Charlty r•gl•tr•tlon numb•r 1181129 THE DAVIES FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 FEBRUARY 2024
THE DAVIES FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tru•tM• Paris Baker Antonio Debiase Daniel SauK&r Emma Weddert)um Prlnclpl• admlnl*htor Paris Baker CrIty numb•r 1181129 Ind•p•nd•nt •x•mln•r Jonathan Ward FCA Azet Audit Services Alpha House 4 Greek Sl Stockport Chashire United lfjngdom SK3 BAB Bank•r• HSBC UK 26 Broad Strggt Roadin9 Bertshire RG128U
THE DAVIES FOUNDATION CONTENTS P•g• Trust8as' r8POrt Independent ex8minerfs report Stslemgnl of finaneial actimtigs Balance sheet Note5 to the financial stalefflenls 7-11
THE DAVIES FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 1 FEBRUAR Y 2024 The trustèès present their annual report and finanaal statements for the year ended 1 February 2024. The financial s18lemenls have been prepafed in accoid8n¢o with the accounting poli(Je5 set out in notè 1 to thè financial slalemenls and compty with the charill5 deed ol trust, the Charities Act 2011 and "Accounting and Reporting by Charities." Sl8lemÈnt ol Recornmended Practice 8ppli¢able to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in Ihe UK and Republic ol Ireland {FRS 1021 (effective 1 January 20191" Objective$ and actlvltlès Our charitable objecb'ves are as follows". advancement of ¢itYzenship or cL)mmunity development advancement of edu¢ation prevention or relief of povèrty the advancement of environmenlal proleclion or improvement. Our aims The Davies Foundab"on aims to crèate a positive social impad in the communities globalty where Dawe$ Group operate. Through ongoing lundraising and receiving match funding from Davies Group, Ihe ch8fity will proviile grant funding lo charitable oiganisalions nominaled by our ernployeès through our grants scherne. The Iruslee$ a satisfied that the aims obièetives of the charity, and the activities reported on can ac*ieve the aim5 and principles ol public benefit. Strategies The primary strategy lor achieving the four chaiilable purposes detailed under the objectives above is charitable donalions via a grants funding scheme. Periodically. whenever the trustees see fit, The Davies Foundation opèns grant applications, wheTeby any employees of Davies Group can nominate charrtable Ofganisalions and nol-lor- profrts to receive lunding Iioffl our charity. Each application can rèquest up to £1.000 in non-resliicled lunding, which can be used for core costs at the elecled charity. The granls funding scheme aims lo support the services Ihifd $e¢tor organisations in OUT communities, which are workn'ng to support public benefil and contribute towards our four Charitable purpose ladvancemenl of citizènship or communty development, advancement of education, prevention or relief of poverty. Ihe advancement ol environmental protection OT improvèmènt.) The charity on occasion will makè donations over the value of £1.1)00 lo charities lo rnalch the efforts of our ¢011gagues fundraising through Challge evenls. The Davies Foundation additionally engages in charity partnerships for stratègic fundraising campaigns. This entails fundTaising for the preterni1ned cause and receiving match fundin9 from Davies Group. Further lo fundraising inrtiatives, the charity partners with non-profit organisation5 to deliver educational talks and internal awareness campaigns on issues induding, rnentsl heatth, finanaal well-being. diversty & incluston, challenging racism and LGBT 1ndusion. The trustees have paid due regard 10 9uidance issued by the Charity Commission in derading what activities the chairty should undertake. Grnntrymakin9 poli¢y The Davies Foundation 9rants are submitted by Davies employees and assessed by our Grants Committee. a voluntary board of colleagues across a variety of Davies locations and departments. The Grants Committee assèss each application against our charitable principles and 8llo¢ate funding fairly across Ihe locations which Davies opèrates. The Grants Committee must allocate funds within a pre-determined maximum allocation as well as Provide rtrasons for these derAsn$. Thè final distribLrtion is signed off by The Dawes Foundation board of trustees.
THE DAVIES FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED I FEBRUAR Y 2024 U•e of volunteer4 The Davies Foundation works with a neh¥ork of over 60 vduntsry representslives auoss Oawes Group bcalions to promotè ewnts and initiatives. Pres&nt oui ¢harty globalty, organise fundraisers and provido feedback from Davies employees. The CSR Represenl8live5 adhere lo the Nolan Principles when carrying out dut$ a$$orialed with The Davies Foundation. Achlevements and perforniance How our activities deliver public benefft Th8 Dawes Foundation distribuies donations through our grants ftjnding si*eme to charitable oigani5alions nominated by employees of Davies Group. working in the cornrnunitie5 where Davies operates. Vve support range of charities. nol-for-profils and community cau5e5, which contribute to our charitabte purposes, including but not limited lo.. family welfare charities, foodbanks, horneless sheltefs, medical charrtie5, mental haalth organisations, 5UPPOrt group5. enrOnMen1al charities and communty groups. Th• maln actlvltF•s ar• as follows.. 1. Inlemal remote and virtual fundraisers, challenge events and in-office evenls, held and participated in by Davies GfOUP employees. The grant funding scheme allocaling fvnd$ lo ¢haritable organisalions nominated by Davies employtes. 2. Match funding fundraising effort5 of emOyeeS for charitable causes, including matehing fvnds raised through challenge events and personal challenges. 3. Edvcalional and awarfjne$$ Campaigns on social i$$ug$, including awareness days, hosting •du¢ational talks and ¢h81ty partnèrships. Flnanclal revlew During the year income received tolalled £111.837 12023 £107,452) and expenditure tolalled £108.6C6 12023 £121,0031 fesulkn'ng in unrestricted reserves lotalling £100,36812023 £97,136}. Rer¥•9 pollcy The Charrty will aim lo maintain unrestricted SeNe8 of £5,000. Prlnclpal funding sourc•s The primary lunding source is inlemal fundraising via events held by Davies employees. All funds raised are matched by Davies Group, with both the funds raised and matched funding ntrIbub.n9 lo The Dawes Foundation grants funding scheme. Rlsk management Trustees ¢omplote frlearning on GDPR. AnMOneYlaUnderin9, Bribery and Iwrformalion Socurity lo provide the ski115 for effe¢tTrve risk management in those a88.
THE DAVIES FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED I FEBRUAR Y 2024 Pl•n$ for future periods In 2024 and beyond. we continuè to look to grow OUT impact. focusing OUT stralegy on three core thèmès., 111 Supporting our comrnunilies, 121 Going green doing our bil for the planet, and,131 Ampltying voices 8nd talking about the issues which matler. espècially in relation lo diversity. equalty and inclusion. This will entsil continuing our intemal fvndraising through employee events for our grants scheme to support charrtable causes. In January of 2024, we have £80,000 available to allo¢al£ lo charities nominated by our people. and we have a larget of raising £100,000 this year lor the scheme. Through a combination of employee and business-led initialives. we will be promoting sustainable environmenlal lrfestyles as well as supporting diversity, equality and induston in the business and WKler soo8ty. This year we look forward lo continuing wrth a range of charrty partnerships to deliver educational talks and campaigns on issues which rnatter. induding LGBTQ+ issues. culture and herrtage, disability inclusion and mole. We aim to run campaigns and lealure$ around awareness days, induding, Black History Month, Inleinalional Women's Day, Mental Heatth Awareness Vveek, Piide Month, Disability Awareness Day, World Homeless Day and World Menopause Day. Struetufg. governanc• *nd monag•ment The Davies Foundation is governed by a deed of Irusl, last updated in March 2018. Thè charty is regislered with bolh the Charity Cofflmission (No. 11811291 and Companiès House INO CEO1588518s a Charitable Incorporated Organisation. The Iru$t8es who served during the year and up to the date of signature of the financial statements were.. Paris Baker Antonio Debiastr Daniel S8vrter Emma Wedderburn RKruitment •nd appointment of trustee¥ Apart from the first Irusl&e$, every charity Iruslee rnu$l bè appointed for a tenn Of threè years. In selecting indiwduals for appointment as Irustees, the charity trustees musl have regard for the skills, knowl8dgè and experience needed for the efte¢tive administration of the CIO. Oryanisational struetur• The charity Iruslee5 are responsible for the general conlrol and management of the ¢harity. The trustees 9ive their lime freely and receive no ièmuneralion OT other financial benèfits. Induction and tralnlng of trustees All trustees as Davies employees are obliged lo complete training on.. GDPR. Anti-money laundering, Treating Customers Fairfy, Health & Safety, Modem Slavery. Bribery, Whistleblowin9. Sexu81 harassment prevention in the work place. Information Security and UK Financi81 Sanction$. This is an annual requiromènl to mainlain knowlèdge in these areas. Tho trustees. Teport was approved by the Board of Trustèes. Emma Wedderburn Trustee Dated". 0811012024
THE DAVIES FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DAVIES FOUNDATION 118port to the trustees on my exarninalion of the financial slalements of The Dawes Foundation (the charilyl for the year ended 1 February 2024. Responsibilitiès and basls of rèport A5 the trustees of the charity you are rosponsiblè for th& preparation ol the financial statements in accordance with the requirements ol the Charities Act 2011 (thè 2011 Adl. I rèport in re$pecl of my examination ol the charity's financial slat8m&nts ¢arried out under $e¢t#)n 145 of the 2011 Act. In carying out my examinalion I have followed all Ihe 8pplicable Directions given by the Charity Commission under seclion 14515llbl of Ihe 2011 Acl. Independènt èJEamin¢¢$ $tstsm¢nt Your attention is drawn to the fact that thè charity h8$ prepared finanoal statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in Ihe LIK and Republic of Ireland IFRS 102> preleien¢e lo the Accounting and Reporting by Ch8nlies'. Statement of Recommended Praclice issued on 1 April 2005 which is refarrèd lo in the extant regulations bul has now been withdrawn. l understand that this has been done in order lof financial slalemenls lo provide a truè and lair view in accordance with Generalty Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. haw completed my examination. I confirm that no matters hav9 wmg lo my attenlion in connection with the examination giving me cause to believe that in any material rèsp•ct." accounting recoids were not kept In respect of the charity as required by section 130 of the 2011 Acl". or Ihe financial statements do nol a¢¢oid wlh those records., or Ihe financial slatemenls do not comply with the applicable requirements concerning the lom and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accoltnls give a true and fair w&w which Is not a matter considered as part of an independent examinalbon. I h8ve no concem5 and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slaternenls to be reached. Jonathan Ward FCA Azets Audit Service5 Alpha House 4 Greek Sl Sltsckporl Cheshirè SK3 8AB Unrted Kingdom Dated..
THE DAVIES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED I FEBRUARY 2024 Unre•trl¢tsd Unrnstrf¢t•d funds fund• 2024 2023 Donations and legacl•$ Other trading aGtivities 55.588 56.249 57,625 49.827 Total In¢om• 111.837 107,452 Iturn on: Raising funds 14,9SO 32,290 Charitable activilies 93,656 88,713 Totsl •xp•ndlturn 108.806 121,C¥)3 N•t Incom•ll•xp•ndltyr•l for th• yoarl N•1 m0ment In fund4 3.231 (13,551} Fund balanc•s al 2 February 2023 97,137 110,687 Fund b•lanc•s at 1 F•bru•ry 2Q24 100.368 97,138 The stal8m8nt of financial activrties indudes èll gains and losses recognised In the y•8r. AN income and expgnditUTè derivfr from ¢ontinuing aclivitie8.
THE DAVIES FOUNDATION BALANCE SHEEr ASAT I FEBRUARY2024 2024 2023 Nol•s Cury•ntaM•l8 Debtors Cash at bank ar in hand 11 14,498 87.789 13,987 84.969 102.287 98,936 CrndStorn: amounts falllng du• wlthln oft• y•ar 12 11.9201 11,799) Nèt current assots 100,367 97,137 Incom• lunds Uns'cted funds 100,368 97,136 100,368 97,138 0811012024 Thg finanual $1ol•menls were approved by the Trustees on......................... Anton) Tru•te biase Emma Wedderbum Tru•ts•
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED I FEBRUARY 2024 Accounting policies Charity informatlon The Davies Foundation CIO is a Charilable Incorporated Organisalion which was registered with thè Charity Commission on 11 December 2018 and commenced operations on 16 April 2019. 1.1 Accountlng ¢onv•ntlon The financial statement5 have been prepared in a¢cordance wth the charity's goveming documenl, the Charities Act 2011 and "Accounts"ng and Reporting by Charities.. Statement of Recommended Practice applicabk to charities preparing Iheir accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ir&land IFRS 1021 leflectivè 1 January 20191" Thè charty is a Public Benefit Entity as dèfined by FRS 102. The charrty has taken advantsge of the pro$10n5 in the SORP for charities apptying FRS 102 Update Bulletin 1 not to prepare a Slalement ol Cash Flows. The finanual statements have departed from the Charities (Aeeounls and Reptsrtsl Regulations 2008 only to Ihe extent required to provide a Irve and lair view. Thi5 departure has involved following Ihe Stalemenl of Recommended Practice for charities applying FRS 102 ialhar than the version of the Statement ol Recommended Pra¢tice which is referred to in the Regulations bul which has since been withdrawn. The financial statements are Pfepared in slerlin9, whh is the functional ¢uirèncy of the charity. Monetary amounts in these financial slalements are rounded lo the nearest £. The financial stslements have been prepared under the historical cost convenknon. The principal accounting pdicies adopted ar• set out below. 1.2 Golng concern The truslees monilor the ever changing srtuation and continue lo evaluate the charity5 ability to continue to operate on an ongoing and foreseeable b8S1S. Al the time of approving the ffinancial slalemer71$. the trustees have 8 reastsnab expectalion that the charity has adequate resources lo continue in operational existence for the foreseeablè fLrture. Thus the trustees continue lo adopt the going concem basis of aCkn"n9 in preparing the ffinancial slatèmanls. 1.3 Charitabl• funds UnStrICted funds ar8 available for use at Ihe discretion of the Iruslees in lurtherancè of their c8fitable objectives. Restricled funds are subject to specific eonditions by donor5 as to how they may be used. The purposes and uses of the reslrided funds are set out in the notes to the financial slalements. Endowment funds are subject lo specific conditions by donors th the capital musl be maintained by the charity. There were no restricted or &ndowmenl lun¢Js. 1A Income Income is recognised when the charty is legalty entitled lo il after any performance conditions have b8an mèt, Ihe amoun15 can mèasured reliably, and it is probable th81 Inrne will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation. unless performance conditions require deferral of the amount. Income lax CoVerable in rèlation lo donalitsns received under Gift Aid or deeds of covenant is recognised al the lime of the donation.
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED I FEBRUARY2024 A¢¢ounting pollcles Icontlnuedl Legacies are re¢ognised on reeeipl or otheiSe rf the ¢harity has been notified of an impending di$lribulion. the amount is known. and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 1.5 Expendliure Expenditure is recognised once there is a legal or con$lTudive obh'galh)n lo transfer economic benefrt lo a third party, il 1$ probable that a Iransler of aconomic benefits will be required in settlement, and the amount of thè obliyalion can be measLbred reliabty. Expendilure is dassiffied by activity. The costs of each actiwty are made up of the lolal of difect costs and shad cDsts. including support ¢o$l$ involved in undèrtaking èach activty. Direct costs #ttribulable to a Single activity are allocated direclly lo that activity. Shared costs which contribute to more Ihan one actiwly and support costs whith are not attributable to a single a¢tiwly ale apportioned beeen those activities on a basis eonsislent wrth the use ol resources. Central staff Cos15 are allocated on the basis of time spent. and d$pie¢ialion charges are allocated on the portion of the asset's use. Resources expended are induded in ihe statement of financial activrties on an accruals basis, inclusive ol VAT Whe il is not recoverable. Charitable expenditure comprisès those Costs incurred by th8 eharity in the delivgry of ils activities and seNicEs for its beneficiariès. It includes both costs that can be alloc8led directly to su¢h activrties and those costs of an indirect natUTe necessary to 5UPPOrt them. Goveman¢e cos15 include Ih05e costs associated with meeting the constrtub'onal and statutory requirements ol the ¢harrty and include the independenl examin8lion fees ol Ihe charity. All cos15 are allocated btheen the expenditure categories in the Slalèmènt ol Finanaal Activities ISOFA} on basis designed to reflect thè use of the resource. Costs relatin9 to a particular activity are allocated di¢tty whilst others arg apportione(J on an appropriate basis. 1.6 Cash and cash èquSvalènts Cash 8nd cash equivalents includ8 cash in hand, deposits held at call with banks, other short.lemi liquid investments wrth original maturrties of three months or less, and bank overdrafts. Bank ovèrdrafts are shown wilhin borrowings in current liabilities. 1.7 Flnancl•l In$trurn•nts The charity has elèded to apply 1he Provisions of Seciion 11 '8a$ic Financial Instiurnents, and Sethn 12 'Other Financial Instruments Issues, of FRS 102 to all of its financi81 inslrurnents. Finan¥1 instwments are recognised in the charity'$ balance Sheet when the ¢h8rity becomes party lo Ihe ¢ontra¢lual provision5 of the instrument. Financial asset5 and liabilities are offsel, wrth the nel amounts presented in the financial statements, when there is a legally enforceab right lo sel off the recognised amounts and thère 18 an intention lo settle on a n81 basis or to realise the asset and $Èttle the liability simullaneousty. Basic financlal ass•ts Basic financial assets, which indudè debtors and cash and bank balances. are inrtially measured al transaction price including transaction ¢esls and are subsequently carried at amortised cost using the effective inleresl method unless the arrangement constitutes a financing transa¢tion, whèiè the transaction is measured at the present value of the future receipts discounlgd al a market rale of interest. Finanaal assèts classified as receivable within one year ale nol amortised.
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED I FEBRUARY 2024 A¢¢ountlng policie5 (Continued) Ba$1¢ Ilnanelal Ilabiliti•s Basic financial liabilities. including creditor5 and bank loans are initially recognisèd at transaction price unless the airangemenl conslilutes a financing tran58Ction. where the debt in5trurnenl is measured al the present value of the future payments dis¢ounted al a market rale ol interest. Financial 118bililies classified a5 payable within one year are not amortised. Debl inslTuments are subsequently carried at amortised cost. using the effeciive intere51 rate method. Trade creditor5 are obligations lo pay for goods or services that have been acquired in the or¢Jin8ry ¢ouise of operations from suppliers. Amounls payable are classified as current liabilitiès il payrnenl is due within onè year or less. 11 not, they are presented as non-current liabilrties. Trade creditors are recognis&d initialty at tfansaction price and subsequenlly measured at amortised cost using the effeGtive interest method. Derecognition ol flnancial liabilities Financial li8.1tieS are derecognisèd when the charity's contractual obligations expl or are discharged or cancelled. Critical accounting •$timat•s and judg•m•nts In the application of the Chartty's accounting poli¢Tes, the trustees are requirèd to make judgemen15. estimates and assumptions about the ¢arrying amount of assèts and liabilities that are nol readily apparent from other soureès. The estimates and 8ssotyated assumptions ara based on historical expen&nc8 and other factors that are considered to be relevant. Aclual results may differ from these estimates. The eslimales 8nd undertying as5umplions are reviewed on an ongoing basis. Revi$ions to accountsng eslimates are rewnised in the period In which the estimate is rèvised where the revision affe¢ls only that period, or in the period of the revision 8nd future periods where the revision affects both current an¢J futura periods. There were no uilical accounting eslimales orjudgemenls. Donations Unrestricted Unreslrieled fund¥ lunds 2024 2023 The Davies Group donations 55,588 57,625 Fundr&lslng activities untrICd Unrestricted funds funds 2024 2023 Event and associatèd costs 56.249 49,827
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED I FEBRUARY 2024 Raising funds Unrestrict•d Unrestricted funds funds 2024 2023 and ublicAt Other fundraising ¢0s15 14.950 32,290 14.950 32,2 Charftabl• actlvttl•$ 2024 2023 Grants issued Online giving ¢harggS 71,346 622 fj4.779 1,076 71.968 65,855 Share of support cosls (see note 71 Shale of govemance costs 8,925 12,763 10,822 12.036 93,656 88,713 Support costs Support Gov•m*nce ¢o$ts costs 2024Support C051s Governance Costs 2023 General insurance and overheads Charity databas8 7.958 7,958 967 8.667 2,155 8.867 2,155 Audlt fees Truslees insurance 1,920 10.843 1,920 10,843 1,800 10,236 1,600 10,236 8,925 12.763 21,688 10,822 12,036 22.858 Analysed beeen Chaiilable actlmlies 8,925 12,763 21.688 10,822 12,036 22,858 Govemance Costs indudes payments to thè a¢¢ounlanls of 2024 £1,920 12023 £1,800) for independent examination fee6. 10-
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED I FEBRUARY 2024 Trut•• None of th• trustees lor any p•r8ons connected vAlh them) rec•i¥ed any remuneration or benèfrtg from th• chadty during yeaf. Employ••• Th• averagè monlhty numbar of employee$ dudng th8 year was.. 2024 Numbv 2023 Nurnber Total There wer8 no employees during thè year or prfor p•riod. There were no employe08 whose annugl remuneration was moro than £60.000. 10 T•x•tlon The tharily is exempl from lax on income an*Y gains tslling within section 50S of the Taxes Act 19B8 w 8eclh)n 252 of the Taxakn'tsnof Charg&abl8 Gains Act 1992 to Ihfj extfjnl that thesè arè applied to 115 charitable objects. li D•btorn 2024 2013 Amounts falllng vthln on• y•ar: Prepayments and accrued Income 14,498 13.967 12 Cr•dlQovs: •mounts falllng du• wlthlft on• ymr 2024 2023 A¢cruals and deferred Income 1.920 1.799