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← Alan Davidson Foundation

2024-03-31-accounts

Registered number: 09351464 Charity number: 1160259

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 6
Independent Auditors' Report on the Financial Statements 7 - 10
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 - 24

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees M Healy, Trustee
A Broome, Trustee
C Reid, Trustee
J Craik, Trustee (appointed 9 August 2023)
Company registered
number
09351464
Charity registered
number
1160259
Registered office
Studio B 21 Conduit Place
London
W2 1HS
Company secretary
M Healy

Page 1

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2023 to 31 March 2024.The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. 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 charity has a particular focus on supporting MND medical research, MND charities, MND and neurological care, as well as architecture, arts, tech and communication initiatives.

b. Activities for achieving objectives

In the medium term the Trustees continue to aim to accumulate capital sufficient to produce an annual income for distribution. The Trustees aim to strike a balance between their medium term objectives and supporting appropriate causes now. The Trustees are distributing the donations / investment income received to projects and other charities active in areas of interest each year.

Achievements and performance

a. Review of activities in the year and future plans

The Foundation is the principal beneficiary from the estate of the late Alan Davidson who sadly passed away in August 2018.

During the year the charity reported total income of £384,252 (2023: £333,572), consisting of donations from the charity's valued corporate and individual donors, investment income and an increase in the projected realisations from the Estate of Alan Davidson.

The charity now has a number of ongoing projects funded from income and capital:

Our collaborative funding of a major MND research drug trial (TRICALS) continues. It was agreed in 2020 but got delayed due to Covid-19, the project was slow to restart. Funding for this project was initially committed until end of 2024 but we agreed to extend the funding agreement at no additional costs to end of 2026 to make recruitment of new staff easier. The payment schedule was amended to a flexible schedule, and we have made no further payments since their last request in 2022. Most of the remaining committed funds of £510,000 will be required over the next 2 years (2025/2026).

The MND drug trial with the University of Bristol and Innervate Therapeutics was successful, we have further granted £157,500 to progress to the next stage.

Page 2

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

The Making MND Preventable 3 year research project with the University of Oxford / Prof Kevin Talbot, looking at inheritable gene mutations, is well underway in its second year. The post we are funding is for the Project Manager and some IT expenses. The Trustees went to Oxford to meet the whole team in February 2024 and review the progress.

The 3 year PhD with King’s College is in its second year, the student, is looking at TDP-43 gene mutation in MND patients. A representative of the Foundation met him face to face at the UK-MND Research Institute opening ceremony in November 2023.

The Trustees have continued to support the Motor Neurone Disease Association, and have increased their support of MND Scotland, as well as supporting other research projects which may benefit those suffering from Motor Neurone Disease (MND) and related conditions. .

The Foundation supports an annual fundraising race - HD5K - within the architectural industry, organised by Hayes Davidson for the benefit of the Motor Neurone Disease Association. The Foundation match-funds all money raised. A total of £35,000 was donated in July 2023.

In addition to the above, the Trustees have agreed to fund a major MND drug repurposing trial called MND Smart which is run out of University of Edinburgh and is a UK-wide trial. The agreement started in November 2023 and is a 5 year commitment. The funding granted will allow satellite clinics to support more patients nationwide.

The Davidson Prize annual architectural and communication prize for the design of a contemporary home continues to gain momentum and wide recognition. The third year theme was Somewhere to Call Home, looking at design solutions to tackle homelessness in the UK. The prize was awarded in June 2023 in person at Istituto Marangoni and was very well attended and widely covered in the industry press and in The Big Issue. The judging panel has been drawn from renowned figures from the architectural world including Sadie Morgan OBE, Yemi Aladerun, Osama Bhutta, Priya Khanchandani and previous year’s winner Charles Holland.

The total prize fund was £25K and was divided between 3 finalist teams who received £5K each with the remaining £10K additionally going to the overall winning team led by Studio Mutt and Neighbourhood for their “Helping Hands” proposal in Bootle, Liverpool, which subsequently went for planning permission.

The prize has continued to attract a lot of press from the UK and abroad and has generated interesting discussions in the architectural community and beyond.

In addition, the Foundation continues to support the Big Draw competition, this year some of these funds were directed to the Under-26 John Ruskin’s Prize. The award ceremony was held in London in February 2024 and attended by Trustee Jane Craik. A number of smaller grants were also made in support of various charities in accordance with the Foundation’s objectives, St John’s Hospice and a MND Nurses Advocacy Support day long conference at Edinburgh University.

The Alan Davidson Foundation Scholarship with Kent University is in its 3rd and final year. The scholarship supported a 1 year Master’s degree in Architectural Visualization, the only one in the country. Following a visit to Edinburgh University to meet with the MND Smart team in August 2023, the Trustees also met with the Architectural School where Alan had studied and graduated. The Trustees decided to transfer bursary funding to Edinburgh from 2024/25, on a 5 year commit basis.

The Trustees have also approved a new theatre writing bursary jointly with PlayGC theatre company, called the Davidson PlayGC Bursary. The grant is of £30,000 over 3 years which will be match-funded by PlayGC. The bursary is supporting new playwrights and original writing to encourage new work to be produced in theatre in the UK. The first bursary was granted to Oli Forsyth for his new play Brace, Brace to be shown at The Royal Court theatre in October 2024. The first payment was made in April 2024.

Page 3

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

The legacy left under Alan’s will has allowed the trustees to agree grants totalling £1,747,317 during the year ended 31 March 2024 to the following good causes:

Organisation/charity No of grants made Amount granted/committed
Motor Neurone Disease Association 2 £150,000
St John's Hospice 1 £10,000
Motor Neurone Disease Scotland 1 £151,334
Innervale Therapeutics 1 £157,500
MND Smart 1 £1,275,000
University of Edinburgh 1 £3,484
Total 8 £1,142,383

Further sponsorship was agreed for non medical projects totalling £127,011 - these are The Davidson Prize £94,935, The Davidson PlayGC Bursary £30,000 and miscellaneous £2,076. Ongoing grant accruals include TRICALS drugs trial £510,000, Oxford University genetic trial £70,000, King’s College PhD £25,000, MND Scotland £136,748, MND Smart £1,147.500, the Davidson Play GC Bursary £30,000. Costs for the Davidson Prize included in accruals of £35,000 distributed after the year end. .

Total expenditure for the year was £1,992,801 (2023: £445,344), meaning that the charity has reported a net gains for the year of £103,048 (2023: £345,548 net losses) after gains on investments of £1,711,597 (2023: £233,776 of losses).

Since the year end, the charity has continued to support a range of charities, including MNDA and other medical charities, and those involved in the arts and architecture in accordance with its objects.

b. Investment policy and performance

The portfolio continues to be managed by Waverton investment managers.

The Trustees review the portfolio regularly throughout the year with the Investment Manager to ensure that the charity has a balanced portfolio as to hedge against the risk of fall in asset valuation.

The valuation of the portfolio recovered in 2024 along with the market more generally.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company 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.

b. Reserves policy

At the balance sheet date the charity had total funds of £13,091,042 (2023: £12,987,994). The majority of the funds relate to the legacy from Alan Davidson's estate. Over the medium term the Trustees aim to accumulate sufficient funds to generate an annual surplus for distribution in accordance with the charity's objectives.

Page 4

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

a. Constitution

The charitable company was incorporated on 11 December 2014 as a company limited by guarantee.

The company is constituted under its articles of association and is registered as a charity with the Charity Commission (registered charity number 1160259).

The principal object of the charitable company is the advancement for the public benefit of any purposes that are exclusively charitable under the laws of England and Wales.

b. Methods of appointment or election of Trustees

The memorandum and articles of the charity require there to be at least three trustees. Trustees are elected and co-opted by decision of the existing trustees.

This year, the Trustees were delighted to welcome a fourth Trustee to the Board, Mrs Jane Craik, sister to the late Alan Davidson. Jane has enjoyed a successful career in education in Aberdeenshire and has a passion for the work of the Foundation. Jane is also a Trustee of the Mathematics Recovery Council of UK and Ireland.

c. Organisational structure and decision making

Decisions are made at meetings of the Trustees by way of a majority vote, or by unanimous agreement without a formal Trustees Meeting.

d. Related party relationships

Mr A Broome is a partner in Haysmacintyre LLP, a firm of chartered accountants. Haysmacintyre LLP provides services to the charity on an arms length basis as detailed in Note 17 to the accounts.

The charity has benefited from donations from trustees and other related parties as disclosed in Note 17 to the accounts.

e. Risk management

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 5

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, SBM Associates Limited, trading as SBM & Co, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

M Healy (Dec 16, 2024 17:24 GMT)

................................................ M Healy Trustee

Date: 16 December 2024

Page 6

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALAN DAVIDSON FOUNDATION

Opinion

We have audited the financial statements of Alan Davidson Foundation (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 7

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALAN DAVIDSON FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALAN DAVIDSON FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Companies Act 2006, and taxes.

We evaluated management’s opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the valuation of the investment property. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 9

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALAN DAVIDSON FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

SBM Associates Limited, trading as SBM & Co

Statutory Auditors 24 Wandsworth Road London SW8 2JW

16 December 2024

SBM Associates Limited, trading as SBM & Co are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
2
Investments
3
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net expenditure before net gains/(losses) on
investments
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
29,912
354,340
384,252
1,992,801
1,992,801
(1,608,549)
1,711,597
103,048
12,987,994
103,048
13,091,042		 Total
funds
2024
£
29,912
354,340
384,252
1,992,801
1,992,801
(1,608,549)
1,711,597
103,048
12,987,994
103,048
13,091,042		 Total
funds
2023
£
20,309
313,263
333,572
445,344
445,344
(111,772)
(233,776)
(345,548)
13,333,542
(345,548)
12,987,994

The notes on pages 14 to 24 form part of these financial statements.

Page 11

ALAN DAVIDSON FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 09351464

BALANCE SHEET AS AT 31 MARCH 2024

2024 2023
Note £ £
Fixed assets
Investments 11 13,954,594 12,334,591
Current assets
Debtors 12 558,350 689,222
Cash at bank and in hand 547,805 747,370
1,106,155 1,436,592
Creditors: amounts falling due within one
year 13 (1,969,707) (783,189)
Net current liabilities / assets (863,552) 653,403
Net assets 13,091,042 12,987,994
Charity funds
Unrestricted funds 13,091,042 12,987,994
Total funds 13,091,042 12,987,994

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 16 December 2024 and signed on their behalf by:

................................................ A Broome (Trustee)

The notes on pages 14 to 24 form part of these financial statements.

Page 12

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends and interest from investments
Transfers of shares from legacy debtor
Proceeds from sale of listed investments
Purchase of listed investments
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing 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
The notes on pages 14 to 24 form part of these financial statements		 2024
£
(645,499)
354,340
-
2,257,474
(2,165,880)
445,934
-
(199,565)
747,370
547,805		 2023
£
(382,571)
313,263
(71,350)
2,899,401
(2,863,726)
277,588
-
(104,983)
852,353
747,370

Page 13

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Alan Davidson Foundation 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.

The Company's functional and presentational currency is GBP.

1.2 Company status

The company is incorporated in England and Wales, limited by guarantee . The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.3 Going concern

The Trustees consider that there are no material uncertainties in respect of the Foundation’s ability to continue as a going concern. The Trustees have reviewed the Foundation’s financial position and reserve levels and, having considered committed grant expenditure and future plans are satisfied that the Foundation remains a going concern for the foreseeable future.

1.4 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

The Trustees recognised the legacy left under Alan Davidson's Will based at their best estimate of the Executors likely net realisations. The net difference between the amounts realised and the inital estimate has been recognised as an additional legacy reciept in the year.

Page 14

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.5 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 company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company 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.

All expenditure is inclusive of irrecoverable VAT.

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 reliably 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 incorporating Income and Expenditure Account. Listed investments are held at market value.

1.7 Interest receivable

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

1.8 Debtors

Debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

1.9 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 15

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

1.10 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 company anticipates it will pay to settle the debt or the amount it has received as advanced payments of expenditure it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.

1.11 Financial instruments

The company 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.

1.12 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 Company and which have not been designated for other purposes.

2. Income from donations and legacies

Donations
Donations		 Unrestricted
funds
2024
£
29,912
Unrestricted
funds
2023
£
20,309		 Total
funds
2024
£
29,912
Total
funds
2023
£
20,309

Page 16

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Investment income

Investment dividend income
Bank interest income
Investment dividend income
Bank interest income		 Unrestricted
funds
2024
£
341,415
12,925
354,340
Unrestricted
funds
2023
£
305,345
7,918
313,263		 Total
funds
2024
£
341,415
12,925
354,340
Total
funds
2023
£
305,345
7,918
313,263

4. Analysis of grants

Sponsorships
Charitable Donations		 Grants to
Institutions
2024
£
124,935
1,749,394
1,874,329		 Total
funds
2024
£
124,935
1,749,394
1,874,329

Page 17

ALAN DAVIDSON FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Analysis of grants (continued)

Sponsorships
Charitable Donations		 Grants to
Institutions
2023
£
99,509
174,698
274,207		 Total
funds
2023
£
99,509
174,698
274,207

5. Analysis of expenditure on charitable activities

Summary by fund type

Sponsorships
Charitable Donations
Support costs
Governance costs
Sponsorships
Charitable Donations
Support costs
Governance costs		 Unrestricted
funds
2024
£
124,935
1,749,394
34,235
84,237
1,992,801
Unrestricted
funds
2023
£
99,509
174,698
106,118
65,019
445,344		 Total
2024
£
124,935
1,749,394
34,235
84,237
1,992,801
Total
2023
£
99,509
174,698
106,118
65,019
445,344

Page 18

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Analysis of expenditure by activities

Sponsorships
Charitable Donations
Support costs
Governance costs
Sponsorships
Charitable Donations
Support costs
Governance costs		 Governance
costs
2024
£
-
-
-
84,237
84,237
Governance
costs
2023
£
-
-
-
65,019
65,019		 Grant
funding of
activities
2024
£
124,935
1,749,394
-
-
1,874,329
Grant
funding of
activities
2023
£
99,509
174,698
-
-
274,207		 Support
costs
2024
£
-
-
34,235
-
34,235
Support
costs
2023
£
-
-
106,118
-
106,118		 Total
funds
2024
£
124,935
1,749,394
34,235
84,237
1,992,801
Total
funds
2023
£
99,509
174,698
106,118
65,019
445,344

Analysis of support costs

Legal and professional
Consultant administration
Sundry costs		 Activities
2024
£
6,732
26,400
1,103
34,235		 Total
funds
2024
£
6,732
26,400
1,103
34,235

Page 19

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Legal and professional
Consultant administration
Sundry costs
Legacy write off
Foreign exchange variances		 Activities
2023
£
7,235
24,000
2,035
9,918
62,930
106,118		 Total
funds
2023
£
7,235
24,000
2,035
9,918
62,930
106,118

7. Governance costs

Accoutancy fees
Auditors' remuneration
Legal & professional fees
Accoutancy fees
Auditors' remuneration
Legal & professional fees		 Unrestricted
funds
2024
£
5,838
8,000
70,399
84,237
Unrestricted
funds
2023
£
6,655
7,776
50,588
65,019		 Total
funds
2024
£
5,838
8,000
70,399
84,237
Total
funds
2023
£
6,655
7,776
50,588
65,019

Page 20

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Net income/(expenditure)

During the year, no Trustees received any remuneration (2023 - £NIL). During the year, no Trustees received any benefits in kind (2023 - £NIL). During the year, 3 Trustees received any reimbursement of expenses of £2,076 (2023 - £NIL).

9. Auditors' remuneration

2024 2023
£ £
Fees payable to the Company's auditor for the audit of the Company's
annual accounts 8,000 7,776

10. Staff costs

The company has no employees other than the Trustees, who did not receive any remuneration (2023 - £NIL).

11. Fixed asset investments

Market value
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Listed
securities
£
11,082,061
2,156,474
(2,257,474)
1,711,597
12,692,658
12,692,658
11,082,061		 Investment
property
£
1,252,530
9,406
-
-
1,261,936
1,261,936
1,252,530		 Total
£
12,334,591
2,165,880
(2,257,474)
1,711,597
13,954,594
13,954,594
12,334,591

Page 21

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Debtors

Due within one year
Trade debtors
Legacy receivable
Prepayments and accrued income		 2024
£
600
545,906
11,844
558,350		 2023
£
450
632,156
56,616
689,222

13. Creditors: Amounts falling due within one year

Trade creditors
Accruals and accrued grants payable		 2024
£
2,425
1,967,282
1,969,707		 2023
£
2,041
781,148
783,189

14. Analysis of net assets between funds Analysis of net assets between funds - current period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2024
£
-
-
-
-		 Unrestricted
funds
2024
£
13,954,594
(1,969,707)
1,106,155
13,091,042		 Total
funds
2024
£
13,954,594
1,106,155
(1,969,707)
13,091,042

Page 22

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2023
£
-
-
-
-		 Unrestricted
funds
2023
£
12,334,591
1,436,592
(783,189)
12,987,994		 Total
funds
2023
£
12,334,591
1,436,592
(783,189)
12,987,994

15. Reconciliation of net movement in funds to net cash flow from operating activities

16.

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Revaluation on investments
Dividends and interest from investments
Decrease in debtors
Increase/Decrease in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash at Bank & in hand
Cash held within investment portfolio
Total		 2024
£
103,048
(1,711,597)
(354,340)
130,872
1,186,518
(645,499)
2024
£
266,951
280,854
547,805		 2023
£
(345,548)
233,776
(313,263)
270,990
(228,526)
(382,571)
2023
£
556,664
190,706
747,370

The charity does not hold any debt and therefore all cash movements have been disclosed in cash flow statements and corresponding notes.

Page 23

(A Company Limited by Guarantee)

ALAN DAVIDSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2023
£
747,370
747,370		 Cash flows
£
(199,565)
(199,565)		 At 31 March
2024
£
547,805
547,805

18. Related party transactions

During the year the charity received donations from trustees of £nil, including related gift aid (2023: £nil).

Trustees are not remunerated for their services. Trust Deed allows trustees and their connected parties to be paid on an arms length basis services for professional services provided to the Foundation. A Broome, a trustee of the charity, is a partner in HaysMac LLP, a firm of chartered accountants. HaysMac LLP provides professional services to the charity on an arms length basis. During the year HaysMac LLP invoiced the charity £4,723 (2023: £4,993) in respect of accountancy, corporation tax and company secretarial services. At the balance sheet date, £nil was owed to HaysMac LLP (2023: £1,393), included in trade creditors, with a further £5,000 accrued at year end in respect to services not yet invoiced (2023: £4,500).

A Broome, M Healy, J Craik and C Reid are among others, Trustees of the late Alan Davidson’s Self Invested Personal Pension (SIPP). As disclosed in Note 11, the Foundation's investment property interest is held via this SIPP.

A Broome & M Healy are directors of Hayes Davidson (London) Trustee Ltd, the Trustee of the Hayes Davidson (London) Employee Ownership Trust. The balance of debt due to Alan Davidson’s Estate on the creation of the Employee Ownership Trust forms part of the Legacy Debtor.

A donation in kind with an estimate value of £500 is received annually from Hayes Davidson for the use of their office and as the Foundation's postal address.

Page 24

Alan Davidson Foundation 2024 - FINAL Full accounts 31 March 2024

Final Audit Report

2024-12-16

Created: 2024-12-16 By: Andrew Broome (abroome@haysmacintyre.com) Status: Signed Transaction ID: CBJCHBCAABAA6YmMaTokEv69kqnRMWMN3yVKsByM17G3

"Alan Davidson Foundation 2024 - FINAL Full accounts 31 Marc h 2024" History

2024-12-16 - 4:19:08 PM GMT

Document emailed to M Healy (trustee@alandavidsonfoundation.org) for signature

2024-12-16 - 4:19:14 PM GMT

Document emailed to S McAlpine (stephen@sbmandco.com) for signature

2024-12-16 - 4:19:14 PM GMT

Email viewed by S McAlpine (stephen@sbmandco.com)

2024-12-16 - 5:00:56 PM GMT

Document e-signed by S McAlpine (stephen@sbmandco.com)

Signature Date: 2024-12-16 - 5:08:51 PM GMT - Time Source: server

Email viewed by M Healy (trustee@alandavidsonfoundation.org)

2024-12-16 - 5:17:49 PM GMT

Document e-signed by M Healy (trustee@alandavidsonfoundation.org)

Signature Date: 2024-12-16 - 5:24:08 PM GMT - Time Source: server- Signature captured from device with phone number XXXXXXXX6021

Agreement completed.

2024-12-16 - 5:24:08 PM GMT