Chavlty ff•9lstratlon number 1181129 THE DAVIES FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 FEBRUARY 2025
THE DAVIES FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Th18ts0s Daniel SauAer Emma Wedderburn Charfty numb•r 1181129 Indep•nd•nt examln•r Jonathan Ward FCA Azgl Audit Semces Alpha House 4 Gregk Sl Slod(port Cheshlr• United Kingdom SK3 8A8 B•nk•rn HSBC UK 26 Broad Str••t Reading 8erk8hire RG12BU
THE DAVIES FOUNDATION CONTENTS P*ge Trustees. report Indep¢ndenl examinerfs report Slal•menl of fingncAal activitie8 881ance she81 Notes lo lh8 fan(la1 slatemenls 8-13
THE DAVIES FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 1 FEBRUARY2025 The Iru5tees present their annual report and financi81 ststem¢nts for the year ended 1 Fèbruary 2025. The financAal statements have been prepared in accordance with the accounting policies $et out in note I lo the finanual statements and comply with the charity's deed of trust. the Charities Act 2011 and "Accounling and Reporting by Charities.. Sialement of Recommended Practice appli(3ble to charities pieparing their account5 in accordance with the Finanaal Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 J8nLtary 20191" ObJe¢tivM and aetlvitbes Our ¢haritable objectives are 8$ follows". To fvnd eharitable causes whith are nominaled by ernployees of D8vies and support one or more of the following.. advancement ol cilyzenship or ¢ommunty development advancement of education pVentIOn or relief ol poverty the advancement of environment81 protectton or improvement. Our aim The Davies Foun¢J8lton supported over 60 organisations through our employee grants cycle for causes induding-. community support oryanisations, education, disaste¥ relief, animal and arts ¢harilies, health organisations and environmental organisations. Employees have also taken part in personal fundraisin9 initiaiives lo support ¢8USèS DI their local communitie5. The Iwstees are satssfied Ihal Ihg aims and objectives of the charity. and the activities report8d on can achieve the ims and principles of public benèffit. Stratègi The primary strategy for achieving the four charitable purposes detailed under the objectives above is charitae donations via a grants funding scheme. Periodically, whenever the Irusleès see fit, The Oavies Foundation opens grant appli¢ations, whereby any employees of Dawes Group can nominatè charrtable organisalions and not-for- profrts to receivè funding from our charity. Ea¢h applicats'on can request up lo £1,000 in non-rèstricted funding, which can be used for core costs at the elect charity. The grants funding scheme aims to support the services third sector organisations in our communities, which are working lo support public benefil and contribute towards our IoLsr ch8rilabl& purpose ladvancemenl gf eitoenship or community devèlopmenl, advancement of education, prevention or relièf of poverty, the advancement of environmental prolection or improvement). The charity on o¢casion will make donation$ over the value of £1,000 to ¢harilies to match the efforts of our colleagues lundrai$ing through challenge evènts. The Davies Foundation additionally engages in charity partnerships for 5tr8legic fundraising campaigns. This entails fundraising for the pie-determined cause and receiwng match funding from Dawes Group. Further to fundraising initiatives. the charity partners with noTrprofit organisations to deliver educational talks and Inlemal awafene95 campaigns on issuè$ including. mental heatth. financial well-being, diversity & indusion, challenging racism and LGBT inclusion. The trustees h8ve pald due regard to guidance issu9d by the Charity Commi$$lon in d8ciding what a¢tivitios the charity should undertake. GTant4naking pollcy The Davies Foundation Ilhe Foundation) provides grnnl lunding in support of a wide range of charitable projoets and works dosely wrth the Dawes Group Limrted (Dawes). Tha Foundation seeks lo support the causes and organisations dose5t to Davies team members. hearts, and lo have a direct impact in the communities in whi¢h Dawes operates.
THE DAVIES FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED I FEBRUARY2025 Use of volunt••Fs Davies and The Davie8 Foundation encourages colleagues to participate in activities to support the eommunilies In whi¢h we work and live, through the variou3 Opportunities PTomoled throughout the year, in¢luding employee volunteerin9. In addition, The Davies Foundation rèpresentatives across UK, Ireland, India and the U.S. support th& CIM and Truslees with planning fundraising in¢tialives with their local leamsloffices and with inlemal communications. Achievements and p•rfornian¢e How our activitiès dèliver public benèflt The Davies Founflalion strives to support organisations of all sizes. From donations to small animal shelters lo large organisations such as the NHS. our employee donations and grants programme helps support causes chOn by our employees that support communities wher$ we live and work. Th• maln aetivities are a$ lollows.. The Davies Foundabon supported ovèr 60 organisations through our employee grants cyde for causes including.. community support organisalions. education, disaster relief. animal and arts ch8riti&s. heath organisations and environmental organisalions. Ernployees have also taken part in personal fvndraising initiatives to 8UPPOrt 1gLtses in Iheir local communities. Flnancial review During the year income received totslled £88,506 12024 £111,83n and expenditu totalled £98,700 12024 £108,606) resulting in unrestricted SeNe$ totalling £90.17412024 £100.368). Reserves po15cy The chaTlty will aim to maintsin unrestricted rerVeS of £5,000. Thè pUose of holding reseTves is to ensure that The Oavies Foundation can Continue lo operate èffeth'vety and rneel its objèdives in the event (If unexpected financial challenges. Re5eJves provide a financial cushion to prole¢t against unforèseen drops in incomè, unexpected expenses. and to take advantage of new 0pportunrt$. Prlnclpal funding sources The primary funding source is internal fundraising via events held by Dawes employees. All l¢Jnds r8ised are matched by Davie5 Group, with both the fijnds raised and matched fijnding contributiThg to Tha Dawes Foundation grants fvnding scheme. This Investment Policy {the "Policy") outlines the framework within which The Davies Foundation Clhe Ch8rity"I will manage its investment framework. The aim of the Policy is to ensurè that all investments arè made in alignment with the Charity's obje¢lives, values. and legal rèsponsibilitses. Therè are currenuy no investorsfinvestmenls coming into Ihe Charity.11 this is to change. this Policy will ensure that the Charws funds afe invested responsibly, prudenuy, and in a mannèr that serves both thè long-lerm finanoal heatth ol th& organllalion and rts charitable mission.
THE DAVIES FOUNDATION TRUSTEES. REPORT {CONTINUED> FOR THE YEAR ENDED I FEBRUARY2025 Risk managèment The Davie5 Foundation rècognizes that effective risk management is essential for a robust governance flarnework and by understanding and managing the risks Oav¢es Foundation could face, we can Th¢ minimyze threats lo the Foundation and wjdei D¥vie$ Group. The Dawes FoUndatn was foundad to support our local communilios and give back to charities that matter most lo our teams. Our purpose 15 to $upport.' Thg advancement of cilrienship or community d8velopment The 8dvancement of education The prevention or relief of povety The advancement ol enronm•ntal protection or improvemènt Plan$ for future periods The Dawes Foundation has m8d$ the decision to dose on 115 own tèrms and expect the year ending 2026 will be the last reporting period. This decision was reached following ¢8fefvl ¢onsideration by the Board of Trustees and a¢¢ompanying teams. The Trustees have chosen lo transition from a registered ¢h8rty lo operating as a COTporale fund for donations. Thi5 ¢hange will allow vs to continue supports'ng charitable causes while avoiding the adrnini5tralivè and operational costs associated with running a standalone charity, including insurance expenses and the need lo uphold and rely on employee donations to succeed. By making this change. we aim to maximise the impact of our charitable giving and ensure that a grealer proportitsn of funds direclly benefits the causès we support. Stru¢turg, governance and managem•nt The Davies Foundation 15 govemed by a deed ol trust. last updated in March 2018. The charity is registered with both the Charity Commission {No. 11811291 and Companies House (No CE0158851 as a Charitable Incorporated Organisation. The trustees who served during the yèar and up to ihe dale of signature of the financAal statements ware.. Paris Baker {Resignod 31 July 20251 Antonio Debiase {Resigned 13 DecernbeT 2024) Daniel Saulter Emma Wedderburn Recrultm?nt and •ppolnbThnt of truste Apart from the first trustees, every charity Injslee must be 8ppoinled for a lerrn ol throe years. In 5eleding individuals for appoinlrnenl a$ trustees. the charity Iru5tee$ must have regard for the skills, knowledge and 8xperience needed foi the effective administration of the CIO. Organlsatlonal structure The charity trustees are responsible for the general control and management of the charity. The trustees give their lime frèely and receive no rernuneration or other financial beneflts. Indu¢tlon and tralnlng of trustee5 All trustees as Davies employees aTe obliged lo complete training on.. GDPR, Anti-money laundering. Treatrng Custorner5 Faidy, Haatth & Safety, Modem Slavèry. Bnbery, Wnislleblowing. Sexual harassment prevention in the work place. Infomiation Security and UK Finan84 Sanctions. This is an annual requirement lo maintain knowlèdge in these areas.
THE DAVIES FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED I FEBRUARY 2025 Tho trustèès, report was approved by th• Board of Trustees. Emma Wedd8rbum Tvu¥ts• Date.. A.P.p.p.mb8r.aoAs...............
THE DAVIES FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DAVIES FOUNDATION I report to the trustees on my exarninalion of the finan01 Statements of The Davies Foundai¢on Ilhe charity) lor the year ended 1 February 2025. R•sponsibllltie¥ and ba$1$ of report As the trustees of the charity you are ¥esponsible for the preparation of tho finan¢ial statements in a¢¢ordanee witti the requirements of the Charities Act 2011 Ilhe 2011 Act). I reporl in respect of my examinaknon of the charity'8 financial $tslemenls carried out undèr sèction 145 of the 2011 Act. In carrying out my èxamination I have followed all the applicable DireCtnts given by the Charity Commission under section 14515llbl of the 2011 Act. lfidèp•nd•nt examinerfs ststsmènt Your attention is drawn to the facl that the charity has prepared finanryal ststements in accordance wth Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard 8pplicabl$ in the UK and Republic of Ireland IFRS 1021 in prelereneè to the AcLounling and Reporting by Charities." Statement ol Recommended Practice issued on 1 April 2005 which is referred lo in tho exianl regulations bul has now been wthdrawn. l understand tha1 this has been done in order for finanaal statements to prowde a truè and fair view in accordance with Generalty A¢cepted Accounting Piactice eff$ctive for reporting periods bèginning on or after 1 January 2015. I have completed my exarninalion. I confirm Ihat no matteT5 have ¢oma to my attention in ¢onneetion with the examination giving me cause lo bèlieve that in any malerial respect". accounting reeords were not kept in respect of thè charty as required by $8ction 130 of the 2011 Act." or tho financial statements do not accord with those records., or the financial slalem&nls do nol compty with the appli¢ablè raquirements concerning the form and conlenl of accounts sel out in the Charrties lACunt$ and Reports) Regulations 2008 other than any requirernenl that the ac¢tsunts give a true and fair view which 1$ not a matter considered as part of an independent &xamination. The only matter I have corne acioss 1$ that there was not ahvays sufficiènt documentslion available to support soma of the expenditure during the year under review.. explanation was sought frorn the Trustees where Supporting evidence was ntsl 8vailabla to substantiate expendilure detailed on the bank slalements. No olher matters in connection with the examination lo which attention should bè drawn in this report in older to enable proper understanding of the finanoal statements lo be reathed. Jonathan Ward FCA Azets Audrt S9rvices Alpha House 4 Greek St stockport Cheshirè SK3 8AB United lth"ngdom Dated..
THE DAVIES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 1 FE8RUARY2025 Unmtrlctsd UnY•Btr5cted funds funds 2025 2024 Donations and legaeig$ Other trading activi11è8 36,967 51,539 55,588 56.249 Total Incom• 88,506 111,837 Itur• o Raising funds 19,128 14,950 Charitsble act1•S 79,572 93,656 Totsl •xp•ndltur• 98,700 108,606 N•t l•xpendltur•Vln¢omo for the yoarl N•t m¢)v•m•nt In fund• (10,1941 3.231 Fund balances al 2 February 2024 100,368 97,137 Fund balanGM at 1 February 202$ 90,174 100,388 The stalement of financlal aclivilies Indudes all gain8 and Io$s8s recognised in the year. All income and exp•ndiluro d8rive from ¢ontinuing activitses.
THE DAVIES FOUNDATION BALANCE SHEET ASAT 1 FE8RUARY2025 2025 2024 Nots• Currnnl *••ets Debtors Cash al bank and in hand 11 11.945 80,269 14,499 87,789 92.214 102,288 Cr•dltor4: amounts l•lllng du• vAthln one y•at 12 {2,0401 11,9201 Net cuThent 08s8ts 90,174 100,368 In¢ome fund$ Unroslricted lunds 90.174 100,368 90,174 1C(1.368 The finanoal slatements were approved by thè Trustees on %TropmbRT.2925 Daniel Sauh•r Thist••
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED I FEBRUARY2025 Accounng policie$ Chorfty Infomiatlon The Davies Foundation C50 is a Charitablè Incorporated Organisation which was fegislered with the Charity Commission on 11 Dècember 2018 and ¢ommenced operations on 16 April 2019. 1.1 Ac¢ountlny ¢onvention The financial statements have been prepared in accordancè wrfh ihe charrty's 9overning do¢ument, Ihe Charities Acl 2011 and "Accounting and Reporting by Charities.. Stalemenl of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive 1 January 20191" The charity 1$ a Public Benéfrt Entity as defined by FRS 102. The charity has taken advantagè of the prowsions in the SORP for charities apptyiny FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial Statements have departed from the Charlb'es (Accoun15 and Reports) Regulations 2008 onty to the extenl required to provide 8 true and fair view. This departure has involved lollowin9 the Staternent of RecL)mmended Practice for chaiilies applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regul*ions bLrt which has Since been wlhdrawn. The financial stalem9nts are ppared in st&rfing, whith is the lunctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatements have been prepared under the histori¢81 cost convention. The principal a¢UntIng poliryes adopted ale sel out below. 1.2 Going con¢èm The Dawgs Foundation has made the decision to dose on fls own terms and expe¢t the year ending 2026 will be the last reporting period. This decision was reached following careful consideration by the Board of Trustees and accompanying leams. The TTUStees have chosen lo Iransition from a regislered charrty to operatin9 as a corporate fund foT donations. This change will allow them lo continue supporting charitable causes while avoiding the adminislr81ive and operational costs assou81ed with running 8 standalone charity, induding Insurance expenses and the need lo uphokl and rely on employee donations to SuCd. By making this change. they aim to maximisè the imp8cI of their charitable giving and ensure that a greater proportion of funds directly beneffts the ¢auses they support. 1.3 Charitablè funds Unrestricted funds are available for use at the discretion of the trustees in furtheranco of their charitsblo objectives. Restricted fvnds are subject to specifK conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are set out in the nolas to the financjal stalements. Endowment funds are subject to specific condrtions by donors that the caprt81 must be maintained by the charty. There werè no Testh"¢ted or endowment lunds. 1A Incomè Incorne is recognised when the charity is legally èntrtlad to It after any performance conditions have been met, the amounls can be measured rèliably. and it is probable that income will be received.
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED I FEBRUARY 2025 A¢¢ounting pollcSes Icontlnuedl Cash donations are recA)gnised on receipt. Other donations are re¢ognised once the charity has been notified tsf thè donation, unless performance conditions require deferral of the amount. Incorne lax ré¢overable in relation to donations received under Gift Aid or deeds of covenant is re¢ognised at the time of the donation. Legacies are recognised tsn receipt or otherwise rf the charity has been notified of an impgnding distribution. the amount is known, and ieceipl is expected. If the amount is not known, the legacy is treated as a ¢onlingent assal. 1.5 Expendlture Expenditure is re¢ognised once there is a le931 or constructive obligation lo tiansfer economi¢ benèfit to third party, il is piobablè that a transfer ol economic benefits will be required In settlement, and the amount of the obligation can be measured reliably. Expenditure is cl4ssifi8d by activity. The costs ol each activity are made up of the total of direct (x)sls and shared costs, including SUPPOrt costs involved in undertaking each activty. Direct costs altributable lo 8 $ingle activity are allocated directly to thal activity. Sharèd costs which contribute lo more than one ath'vity and support Costs whith ale not attributable to a single actiwty are apportioned between those activities on a basis consistenl with the use of resources. Central Staff costs are allocated on the basis of th'rne spent. and deprecialion charges a allocated on the portion of the a$set's use. Resources expendèd are included in the slat¢ment of finanual actiwlies on an accruals basis. inclusive of VAT where il 15 not iecoverable. Charitable expenditure comprises those costs incurred by the tharrty in the delivery ol ils activrties and seNces for ils bèneficiaries. It includes both costs that can be alloc8led dire¢Uy to such activrties and those costs of an indirect nature necessary lo supporl them. Governance ctssls include those costs a8s0¢ialed with meetsng the (xjnslilulional and statutory requirements of Ihe charity and indude the independent examination fees of the charity. All costs are allocated batween the expenditure ¢ategories in ihe Slalemenl ol Finanaal Activities {SOFAI on a basis designed lo ieftèct the use of the resouiee. Costs relating to a particu18r actiwty are allocated directly whilst others are apportioned on an appropri81e basis. 1.6 Cash and ¢ash •quivalfrnts Cash and cash equivalènts indude cash in hand, dèposrts held at call with banks, other short-term liquid investmenls with Original maturities of three months or less, and bank overdrafts. Bank overdrafL5 are shown within borrowings in ¢urrgnt liabilities. 1.7 Flnanelal Instruments The chanty has elècted lo apply the prOv$10n$ of se¢'0n 11 'Basic Financial Instruments, and S&¢tion 12 'Olher Financi81 Instruments Issue5, of FRS 102 to all of ts financial in51rurnents. Financial instruments are recognised in the charity's balance sheet when th? ¢harity becomes paty lo the contractual piovi5itsn$ of the inslrumenl. Financ¢al assets and liabilities are offset, with the nel amount5 presented in thè financial stslernents, when there is a legally enforceable right to set olf thè recognised amounts and there bs an intention to settle on a net basis or to realise the asset and settle the liability simullaneously.
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED I FEBRUARY 2025 Accounting poll¢l Icontlnuedl Bask flnancial ass•ts Basic financial assets. which include debtor5 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenlly carfied at amortised cost using the effectwe interest melht)d unless the arrangement constilules a financing transaction, where the tran8action is measured al the pigsent value of the future receipts diseounted at a market rate of interest. Finants?al assets dassified as Te¢eivablÈ within one year a not amortised. Baslc Ilnancial liabililiès Basic financial liabililiès, induding cteditors and bank 108ns are initially recognised at transaciion price unless the arrangement ctsnstitutes a ffinancing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Finanaal liabilities c18ssified as payable within one year are not amortised. Debt instruments afe subsequenlty carried 8t amorts'sed cost, using the effective interest ral# mglhod. Tr8de creditors are obligations to pay for 9otsds or services that have been acquired in the ordinary course of operations from supplieis. Amounls payable 8re classified 8$ ¢urrenl liabilrties if payment is due wrthin one year or less. If not, they are presented as non-current liabilitie$. Trade creditors are recogni$èd initi'ally al trans8ctr.on price and subsequently measured al amortised c051 using the effective Interest method. Derecognition of linanclal lffatsllltles Financial liabilities are d¢r¢cognised when the charitys contractual obligations expire or are discharged or can¢elled. Criti¢#l aeeounting estirnats$ and ludgements In the application of the charty's 8ceounting policies, the trustees a required to make judgemen15. estimates and assumptions about the Carrying amount of assets and liabilitie5 that are not readily apparent from other Sour5. The estimates and assothated assumptions are based on historical experiencè and other factois that are considered to be relevant. A¢tual results may drffer from these estimates. The estimate$ and underfying assumptions are vieWed on an ongoing basis. Revisions to ac¢ounting estimates are gnised in the period in which the èstimate is revised where the rew510n affect5 Only that Period, or in the rIOd ol Ihe revision and lulure penods where the revision affecis both current and future pèriods. Thgre were no criti1 accounting estimates orjudgements. Oonations Unr•stricted Unrestricted fvnds fund$ 2025 2024 The Davies Group donations 36.967 55.588 10-
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED I FEBRUARY 2025 Fundrnlslng actfvltlo8 UnwJtrlcl•d Unre$trtct*d fund• funds 2028 2024 Event and associatèd costs 51.539 56.249 R418lng fund• Unmtrl¢l•d Unfoslricted fvn funds 2025 2024 Othor fundraising c0818 19,128 14,950 19,128 14,950 Charltabl• actlvltl 2025 2024 Grants 188ued Online giving charges 56,950 1,358 71.346 622 58.308 71.968 Share of support cos1$18ee note n Share ofgovemanc• costs 8.405 12.859 8,925 12.763 79,572 93.656 11
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 1 FEBRUARY 2025 Support ¢osts Support Goveman ¢osts 2025Support costs Govemanc8 ¢osls 2024 General insurance and overheads Charity database 6,232 2,173 6,232 2.173 7,958 967 7.958 967 Audit f•&s Trustees insurance 2.040 10,819 1,920 10,843 1,920 10,843 10.819 8,405 12.859 21.264 8,925 12,763 21.688 Analysed btteen Charitablè activrties 8,405 12,859 21,264 8,925 12,763 21,688 Governance cDst5 indud&s payments lo th¢ aceounlanls of 2025 £2,040 {2024 £1,920) for independent examination fees. Trustee$ None of the Ifustges lor any person$ connected with thèm} receNed any remuneration or benefrts from the charity during the year. employees The average monthly number ol empk)yees during Ihe year wa$". 2025 Nvmber 2024 Numbèr Total There were no employees during the year or prior period. There were no employees whose annual remuneration was more than £60.000. 10 Taxatlon The charity is exempt from tax on in(x)mè and gains falling within section 5C15 of the Taxes Act 1988 or section 252 01 the Taxation ol Chargeable Gains Act 1992 to the extenl that Ihese are applied to ils charitable object5. 11 Debtors 2025 2024 Amounts falllng dug within on• ar.. Prepayments and accrued incom9 t1.944 14.499 12
THE DAVIES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED I FEBRUARY 2025 12 Cr•dltor4: amounts falllng du• wlthln one fftr 2028 2024 A¢¢rual$ and d8f8rr8d income 2.040 1,920 13-