities:
Net
cash
provided
by
(used
in}
activities		 operating 14a (1,238,646) 71,148
Cash flows from investing activities:
Dividends and Interest from Investments 3 137,624 112,576
Proceeds of saleof investments 10 809,500 262,689
Purchase of investments 10 (124,768) (356,762)
Net cash provided by (used in) investing
activities 822,356 18,503
Change in cash and cash equivalents in the
reporting period (416,290) 89,651
Cash and cash equivalents at the beginning of
the reporting period 543,230 453,479
Cash and cash equivalents at the end of the
reportingperiod 14b 126,940 543,230

11

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THE VALIANT CHARITABLE TRUST
TRUSTEES’ REPORT & FINANCIAL STATEMENTS
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6 APRIL 2023 TO 5 APRIL 2024

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NOTES TO THE ACCOUNTS
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1 Accounting policies . The principal accounting policies adopted, judgements and key sources of estimation uncertainty in preparation of the financial statements are as follow:

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1.1 Basis of preparation
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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.

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1.3 Resources expended
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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) Chantable 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.
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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 2023 TO 5 APRIL 2024

NOTES TO THE ACCOUNTS

1.7 Cash

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.

The Trust has creditors which are measured at settlement amounts.

1.10 Going Concern

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 Gift Aid tax recoverable

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2024 2023
£ £
- 208,640
- 52,160
- 260,800
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13

THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

NOTES TO THE ACCOUNTS

3 Investment income

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Dividend|income|134,475|110,450| |Interest|receivable|3,149|2,126| |137,624|112,576| |4|Analysis of resources expended|by|expenditure|type| |Other costs|Grants|Total|Total| |2024|2023| |£|£|£|£| |Costs|of raising|funds|(see|note|5}|24,896|.|24,896|24,872| |Grant|funding|of|activities|and|projects|-|210,220|210,220|1,227,000| |(see|note|6)| |Allocated|Governance|costs|(see|note|-|41,072|41,072|38,250| |7)|a| |24,896|251,292|276,188|1,290,122| |5|Costs|of|raising funds|

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2024 2023
£ £
Investment manager fees and commission 24,896 24,872
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14

a

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT & FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

NOTES TO THE ACCOUNTS

6 Grants payable to Institutions

Total
Unrestricted
funds		 Total
Unrestricted
funds
2024 2023
£ £
Generalpublic
Ail Saints Trust - 10,000
Apart ofme - 5,000
Bedford Guild house - 10,000
Cancer Centre - 10,000
CelticHarmony - 15,000
CHEXS
Cruse Bereavement Support
Daisychains		 20,000
5,000
5,000		 -
-
10,000
E&N Herts Hospitals - 20,000
E&H AirAmbulance Trust - §,000
EOT : 4,000
Garden House Hospice - 250,000
Grove Cottage - 10,000
Happy Days : 10,000
Hitchin Cricket Club - 10,000
Home Start Hertfordshire
JDRF -Diabetes Charity		 10,000
5,000		 5,000
-
Keech Hospice - 500,000
Kids in Action
LeightonTown BoxingClub		 20,000
5,000		 -
-
Letchworth Centre for Healthy Living {The Sadie Centre) 15,000 -
MACS 5,000 10,000
MAGPAS 10,000 10,000
Medical Detection Dogs - 10,000
Music formy Mind - 10,000
PHASE 10,000 -
Preston Cricket Club - 8,000
Rotary Club Hitchin Tile - Hitchin Mental Health 10,000 10,000
SickChildran’s Trust 5,000 -
St Clare Hospice - 250,000
StMary's Church Hitchin 25,000 -
StPaul'sWalden TennisClub 5,000 -
Stirling&Trossachs District Scouts §,220 -
Teens Unite - 10,000
TheA-TSociety 10,000 20,000
The Chai Centre - 5,000
TheNeed Project 25,000 -
Tilehouse Counselling - 10,000
Youth Talk 10,000 -
TotalGrants 205,220 1,227,000

15

’

THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

NOTES TO THE ACCOUNTS

7 Governance Costs

Total
Unrestricted
funds		 Total
Unrestricted
funds
2024 2023
€ £
Auditor's remuneration— Auditofthe financial statements - 4,200
Auditor's remuneration—non-audit fees - 4,620
Independent examiner'sfees 4,800 -
Accountancyfees 4,620 -
Legaland professional fees 34,564 29,330
Bank charges 88 100
41,072 38,250

8 Trustees

No remuneration was paid to the Trustees during the year (2023: nil). Furthermore, no expenses incurred by the Trustees were reimbursed during the year (2023: nil}.

Management and administration expenses include £33,901 (2023: £29,330) in relation to legal and other administrative support carried out by Collyer Bristow LLP; a firm of solicitors, where lan Roger Woolfe was a partner until September 2015 and is now a consultant.

Gift Aid Donations received in the year from Lady Dixon totalled Enil {2023: £208,640).

9 Employees

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

16

4

THE VALIANT CHARITABLE TRUST TRUSTEES' REPORT & FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

NOTES TO THE ACCOUNTS

10 Investments

2024
£
Market value at the beginning ofthe year 4,934,541
Add: additions at cost 124,768
Less: disposals at carrying value (809,500)
Profit/(loss)on disposal 40,765
Net gain/(loss)on revaluation 262,802
Market vaiue at theend ofthe year 4,553,376
Cash held byJames Hay(investment managers)pending investment 67,763
4,621,139

Disclosure of individual investments over 5% of total portfolio value

Any individual investments with a value as at 5 April 2024 over £231,057 (5% of £4,621,139) are disclosed below:

Name of holding Value £ Artemis - Income | Acc 294,758 Legal & General - US Index Trust ! Acc 309,614 Legal & General - Property Feeder | Acc 234,293

11 Debtors

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2024 2023
£ €
Gift Aid tax due to be recovered - 50,000
12 Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 19,328 3,000
Accruals 7,084 20,870
Grants committed - 1,015,000
26,412 1,038,870
13 Statement of funds
Brought forward Incoming Resources Other gains Carried forward
£ resources Expended and losses £
£ £ £
Unrestricted funds 4,488,902 137,624 (276,188) 303,567 4,653,905
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7

a

THE VALIANT CHARITABLE TRUST TRUSTEES’ REPORT & FINANCIAL STATEMENTS

6 APRIL 2023 TO 5 APRIL 2024

NOTES TO THE ACCOUNTS

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

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2024 2023
£ £
Net income/(expenditure) for the reporting period {as per the statement of 163,003 (1,352,934)
financial activities)
Adjustments for:
Loss/(profit) on sale of investments (40,765) (5,462)
(Gainyloss on revaluation (262,802) 441,650
Dividends and interest from investments (137,624) (112,576)
(lIncrease\decrease in debtors 50,000 73,240
Increase/(decrease) in creditors (1,012,458) 1,027,230
Net cash provided by (used in) operating activities (1,238,646) 71,148
SUNN
14b Analysis of cash and cash equivalents
2024 2023
£ £
Cash at bank §9,178 451,292
Cash held by James Hay pending investment 67,762 91,938
Total cash and cash equivalents 129,940 543,230
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18