2021-04-05-accounts - The Crispin Davis Family Trust

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Handelsbanken Wealth Management

THE CRISPIN DAVIS FAMILY TRUST

REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2021

Version: 07/01/2022

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THE CRISPIN DAVIS FAMILY TRUST

INDEX

Year ended 5 April 2021

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|||||| |---|---|---|---|---| |Page| |General|information|2| |Report of the trustees|3-4| |Statement|of trustees'|responsibilities|5| |Independent|auditors’|report|6-8| |Statement|of financial|activities|9| |Balance sheet|10| |Accounting|policies|41-42| |Notes|to the|financial|statements|13-14|

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THE CRISPIN DAVIS FAMILY TRUST

GENERAL INFORMATION

Year ended 5 April 2021

Trustees

Sir Crispin Henry Lamert Davis Lady Jean Anne Davis Dr Julia Anne Davis

Ms Caroline Sarah Davis King Mrs Angela Jane Spaid Cripps Trust Corporation Limited

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Principal Office

Independent Auditor

Investment advisers

Registered charity number

77 Mount Ephraim Tunbridge Wells Kent TN4 8BS

Gibson Booth Chartered Accountants & Statutory Auditors New Court Abbey Road North Shepley Huddersfield HD8 8BJ

CCLA Investment Management Ltd COIF Charity Funds Senator House

85 Queen Victoria Street London EC4V 4ET

1150637

REPORT OF THE TRUSTEES : Year ended 5 April 2021 ; The trustees present their report with the financial statements of the charity for the year to 5 April 2021. 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). | Object and activities for the public benefit The object of the Charity, under the terms of the Trust Deed; . to relieve hardship amongst children and young people across the world who are in need of help as a result of poverty, lack of education or ilIness. . for such other charitable purposes for the public benefit, as the trustees shall deem fit. i The trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on the | i public benefit when reviewing the trust's aims and objectives and in planning future activities and setting grant making f policy for the year. Summary of Achievements | During the year the trustees have continued to support organisations in accordance with the objectives in the trust deed | i such as supporting the Tushinde Chifdren's Trust which works with vulnerable children and their families in Kenya. With effect from October 2019 the trustees have agreed to a commitment to provide £45,000 a year ta Schoo! i Home Support for three years. | Financlal Review funds Incoming resources for the the year amounted amounted to £238,869. £238,869. Grants were were £301,000, which included commitments of £40,000. £40,000. | The support support cost amounted amounted to £6,420. This compares with with incoming resources of £238,162, £238,162, grants of £565,000, £565,000, which included commitment commitment of £175,000 £175,000 and support cost of £7,555 £7,555 in the previous year. i k Expendable endowment Expendable endowment stood at £8,277,631 (2020: £6,537,112) at the balance sheet date. i ; Princlpal funding source The principal funding source comprises gifts from the trustees of the charity and from investment income. i Investment policy and objectives The trustees have agreed a medium risk profile. i ' Reserves policy } The trustees aim to maintain the endowment fund at a !evel to provide a sufficient capital base to generate an income | level sufficient to maintain the !evel of grant making planned in the future. The trustees are satisfied with the current level of reserves. | i i

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THE CRISPIN DAVIS FAMILY TRUST

Financlal Review {Unrestricted funds F Incoming resources for the the year amounted amounted to £238,869. £238,869. Grants were were £301,000, which included commitments of £40,000. £40,000. The support support cost amounted amounted to £6,420. This compares with with incoming resources of £238,162, £238,162, grants of £565,000, £565,000, which included commitment commitment of £175,000 £175,000 and support cost of £7,555 £7,555 in the previous year.

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THE CRISPIN DAVIS FAMILY TRUST
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REPORT OF THE TRUSTEES

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Year ended 5 April 2021
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Structure, governance and management
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Constitution

The Crispin Davis Family Trust is constituted by Deed of Trust dated 10 January 2013 and is a registered charity, Number 1150637.

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( Trustees
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ew trustees may be appointed by the existing trustees by virtue of a power contained within the Trust Deed. The Trust Deed provides for a minimum of three trustees.

Governing document

The Charity is controlled by it's governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment and appointment of new trustee New trustees my be appointed by the existing trustees by virtue of a power contained within the Trust Deed. A minimum of three trustees is required by the Trust Deed

Organisation structure The trustees must hold at least two ordinary meetings each year. At those meetings, the trustees agree broad strategy and activity for the Trust, including consideration of grant making, investments and reserves.

induction and training of new trustees

On appointment, new trustees must expressly acknowledge his or her acceptance of office of Trustee of the Charity. In selecting new trustees, the trustees must have regard to the skills, knowledge and experience needed for effective administration of the Charity. New Trustees are provided with a copy of the Trust Deed and a copy of the Charity's latest report and accounts.

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( ‘isk management
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The trustees have assessed the risks to which the charity might be exposed and consider them to be minimal. The Trustees have addressed such risks that exist.

Approved by order of the board of trustees on... AON—SA. 227 Arend signed on its behalf

Sir Crispin Davis - Trustee

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THE CRISPIN DAVIS FAMILY TRUST

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STATEMENT OF TRUSTEES' RESPONSIBILITIES
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Year ended 5 April 2021

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Trustees' responsibilltles in relation to the financial statements
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations
2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year
( which 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;
e observe the methods and principles of the Charities SORP (FRS 102);
. make judgements and accounting estimates that are reasonable and prudent;
. state whether applicable accounting standards have been followed, subject to any departures disclosed
and explained in the financial statements, and
° prepare the financial statements on the going concern basis unless it ls inappropriate to presume that
The trustees are responsiblethe charity will continuefor keepingin business. accounting records which disclose with reasonable accuracy 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.
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i Approved by order of the trustees on... SOOM. Wn 2072. and signed on its behalf by:
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Sir Crispin Davis - Trustee
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THE CRISPIN DAVIS FAMILY TRUST

Independent Auditor’s Report to the Trustees of The Crispin Davis Family Trust

Year ended 5 April 2021

Opinion

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We have audited the financial statements of The Crispin Davis Family Trust (the ‘charity') for the year ended 5 April 2021 which comprise the Statement of financial activities, the Balance sheet and the notes fo 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 the 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).

Jn our opinion the financial statements:

° give a true and fair view of the state of the charity's affairs as at 5 April 2021, and of its incoming resources and application if resources, for the year then ended;
e have been properly prepared in accordance with the 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

fon 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 financlal statements are authorised for issue.

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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 trustees 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.

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THE CRISPIN DAVIS FAMILY TRUST

Independent Auditor's Report to the Trustees of The Crispin Davis Famlly Trust

Year ended 5 April 2021

$$ 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.

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 financial statements Is inconsistent in any material respect with the trustees’ report; or
° the charity has not kept adequate accounting records; or ® the financial statements are not in agreement with the accounting records; or ° we have not received all the information and explanations we require for our audit.

Responsibilitles of trustees As explained more fully in the statement of trustees' responsibilities set out on page 5, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal contro! 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 concer and using the going concern basis of accounting unless the trustees either intend fo 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 regulations made under section 154 of that Act.

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 f{s 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 arlse from fraud or error and are considered

matertal if, individually or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. ,

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THE CRISPIN DAVIS FAMILY TRUST

independent Auditor’s Report to the Trustees of The Crispin Davis Family Trust

Year ended 5 April 2021

CN am acmmamammamaasaaaassaainseseitamtmmme 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:

, withBasedlawonandourregulationsunderstandingrelatedof theto thecharityCharitiesand the Actcharity2011, sector,and wewe consideredidentifiedthethatextentthe principalto whichrisksnon-complianceof non-compliancemight have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent
- manipulation of the financlal statements (including the risk of override of controls) and the audit procedures performed ( ancluded;:
. Correspondence with Management including consideration of known or suspected instances of non-compliance with laws, regulation and fraud;
Testing of bank transactions; including tracing grant payments made, to supporting information
. testing accounting adjustments;
® testing completeness of income.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: htlps:/Awww. fre.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-quidance/Standards-and-quidance-for-auditors

/Auditors-responsibllities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx, This description forms part of our auditor's report

( Jse of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Audit and | Reports) Regulations 2008. Our Audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by | law, we do not accept or assume responsibility to anyone other that the charity's trustees as a body, for our audit work, for Tp, rt, or for theopiniogfs we have formed. Gibson Booth Charteréd Accountants & Statutory Auditors

New Court Abbey Road North Huddersfield HD8 8BJ

[Datey JF - f-2-2Gibson Booth Is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE GRISPIN DAVIS FAMILY TRUST

STATEMENT OF FINANCIAL ACTIVITIES

Year onded 5 April 2021

		Note		Unrestricted Income Fund	Expendable endowment Fund	Total thisyear 2021	Total lastyear 2020
		Incomingresources		£	£	£	£
		investmentincome	1	238,869	-	238,869	238,162	,
(	*-	‘Totalincoming resourses		238,869	;	238,869	236,162
		Resourcesexpended						F
		Charitable activites Grantanddonations	2	301,000	-	301,000	565,000
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		Governancecost	3	6,420	-	6,420	7,555
		Total resourcesexpended		307,420	-	307,420	572.555
		Netincoming/(outgolng)resources		(68,551)	-	(68,551)	(334,393}	!
		before transfers
		Gross transfersbetweenfunds		69,778	(69,778)	-	-
		Net Income/(outgoing) resources before otherrecognisedgalnsand losses		4,227	(69,778)	(68,551)	(334,393)
		Other recognisedgainsand losses	4	(1,227)	-	(1,227)	612
{		Galns/(losses)/gains on Investments Netmovementsinfunds		. 1,810,297 a 0 1,740,519		4,810,297 (390,303) OOO 1,740,519 (724,085)
		Fundbalance broughtforwardat6April2020		-	6,537,112	6,537,112	7,261,196
		Fundbalancecarriedforwardat5April2021		0	8,277,631	8277,631	6,537,172

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Net movements in funds a0 1,740,519 1,740,519OOO(724,085) | Fund balance brought forward at 6 April 2020 - 6,537,112 6,537,112 7,261,196 Fund balance carried forward at 5 April 2021 0 8,277,631 8 277,631 6,537,172 | 3 | ° |i ! i| = | |

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THE CRISPIN DAVIS FAMILY TRUST

BALANCE SHEET

As at ended 5 April 2021

ee	ee	ee	ee
		Total	Total
	Note	this year	last year
		2021	2020
Fixed assets
Investment at market value	4	8,157,744	6,547,447
Currentassets
Debtors	)	59,153	59,981
Cash at Handelsbanken Wealth &Asset Mat		142,393	99,468
Cash at Handelsbanken Wealth &AssetMgt(USD account)		8,921	410.147
		210,467	169,597
Creditors: amounts falling due within one year	6	(90,580)	(134,932)
Net current assets		119,887	34,665
Total assets less current liabilities		8,277 631	6,582,114
Creditors: amounts falling due after one year	7	-	(45,000)
Net assets		8,277,631	6,537,142
Funds
Expendableendowmentfund	8	8,277,631	6,537,112
Unrestricted income fund	8	0	-
		8277,831	6,537,112

L : . Approved by order of the board of trustees on... Soeten woe 202" "and signed on its behalf

Corrpo D6. occu Sir Crispin Davis - Trustee

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ACOUNTING POLICIES

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THE CRISPIN DAVIS FAMILY TRUST

Year ended 5 April 2021

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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 the 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 2017. The financial statements have been prepared on a going concern basis and under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Going Concern There are no material uncertainties about the charity's ability to continue. As the charity is grant-making rather than operational it has not been directly impacted by Covid. The investment portfolio in which the expendable endowment of the charity is invested reflected a significant reduction in its value as at the end of the previous accounting period but the value has recovered since that date. As a result the effects of Covid are not expected to adversely impact the charity itself. 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 the 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 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. The expendable endowment fund has been invested to primarily produce Income although the trustees may useRestricted the fundfunds for charitable can only be purposes used for if a required.particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes,

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| THE CRISPIN DAVIS FAMILY TRUST | ACOUNTING POLICIES

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Year ended 5 April 2024

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Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

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Investment are shown at market value at the balance sheet date. All gains or losses on the revaluation or on disposal are included in the Statement of Financial Activities

Investment income is recognised as receivable.

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THE CRISPIN DAVIS FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS

Year ended 5 April 2021

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |a| |2021|2020| |g|£| |1|Investment|income| |COIF|Charities|Investment Fds|Income|Units|45,451|4G,247| |COIF|Charities|Global|Equity|Income|Fund|Income|Units|14,530|15,339| |COIF|Charities|Investment|Fds|Income|Units|44,762|15,339| |COIF Charities|Global|Equity|Income|Fund|Income|Units|15,061|43,722| |COIF|Charities|GlobalInvestmentEquity Fds IncomeIncome|Fund UnitsIncome|Units|4415|,|762150|43.00814,530| |COIF|Charities|Investment|Fds|Income|Units|44,003||45,451| |COIF|Charities|Global|Equity|Income|Fund|Income|Units|15,150||14,529| |(Investment income|is|all unrestricted funds income)|238,869|238,161| |2|Grants|made| |Optimus Foundation|250,000|300,000| |Cavoequiva|10,000|10,000| |Tushinde Children's Trust|-|35,000| |School-Home|Support Services|-|45,000| |St|Endellion|Summer|Festival|1,000|:| |(Grant expenditure|Is|all unrestricted Fund expenditure)|261,000|390,000| |Grants|commitments| |Tushinde|Children's|Trust|40,000|35,000| |Whizz-Kidz|-|50,000| |School-Home|Support|Services|-|90,000| |40,000|175,000| |3|Governance|cost| |Independent Audit fees|-|1,500|1,500| |Accountancy|fees|-|4,080|3,432| |Assisting with 2019/20 Audit process|840|”| |Reimbursed|trustee expenses|-|2,618| |Bank charges|-|5| |(Governance|expenditure|Is al|unrestricted fund|expenditure)|6,420|7,555| |« Dividend|distributions|due|but|not|paid|at|5|April|2021|

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THE CRISPIN DAVIS FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS

year ended 5 April 2021

			year endedended 5 April 2021
			aT			ee
				2021		2020
				£		E
			4 Market value
			Carry (market) value atbeginning ofyear	6,547,447		7,137,750
			AddAdditions atcost	-		3,405,766
			Less disposals atcarry value	(200,000)		(3.605.766)
			Add/(deduct) netgain/(loss) on disposals	42,242		43.247
			Addi(deduct) net gain/(loss) on revaluation Carry (market) value atend ofyear	1,768,055 8,157,744		(433.550) 6,547 447
			Bank Charges & Exchange rate adjustments
(			Exchange ratevariances on Dollaraccount	(1,227}		612
				(1,227)		612
			Analysis ofInvestment
				*Mkt Value		“Miki Value
				atyear end		al year end
			Fixed Assets
			333,611.06COIF Charities Investment Funds Income Units	5,980,445		4,951,682
				885,945.01 COIFCharitiesGlobal EquityIncome Fund Income Units	2,177,299
	'		Total	8,157,744		6.547447
			(*Based onthe mid market valuations provided by CCLA)
			5 Debtors
			Dividendsdus but not paid at5 April 2021*	59,153		59.981
		,		59,153		59.984
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			6 Creditors: amount fallIng duewithin one year
			independent Examination fees Accountancy fees - IndependentAudit fees - Grants commitments	- 4,080 4,500 85,000		- 3.432 4,500 130,000
				90,580		134,932
			7 Creditors: amount falling due afterone year
			Grants commitments	-		45,000
:				- ee	_	45,000

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THE CRISPIN DAVIS FAMILY TRUST

NOTES TO THE FINANCIAL STATEMENTS

Yoar ended 5 April 2021

Analysis of Funds
	At 06-Apr-20	Income	Expenditure	Gains/losses & transfers	At 05-Apr-21
	£	£	£	£	£
Expendable endowment funds	6,537,112	-	-	1,740,519	8,277,631
Unrestricted funds	-	238,869	(307,420)	68,551	-
	6,537,112	238,869	(307,420)	1,809,070	8,277,631
	At 06-Apr-19	Income	Expenditure	Gains/losses &transfers	At 05-Apr-20
Expendableendowment funds	7,219,598	~	-	(682,486)	6,537,172
Unrestricted funds	41,598	238,162	(572,555)	292,795	-
	7,261,196	238,162	(572,556)	(389,691)	6,537,112

Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general charitable objectives.

Expendable endowment funds are primarily Invested to produce income but may be used to fund charitable purposes.

9 Related Party Disclosures

There were no related party disclosures in the year.

10 Staff costs and Trustees’ Remuneration and Benefits

There were no employees of the charity during the year. The trustees received no remuneration. There were no reimbursed expenses in the year. In the previous year one trustee was reimbursed expenses of £2,618.