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 cOn￿M 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 prO￿dureS 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 be￿een 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