OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The Davis Foundation

2024-04-05-accounts

Charity number: 1152998

THE DAVIS FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

The Davis Foundation Contents of the financial statements For the year ended 5 April 2024

Page
Reference and administrative details of the charity 1
Report of the Trustees 2
Report of the Independent examiners 5
Statement of Financial Activities 6
Balance Sheet 7
Statement of Cash Flows 8
Notes to the Financial Statements 9

The Davis Foundation Reference and administrative details For the year ended 5 April 2024

Registered Charity number 1152998
Principal address 3 Beechworth Close
London
NW3 7UT
Trustees Michael Lawrence Davis
Barbara Davis
Sarah Davis
Independent examiner Goldwins Limited
75 Maygrove Road
West Hampstead
London
NW6 2EG
Bankers Barclays Bank Plc
1 Churchill Place
London
E14 5HP

1

The Davis Foundation Report of the trustees For the year ended 5 April 2024

The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. 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 Davis Foundation is constituted under a trust deed dated 5 April 2013 and was granted a charitable status on 22 July 2013 with a registered charity number 1152998.

The objects of the charity are:

Public benefit

The Trustees confirm their compliance with the duty to have regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.

Grant making

The trustees meet regularly to consider applications from a wide range of charities. During the year ended 5 April 2024, the trustees have supported charities in a number of areas in line with the charitable objectives of the Foundation.

The Davis Foundation Report of the trustees For the year ended 5 April 2024

Financial review

During the year, the charity had donation income of £600,000 (2023: £1,826,550) and the trustees made donations of £1,255,673 (2023: £1,286,010). The trustees hope to maintain the same level of donations made by the charity in future.

The charity holds sufficient reserves to maintain the current and projected level of donations. As at the year end the charity held cash of £159,952 (2023: £813,797) and held total funds of £147,952 (2023: £805,997).

The trustees have funds held in cash with the Foundation’s bank and surplus funds are held on deposit.

Reserve policy

The intention of the Trustees is to retain sufficient reserves to meet the charitable objects of the Foundation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, deed of trust and constitutes an unincorporated charity.

Organisation structure

The trustees who have served during the period and since the year end are set out below.

Michael Lawrence Davis Barbara Davis Sarah Davis

The charity has no immediate intention to change the Trustees. Trustees views were engaged in the establishment of the charity and the Trustees pursue organisations to whom grants can be made in furtherance of the charitable objectives. The Charity has no employees. No trustees received remuneration or were reimbursed for expenses in the current year.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have not identified any specific risks that attach to the administration of the Trust.

3

The Davis Foundation Report of the trustees For the year ended 5 April 2024 Statement of Trustees. Responsibilities 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales, the Charity 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 those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the chary and to enable them to ensure that the financial statements comply with the Charity Act 2011. 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 the Board of Trustees on 28 May 2024 and signed on its behalf by: Michael Lawrence Davis Trustee

Independent examiner's report to the trustees of The Davis Foundation For the year ended 5 April 2024

I report to the trustees on my examination of the accounts of The Davis Foundation (the Trust) for the year ended 5 April 2024.

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 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the Trust’s gross income exceeded £250,000 I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG

28 May 2024

5

The Davis Foundation Statement of Financial Activities

(incorporating an income and expenditure account)

For the year ended 5 April 2024

Note
Income from:
Donations
3
Investment income
4
Total income
Expenditure on:
Charitable activities
Total expenditure
5
Net (loss) on investments
Net income / (expenditure) for the year
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
11
Net income / (expenditure) before net
gains / (losses) on investments		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£
£
£
£
600,000
-
600,000
1,826,550
1,828
-
1,828
18
601,828
-
601,828
1,826,568
1,259,873
-
1,259,873
1,293,910
1,259,873
-
1,259,873
1,293,910
(658,045)
-
(658,045)
532,658
-
-
-
-
(658,045)
-
(658,045)
532,658
805,997
-
805,997
273,339
147,952
-
147,952
805,997

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

6

Tha Davls Foundatlon Balance Sheet AS at 5 April 2024 2024 2024 2023 2023 Current assets: Cash at bank and in hand 159,952 159.952 813.797 813.797 Llabllltlas: Creditors- amounts falling due within one year 12.000 (7,800) Net current a88Ot8 147,952 805,997 Total net assets 147 952 805 997 Funds Restricted funds Unrestricted funds: General funds Total unrestricted funds 11 147.952 805,997 147.952 805,997 Totsl funds 147 952 805 997 Approved by the trustees on . 28 May 2024 .and signed on their behalf by: Mlchael Lawrnnc• Dav18 Trustoe Barbara Dav18 Trustee Reglsterod Charlty no. 1152998 The 8tt8ched notes form part of the financial statements.

The Davis Foundation Statement of Cash Flows For the year ended 5 April 2024

The Davis Foundation
Statement of Cash Flows
For theyear ended 5 April 2024
Note
Net cash provided by / (used in) operating activities
12
Cash flows from investing activities:
Interest/ rent/ dividends from investments
Purchase of property, plant and equipment
Cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
13		 2024
2024
2023
2023
£
£
£
£
(655,673)
532,658
1,828
-
-
1,828
-
(653,845)
532,658
813,797
281,139
159,952
813,797
813,797

8

The Davis Foundation Notes to the financial statements For the year ended 5 April 2024

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Charities Act 2011.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

9

The Davis Foundation Notes to the financial statements For the year ended 5 April 2024

1 Accounting policies (continued)

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.

Expenditure on charitable activities includes the costs of delivering services to further the purposes of the charity and their associated support costs.

Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the Trust's charitable activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

10

The Davis Foundation

Notes to the financial statements For the year ended 5 April 2024

2 Detailed comparatives for the statement of financial activities Detailed comparatives for the statement of financial activities
Unrestricte Restricted Total
2023 2023 2023
£ £ £
Income from:
Donations and grants 1,826,550 - 1,826,550
Charitable activities - - -
Other trading activities - - -
Investment income 18 - 18
Total income 1,826,568 - 1,826,568
Expenditure on:
Charitable activities 1,293,910 - 1,293,910
Total expenditure 1,293,910 - 1,293,910
Net income / (expenditure) before net
gains / (losses) on investments 532,658 - 532,658
Net losses on investments - - -
Net expenditure for the year 532,658 - 532,658
Reconciliation of funds:
Total funds brought forward 273,339 - 273,339
Total funds carried forward 805,997 - 805,997
3 Income from Donations
Unrestricted Restricted Total Total
2024 2024 2024 2023
£ £ £ £
Donations and grants 600,000 - 600,000 1,826,550
600,000 - 600,000 1,826,550
4 Income from investments
Unrestricted Restricted Total Total
2024 2024 2024 2023
£ £ £ £
Bank interest 1,828 - 1,828 18
1,828 - 1,828 18

11

The Davis Foundation Notes to the financial statements For the year ended 5 April 2024

5 Analysis of expenditure current year

Grants to institutions
Audit fees
Independent examination fees
Other costs
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Charitable
activities
Support
costs
Governance
Costs
Total 2024
Total 2023
£
£
£
£
£
1,255,673
-
-
1,255,673
1,286,010
-
-
-
-
7,800
-
-
4,200
4,200
-
-
-
-
-
100
1,255,673
-
4,200
1,259,873
1,293,910
-
-
-
-
4,200
-
(4,200)
-
1,259,873
-
-
1,259,873
1,293,910
-
-
1,293,910

Of the total expenditure £Nil was restricted (2023: £Nil) and £1,259,873 was unrestricted (2023: £1,293,910).

The total grants paid to institutions during the year, by charity objective, were as follows:

2024 2023
£ £
To help young people and particularly but not necessarily young people of the
Jewish faith through financial support of activities such that they will develop and 658,723 242,700
grow as members of society

To support organisations which support people who are elderly or disabled and
who are in need		 326,950 441,100
To educate the general public in the areas of opera, music and other creative
and performing arts and promote the study and appreciation of horticulture,
gardening and garden design and the study and appreciation of ecology and		 20,000 93,000
conservation and the study and appreciateion of flora and fauna
To support organisations which promote religious harmony 120,000 87,200

To support organisations which provide security and advice and training to those
who are involved with religious based schools or place of worship		 67,500 55,500
To support organisations which promote good race relations between the Jewish
community and other members of society		 45,000 59,500

To support organisations which promote good citizenship		 17,500 4,500
To support organisation which relieve the victims of racial or religious harassment - 17,500
To support organisations which promote research into racism - 285,000
Total 1,255,673 1,286,000

12

The Davis Foundation Notes to the financial statements For the year ended 5 April 2024

6 Net income / (expenditure) for the year

Net income / (expenditure) for the year
This is stated after charging / (crediting): 2024 2023
£ £
Independent examiners report 3,500 -
Auditor's remuneration - 6,500

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

The average number of employees (head count based on number of staff employed) during the year was Nil (2023: Nil).

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 12,000 7,800
12,000 7,800
Analysis of net assets between funds
Unrestricted Restricted Total
Funds Funds funds
£ £ £
Net current assets 147,952 - 147,952
Net assets at the end of the year 147,952 - 147,952
Analysis of net assets between funds for the previous year
Unrestricted Restricted Total
Funds Funds funds
£ £ £
Net current assets 805,997 - 805,997
Net assets at the end of the year 805,997 - 805,997

10 Analysis of net assets between funds

11 Movements in funds for the current year

Unrestricted funds:
General funds
Total unrestricted funds
Total funds		 Start of
the year
Income and
gains
Expenditure
and losses
Transfers
At the end
of the year
£
£
£
£
£
805,997
601,828
(1,259,873)
-
147,952
805,997
601,828
(1,259,873)
-
147,952
805,997
601,828
(1,259,873)
-
147,952

13

The Davis Foundation

Notes to the financial statements For the year ended 5 April 2024

Davis Foundation
s to the financial statements
heyear ended 5 April 2024		 Davis Foundation
s to the financial statements
heyear ended 5 April 2024
Movements in funds for the previous year
Start of the Income and Expenditure At the end
year gains and losses Transfers of the year
£ £ £ £ £
Unrestricted funds:
General funds 273,339 1,826,568 (1,293,910) - 805,997
Total unrestricted funds 273,339 1,826,568 (1,293,910) - 805,997
Total funds 273,339 1,826,568 (1,293,910) - 805,997
12 Reconciliation of net income / (expenditure) to net cash flow from operating activities
2024 2023
£ £
Net income for the reporting period (658,045) 532,658
(as per the statement of financial activities)
Interest, rent and dividends from investments (1,828) -
Increase/ (decrease) in creditors 4,200 -
Net cash provided by / (used in) operating activities (655,673) 532,658

13 Analysis of cash and cash equivalents

Cash at bank and in hand
Total cash and cash equivalents		 At the start
of the year
Cash flows
Other
changes
At the end
of the year
£
£
£
813,797
(653,845)
-
159,952
813,797
(653,845)
-
159,952

14 Related party transactions

During the year £600,000 (2023: £1,826,550) was donated by related parties.

14