REGISTERED CHARITY NUMBER: 1000574
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 5 April 2023
for
Michael Davies Charitable Settlement
Michael Davies Charitable Settlement
Contents of the Financial Statements for the year ended 5 April 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | ||
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 8 |
| Detailed Statement of Financial Activities | 9 |
Michael Davies Charitable Settlement
Reference and Administrative Details for the year ended 5 April 2023
Trustees M Davies K A Hawkins Principal address No 9 Lytton Close London N2 0RH Registered charity number 1000574 Independent examiner Cooper Parry Advisory Limited New Derwent House 69-73 Theobalds Road London WC1X 8TA
Page 1
Michael Davies Charitable Settlement
Report of the Trustees for the year ended 5 April 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
Objectives and activities
The policies adopted in furtherance of these objects are the payment of funds to other registered charities at the trustees discretion and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
As shown in the Statement of Financial Activities the charity distributed £140,000 (2022 - £185,000) of its accumulated funds to other charities.
The trustees meet on a regular basis to authorise donations to other charities. Awards are authorised by a unanimous decision of the trustees.
Financial review
The trustees consider the financial position of the charity to be satisfactory.
The policy of the charity is to maintain reserves to fund its prospective charitable activities for the foreseeable future.
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The charity was established by a charitable trust deed on 11 September 1990. The charity's objects are the support of general charitable activities. There are currently no restricted or endowment funds.
Recruitment and appointment of new trustees
The charity recruits new trustees by invitation of the existing trustees as and when it is deemed necessary in order for the Board of Trustees to continue to carry out its duties. The trust deed requires that a minimum of two trustees are appointed at any given point but sets no upper limit. No trustees were appointed in the year.
The trustees who served during the year were: M J P Davies K A Hawkins
Approved by order of the board of trustees on 12 January 2024 and signed on its behalf by:
M Davies - Trustee
Page 2
Independent Examiner's Report to the Trustees of Michael Davies Charitable Settlement
Independent examiner's report to the trustees of Michael Davies Charitable Settlement
I report to the charity trustees on my examination of the accounts of Michael Davies Charitable Settlement (the Trust) for the year ended 5 April 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nicola Pearson
Cooper Parry Advisory Limited New Derwent House 69-73 Theobalds Road London WC1X 8TA
12 January 2024
Page 3
Michael Davies Charitable Settlement
Statement of Financial Activities for the year ended 5 April 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| Income and endowments from | |||
| Donations and legacies | 98,345 | 361,489 | |
| Other income | 4,990 | 3,250 | |
| Total | 103,335 | 364,739 | |
| Expenditure on | |||
| Charitable activities | |||
| Donations to other charities | 140,000 | 185,000 | |
| Other | 2,148 | 1,902 | |
| Total | 142,148 | 186,902 | |
| NET INCOME/(EXPENDITURE) | (38,813) | 177,837 | |
| Reconciliation of funds | |||
| Total funds brought forward | 989,018 | 811,181 | |
| Total funds carried forward | 950,205 | 989,018 |
The notes form part of these financial statements
Page 4
Michael Davies Charitable Settlement
Balance Sheet 5 April 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| Current assets | |||
| Debtors | 3 | 159,121 | 114,131 |
| Cash at bank | 792,884 | 878,487 | |
| 952,005 | 992,618 | ||
| Creditors | |||
| Amounts falling due within one year | 4 | (1,800) | (3,600) |
| Net current assets | 950,205 | 989,018 | |
| Total assets less current liabilities | 950,205 | 989,018 | |
| NET ASSETS | 950,205 | 989,018 | |
| Funds | 5 | ||
| Unrestricted funds | 950,205 | 989,018 | |
| Total funds | 950,205 | 989,018 |
The financial statements were approved by the Board of Trustees and authorised for issue on 12 January 2024 and were signed on its behalf by:
M Davies - Trustee
The notes form part of these financial statements
Page 5
Michael Davies Charitable Settlement
Notes to the Financial Statements for the year ended 5 April 2023
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
2. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
3. Debtors: amounts falling due after more than one year
| Debtors: amounts falling due after more than | one year | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Other debtors | 159,121 | 114,131 |
Page 6
Michael Davies Charitable Settlement
Notes to the Financial Statements - continued for the year ended 5 April 2023
4. Creditors: amounts falling due within one year
| 4. | Creditors: amounts falling due within one year | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Other creditors | 1,800 | 3,600 | ||
| 5. | Movement in funds | |||
| Net | ||||
| movement | ||||
| At 6/4/22 | in funds | At 5/4/23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 989,018 | (38,813) | 950,205 | |
| TOTAL FUNDS | 989,018 | (38,813) | 950,205 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 103,335 | (142,148) | (38,813) | |
| TOTAL FUNDS | 103,335 | (142,148) | (38,813) | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | ||||
| At 6/4/21 | in funds | At 5/4/22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 811,181 | 177,837 | 989,018 | |
| TOTAL FUNDS | 811,181 | 177,837 | 989,018 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 364,739 | (186,902) | 177,837 | |
| TOTAL FUNDS | 364,739 | (186,902) | 177,837 |
Page 7
Michael Davies Charitable Settlement
Notes to the Financial Statements - continued for the year ended 5 April 2023
5. Movement in funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | |||
| At 6/4/21 | in funds | At 5/4/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 811,181 | 139,024 | 950,205 |
| TOTAL FUNDS | 811,181 | 139,024 | 950,205 |
| A current year 12 months and prior year 12 | months combined net movement | in funds, included in the ab | |
| are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 468,074 | (329,050) | 139,024 |
| TOTAL FUNDS | 468,074 | (329,050) | 139,024 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
6. Related party disclosures
There were no related party transactions for the year ended 5 April 2023.
7. Employees
There were no employees during the year.
Page 8
Michael Davies Charitable Settlement
Detailed Statement of Financial Activities for the year ended 5 April 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Gifts | 98,345 | 361,489 |
| Other income | ||
| Loan interest income | 4,990 | 3,250 |
| Total incoming resources | 103,335 | 364,739 |
| Expenditure | ||
| Charitable activities | ||
| Grants to institutions | 140,000 | 185,000 |
| Support costs | ||
| Management | ||
| Accountancy | 2,040 | 1,800 |
| Finance | ||
| Bank charges | 108 | 102 |
| Total resources expended | 142,148 | 186,902 |
| Net (expenditure)/income | (38,813) | 177,837 |
This page does not form part of the statutory financial statements
Page 9