Handelsbanken Wealth & Asset Management THE CRISPIN DAVIS FAMILY TRUST REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2025 Version: 27/10/2025
THE CRISPIN DAVIS FAMILY TRUST INDEX Year ended 5 April 2025 General information Report of the trustees Statement of trustees' responsibilities Auditor's report Statement of financial activities Balance sheet Cashflow statement Accounting policies Notes to the financial statements Page 2 3-4 5 6-9 10 11 12 13 - 14 15 - 17
THE CRISPIN DAVIS FAMILY TRUST GENERAL INFORMATION Year ended 5 April 2025 Trustees Principal Office Independent Auditor Investment advisers Sir Crispin Henry Lamert Davis Lady Jean Anne Davis (deceased 04/06/24) Dr Julia Anne Davis Ms Caroline Sarah Davis King Mrs Angela Jane Spaid 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 Registered charity number 1150637 2
THE CRISPIN DAVIS FAMILY TRUST REPORT OF THE TRUSTEES Year ended 5 April 2025 The trustees present their report with the financial statements of the charity for the year to 5 April 2025. 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 illness. for such other charitable purposes for the public benefit, as the trustees shall deem fit. The trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on the public benefit when reviewing the trust's aims and objectives and in planning future activities and setting grant making 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 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 £215,152. Grants were £501,000 and the support cost amounted to f6, 150. This compares with incoming resources of £210,276, grants of £468,826 and support cost of £5,880 in the previous year. Expendable endowment Expendable endowment stood at £8,279, 131(2024: £9,246,462) at the balance sheet date. Principal funding source The principal funding source comprises gifts from the trustees of the charity and from investment income. Investment policy and objectives The trustees have agreed a medium risk profile. Reserves 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 trustees are satisfied with the current level of reserves. 3
THE CRISPIN DAVIS FAMILY TRUST REPORT OF THE TRUSTEES Year ended 5 April 2025 Structure, governance and management Constitution The Crispin Davis Family Trust is constituted by Deed of Trust dated 10 January 2013 and is a registered charity, Number 1150637. Trustees New 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 may 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. Risk management 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...ac15, 2025 and signed on its behalf Cue Dams Sir Crispin Davis - Trustee 4
THE CRISPIN DAVIS FAMILY TRUST STATEMENT OF TRUSTEES' RESPONSIBILITIES Year ended 5 April 2025 Trustees' responsibilities 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 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 of the charity for that period. In preparing these financial statements, the trustees are required to: seleçt suitable accounting policies and then apply them consistently; 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, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping accounting records which 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 Approved by order of the trustees on. Der l5, 2025 .....and signed on its behalf by: Cap Down. Sir Crispin Davis - Trustee 5
THE CRISPIN DAVIS FAMILY TRUST Independent Auditor's Report to the Trustees of The Crispin Davis Family Trust Year ended 5 April 2025 Opinion We have audited the financial statements of The Crispin Davis Family Trust (the 'charity') for the year ended 5 April 2025 which comprise the Statement of financial activities, the Balance sheet, Cashflow statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and 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). In our opinion the.financial statements: give a true and fair view of the state of the charity's affairs as at 5 April 2025, and of its incoming resources and application of resources including its income and expenditure for the year then ended; have been properly prepared in accordance with the United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information.
THE CRISPIN DAVIS FAMILY TRUST Independent Auditor's Report to the Trustees of The Crispin Davis Family Trust Year ended 5 April 2025 Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report 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 Sufficient accounting records have not been kept; 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. Responsibilities 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 the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 7
THE CRISPIN DAVIS FAMILY TRUST Independent Auditor's Report to the Trustees of The Crispin Davis Family Trust Year ended 5 April 2025 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the charity sector, we identified that the principal risks of non-compliance with law and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and the audit procedures performed included: • 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 completeness of income • Testing accounting adjustments 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: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-quidance/Standards-and-quidance-for-auditors (Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report 8
THE CRISPIN DAVIS FAMILY TRUST Independent Auditor's Report to the Trustees of The Crispin Davis Family Trust Year ended 5 April 2025 Use 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 this report, or for the opinions we have formed. Gibson Booth Chartered Accountants & Statutory Auditors New Court "Abbey Road North Huddersfield HD8 8BJ Cubran Berthe Gibson Booth (Jan 15, 2026, 2:30pm) 15 Jan 2026 [Date] Gibson Booth is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 9
THE CRISPIN DAVIS FAMILY TRUST STATEMENT OF FINANCIAL ACTIVITIES Year ended 5 April 2025 Note Incoming resources Donations Investment income Total incoming resourses Resources expended Charitable activities Grant and donations Governance cost Total resources expended Net incoming/(outgoing) resources before transfers Gross transfers between funds Net income/(outgoing) resources before other recognised gains and losses Other recognised gains and losses Gains/(losses) on investments Net movements in funds Fund balance brought forward at 6 April 2024 Fund balance carried forward at 5 April 2025 2 3 4 5 Unrestricted Income Fund - 215,151 215,151 501,000 6,150 507,150 (291,999) 291,999 : - 10 Expendable endowment Fund € : - (291,999) (291,999) - (675,332) (967,331) 9,246,462 8.279,131 Total this year 2025 € 215,151 215,151 501,000 6,150 507,150 (291,999) - (291,999) - (675,332) (967,331) 9,246,462 8.279.131 Tc last y 20 210.2 210.2 468,2 5,8 474,3 (264,4 - (264,4 976,1 712; 8,534,0 9.246-
THE CRISPIN DAVIS FAMILY TRUST BALANCE SHEET As at ended 5 April 2025 Fixed assets Investment at market value Current assets Debtors Barclays Wealth Cash at Handelsbanken Wealth & Asset Mgt Cash at Handelsbanken Wealth & Asset Mgt (USD account) Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Note 5 Total this year 2025 8,049,406 6 7 53,826 182,019 235,845 (6,120) 229,725 8,279,131 Net assets Funds Expendable endowment fund Unrestricted income fund 8.279,131 8,279,131 8.279.131 Approved by order of the board of trustees on. Dee 1St. cock and signed on its behalf Cup Dane Sir Crispin Davis - Trustee 11 Total last year 2024 8.899,738 52,723 303,155 806 356,684 (9,960) 346,724 9,246,462 9,246,462 9,246,462 9,246,462
THE CRISPIN DAVIS FAMILY TRUST CASHFLOW STATEMENT As at ended 5 April 2025 2025 (291,999) Net income for the year Adjustments for Interest and dividends Exchange rate gains and losses Decrease/(Increase) in debtors (Decrease)/Increase in creditors Cash flows from operating activities (215,151) (1,103) (3,840) (512,093) Cash flows from investing activities Interest and dividends Proceeds from sale of investments Purchase of investments Net cash used by investing activities 215,151 175,000 390,151 Change in cash and cash equivalents Cash and cash equivalents brought forward Cash and cash equivalents carried forward (121,942) 303,961 182,019 12 2024 (264,430) (210,276) 28 1,173 4,800 (468,703) 210,276 175.000 385,276 (83,427) 387,388 303,961
THE CRISPIN DAVIS FAMILY TRUST ACOUNTING POLICIES Year ended 5 April 2025 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 2011. 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. The Crispin Davis Family Trust is an unincorporated charity registered in England & Wales. Going Concern There are no material uncertainties about the charity's ability to continue. 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 use the fund for charitable purposes if required. Restricted funds can only be used for a 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. 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. 13
THE CRISPIN DAVIS FAMILY TRUST ACOUNTING POLICIES Year ended 5 April 2025 Investments 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. Financial Instruments Policy A financial asset of a financial liability is recognised only when the charity become a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. 14
THE CRISPIN DAVIS FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2025 1 Donations Gift of shares 2025 - • 2 Investment income COIF Charities Global Equity Income Fund Income Units COIF Charities Global Equity Income Fund Income Units COIF Charities Global Equity Income Fund Income Units COIF Charities Global Equity Income Fund Income Units Bank interest 51,709 53,221 53,826 53,826 * 2,569 (Investment income is all unrestricted funds income) * Dividend distributions due but not paid at 5 April 2024 3 Grants made Whizz Kid Tushinde Children's Trust UBS Optimus Foundation School Home Support One to One Childrens Fund Hope and Homes for Children Mercey Learning Centre 215,151 50,000 50,000 300,000 42,000 9,000 50,000 (Grant expenditure is all unrestricted Fund expenditure) Grants commitments 501,000 - 4 Governance cost Independent Audit fees - Accountancy fees - Bank charges (Governance expenditure is all unrestricted fund expenditure) 4.220 6,150 Notes continued over 15 2024 52,723 52.415 52.415 52,723 210,276 50,000 45,000 300,000 65,750 8,076 468,826 - 4,000 5,880
THE CRISPIN DAVIS FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2025 2025 2024 5 Market value Carry (market) value at beginning of year Add Additions at cost Less disposals at carry value Add/(deduct) net gain/(loss) on disposal Add/(deduct) net gain/(loss) on revaluation Carry (market) value at end of year • Bank Charges & Exchange rate adjustments Exchange rate variances on Dollar account 8,899,738 (175,000) 3,842 (679,174) 8,049,406 8,097,952 (175,000) 976,786 8,899,738 Analysis of Investment Fixed Assets 3,023,932.40 COIF Charities Global Equity Income Fund Income Units Mkt Value at year end 8,049,406 28 28 Mkt Value at year end 8,899,738 Total 8,049,406 8,899,738 (Based on the mid market valuations provided by CLA) The historic cost of the investments at 5 April 2025 was £7,610,464 E7,759,697 at 5 April 2024) 6 Debtors Dividends due but not paid at 5 April 2025 53820- 52,723 52,723 7 Creditors: amount falling due within one year Accountancy fees - Independent Audit fees - 4,200 1,920 6,120 8,160 1,800 9,960 Notes continued over 16
THE CRISPIN DAVIS FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2025 8 Analysis of Funds At 06-Apr-24 Income Expenditure Gains/losses & transfers At 05-Apr-25 Expendable endowment funds Unrestricted funds 9,246,462 9,246,462 215,151 215,151 Income At 06-Apr-23 (507,150) (507,150) Expenditure € (967,331) 291,999 (675,332) Gains/losses & transfers 8.279,131 8,279,131 At 05-Apr-24 Expendable endowment funds Unrestricted funds 8,328,267 205,811 8,534,078 210,304 (474,706) 210.304 (474,706) 918,195 58,591 976,786 Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the genera charitable objectives. Expendable endowment funds are primarily invested to produce income but may be used to fund charitable purposes. 9 Analysis of changes in net debt 9,246,462 9,246,462 Cash and Cash equivalents Total At 06-Apr-24 303,961 303,961 Cash flows Other non- cash changes (121,942) - (121,942) At 05-Apr-25 € 182,019 182,019 10 Related Party Disclosures Crispin Davis was chairman of Whizz Kidz until July 2025. In the year ended 5 April 2025 the charity paid a grant to Whizz Kidz of £50,000. In the year ended 5 April 2024 a grant of £50,000 was made to Whizz Kidz. 11 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 there were no reimbursed expenses. 17