Handelsbanken Wealth & Asset Maiiageimeiit THE CRISPIN DAVIS FAMILY TRUST REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2024 Voi"slon.. 2910112025
THE CRISPIN DAVIS FAMILY TRUST INDEX Year ended 5 April 2024 Page General information Report of the trystees statement of tyuslees, responslbililies Auditor's report statement of financial activities 10 Balance sheet Cashflow slatement 12 Accounting policies 13-14 Notes to Ihe financial statements 15-17
THE CRISPIN DAVIS FAMILY TRUST GENERAL INFORMATION Year ended 5 April 2024 Trustees Sir Crispin Henry Lamert Davis Lady Jean Anne Davis (deceased 04106124) Dr Julia Anne Davis Ms Carollne Sarah Davis King Mrs Angela Jane Spaid Principal Office 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS Independent Auditor Gibson Booth Chartered A¢countanls & Slalulory Auditors New Court Abbey Road North Shepley Huddersfield HD8 8BJ Investment advisers CCLA Irivestment Management Ltd COIF Charity Funds Senator Hotjse 85 Queen Victoria Street London EC4V 4ET Registered charity number 1150637
THE CRISPIN DAVIS FAMILY TRUST REPORT OF THE TRUSTEES Year ended 5 April 2024 The trustees present their report with the financial statements of the charity for the year to 5 April 2024. The trustees have adopled the provislons of Accounting and reporting by Charities.. Statement of Recommended Practice applicable lo charltles preparing thelr accounls in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Object and activities for the publlc benefit The object of the Charity, under the terms of the Trust Deed,. to relleve hardship amongst children and young people across the world who are in need of help as a result of poverty, lack of education or illness, for such other charitable purposes for the public benefil, as the trustees shall deem flt. The trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on Ihe public benefit when reviewing the Irust's aims and objectives and in planning future activities and setting grant making policy for the year. Sumrnary ofAchl8vem8nts During the year the trustees have continued lo support organisalions in accordance wlth the objectives in the trust deed such as supporting the Tushinde Children's Trust which works with vulnerable children and their families in Kenya. Financial Review Unrestricted funds Incoming resources for the year amounted to £210,276. Grants were £468,826 and the sUPPOrt cost amounted to £5,880. This compares with incomln9 resources of£217,675, grants of £7,123 and support cost of £5,220 in the previous year. Expondable endowment Expendable endowment stood al £9,246.46212023'. £8,328,267) at the balance sheet date. Principal funding source The principal funding source comprises gifts from the Iruslees of the charity and from investment income. Investment pollcy and objectlves The trustees have agreed a medium risk profile. Resgrves policy The trustees aim to maintain the endowment fund at a level to provide a sufficient capital base to generate an income level sufficient to maintain the level of grant making planned in the future. The Iruslees are satisfied with the current level of reserves.
THE CRISPIN DAVIS FAMILY TRUST REPORT OF THE TRUSTEES Yaar ended 5 Aprll 2024 Structure, governance and management Constltution The Crispin Davis Family Trust is constituted by Deed of Trust dated 10 January 2013 and is a registered charlly, Number 1150637. Trustees New trustees may be appointed by the existing trustees by virtue of a power contained within Ihe Trust Deed. ", he Trust Deed provides for a minimum of three trustees. Governing documènt The Charity 15 controlled by it's governing document, a deed of trust and conslitules an unincorporated charity. Recrultment and appointment of new trustee New trustees may be appointed by the existing trustees by virlue of a power contained within the Trust Deg,d. A minimum of three Iruslees is required by the Trust Deed Organisation structure The trustees must hold al least ordinary meetings each year. At those meetings, the Irustees agree broad strategy and activity for the Trust, including consideration of grant making, investments and reserves. Inductlon and training of new trustees On appointment, new trustees must expressly aCknOedge his or her acceptance of office of Trustee of the Charity- In selecting new truslees, the trustees musl have regard lo Ihe 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. Risk management The trustees have assessed the risks to which the charity might be exposed and consider them lo be minimal. The I ruslees have addressed such risks that exist. Approved by order of the board of trustees on..... O tt,..lo.L< .and slgned on its behalf Sir Crispin Davis - Trustee
THE CRISPIN DAVIS FAMILY TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES Year ended S Aprll 2024 Trustees. responslbllities in rèlation to the financlal statements The trustees are responsible for preparing the Report of the Trustees and the financial slatemenls in accordance with applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affalrs of the charity and of the in¢omlng resources and application of resources of the charity for that period. In Preparlng these financial stalemenls, the trustees are required to.. select suitable acGounling policies and then apply them consistently., observe the melhods and principles of the Charities SORP {FRS 102).. make judgements and accounting estimates thal are reasonable and prudenl., state whether applicable accounting standards have been followed, and prepare the financial statements on the going concern basis unless it is inappropriate to presume Ihat the charily wll continue in business. The truslees are responsible for keeping accounting records which disclose with reasonable accuracy al any lime Ihe financial posilion of the charity and enable them to ensure that the financial statements comply wth 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 Ihe prevention and detecllon of fraud and other irregularities. Approved by order of the trustees on. .and signed on its behalf by.. Sir Crispin D vis - Trustee
THE CRISPIN DAVIS FAMILY TRUST Indep8ndent Auditor's Report to the Trustees of The Crispln Davis Family Trust Year ended 5 April 2024 Oplnlon We have audited the financial statements of The Crispin Davis Family Trust (the '¢harity') for the year ended 5 April 2024 which comprise the Statement of financial aclivilies, the Balance sheet, Cashflow statement and the notes to the financial stalemenls. including a summary of signlficant aGcounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom A¢¢ounting Standards, Including Financial Reporting standard 102 The Financi81'Reporting Standard applioable in Ihe UK 8nd Republic ol Ireland (United Kingdom Generally Accepled Accounting Practice). In our opinion Ihe financial statements.. give a true and fair view of the state of the charity's affairs as at 5 April 2024, and of its incoming resource5 and application of resources including ils income and expev)diture for the year then ended., have been properly prepared in accordance wilh the United Kingdom Generally Accepted Acc;nunling Practice., and have been prepared in accordance with the requiremenls of the Charities Act 2011. Basis for oplnlon We conducted L)ur audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibililles under Ihose 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 wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial slalements, we have con¢luded that the trustees, use of the going concem basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling lo 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 al least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in Ihe relevant sections of this report. Other infom)atlon The other information comprises the information included in the trustees annual report, other than the financial statements and our audilor's report Ihereon. The trustees are responsible for the other information.
THE CRISPIN DAVIS FAMILY TRUST Independent Auditor's Report to the Trustees of The Grispin Davls Family Trust Year ended 5 April 2024 Our opinion on the financial statements does not cover the other informalion and we do not express any form of assurance Conclusion thereon. Our responslbility is to read the other informatlon and, in doing so, consider whether the other information is materially inconsistent with Ihe financial statements or our knowledge oblained in the course of the audit or olherwlse appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatemenls, we are requlred to determine whether this gives rise lo a material misstatement In the financial statements themselves. If, based on the work we have performed, wgconclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are requirèd to report by exception We have nothing to report in respect of the following matter5 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report., or Sufficient acGounllng records have not been kept., or the financlal statements are not in agreement with the accounting re¢ords' or we have not received all the information and explanations we require for our audit. other matter The comparative financial statements are unaudited as the Prior year financial statements were not subject to audit. Responsibllltles of truslees As explained more fully in Ihe statement of trustees. responsibilities set out on page 5, the trustees are responsible l j 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 Irustees determine is necessary to enablè the preparation of flnancial statements that are free from malerial 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, matlers related to going concern and using the going concern basis of accounting unless the trustees elther intend lo liquldate the charity or to cease operations, or have no realistic alternative bul to do so. Auditor's rèsponsibililies for the audit of the financlal slatements We have been appointed as auditor under section 144 of the Charities Acl 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder.
THE CRISPIN DAVIS FAMILY TRUST Independènt Auditor's Report to the Trustees of The Crispln Davls Famlly Trust Year ended 5 April 2024 Our obleclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or error, and to issue an auditor's report Ihat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstalement when il exists. Misslalemenls 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 the financial statements. Irregularities, including fradd, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstalemenls in respect of irregularilies, inGluding fraud. The extent to which our procedures are capable of deteGtlng irregularities, including fraud is detailed below.. Based on our understanding of the charity and Ihe charity se¢tor, we identified that the prin¢ipal risks of non-compliance with law and regulations related to the Charilies Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial slalements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financlal slalements (including the risk of override of controls) and the audit procedures perfomied included.. Correspondence with Management including consideration of known or suspecled instances of non-compliance with laws, regulation and fraud,. Testing of bank transactions, including tracing grant payments made, to supporting infoTmallon. Testing completeness of income Testing accoltnling adjustments Because of the inherent limitations of an audit, there is a risk thal we will not detect all irregularities, including those leadlng to a material misstatement in the financial statements or non-compliance wlh regvlation. This risk increases the more that compliance wlh a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to be¢ome aware of instances of non-complianee. The fisk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresenlalion. A further description of our responsibililies is available on the Financial Reporting Council's website at.. htt s'.Ilwww.frc.or .uklOur- orklAudiU -and-as rancelSlandards-and- uid elstan ards-and- IAuditors-res onsibilities-for-auditlDescri lion-of-auditor es onsibil ies-for-audit.as This descriplion forms part of our auditor's report uidance-for- ditors
THE CRISPIN DAVIS FAMILY TRUST Indepèndent Audltor's Report to the Trustees of Tho Crispin Davis Famlly Trust Year ended S Aprll 2024 Usè of our report This report is made solely to the charity's Iruslees, as a body. in accordance wlh Part 4 of the Charities (Audit and Reports) Regulations 2008. Our Audit work has btsen undertaken so that we might slate 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 fullesl extent permilled by law, we do not accept or assume responslbility to anyone olher that the chariws trustees as a body, for our audit work. for this report. or for the opinions we have formed. Gibson Booth Chartered Accountanls & Statutory Audilors New Court Abbey Road North Huddersfleld HD8 8BJ IDateJ 3. L >( Gibson Booth is ellglble for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 ofthe Companies AGI 2006.
THE CRISPIN DAVIS FAMILY TRUST STATEMENT OF FINANCIAL ACTIVITIES Year endod 5 April 2024 Unrestrlcted Income Fund Expendable endowment Fund Total thls year 2024 Tolal last year 2023 Note Incomlng resources Ipvestment income 210,276 210.276 217.675 Total In¢omlng resourses 210 276 210276 217.675 Resources expended Charilable 8clivities Grant and donallons 468,826 468,826 7,123 Govem8nce cost 5,880 5.880 Total resource$ expended 474,708 474,706 Net Incomlngl{outgolngl resources before transfers 1264,430) {264,430) 20Jf,332 Gross transfers between funds 58,591 {58,591) Nat In¢omelloutgolng} resources before other recognlsed galns and losses 1205,839) (58,591) (264,430) 205,332 other recognlsed galn$ and losses 28 28 478 Gainslllosses) on investments 976.786 976,786 (30Jf,4691 Net movements In funds 1205,811) 918,195 712,384 199,6 Jf91 Fund balance brought foard at 6 April 2023 205,811 8,328,267 8,534,078 8.633,736 Fund balance carrled forward at 5 Aprll 2024 9 246.462 9 246,462 10
THE CRISPIN DAVIS FAMILY TRUST BALANCE SHEET As at ended 5 April 2024 Total this year 2024 Total lasl year 2023 Note Fixed assets Inveslment at market value 8,899,738 8,097 CJ52 Current assets Debtors 52,723 53,896 Cash al Handelsbanken Weallh & Asset Mgt Cash al Handelsbanken Weallh & Asset Mgt (USD account) 303,155 806 356,684 378,536 8,852 441,285 Creditors.. amounts falllng due within one year 9.960 5,160 Net current assets 346,724 436,125 Total assets less current liabilities 9,246,462 8,534,078 Creditors.. amounts falling due after one year Net assets 9,246,462 8,534,078 Funds Expendable endowment fund Unrestricted income fund 9.246,462 8.328,267 20Jf.811 8,534 078 9 246,462 so tt i.U.t.C.. .and signed on ils behalf Approved by order ofthe board of trustees on... *..... Slr Crispin avis - Trustee 11
THE CRISPIN DAVIS FAMILY TRUST CASHFLOW STATEMENT As at ended 5 April 2024 2024 2023 Net Income for the year (264,430) 205,332 Adjustments for Interest and dividerfds Exchange rate gains and losses Decreasel{Increase) in deblors {Decrease)Ilncrease in creditors (210,276) 28 1,173 4,800 1217,6751 851 {420) Cash flows from operating actlvltles {468,703) (11,9131 Cash flows from invèsting aclivities Interest and dividends Proceeds from sale of investments Purchase of investments 210,276 175,000 218,1)r4 12Jr,000 Net cash used by Investlng actlvStles 385,276 343,154 Change In cash and cash equivalents Cash and cash equivalents brought forward Cash and cash equivalents carrled fomard (83,427) 387,388 303.961 331,241 56,147 387.388 12
THE CRISPIN DAVIS FAMILY TRUST ACOUNTING POLICIES Year ended 5 Aprll 2024 Basis of preparing the financlal statements The financial statements of the Gharity, which is a public benefit entity under FRS 102, have been prepared In accordance with the Charities SORP {FRS 1021 "Accounling and Reporting by Charilles: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019)" Financial Reporting Slandard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011. The financial statements have been prepared on a going ¢onGern basis and under the historical cost convention with the exception of investmenls 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 abilily to conlinve. Income All income is recognised in the Slatement of Financial Activities once the charity has enlillemenl to. the funds, il is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as 8xpenditure as soon as there is a legal or constructive obligation committing the charily to that expenditure, il 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 Ihe category. Where costs cannot be directly attrlbuted to particular headings Ihey have been allocated to activities on a basis consistent with the use of resources. Grants offered subject lo conditions which have not been met at the year end dale are noted as commitment bul not accrued as expenditure. Taxalion The charity is exernpl from tax on its charitable activities. Fund Accountlng Unreslricled funds can be used in accordance with the charitable objectives al the discretion of the trustees. The expendable endowment fund has been invested lo primarily produce income although the trustees may use the fund for charitable PUTposes if required. Restricted funds can only be used for a particular reslrieted purposes within the objects of the charity. Restrictlons arise when specified by the donor or when funds are ralsed for particular reslri¢ted purposes, Foreign Currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange rullng al Ihe balance sheet date. Transactions in foreign currencies are translated into sterling at the rale of exchange ruling at the dale of transaction. Exchange differences are taken into account in arriving at the operating result. 13
THE CRISPIN DAVIS FAMILY TRUST ACOUNTING POLICIES Year ended 5 April 2024 Investments Investments are shown at market value al the balance sheet date. All gains or losses on the revaluation or on di$p05al are In¢luded in the Slalement of Financial Activilies Investment income is recognised as receivable. Flnancial Instruments Policy A finan¢ial asset of a financial liability is recognised only vthen the charity become a party lo the contraclual provisions of the instrument. Basic financial inslrumenls are initially recognised at the transaction price, unless Ihe arrangement constilules a financing transaction, where it is recognised at the present value of the future paymenl discounted al a market rale of interest for a slmilar debt instrument. 14
THE CRISPIN DAVIS FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS Year endgd 5 Aprll 2024 2024 2023 1 Investment income COIF Charlties Global Equily Income Fund Income Units COIF Charltles Global Equity Income Fund Income Units COIF Ch8rilie5 Global Equity Income Fund Income Units COIF Charitie5 Global Equlty Income Fund Income Units Portfolio deposit (GBP) Portfolio deposil (USD) 52,723 52,415 52,415 52.723 54,747 53,896 149 28 Ilnve$lment income is all unresliicted funds income) Dlvidend diylribulions dtse bul not paid al S April 2024 210,276 217,675 2 Grants made Whizz Kid Tushinde Children's Trust UBS Optimus Foundation School Home Support Mer¢ey Learning Centre Sl Eiidellion frijsl Hampshire Stadium Clean Air Green Environinenl Frien(Is of Amity 50,000 45,000 300,000 65,750 8,076 2.000 1,000 3,000 1.123 IGranl expenditure Is all Unstricted Fund expendilurg) 468,828 Grants commltments 3 Governance cost Independent Audit fees - Accountancy fees - Independent Examiners fee- 1,800 4,080 60 4,080 1,080 (Governance expendilut8 is all unre5lrlcled lund expendilurel 5.880 5,220 Notes continued over 15
THE CRISPIN DAVIS FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 Aprll 2024 2024 2023 4 Market value Carry {maFketl value at beginning of year Add Additions at cost Less disposals at carry value Addl{deduct) net gainl(loss> on disposals Addl{deduct) net gainl(loss} on revaluation Carry {markel} value at end of year 8,097.952 lj,528,421 (175,000) (125.0001 976,786 8,899,738 30Jf,469 8 097,952 Bank Charges & Excbange rate adjustments Exchange rate variances on Dollar aGGounl 28 478 28 478 Analysis of Investment 'Mkl Value al year end '[k1 Value al year end FixedAssets 3,083,228.30 COIF Charities Global Equity Income Fund Income Units 8,899,738 Total ('Based on Ihe mid market valuations provided by CCLA} 8,899,738 5 Debtors Dividends due bul not paid at 5 April 2024. 52,723 52,723 53,896 6 Crèdltors: amount falling due within one year Accountancy fees - Independent Audit fees- Independent Examiners fee - 8,160 1,800 4,080 1,080 7 Creditors: amount falling due after one year Grants commitments Notes continued over 16
THE CRISPIN DAVIS FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2024 8 Analysls of Funds Al 06-Apr-23 Income Expenditure Gainsllosses & transfers At 05-Apr-24 Expendable endowment funds Unrestricted funds 8,328,267 205,811 918,195 58,591 9,246,462 210,304 {474,7061 8,534,078 210.304 474,706 976,786 9,246,462 At 06-Apr-22 Income Expenditure Gainsllosses & transfers At 05-Apr-23 Expendable endowment funds Unrestricted funds 8,633,736 1305,469) 478 8,328,267 205,811 217,675 (12,3431 8,633,736 217,676 12,343 304,991 8.534.078 Unrestricted funds are available for use at the discretion of the Iruslees in the fLtrtherance of the general charilable objeclives. Expendable endowment funds are primarily invested to produce income bul may be used to fund charitable purposes. 9 Analysis of changes in net debt At 06-Apr-23 Cash flows other non- cash changes At 05-Apr-24 Cash and Cash equivalents 387,388 (83,4271 303,961 Total 387,388 303 961 10 Rélated Party Disclosures There were no related party disclosures In the year. 11 staff costs and Trustees. Remuneratlon and Benefits There were no employees of the charity during Ihe year. The trustees received no remuneration. There were no imbursed expenses in the year. In the previous year there were no reimbursed expenses. 17