Charity number: 1152998 THE DAVIS FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
The Davis Foundation Contents of the financial statements For the year ended 5 April 2025 Page Reference and administrative details of the charity Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet Statement of Cash Flows 10 Notes to the Financial Statements
The Davis Foundation Reference and administrative details For the year ended 5 April 2025 Registered Charity number 1152998 Principal address 3 Beechworth Close London NW3 7UT Trustees Michael Lawrence Davis Barbara Davis Sarah Davis Audltors Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG Bankers Barclays Bank PIC 1 Churchill Place London E14 5HP
The Davis Foundation Report of the trustees For the year ended 5 April 2025 The trustees present their report with the financial statements of the charity for the year ended 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). 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 objeds of the charity are: To hold the capital and income of the Trust Fund upon trust to apply the income and all or part of the capital for the benefit of charitable objects and purposes anywhere in the world as the trustees may in their discretion think fit. To help young people, and particularly but not necessarily young people of the Jewish faith through the financial support of activities such that they will develop and grow as members of society. To support the organisations which support people who are elderly or disabled and who are in need. 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 study and appreciation of flora and fauna. To support the organisations which promote religious harmony. To support the organisations which promote social inclusion To support the organisations which provide security advice and the training of those who are involved with religious based schools or places of worship. To support the organisations which promote good race relations between the Jewish community and other members of society. To support the organisations which promote good citizenship. To support the organisations which relieve the victims of racial or religious harassment. To support the organisations which promote research into racism. 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 2025, 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 2025 Financial review During the year, the charity had donation income of £1,337,500 (2024: £600,000) and the trustees made donations of £1,455.810 (2024: £1,255.673). 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 £41.791 (2024: £159.952) and held total funds of £21,991 (2024: £147,952). 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 pla to provide reasonable assurance against fraud and error. The trustees have not identified any specific risks that attach to the administration of the Trust.
The Davis Foundation Report of the trustees For the year ended 5 April 2025 Statement of Trustees. Responsibilities The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordan 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 standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 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. In so far as the trustees are aware: there is no relevant audit information of which the charity's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Auditors The auditors, Goldwins Limited. will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by the Board of Trustees on 7 July 2025 and signed on its behalf by: Michael Lawrence Davis Trustee
Independent auditor's report to the members of The Davis Foundation For the year ended 5 April 2025 Opinion We have audited the financial statements of The Davis Foundation (the 'Charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balan Sheet, Statement of Cash Flows and 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 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 income and expenditure for the year then ended. have been properly prepared in accordance with 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 Intemational 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 directors with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infonnation. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.
Independent auditor's report to the members of The Davis Foundation For the year ended 5 April 2025 In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if. in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us; the financial statements are not in agreement with the accounting records and returns; certain disclosures of trustees, remuneration specified by law are not made; or we have not obtained all the information and explanations necessary for the purposes of our audit. Responsibilities of the trustees As explained more fully in the trustees, responsibilities statement, 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 they 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 cOnM 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. Our responsibilities for the audit of the financial statements 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 assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordan 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 these financial statements.
Independent auditor's report to the members of The Davis Foundation For the year ended 5 April 2025 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 are set out below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. our prOdureS included the following: We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to the internal controls established to mitigate risks related to fraud or non-complian with laws and regulations. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 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. 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 for the audit of the financial statements is located on the Financial Reporting Councils website at: [www.frc.org.uklauditorsresponsibilities]. This description forms part of our auditor's report. This report is made solely to the Charity's trustee, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity s trustee 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 than the Charity and the Charity's trustee as a body, for our audit work. for this report, orfor the opinions we have formed. Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road London NW6 2EG 7 July 2025 Goldwins Limited 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.
The Davis Foundation Statement of Financial Activities {incorporating an income and expenditure account) For the year ended 5 April 2025 Unrestricted Restricted funds funds 2025 2025 Totsl funds 2025 Total funds 2024 Note Income from: Donations Investment income 1.337.500 149 1.337,500 149 600,000 1,828 Total income 1,337,649 1,337,649 601,828 Expenditure on: Charitable activities 1,463,610 1,463,610 1,259,873 Total expendlture 1,463,610 1,463,610 1,259,873 Nel income l (expenditure) before net gains l (losses) on investments (125,961) (125,961) (658,045) Net {loss> on investments Net income l (expenditure) for the year (125,961) (125,961) (658,045) Reconciliatlon of funds: Total funds brought forward 147,952 147,952 805,997 Total funds carried forward 11 147 952 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.
The Davis Foundation Balance Sheet As at 5 April 2025 2025 2025 2024 2024 Note Current assets: Cash at bank and in hand 41,791 41,791 159,952 159,952 Liabilities: Creditors= amounts falling due within one year 19,800 12,000 Net current assets 21,991 147,952 Total net assets 147 952 Funds Restricted funds Unrestricted funds- General funds Total unrestricted funds 11 21,991 147,952 21,991 147,952 Total funds 147 952 Approved by the trustees on 7 July 2025 .and signed on their behalf by.. Mick Davis Trustee Barbara Davis Trustee Registered Charity no. 1152998 The attached notes form part of the financial statements.
The Davis Foundation Statement of Cash Flows For the year ended 5 April 2025 Note 2025 2025 2024 2024 Net cash provided by l {us8d in) operating activities 12 {118,310) (655,673) Cash flows from investing activities: Interesv renv dividends from investments Purchase of property, plant and equipment 149 1,828 Cash provided by investing activities 149 1,828 Change in cash and cash equivalents in the year {118,161) {653,845) Cash and cash equivalents at the beginning of the year 159,952 813,797 Cash and cash •quivalents at the end of the year 13 159 952 10
The Davis Foundation Notes to the financial statements For the year ended 5 April 2025 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 2019) - (Charities SORP FRS 102) and the Charities Act 2011. The charity meets the definition of a public benefit enlity 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 Ihat there are any sourtss of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next reporting period. c) Income Income is recognised when the charity has enlitlement to the funds, any performance conditions attached to the income have been met, il 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 ilem is probable and that economic benefit can be measured reliably. In accordance with the Charilies SORP (FRS 1021, 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 lo 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. fj Fund accountlng 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.
The Davis Foundation Notes to the financial statements For the year ended 5 April 2025 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 cosls 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 beeen 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 temi 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 assels 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. 12
The Davis Foundation Notes to the financial statements For the year ended 5 April 2025 2 Detailed comparatives for the statement of financial activities Unrestricte Restricted 2024 2024 Total 2024 Income from: Donations and grants Charitable activities Other trading activities Investment income 600,000 600,000 1.828 1,828 Total income 601,828 601,828 Expenditure on: Charitable activities 1.259,873 1,259.873 Total expenditure 1,259,873 1,259,873 Net income l (expenditure) before net gains l (lossesl on investments (658,045) (658,045) Net losses on investments Net expendlture for the year (658,045) (658,045) Reconciliation of funds: Total funds brought forward 805,997 805,997 Totsl funds carried forward 147,952 147,952 3 Income from Donatlons Unrestricted Restricted 2025 2025 Total 2025 Total 2024 Donations and grants HMRC Grant 1,275,000 62,500 1,337,500 1,275,000 62.500 1,337,500 600,000 600,000 4 Income from investments Unrestrlcted Restricted 2025 2025 Total 2025 Total 2024 Bank interest 149 149 149 149 1,828 1,828 13
The Davis Foundation Notes to the financial statements For the year ended 5 April 2025 5 Analysis of expenditure current year Charitable Support Govemance activities costs Costs Total 2025 Total 2024 Grants to institutions Audit fees Independent examination fees Other costs 1,455,810 1.455,810 1,255,673 7,800 7,800 4,200 1,455,810 7,800 1,463,610 1,259,873 Support costs Governance costs 7,800 (7,800) Totsl expenditure 2025 1.463,610 1,463,610 Total expenditure 2024 1,259,873 1,259,873 Of the total expenditure £Nil was restricted (2024: £Nil) and £1,262,873 was unrestricted (2024.. £1,259,873). The total grants paid to institutions during the year, by charity objective. were as follows.. 2025 2024 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 grow as members of society To support organisations which support people who are elderly or disabled and who are in need To educate the general public in the areas of opera, music and other creative and perfonning arts and promote the study and appreciation of horticulture. gardening and garden design and the study and appreciation of ecology and conservation and the study and appreciateion of flora and fauna To support organisations which promote religious harmony To support organisations which provide security and advice and training to those who are involved with religious based schools or place of worship To support organisations which promote good race relations between the Jewish community and other members of society To support organisations which promote good citizenship To support organisation which relieve the victims of racial or religious harassmenl To support organisations which promote research into racism 836.000 658,722 236,050 326,950 15,000 20,000 284,110 120,000 52.150 67,500 20,000 45.000 12,500 17,500 Total 1455 810 1 255 673 14
The Davis Foundation Notes to the financial statements For the year ended 5 April 2025 Net income l (expenditure) for the year This is stated after charging l (crediting): 2025 2024 Independent examiners report Auditor's remuneration 3,500 6,500 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 (2024.. Nil). Taxation The charity is exempt from corporation tsx as all its income is charitsble and is applied for charitsble purposes. Creditors: amounts falling due within one year 2025 2024 Other creditors 19,800 19,800 12,000 12,000 10 Analysis of net assets between fvnds Unrestrlcted Restrlcted Funds Funds Total funds Net current assets Net assets at the end of the year 21.991 21,991 21,991 21,991 Analysis of net assets between funds for the previous year Unrestricted Restricted Funds Funds Total funds Net current assets Net assets at the end of the year 147,952 147,952 147,952 147,952 11 Movements In funds for the current year Start of Income and Expendlture the year gains and losses At the end of the year Transfers Unrestricted funds: General funds 147.952 1.337,649 (1,463,610) 21,991 Total unrestricted funds 147,952 1,337,649 1,463,610 21,991 Total funds 147,952 1,337,649 1,463,610 21,991 15
The Davis Foundation Notes to the financial statements For the year ended 5 April 2025 Movements in funds for the previous year Start of the Income and Expenditure year gains and losses At the end of the year Transfers Unrestricted funds: General funds 805,997 601,828 (1,259,873) 147,952 Total unrestricted funds 805,997 601,828 1,259,873 147,952 Total funds 805,997 601,828 1,259,873 147,952 12 Reconciliation of net income l {expenditure) to nèt cash flow from operating activities 2025 2024 Net income for the reporting period {as per the statement of financial activities) Interest, rent and dividends from investments Increasel (decrease) in creditors Net cash provided by l (used in) operating activities (125,961) (658,045) (149) 7,800 118,310 (1,828) 4,200 655,673 13 Analysls of cash and cash equlvalents At the start of the year Other changes At the end of the year Cash flows Cash at bank and in hand 159,952 (118,161) 41,791 Total cash and cash equivalents 159,952 118,161 41,791 14 Related party transactions During the year a sum of £1.275,000 (2023.. £600,000) was donated by the related parties. 16