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2025-08-31-accounts

St David's (1918) Charitable Trust

Annual Report and Financial Statements

Year ended 31 August 2025

Charity Registration Number 1204445 (England and Wales) Company Registration Number 14964611 (England and Wales)

Contents

Reports
Reference and administrative information 1
Trustees’ report (including strategic report) 3
Independent auditor’s report 10
Financial statements
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 19
Principal accounting policies 19
Notes to the financial statements 23

St David's (1918) Charitable Trust

Reference and administrative information

Trustees M Bowler
M F J Coleby
C H Goss
T C R Hutton (resigned 31 May 2025)
J C B Powell
M C Quinn
D M Searle (resigned 31 May 2025)
Registered office 22 Princes Gardens
London
England
W5 1SD
Registered Company number 14964611 (England and Wales)
Registered Charity number 1204445 (England and Wales)
Solicitors VWV PLC
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA
Bankers Barclays Bank Plc
17 Queen Street
Cardiff
CF10 2AQ
Flagstone
1st Floor
Clareville House
26-27 Oxendon Street
London
SW1Y 4EL
Investment Managers CCLA Fund Managers Limited
1 Angel Lane
London
EC4R 3AB

St David's (1918) Charitable Trust 1

Reference and administrative information

Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

St David's (1918) Charitable Trust 2

Trustees’ report (including strategic report) Year ended 31 August 2025

This is the second report of the newly incorporated entity which was formed as a charitable company from St David’s Home for Disabled Soldiers, Sailors and Airmen. The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present this report with the financial statements for the year ended 31 August 2025. Comparative information is provided in respect to the period 27 June 2023 to 31 August 2024.

The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The accounting policies underpinning the preparation of the financial statements are set out on pages 19 to 22.

The principal activity of the charity was to tie up any loose ends following the sale of St David’s Home in July 2024, to establish itself as an efficient organisation, to invest its assets prudently and to research options for its future.

The charity changed its name from St David’s Home for Disabled Soldiers, Sailors and Airmen to St David’s (1918) Charitable Trust, which was certified at Companies House on 6 September 2024 and approved by the Charity Commission on 1 October 2024. It has retained its objects as detailed below, but no longer operates a care home.

OBJECTIVES AND ACTIVITIES

Aims

The objects of the charity are to relieve the physical and mental disability for individuals who are:

Activities and ethos

The trustees have continued to review the best way of delivering these objectives in the future. This review is ongoing and it is envisaged that a new strategy will be developed during the year 2025-26.

In the meantime, trustees have concentrated on resolving administrative issues, such as banking arrangements and the recovery of funds incorrectly paid to the purchaser of St David’s Home, and on prudently investing the capital gained as a result of the sale.

The charity’s ethos continues to be based on its Roman Catholic heritage, and one trustee is nominated by the Archbishop of Westminster.

St David's (1918) Charitable Trust 3

Trustees’ report (including strategic report) Year ended 31 August 2025

Public benefit

The trustees believe that commissioning a research project to inform decisions about its future is of public benefit in accordance with Charity Commission guidelines.

STRATEGIC REPORT

Achievement and performance

During this year of establishment and review the trustees considered it right not to expend its resources on charitable activities. It is anticipated that decisions will be made during the year 2025-26 which will inform the development of a new strategy and enable the commencement of charitable activities and expenditure.

Financial review

A summary of the charity’s income and expenditure for the year ended 31 August 2025 may be found in the statement of financial activities on page 15. Comparative information is provided in respect of the period 27 June 2023 to 31 August 2024.

Total income for the year ended 31 August 2025 amounted to £73,654 (period ended 31 August 2024 - £11,207,609). Income for the year ended 31 August 2025 was predominantly the interest earned on the charity’s cash deposits. Income for the comparative period included the income derived from the operation of the nursing home up to the point of its sale on 8 July 2024, the gain made on the disposal of the home totalling £2,185,467, and non-recurring income totalling £5,007,378 following the transfer of assets and liabilities from the original charity prior to the incorporation of St David’s (1918) Charitable Trust.

Total expenditure for the year ended 31 August 2025 amounted to £94,457 (period ended 31 August 2024 - £4,588,340). Expenditure for the year ended 31 August 2025 has predominantly related to professional fees whilst the charity resolved administrative issues post sale of St David’s Home, and on determining the future direction of the charity. Expenditure for the comparative period included the cost incurred in the operation of the nursing home until its sale.

Net expenditure before accounting for changes in the value of the charity’s investments was, therefore, £20,803 (period ended 31 August 2024 – surplus of £6,619,269). After accounting for the unrealised losses on the revaluation of the charity’s investments with CCLA as at the balance sheet date of £144,671 (period ended 31 August 2024 - £nil), the overall net expenditure and net decrease in fund balances for the year was £165,474 (period ended 31 August 2024 – net income and net increase in fund balances of £6,619,269).

St David's (1918) Charitable Trust 4

Trustees’ report (including strategic report) Year ended 31 August 2025

Investment policy and performance

The charity’s investment policy is, in summary, to generate an average total return of inflation (CPI) plus 4% after fees. Due to global deductions in the value of investments in the period, this was not achieved and, as noted above, a loss of £165,474 has accumulated in respect of the investments made with CCLA between the initial £6,000,000 investment made and the value reported by CCLA as at 31 August 2025. The charity has also invested surplus cash balances in term deposits via Flagstone, and these investments have yielded interest totalling £71,463 during the period of report.

Reserves policy and financial position

The reserves policy is to have free reserves of between three and six months unrestricted expenditure. This level of free reserves was maintained throughout the year. As at 31 August 2025, the charity held free reserves totalling £6,453,795. Whilst this significantly exceeds the current reserves policy, the trustees are content that this is acceptable during this transitionary period for the charity and whilst the trustees determine the future direction of the charity.

Future plans

The trustees commissioned a research project which was completed during the year. Its aim was to answer the question ‘Is there more we can do for ex-service people; are there any gaps or shortfalls in the provision of services to ex-forces people which St David’s could reasonably fill?’ In finding the answers to these questions, the trustees hoped also to be able to decide whether, in the long run, delivery was more likely to be efficient and effective if carried out by St David’s or by another organisation.

The report recommended that priority be given to mental health and to the coordination and digitalization of charitable effort. The trustees now plan to have conversations with a small number of charities with similar purposes to its own. The conversations will be based on the requirement to articulate how, if given the opportunity, the charity concerned would use some £6 million for the benefit of the ex-service community in accordance with the above priorities.

It is envisaged that the next steps would involve the scoping and evaluation of a bold and innovative strategy which required St David’s financial support, perhaps in partnership with another funder. It could be at this stage that the trustees decided that the best way of delivering the strategy was for St David’s to carry it out, or whether another charity, with vision, stature and influence could have more impact. If the former, St David’s will resource itself as necessary; if the latter, St David’s will seek all the necessary advice and embark on the process of transferring its funds and winding itself up. The trustees believe it is important not to rush such a decision and it is unlikely to be taken before the end of the next accounting period, 31 August 2026.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

St David's (1918) Charitable Trust 5

Trustees’ report (including strategic report) Year ended 31 August 2025

Trustees continue to identify potential risks to the charity by carrying out a review of its activities and future strategy. The following specific measures were and continue to be in place to mitigate against potential risks and the management of risks which materialise as issues:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a company limited by guarantee as defined by the Companies Act 2006, and its governing documents are its memorandum and articles of association adopted on 27 June 2023 as amended by special resolution on 8 August 2023.

Trustees

The names of the trustees who served at any point during the period of report, and up to the date of approval of the annual report and financial statements is recorded on page 1.

Recruitment and appointment of new trustees

Trustees are appointed by the Board of Trustees with due consideration for the skills and experience required to assist the growth and development of the charity and to serve for three years, renewable at the end of the three years.

Induction and training of new trustees

A new trustee is introduced to the charity’s work and its governing documents. The trustee is briefed on the current status of the charity and advised on the measures being taken to inform decisions about future activities.

St David's (1918) Charitable Trust 6

Trustees’ report (including strategic report) Year ended 31 August 2025

Organisational structure

The trustees consider that they alone comprise the key management personnel of the charity responsible for overseeing the strategic direction, operational management, and financial stewardship of the organisation. The trustees are not remunerated for their services to the charity.

The Board of Trustees meets at least quarterly. It delegates investment decisions to an Investment Committee chaired by one of the trustees who is also the Treasurer. The day to day running of the charity is delegated to a remunerated consultant who reports to the Board through the chairman of trustees. In December 2025 the trustees decided to expand the remit of the Investment Committee to include wider financial matters and from 2026 it will operate under new terms of reference, to be agreed by the Board, as the Finance and Investment Committee.

St David's (1918) Charitable Trust 7

Trustees’ report (including strategic report) Year ended 31 August 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of St David's (1918) Charitable Trust for the purposes of company law) are responsible for preparing the annual report and 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 charitable company and of the income and expenditure of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

St David's (1918) Charitable Trust 8

Trustees’ report (including strategic report) Year ended 31 August 2025

AUDITORS

The auditors, Buzzacott, have been appointed until further notice.

Report of the trustees, incorporating a strategic report, approved by order of the Board of Trustees, as the company directors, and signed on the Board's behalf by:

J C B Powell Trustee Date: 13 May 2026

St David's (1918) Charitable Trust 9

Independent auditor’s report 31 August 2025

Independent auditor’s report on the financial statements to the members of St David's (1918) Charitable Trust

Opinion

We have audited the financial statements of St David's (1918) Charitable Trust (the ‘charitable company’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, statement of cash flows, the principal accounting policies and the notes to the financial statements. 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 auditor’s 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 UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

St David's (1918) Charitable Trust 10

Independent auditor’s report 31 August 2025

Other information

The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report and Financial Statements. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

St David's (1918) Charitable Trust 11

Independent auditor’s report 31 August 2025

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities contained within the trustees’ report, 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.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable 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:

St David's (1918) Charitable Trust 12

Independent auditor’s report 31 August 2025

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

St David's (1918) Charitable Trust 13

Independent auditor’s report 31 August 2025

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gumayel Miah (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 15 May 2026

St David's (1918) Charitable Trust 14

Statement of financial activities Year ended 31 August 2025 (including income and expenditure account)

Notes Unrestricted funds Unrestricted funds
Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Income from:
Donations
12
Charitable activities
- Operation of nursing home
1
Investments and interest receivable
2
Other sources
Total income
Expenditure on:
Charitable activities
- Operation of nursing home
3
Other
4
Total expenditure
Net expenditure for the year before investment gains (losses)
5
Net losses on the revaluation of investments
9
Net (expenditure) / income and net movement in funds
Reconciliation of funds:
Funds brought forward at the start of the period
Funds carried forward at the end of theperiod		 —
—
71,643
2,011		 5,008,624
3,981,356
16,293
2,201,336
**73,654 ** 11,207,609

—
**94,457 **		 4,578,866
9,474
**94,457 ** 4,588,340
(20,803)
(144,671)		 6,619,269
—
(165,474)
6,619,269		 6,619,269
—
6,453,795 6,619,269

All recognised gains and losses are included in the above statement of financial activities.

The results for the comparative period included the income and expenditure derived from the operation of a nursing home until its sale on 8 July 2024 at which point this operation had ceased (see note 1 to the financial statements). All other income and expenditure is derived from continuing operations.

St David's (1918) Charitable Trust 15

Balance sheet 31 August 2025

Notes 31 August
2025
£		 31 August
2025
£		 31 August
2024
£		 31 August
2024
£
Fixed assets
Tangible assets
Investments
Current assets
Debtors
Short term deposits
Cash at bank and in hand
Creditors: amounts falling due
within one year
Net current assets
Total net assets
The funds of the charity
Unrestricted funds		 124,083
234,750
146,045		 —
6,012,829		 160,621
—
6,636,197		 1
—
6,012,829
440,966		 1
6,619,268
504,878
(63,912)		 6,796,818
(177,550)
6,453,795 6,619,269
6,453,795 6,619,269
6,453,795 6,619,269

The financial statements were approved by the Board of Trustees and signed on its behalf by:

J C B Powell Trustee

Date: 13 May 2026

St David's (1918) Charitable Trust

Company Registration Number: 14964611 (England and Wales)

St David's (1918) Charitable Trust 16

Statement of cash flows Year ended 31 August 2025

Notes
Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Cash flows from operating activities:
Net cash (used in) / provided by operating activities
A
Cash flows from financing activities:
Interest paid
Interest element of finance lease rentals paid
Net cash used in financing activities
Cash flows from investing activities:
Cash paid to acquire investments

Net cash investment in short term deposits
Cash received from the disposal of tangible fixed assets
Investment income and interest received
Net cash used in investing activities

Change in cash and cash equivalents in the year

Cash and cash equivalents at 31 August 2024
B
Cash and cash equivalents at 31 August 2025
B
(169,545)		 6,776,595
—
—
(11,637)

(9,474)
—
(21,111)
(6,157,500)
(234,750)
—
71,643		 (4,604,670)

—

4,469,090

16,293
(6,320,607) (119,287)
(6,490,152)

6,636,197
6,636,197

—

146,045
6,636,197

Notes to the statement of cash flows for the year ended 31 August 2025.

A Reconciliation of net (expenditure) / income to net cash flows from operating activities

activities
Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Net (expenditure) / income
(as per the statement of financial activities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Investment income
Interest payable
Interest element of finance lease rentals payable
Decrease / increase in debtors
(Decrease) / increase in creditors
Net cashprovided by operating activities		 (20,803)
—
1
(71,643)
—
—
36,538
(113,638)
6,619,269

135,579

—

(16,293)

11,637

9,474

177,550
(160,621)
(169,545) 6,776,595

St David's (1918) Charitable Trust 17

Statement of cash flows Year ended 31 August 2025

B Analysis of cash and cash equivalents

31
August
2025
£		 31
August
2024
£
Cash at bank and in hand 146,045 6,636,197

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charitable company and the above cash and cash equivalents.

St David's (1918) Charitable Trust 18

Principal accounting policies Year ended 31 August 2025

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared for the year ended 31 August 2025 with comparative information provided with respect to the period 27 June 2023 to 31 August 2025.

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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates. The items in the accounts where such judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees are of the opinion that the charitable company will have sufficient resources to meet its liabilities as they fall due.

Income

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

St David's (1918) Charitable Trust 19

Principal accounting policies Year ended 31 August 2025

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. Realised and unrealised gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.

A fair value hierarchy that prioritises the inputs to valuation techniques is used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and lowest priority to unobservable inputs (Level 3 measurement). The levels of fair value hierarchy are described below:

Investments that trade in markets that are not considered to be active but are valued based on quoted market prices for an identical instrument, dealer quotations, or alternative pricing sources supported by observable inputs are classified within Level 2.

St David's (1918) Charitable Trust 20

Principal accounting policies Year ended 31 August 2025

As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or nontransferability, which are generally based on available market information. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.

The method of calculating realised gain on withdrawal of investments is on an average historical cost basis.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. They have been discounted to the present value of the future cash receipt where material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of three months or less from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Taxation

As a registered charity, given the nature of the charity’s activities, the charity is not ordinarily subject to income tax or corporation tax as it falls within the various exemptions available to registered charities

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

St David's (1918) Charitable Trust 21

Principal accounting policies Year ended 31 August 2025

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

St David's (1918) Charitable Trust 22

Notes to the financial statements Year ended 31 August 2025

1 Income from charitable activities – operation of nursing home

Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Patients’ fees — 3,981,356

On 8 July 2024, the charity sold its interest in St David's Home to Goldcare Homes Ltd and is no longer involved in the operation of the home since this date. As such, there is no associated income or expenditure in connection with the operation of the home in the year ended 31 August 2025. Income from other sources for the comparative period ended 31 August 2024 included £2,185,467 pertaining to the gain on the disposal of the care home.

2 Investment income

Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Interest receivable 71,643 16,293

3 Expenditure on charitable activities – operation of nursing home

Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Direct costs
Staff costs (note 7)
Staff recruitment and training
Medical expenses
Rates and utilities
Repairs and renewals
Improvements to property
Food and catering
Cleaning
Other direct costs
Support costs
Interest payable
IT support costs
Legal and professional fees
Governance costs (note 5)		 —
—
—
—
—
—
—
—
—		 3,372,661
45,369
105,321
171,765
175,899
106,220
153,411
75,761
255,459
— 4,461,866
—
—
—
—		 11,637
61,331
26,632
17,400
— 117,000
— 4,578,866

St David's (1918) Charitable Trust 23

Notes to the financial statements Year ended 31 August 2025

4 Other expenditure

Other expenditure
Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Support costs
Consultancy costs
IT support costs
Printing, postage and stationery
Bookkeeping
Insurance
Other support costs
Governance costs (note 5)		 16,034
12,520
5,119
9,600
1,141
13,472
36,571		 —
—
—
—
—
9,474
—
94,457 9,474

5 Governance costs

Governance costs
Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Auditor's remuneration
- Statutory audit service
- Non-audit service
Trustees' expenses
Legal and professional fees		 18,892
8,610
689
8,380		 14,400
3,000
—
—
36,571 17,400

6 Net (expenditure) / income

Net (expenditure) / income
Year
ended 31
August
2025		 Period 27
June 2023
to 31
August
2024
£
This is stated after charging: £
Auditor's remuneration
- Statutory audit service
- Current year
- Prior year under-provision
- Non-audit services
- Statutory accounts preparation
- Current year
- Prior year under-provision
- Tax compliance
- Current year
- Prior year under-provision
Depreciation
Hire of plant and machinery		 15,600
3,292
1,200
6,300
—
1,110
—
1,878
15,600		 14,400
—
3,000
—
—
—
135,579
28,303
14,400

St David's (1918) Charitable Trust 24

Notes to the financial statements Year ended 31 August 2025

7 Staff costs

Staff costs
Year
ended 31
August
2025
£		 Period 27
June 2023
to 31
August
2024
£
Wages and salaries
Social security costs
Other pension costs		 —
—
—
—		 3,110,812
216,025
45,824
3,372,661

The charity had no employees during the year ended 31 August 2025 (period ended 31 August 2024 - average of 107 employees).

No employee in the comparative period ended 31 August 2024 earned emoluments in excess of £60,000.

The charity's key management personnel comprise the trustees alone. Trustees are not remunerated for their services to the charity. Out of pocket expenses incurred by trustees in connection with their duties as trustees are reimbursed by the charity. During the year ended 31 August 2024, a total of £689 was reimbursed to 3 trustees (period ended 31 August 2024 - £nil).

8 Tangible fixed assets

Tangible fixed assets
Freehold
property
£
Cost
At 31 August 2024
Disposals
At 31 August 2025
Depreciation
At 1 September 2024 and 31 August 2025
Net book value
At 31 August 2024
At 31 August 2025		 1
(1)
—
—
1
—

St David's (1918) Charitable Trust 25

Notes to the financial statements Year ended 31 August 2025

9 Investments

Investments
31
August
2025
£		 31
August
2024
£
CCLA COIF Charities Investment Fund Accumulation Units (see below)
Cash held in term deposits with maturities of more than 1 year		 5,855,329
157,500		 —
—
6,012,829 —
31
August
2025
£		 31
August
2024
£
CCLA COIF Charities Investment Fund Accumulation Units
Market value as 1 September 2024
Add: Additions at cost
Net losses on the revaluation of investments
Market value as 31 August 2025
Historic cost of investments at 31 August 2025		 —
6,000,000
(144,671)		 —
—
—
5,855,329 —
6,000,000 —

At 31 August 2025, excluding cash deposits, the difference between the fair value of investments and its historic cost was as follows:

31
August
2025
£		 31
August
2024
£
Market value of investments
Historic cost of investments
Unrealised losses as at 31 August 2025		 5,855,329
(6,000,000)		 —
—
(144,671) —

10 Debtors

Debtors
31
August
2025
£		 31
August
2024
£
Trade Debtors
Prepayments and accrued income
Other debtors		 58,040
66,043
—		 72,250
80,543
7,828
124,083 160,621

St David's (1918) Charitable Trust 26

Notes to the financial statements Year ended 31 August 2025

11 Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
31
August
2025
£		 31
August
2024
£
Trade Creditors
Accrued expenses
Other creditors		 —
62,614
1,298		 85,886
90,446
1,218
63,912 177,550

12 Related party disclosures

As part of the reorganisation or the charity prior to the sale of the Home to Goldcare Homes Ltd, the net assets and liabilities were transferred from the original charity (registered number 220151) under a formal legal agreement completed on 1 September 2023. Included in the income from donations in the comparative period ended 31 August 2024 is £5,007,378 received from the original charity as part of this transfer.

Details of out-of-pocket trustee expenses reimbursed during the year are disclosed at note 7 to the accounts.

Other than the aforementioned, there were no other related party transactions during the year ended 31 August 2025 (period ended 31 August 2024 - none).

St David's (1918) Charitable Trust 27