Charity number: 1153448
THE CHYAH DAVIES FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2022
THE CHYAH DAVIES FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 - 17 |
THE CHYAH DAVIES FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022
Trustees
Matthew Samuel Davies Maya Jean Davies (appointed 18 December 2021) Rachel Naomi Davies KSL Trustees Limited Lucy Florence Lily Davies
Charity registered number
1153448
Principal office
30 Green Walk, Bowdon, Altrincham, WA14 2SW
Accountants
Crowe U.K. LLP, 3rd floor, The Lexicon, Mount Street, Manchester, M2 5NT
Page 1
THE CHYAH DAVIES FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their annual report together with the financial statements of the charity for the 6 April 2021 to 5 April 2022.
POLICIES AND OBJECTIVES
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit. The details below explain the activities carried out for the public benefit.
GRANT MAKING POLICIES
The charity provided grants to other charitable institutions in order to aid the relief of poverty; the relief of sickness of children and young people with serious or life threatening illness; the relief of those in need by reason of youth, age, ill health or disability or financial hardship; aid environmental conservation or other general charitable charitable purpose.
REVIEW OF ACTIVITIES
During the year, fifteen charitable grants were made to other charitable institutions in accordance to the fund restrictions, totalling £116,350 (2021: £33,682).
INVESTMENT POLICY AND PERFORMANCE
The charity aims to generate a return on investment at least equal to inflation to maintain the real value of the funds invested.
Financial review
GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
RESERVES POLICY
The Chyah Davies Foundation holds reserves as at 5 April 2022 of £648,226 (2021: £749,221).
As a grant giving charity, the charity has a target free reserves level of £nil as it has negligible financial commitments other than the extent to which it awards grant funding. The Trustees are currently retaining the aforementioned reserves as they consider applications for grant funding from potential beneficiaries and expect to receive more applications in the future. Only projects which meet the Trustees’ criteria as outlined in their charitable objects will be funded.
Page 2
THE CHYAH DAVIES FOUNDATION
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2022
Structure, governance and management
CONSTITUTION
The principal object of the charity is to provide grants to other charitable institutions for the following charitable objects:
-
the relief of poverty;
-
the relief of sickness of children and young people with serious or life threatening illness;
-
the relief of those in need by reason of youth, age, ill health or disability or financial hardship.
METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
The charity was established on 14 December 2012 by a declaration of trust as amended on 24 July 2013. The charity registered with the Charity Commission on 16 August 2013.
All decisions are made by the charity's trustees.
Plans for future periods
FUTURE DEVELOPMENTS
The charity will continue to consider the applications it receives from other charities and provide funding where the trustees consider it to be appropriate to support the application.
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the Trustees' report 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 & 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
Page 3
THE CHYAH DAVIES FOUNDATION
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2022
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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.
This report was approved by the Trustees, on 23 January 2023 and signed on their behalf by:
Rachel Naomi Davies
Trustee
Page 4
THE CHYAH DAVIES FOUNDATION
ACCOUNTANT'S REPORT FOR THE YEAR ENDED 5 APRIL 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CHYAH DAVIES FOUNDATION (the 'charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2022.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity'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 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
Page 5
THE CHYAH DAVIES FOUNDATION
ACCOUNTANT'S REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2022
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.
Signed: Dated: 26th January 2023 V Szulist ACA Crowe U.K. LLP. The Lexicon Mount Street Manchester M2 5NT
Page 6
THE CHYAH DAVIES FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted funds Note 2022 £ INCOME FROM: Investments 2 150,000 TOTAL INCOME 150,000 EXPENDITURE ON: Charitable activities 117,559 TOTAL EXPENDITURE 5 117,559 NET INCOME / (EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) 32,441 Net gains/(losses) on investments (133,435) NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES (100,994) NET MOVEMENT IN FUNDS (100,994) RECONCILIATION OF FUNDS: Total funds brought forward 749,220 TOTAL FUNDS CARRIED FORWARD 648,226 |
Total funds 2022 £ 150,000 150,000 117,559 117,559 32,441 (133,435) (100,994) (100,994) 749,220 648,226 |
Total funds 2021 £ - |
|---|---|---|
| - | ||
| 34,733 | ||
| 34,733 | ||
| (34,733) 184,957 |
||
| 150,224 150,224 598,996 |
||
| 749,220 |
The notes on pages 10 to 17 form part of these financial statements.
Page 7
THE CHYAH DAVIES FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2022
| Note FIXED ASSETS Investments 10 CURRENT ASSETS Cash at bank and in hand CREDITORS:amounts falling due within one year 11 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Unrestricted funds 13 TOTAL FUNDS |
£ 66,700 (2,235) |
2022 £ 583,761 64,465 648,226 648,226 648,226 |
£ 33,071 (1,047) |
2021 £ 717,196 32,024 |
|---|---|---|---|---|
| 749,220 | ||||
| 749,220 | ||||
| 749,220 |
The financial statements were approved by the Trustees on 23 January 2023 and signed on their behalf, by:
Rachel Naomi Davies
The notes on pages 10 to 17 form part of these financial statements.
Page 8
THE CHYAH DAVIES FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022
| Note Cash flows from operating activities Net cash provided by/(used in) operating activities 15 Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 16 |
2022 £ 33,629 33,629 33,071 66,700 |
2021 £ (34,701) |
|---|---|---|
| (34,701) 67,772 |
||
| 33,071 |
The notes on pages 10 to 17 form part of these financial statements.
Page 9
THE CHYAH DAVIES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) updated in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The Chyah Davies Foundation constitutes a public benefit entity as defined by FRS 102.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated 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.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 10
THE CHYAH DAVIES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.5 Going concern
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view.
As the funds available to the Chyah Davies Foundation are considerably greater than the allocated funds, the resources are adequate enough to allow the charity to continue operating for the foreseeable future. For this reason, the charity is a going concern.
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities.
1.7 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.
1.8 Cash at Bank and in hand
Cash at bank and 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.
Page 11
THE CHYAH DAVIES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES (continued)
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.10 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.
1.11 Estimates and uncertainties
There are no material estimates or uncertainites in the preparation of the accounts.
2. INVESTMENT INCOME
| Unrestricted funds 2022 £ Investment income 150,000 ANALYSIS OF GRANTS Grants to Institutions 2022 £ Grants, Relief of those in need 97,700 Grants, Relief of Sickness in Children and young people 15,000 Grants, General Charitable Purposes 3,650 116,350 Total 2021 33,682 |
Total funds 2022 £ 150,000 Total 2022 £ 97,700 15,000 3,650 116,350 33,682 |
Total funds 2021 £ - |
|---|---|---|
| Total 2021 £ 7,350 13,000 13,332 |
||
| 33,682 | ||
3. ANALYSIS OF GRANTS
Page 12
THE CHYAH DAVIES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
4. SUPPORT COSTS
| Governance £ Independent Examiner's Fees 1,188 Total 2021 1,051 |
Total 2022 £ 1,188 1,051 |
Total 2021 £ 1,051 |
|---|---|---|
During the year ended 5 April 2022, the charity incurred the following Governance costs:
£ 831 (2021 - £NIL) included within the table above in respect of Relief of those in need.
£ 128 (2021 - £821 ) included within the table above in respect of Relief of Sickness in Children & Young people.
£ 31 (2021 - £229) included within the table above in respect of General Charitable Purposes.
5. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
| Other costs 2022 £ Relief of Sickness in Children & Young people 15,000 General Charitable Purposes 101,350 Expenditure on governance 1,209 Total charitable expenditure 117,559 Total 2021 34,733 6. GRANTS TO INSTITUTIONS UK Friends of Yad Yisroel - Ukraine The FED Cumbria Community Foundation Action Medical Research Grants less than £5k Total |
Other costs 2022 £ Relief of Sickness in Children & Young people 15,000 General Charitable Purposes 101,350 Expenditure on governance 1,209 Total charitable expenditure 117,559 Total 2021 34,733 6. GRANTS TO INSTITUTIONS UK Friends of Yad Yisroel - Ukraine The FED Cumbria Community Foundation Action Medical Research Grants less than £5k Total |
Other costs 2022 £ Relief of Sickness in Children & Young people 15,000 General Charitable Purposes 101,350 Expenditure on governance 1,209 Total charitable expenditure 117,559 Total 2021 34,733 6. GRANTS TO INSTITUTIONS UK Friends of Yad Yisroel - Ukraine The FED Cumbria Community Foundation Action Medical Research Grants less than £5k Total |
Total 2022 £ 15,000 101,350 1,209 117,559 34,733 2022 £ 50,000 25,000 15,000 10,000 16,350 116,350 |
Total 2021 £ 26,332 7,350 1,051 |
|
|---|---|---|---|---|---|
| 34,733 | |||||
| 2021 £ - - - 5,000 33,682 |
|||||
| 38,682 |
Page 13
THE CHYAH DAVIES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
7. NET INCOME/(EXPENDITURE)
During the period, no Trustees received any remuneration, benefit in kind or reimbursement of expenses.
8. INDEPENDENT EXAMINER'S REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £990 (2021 - £900).
9. STAFF COSTS
The charity has no employees other than the Trustees, who did not receive any remuneration (2021 - £NIL) .
No employee received remuneration amounting to more than £60,000 in either year.
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| Market value At 6 April 2021 Movement in valuation in the year At 6 April 2021 Movement during the year At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 Investments at market value comprise: Unlisted investments All the fixed asset investments are held in the UK CREDITORS: Amounts falling due within one year Accruals and deferred income |
2022 £ 583,761 2022 £ 2,235 |
Unlisted securities £ 717,196 |
| - 133,435 |
||
| 133,435 | ||
| 583,761 | ||
| 717,196 | ||
| 2021 £ 717,196 |
||
| 2021 £ 1,047 |
11. CREDITORS: Amounts falling due within one year
Page 14
THE CHYAH DAVIES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
12. FINANCIAL INSTRUMENTS
| FINANCIAL INSTRUMENTS | ||
|---|---|---|
| Financial assets measured at fair value through income and expenditure Financial assets measured at amortised cost Financial liabilities measured at amortised cost |
2022 £ 584,567 66,700 651,267 2,235 |
2021 £ 717,196 33,071 |
| 750,267 | ||
| 1,047 |
Financial assets measured at fair value through income and expenditure comprise investments. Financial assets measured at amortised cost comprise cash at bank.
Financial liabilities measured at amortised cost comprise accruals.
13. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Balance at 6 April 2021 £ Unrestricted funds General Funds 749,220 STATEMENT OF FUNDS - PRIOR YEAR Balance at 6 April 2020 £ General Funds 598,996 Total of funds 598,996 |
Income Expenditure £ £ 150,000 (117,559) Income Expenditure £ £ - (34,733) - (34,733) |
Gains/ (Losses) £ (133,435) Gains/ (Losses) £ 184,957 184,957 |
Balance at 5 April 2022 £ 648,226 |
|---|---|---|---|
| Balance at 5 April 2021 £ 749,220 |
|||
| 749,220 |
Page 15
THE CHYAH DAVIES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted | Unrestricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | |||
| 2022 | 2022 | |||
| £ | £ | |||
| Fixed | asset investments 583,761 |
583,761 | ||
| Current assets 66,700 |
66,700 | |||
| Creditors due within one year (2,235) |
(2,235) | |||
| 648,226 | 648,226 | |||
| ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR | ||||
| Unrestricted | Total | |||
| funds | funds | |||
| 2021 | 2021 | |||
| £ | £ | |||
| Fixed | asset investments 717,196 |
717,196 | ||
| Current assets 33,071 |
33,071 | |||
| Creditors due within one year (1,047) |
(1,047) | |||
| 749,220 | 749,220 | |||
| 15. | RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING | |||
| ACTIVITIES | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Net (expenditure)/income for the year (as per Statement of Financial | ||||
| Activities) (100,994) |
150,224 | |||
| Adjustment for: | ||||
| Gains on investments 133,435 |
(184,958) | |||
| Increase in creditors 1,188 |
33 | |||
| Net cash provided by/(used in) operating activities 33,629 |
(34,701) | |||
| 16. | ANALYSIS OF CASH AND CASH EQUIVALENTS | |||
| 2022 | 2021 | |||
| £ | £ | |||
| Cash in hand 66,700 |
33,071 | |||
| Total 66,700 |
33,071 |
Page 16
THE CHYAH DAVIES FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
17. RELATED PARTY TRANSACTIONS
There were no related party transactions during the year.
Page 17