Charity regi¥tratlon numbor 209925 EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes lo the finanal statements 7-13
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST LEGAL AND ADMINISTRATIVE INFORMATION Truste Mrs M R Kalaher Mrs PA Metters Miss J A Baker Ms J T kef0rd (Appointed 1 July 20211 Charity number 209925 Principal addre$8 Chery House Kilhursl Lane Storrington RH204LP Independent examiner Wesl & Berry Limrted M¢xatta House Trafalgar Pl Brighton 8N14DU
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Iruslees present their annual report and financial stslements for the year ended 31 December 2021. The Ev8 Clare Davidson's Chartty which is also known as The Davidson Bequest was estsblished in 1946 under the will of the late Mrs Eva Claire Davidson and a subsequent Deed of Assent. A further substantial legacy was received under the will of the late Dr Daisy M Smith in 1983. The financial slalements have been prepared in accordance with the accounting policies set out in note 1 to the financial slalements and comply with the charty's governing document. the Charities Act 2011 and "Accounling and Reporting by Charities.. Slalement of Recommended Practice applicable lo tharilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effeth"ve 1 January 20191. Objectiv•s and activiti08 The charity's objects are the provision of low cost housing for gentlewomen in reduced circumstsnces,. The charity owns properties located in SIoTrington. Wesl Sussex that provide ten selkontained flats. There have been no change in the objects or policies of the charity in the year ended 31 December 2021. The Charity has no related or Go-operatsng organisations. The trustees have paid due regard lo guidance ISSU by the Charity Commission in deciding what activits'es the charity should undertake. Achiovements and perforniance The Iruslees consider the perfomiance of the chartty to have been satisfactory. The maintenance and improvement of the properties and environment provided lo beneficiaries rem8in a priority and improvements continue to be made. Financial review The results for the year are set out in the Statement of Financial Activitses. The charity's main source of income continues to be derived from rental income and the eost of repairs and maintenance of the properties is the charity's principal expense. The charity realised a surplus before any investment gains of £17,80212020'. deficit of £8,738) in the year,. there was a profit on disposal of investrnents of £13,10812020'. £11.345} and unrealised invesknent gains of £34.981 12020.. £24.8021. The totsl net movement in funds in the year was £65,891 12020.. £27.4091 and unrestricted funds stood al £693.367 al the year end12020-. £627.476}. R8B•No8 polley Reserves are held for the future Maintenan and eventual exIensn of the propety'es. The reserves are not yet considered adequate to embark uwn such an exienwon. Investment policy The charity's funds are mainty made up of investments. The investment policy 15 r8viewed by the trustees al least once a year with investment advisors. The investment objective for a balance betsyeen income and growth with moderate risk has remained unchanged. The overall value of the investment portfolio Increased by £34,981 compared lo an inerease in value of £24,802 in 2020. The value of the investment portfolio conb.nued lo not suffer any adverse affects from the coronavirus pandemic on global markets. The trustees 8re satisfied with the current investment strategy and are confident that the value of the portfolio will be enhanced in the long term. Further information is set out in note 12 to the financial statements. Rlsk pollcy The Iruslees have given consideration to the maffjr risks to which the charity is exposed and have considered the systems designed to mitigate exposure to such risks., in particular the regular tru51ees meetings with a careful review of the charity's funding and available resou5 to ensure sufficienl monies are held for the charity's ongoing costs and general commibnents.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2021 Plans for futurn poriods The trustees policy is lo continue to provKle low cost housing for women in reduced cArcumstances at an affordable cost in a supportive and comfortab environment. Reserve5 are held for the future maintenance and eventual extension of the properknes. The reserves are not yet considered adequate lo emba upon such an extension. Struetur•, govom•n¢o and manag•m•nt The charity is a registered charity in England and Wales lchartty number 209925} as nstitUted by its governing document. the Will of Eva Clare Davidson. The other name that the charty is known by is its working name, The Davidson Bequest. The Iruslees who served during the year and up lo the date of signatur& of the financial slalements were.. Mrs M R Kalaher Mrs PAMetters Miss J A Baker Ms J T Wakeford Ms R J Webster Mr C J Denman (Appointed 1 July 2021) (Appointed 1 July 2021 and resigned 19 April 2022) (Appointed 1 July 2021 and deceased 5 September 20211 The Iru$tee$ may appoint new trustees as and when required and provide them wtth the appropri?le induction and training to ensure thal they are aware of the obligations of each trustee in law and the need to ensure proper aUnting and investment offunds. The trustees personally manage the affairs of the charity and take advice from professional advisors wherever appropriate. No stsff are employed by the eharrty. The Iruslees. report was approved by the Board of Trustees. Miss J A Baker Trustse Date..
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees are responsible for preparing the Twstees, ReFKJrt and the financial statemenls in accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable lo challties in England and leS requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and applicab.on of resourees of the charity for that year. In Pfeparing these financial statements. the trustees a required to" - select suitable aCUnting policies and then apply them consistenty., - observe the methods and principles in Ihe Chanbes SORP- - make judgements and estimates that are reax*nable and prudent.. state whether applicable accounb'ng Standards have been followed, subject lo any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concem basis unless r( is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any lime the financial wsilion of the chanty and enable them to ensure that the financial slalements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable slep5 for the prevention and detection of fraud and other irre9ularities.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EVA CLARE DAVIDSON'S CHARITY I report to the ITUStees on my examination of the financial statements of Eva Clare Dav90n,$ Charty Ilhe charity) for the year ended 31 December 2021. Responslbllltigs and ba818 of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordan with the requirements of the Charities Act 2011 (the 2011 kl). I report in respect of my examination of the chari$ financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Art Independent oxaminerfs Statement Your attention 15 drawn to the fact that the chartty has prepared financial statements in accordance with Accounting and Reporting by Charities prepallng theiT accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalement of Recommended Praeliee issued on 1 April 2005 which is referred lo in th8 extant Tegulalions but has now been withdrawn_ l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted AoUnting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe thal in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financia5 statements do not accord wrth those records.. or the financial statements do not comply with the applicable requirements conmIng the form and content ol accounts set out in the Charibes IAccounts and Reports) Regulab"on5 2008 other than any requirement that the accounts give a true and fair view whith is not a matter cOnslered as part of an independent examination. I have no concerns and have come across no other matters in conneclion with the examination lo which attention should be drawn in this report in order to enable a proper understsnding of the financial ststemenls to be reaehed. M.dLs¢ThJV Westbury FCCA Wost & B•rry Limit8d Mocatta House Trafalgar Place Brighton BN14DU Dated. ..l.?.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestricted Unregtrictod fund8 funds 2021 2020 Notes Charitable activrties Investments 38,795 9,612 39.375 9,264 Total Income 48,407 48,639 Charitable activities 29.705 56.477 Other 900 900 Total expenditure 30,605 57.377 Nel gainslllosses) on investm8nts 48,089 36,147 Net movèmènt in funds 65,891 27,409 Fund balances at 1 January 2021 627,476 600.067 Fund balances at 31 D8c•Mr 2021 693.367 627.476 The statement of finanaal a¢tiviti'e5 includes all gains and losses recognised in Ihe year. All income and expendf(ure d8rive from ntinUIng activities.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST BALANCE SHEET AS AT31 DECEMBER 2021 2021 2020 Flx•d a88ets Tangible ass91$ Investments 10 11 2,000 413,073 2,000 366.126 415.073 368.126 Current assets Debtors Cash at bank and in hand 13 1,321 278,913 918 259,282 280.234 260,200 Croditors: amounts falling duo wlthln ono y•ar 14 {1.940) 1850} Nel current assels 278,294 259,350 Total assgts loss curront liabiliti08 693,367 627,476 Incom• funds Unrestricted funds 693.367 627,476 693.367 627,476 The notes on pages 7 to 13 form part of these financial statements. The financial statements were approved by the Trustees on . Mrs P A Metters Tru8t•e
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢ounting poll¢l•8 Charity infom)atlon Eva cla Davidson's Charity is a charity registered in England and leS {charity number 2099251. Tho principal address is sel out under the Legal and Administrative details page. 1.1 Accountlng conv8ntion The financial statements have been prepared in ae£ordance with the charity's 9oveming document, the Charities Act 2011. FRS 102 'The Financial Reporting Standard applieable in tha UK and Republic of Ireland" l°FRS 102.} and the Chanties SORP "Accountsng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financkal Reporting Standard applicable in the UK and Republic of Ifeland (FRS 1021" {effective 1 January 2019}. The charity is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provIsnS in the SORP for chantss not to prgpare a Slalanenl of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent reqUId to provide a true and lair view. This departure has involved following the Slalemenl of Recommended Practice for charities applying FRS 102 rather than the version of the Slalement of Recommended Pracb"ce which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepaied in steding, which is the fvnctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest L The financial statements have been Pfepared under the historical $t convention, modified lo include the revaluation of certain financial instnjmenls at fair value. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltable fund8 Unrestricted funds are availabl& for use at the discretion of the trustees in furtherancE of their charitable objectNes. Reslrided funds are subject to specffic conditions by donors as to how they may be used. The purwses and uses of the restricted fvnds are set out in the notes to the financial statements. Endowment funds are subject to speufic condttions by donors that the capital mu81 be maintained by the charity. 1.4 InGom• Income is wognised when the charity is legally ents.tted to tt after any perforrnan conditions have been mel, the amounts can be measured relbly, and it is probable that inrne will be received. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy k% treated as a Conlingenl asset.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 AcGountlng pollclos Icontlnuedl 1.5 Expenditur• Expenditure is recognised onee there is a legal or construdive obligation lo transfer economic benefit lo a third paty, 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 classjfied by activity. The eosts of each acb.ty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each ac15vity. Direct ¢05t5 8ttributate lo a single activity are allocated directly to that activty. Items of a capital nature are reected on the balance sheet rf they can be used for more than one year and cost al least £1,000. 1.6 T*ngible fixed asBets Tangible fixed assets represenl the value of land and buildings acquired indusive of all costs and fees and are inrtially measured al cosl and subsequentsy measured at cost or net realisable value. Depreciation is recognised w as to wnte off the cost or valuation of assets less their residual values over their useful lives on the following basis= Freehold land and buildings no depreciation on land The gain or loss arising on th& disFrf)sal of an asset is detemiined as the difference beeen the 1@ proceeds and the carying value of the asset. and is recognised in the statement of financial activities. The cost of buildings was fully depreciated as at 1st January 1999 and are still in use for direct charrtable purposes. Subsequent expenditure of a fxpilal nature incurred on improving the buildings is depreciated over S years by equal instalments. The market value of the land and buildings is considered by the trustees lo be substantial but no valuation has been commissioned, The properb.es are central to the charity's activrties. 1.7 Flxod asset Snvostm•nts Fixed asset investments are initially measured at transaction Pri excluding transath'on costs, and a subsequentty measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpendrturel for the year. Transaction Costs are expensed as incurred. 1.8 Impairnient of fixed assets Al each reporting end date, the charity reviews the canying amounts of its tsngible assets lo delemine whether there is any indication that those assets have suffered an impairment loss. If any such indallOn exists, the recoverable amoLbnt of the asset 1$ esb"matsd in order lo detemiine the extent of the imF8irmenl loss Irf any). 1.9 C4sh and cash equivalent8 Cash and cash equivalents include cash in hand, deposits hekl at call with banks. other short-t?mi liquid investments wrth original maturibes of three months or less. and bank overdrafts_ Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instrumènts The charity has elected lo app the provisions of Section 11 '8asic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils finanual instruments. Financlal instruments are fecognised in the chanty's bon sheei when the tharity becomes paty to the contractual provisions of the instrument.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng policies (Continuodl Basle financial assets Basic financial assets, which include deblors and cash and bank balances, are initially measured at transaction piice including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the aTrangemenl constilules a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classtfied as receivable within one year are not amortised. Basi¢ financial liabilitles Basic financial liabilities. including creditots and bank loans a inrtially recognised al transaction price unless the arrangement conslttules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rale of interest. Financial lialy'lities classified as payable within one year are not amortised. Dorn¢ognition of finanal Ilabllltl Financial liabilitie8 are derecijgnised when the charity's contractual OblatiOnS expire or are discharged or cancelled. Charttable activities Charitablo Charltable Income Incomè 2021 2020 Charitable rental inwne 38.795 39,375 Invostments Unrestri¢t•d Unrestricted funds funds 2021 2020 Income from listed investments Interest receivable 9,504 108 8.670 9,612 9,264
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Charitabl• activities Charitable Charitable ExpenditurnExpondlture 2021 2020 Propety repairs and maintenan Council tax and water rates Insurance Garden maintenance Electricity Cleaning Ex gralia compensation Temporary aOmOdation 20,422 2,856 1,525 1,404 541 310 45,418 2,754 1,251 1,C61 350 640 2,000 1,723 27,058 55,197 Share of governan Costs {see note S} 2,647 1.280 29,705 56,477 Support costs Support Governance 2021 Support Govemance costs costs 2020 Legal and professional Accountancy Trustees expenses 600 1.900 147 600 1.900 147 1,150 130 1,150 130 2.647 2,647 1,280 1,280 Analysed betsveen Charitsble activities 2.647 2,647 1,280 1,280 Governance costs includes payments to the accountants of £1.2¢)0 + vat (2020- £1.092 + vat) for accountancy fees. Trustee8 None of the Iruslees {or any persons connected wrth them} received any reMuneratn or benefits from the charity during the year. There was £146 Iwstees expenses reimbursed in the year 12020: £130) which were for subsistence for Iruslees meetings. 10-
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Employegs The average monthty number of employees durin9 the yeaf was.. 2021 Number 2020 Number Total There were no employegs whose annual remuneration was more than £60,000. Other Unrestrrctgd Unrestricted funds funds 2021 2020 Investrnenl costs 900 900 Net gainslllos8•s) on investments Unrestricted Unrestricted funds funds 2021 2020 Revaluation of investrnenls Gainlllossl on sale of investm&nts 34,981 13,108 24.802 11,345 48,089 36.147 11
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 10 Tangible Ilxod ass•ts Freehd land and bulldlnos Cost At 1 January 2021 148,204 At 31 December 2021 148.204 D•pr•ciation and irnpairni•nt At 1 January 2021 146.204 At 31 December 2021 146,204 Carrylng amount At 31 December2021 2,000 At 31 December 2020 2,000 11 Flxod 48$Ot Investm•nts Listed Cost or valuation Al 1 January 2021 Additions Valuation changes Disposals 366.128 13,522 34,981 {1,5561 At 31 Dernber 2021 413.073 Canylng amount At 31 December2021 413,073 At 31 Dember 2020 366.126 2021 2020 Investments at fair value comprise. Listed on the London Stock Exchange Open Ended Investment Company Listed on the Channel Islanda Securities exthange 337.604 65,881 9,588 296,531 58,984 10,611 413,073 366,126 12-
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 11 Flxed asset inv8Stm•nts (Continued) The investments which exceed 5% of the total portFolh) value at 31 December 2021 were". The Alliance Trust plc, Diageo plc, JPM Mults Manager Growth Fund, securib.es Trust of Scotland, Scottish Mortgage Investment TrusL Tritsx Big Box ple and Unilever ple. 12 Bank balances The bank balance includes COIF Charities Deposit Fund of £44,093 12020". £44,088) is held with CCLA Investment Management kn"miled. 13 Debtors 2021 2020 Amounts falllng duè within one year. Prepayments and accrued income 1,321 918 14 Creditors: amounts falllng duè within ono year 2021 2020 Other creditors Accruals and defeThed income 500 1,440 850 1,940 850 15 Fair value adjustments Accumulated reserves indude fair value adjustments totalling £269.339 (£234,358) 16 Relatod party tran8•¢tions Thors were no disclosable related party transactions during the year12020.' none). 13-