Charlty roglstratSon number 209925 EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs M R Kalaher Mrs PA Metters Miss J A Baker Ms J T Wakeford Mr P R Maddocks {Appoinled 19 April 20221 Charfty number 209925 Principal addr Cherry House Kithurst Lane Slorringlon RH20 4LP Independent examlner West & Bery Limited Mocatta House Trafalgar Place Brighton BN14DU
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST CONTENTS Pagg Trustees. report Independent examinerfs report Statement of finanaal activities Balance sheet Notes to the finanaal stalemerrts 7-13
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present their annual report and finaroal sLemerrts forthe year ended 31 Decembgr 2022. The Eva Clare Davidson'$ Charity which is also known as The Davidson Bequest was established in 1946 under tha will of the late Mrs Eva Claire David50n and a subsequent Deed of As5ent_ Afurther substanty'al legacy was received under the wll of the late Dr Daisy M Smith in 1983. The financial statements have been prepared in accordanee the acctsuntiThJ policies set out in note 1 to the financial slalements and Comply with the charity's goveming document, the Ch?rities Act 2011 and "Accounbng and Reporting by Chanties.. Statement of Reeornmende<l Pr&"ce applicable to charities preparing their accounts in accordan th the Fin8ncAal Rep)rting Stsndard applicable in UK arKI Republic of Ireland IFRS 1021" leffective 1 January 20191. Objectives and activities The Charity's objects are the prowsion of low cost housing for gentlewomen in reduced circumstances.. The chanty ¢)wns propertie5 located in Storrington, West Sussex that provide ten self-wntained flats. There have been no ehange in the objects or polic¢es of the charity in the year ended 31 December 2022. The chanty has no related or co-operating organisalions. The trustees have paid due regard to guidance issued by the Charity Commissi¢)n in deuding %that activities the charity should undertak8. Achlevements and perfornianee The trustees consider the performance of the (*rity to have been satisfartory. The maintenance improvement of the properties and environment provide(I to benefiaaries remain a priority and improvements nts'nue to bè made. Financlal review The results for the year are set out in the Statement of Financ3al Activities. The charTty's main source of income continues to be derived from ntaI income and the cost of repairs and maintenance of the properties is the charills principal expense. The charity realised a surplus before any investment gains of £16.258 {2021 £17,802) in the year," there was a profil on disposal of investments of £12 12021 profft on disposal.. £13,108) and unrealised investment losses of £71.310 12021 gain.. £34.9811. The total net movement in fvnds in the year was £-55,040 12021.. £65.891} and unrestn'cted funds stood at £638,327 at the year end12021.' £693,367). Reserves poliey Reserves are held for the future Maintenare and eventual extension of the properties. Tho rgserves ale not yet considered adequate to embark upon such an extenson. Investment pollcy The chartty's funds are mainly made up of investments. The investment policy is reviewed by the trustees at least once a year wth investment advisors. The investment objective for a balance between inwrne and gr0h wth moderate risk has remained unchanged. The overall value of the investment portfolio decreased by £71,310 compared lo an increase in value of £34.981 in 2021. The value of the investment portfolio suffered adverse affect5 from rising interest rates. The trustees are satisfied wrth the current investment strategy and ale confident that t value of the portfolio wll be enhanced in the n9 term. Further infom)ation is Sel out in the notes lo the Tinancial stslemenls. Risk policy The trustees have given consideration to the major risks to wthith the eharity is exposed and have considered the systems designed to mib.gate exposure to such risks," in particular the regular trustees meetings wth a careful revigw of the charitys funding and available rwaourtss to ensure sufficient monies are held for the charity's ongoing costs and 9eneral commitments.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Plans for future perlods The Iruslees policy is lo Continue to provth low cost )using for *Dmen in reduced circumstances at an affordable cost in a supportive and comfOrtae enwronment. Reserves are held for the fvrture maintenance and eventU81 extension of the properties. The reserves are not yel considered adequate lo embark upon such an extension. Structum. governanc• and managomgnt The charity is a regislefed charity in England and Wales ltharity number 2099251 as constttuted by its governirkg document, the Will of Eva Clare Davidson. The other name that the charty is known by is its working narne, The Davidson Bequest. The trustees who served during the year and up to the date of signature of the financial statements wefe.. Mrs M R Kalaher Mrs PAMetters Miss J A 8aker Ms J T Wakeford Ms R J Webster Mr P R Maddocks (Rgned 19 April 2022) IAppoirrted 19 4)ri120221 The trustees may appoirrt new trustee3 as when required and provide them wrih th8 appropriate ir¥duction and training lo OnSu that they a aware of the oblig8tsons of each trustee in law and the need to ensure proper aCunting and investment of funds. The trustees personally manage the affairs of the tharity and take athce from professional advisors wherever appropriate. No staff are employed by the charity. The trustees. report wa5 approv8d by the Board of Trustees. Miss J A Baker Trustee Date. ..l.S.14prl.l..2oS......
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees are rosponsible for preparirwj the Trustees. Report and the finanaal statements in accordance with applicable law arKI United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounb'ng Praclicel. The law applicable lo charrties in England and Wales qUireS the trustees to prepare financial stslements for each financi81 year which give a true and fair view of the stsle of affairs of the chanty and of the incoming resources and application of resour¢e$ of the charity for that year. In preparing these financial statem8nts, the trustees are required to: - select suitable accounting wlicies and then apply them cDnsistenly' - observe the methods arbd principle8 in the Charities SORP.. - make judgements and estimates that are reanatIe and prudent slate whether applicable accounting standards have been flOWed. subject lo any material departures disclosed and explained in the financial stalemenls.. and prepare the financial slalemenls on the going concem basis unless it is inappropriafr to presume that the charity will continue in operation. The trustees are responsible for keepmng sufficient accounting records that disdose ¥th asOnable accuracy al any time the financial posrtion of the charity and enable them to ensure that the finarrial statements eompty with the Char(tie5 Act 2011, the Charity IAccounts and Reports) Regulatsons 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charrty and hence for taking reasonable steps for the prevention and detection of fraud and other irregulatities.
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 trustee8 on my examination of lh8 financial statements of Eva Clare Davidson's Chty Ithe chartyl ft)r the year ended 31 Deeember 2022. Responslbllltles and ba$b of report As the trustees of the charity you are responsible for the pwaration of the finanual statemenls in accordan wth the requirements of the Chants"es Aca 2011 (the 2011 ktl. I report in respect of my examination of the charity's finawal statements carried OLrt under sects.on 145 of the 2011 Act. In Carrying out my examination I have followed all the applicable Directions 9iven by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnerfs ststement Your attention is drawn lo the lact that the charity has prepared financial slalements in aCrdar wth Aceounling and Reporting by Chanties preparing their accounts in accordan wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in pference to the Accounting and Repoth"ng by Charits'es". Statement of Recommended Practi issued on 1 April 2005 whieh is referred to in the exiant regulations bLrt has now been thdrawn. l understand that this has been done in order for financial slalemenls to provide a true and fair view in accordance th Generally Accepted Accounting Prath"ce effethve for pO¥b"ng per$ beginnirwJ on or after l January 2015. I have completed rny examination. I confirm that no matters have come to my attention in connects'on wth the examination giving me cause to klieve that in any material respect.. accounting fecords were not kept in respect of the charity as required by section 130 of the 2011 Act.. or the financial stslements do not accord wrth those records", or the finanaal slalemenls do not compty wrth the applicable reqU1mentS conceming the form and content of accounts set out in the Charrties (Accounts and Reportsl Regulation5 2008 other than any requirement that the accounts give a true and fair view whith 1$ not a matter cOndered as part of an independent examination. I have no rIceM$ and have come across no other matters in connection vthh the examination to which attention should drawn in this report in order lo enable a proper understanding of the finanoal ststements lo be reached. Wg$tbury FCCA West & Berry Limited Mocatta House Trafalgar Place Brighton BN14DU Dated..
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrnstrlctgd Unr•strictsd fund$ funds 2022 2021 Notes Charitable ac#ivilie$ Investments 40.535 10,628 38,795 9.612 Totsl income 51,163 48,407 Charitable activities 34.005 29,705 Other 900 900 Totsl expendlturg 34,905 30,605 Nel ga1(loSseS) on investments 171,2981 48,089 Not movement In funds 155,0401 65.891 Fund balances al 1 January 2022 693,367 627,476 Fund balances at 31 D•e•mber 2022 638,327 693,367 The statement of finanoal a¢iiwti"es indudes all gains and k)sses recognised in the year. All income and expenditure derive from continuing aCti¥eS.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notss Fixed assets Tangible assets Investments 10 11 2.000 341.763 2,000 413,073 343.763 415,073 Current assets Debtors Cash at bank and in hand 13 10.268 286.434 1,321 278,913 296.702 280,234 Credktors: arnounts falllng due within on• y•ar 14 12.138) {1,940} Net ujrrent assets 294,564 278.294 Totsl assets less currènt liabilities 638,327 693.367 Incom• fund$ Unrestricted lunds 638,327 693,367 638,327 693.367 The notes on pages 7 to 13 fomi part of these financial statements. The financial ststements were approved by the Trustees on .l.l .?.[:.1.13 Mr5 P A Metters Trustee
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Charlty Infomiation Eva Clare Davidson's Charity is a eharity registered in England and Wales lehanty number 209925}. The principal address is set out under the Legal and AdministJab"ve details page. 1.1 Accountlng convgntlon The financjal statements have been prepared in xcOrdan wth the tharitys goveming document, the Charities Act 2011, FRS 102 Ihe Finanaal Reporting Standard applicable in the UK and Republic of Ireland. I"FRS 102.1 and the charib.es SORP -Accountsng an(J Reporting by Charities". Statement ol Recommended Pr8cb"ce applicatrAe lo tharities preparing their accounts in accordance wth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102)" leffecb've 1 January 2019}. The charity is a Public Benefit Entsty as defined by FRS 102. The charity has taken advantage of the promsions in the SORP for charities not to prepare a Slatanent of Cash Flows. The finanaal stalgmenls have departed from the Charities (Accounts aThJ Reports) Regulations 2008 only to the extent required to provide a Iwe and fair view. This departure has invcdved follon9 the Ststemenl of Recommendd Practice for charities applying FRS 102 rather than the veNon of the Slalement of Recommended Prath"ce whith is referred to in the Regulats"ons but whith has since been withdrawn. The financi81 statements are prepared in steding, whth is the fvnclional currency of the charity. Monetary amounts in these financial stslemenls are rounded to the nearest £. The financial statements have been prepared urKler the historical cost convention, modified lo include the revaluation of rtain financial instruments at fair value. Tr prinapal accounb.ng poliaes adopl&J are set out below. 1.2 Going concorn Al the lime of approving the financial ststements. the trustees have 8 reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trL6lees conts.nue to adopt the gn9 conc8m bags of accounb.ng in preparing the finanual stslements. 1.3 Charltable funds Unrestrictéd funds are availabl• for use at tha discretion of the trustees in furtheran¢¢ of their charitable objectives. Restricted funds are subject to speafic conditions by donors as lo how they may be used. The purwses and uses of the restricted fvnds are set out in the notes lo the finanaal statements. Endowrngnl fiJnds are subject to speafic condrtTrons by donors Ihal the capital must be maintained by the charity. 1A Income Income is recognised lthen the charity is legalty entitted to rt after any perfomiance conditi'ons have been met, the amounts can be measured reliably, and il is probable that ineome 11 be r1ved. Legaaes are recognised on receipt or otherwse if the tharty has bèen notified of an impending (fjstribution, the amount Is known. and receipl is 8XF*¢ted. If the amount is knor. the legacy is treat8d a$ a contingent asset.
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcles Icontinugdl 1.5 Expenditu Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits 11 be required in settlement, and the amount of the obligabon can ke measured reliably. Expenditure is dassified by activty. The costs of each actimty are made up of the total of dir1 costs and shared costs, including support costs involved in unijertaking eath activrty. Direct costs attribulae lo a single activity are allocated diredy to that aetsvity. Items of a capital nature are reflected on the babnce sheet if they can Used for more than one year and cost at least £1.000. 1.6 Tanglble flxgd assets Tan9ible fixed assets reprvaent the value of land and buildings acquired inclusive of all eosts fees and are initially measured at cost and subsequently measured at cost or net realisable value. Depreciation is CogniSed so as to wnte off the cost or valuatson of assets less their residual values over their usefvl lives on the following basis." Freehold land and buildings no depreciakn.on on land The gain or loss arising on ts disposal of an asset is detemiined as the differen between the sal8 proceeds and the carrying value of the asset, ar is recognised in the statement of finanoal ath"vitie$. The cost of buildings was fully depreciated as at 1st January 1999 and are still in use for direct tharitsble purposes. Subsequent expendrture of a eaprtal nature incurred on improving the buildings is depreciated over 5 years by equal inslalmenls. The market value of the land and buildings is cOdered ty the trustees to be substsntial but no valuab'on has been Commissioned, The properties are central to the charity's a(*"v"es. 1.7 Flxed asset Investments Fixed asset investments are initially rneasured at transaction price excluding transaction costs, and arg subsequently measured al fair value al each reportrng dale. Changes in fair value are recognised in net incomel{expenditure} for the year. Transaclion costs are expensed as incUff. 1.8 Impalm)ent of fixed assgts At each reporb'ng end date. the charity ewS the carrying amounts of rts tsngible assets to determine whether there is any indication that those assets have suffered an impaimient loss_ If any such indtIOn exists, the recoverable amount of the asset is estimated in order lo determine the exient of the impairment Ioss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held al call with banks. other short-tem liouid investments with original matuth.es of three months or less, and bank overdrats. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnanclal Instruments The charity has elected to appty the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Iswes, of FRS 102 to all of its finanoal instnTrments. Financial instruments are recognised in the charitys balance sheet vthen the charity 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 2022 Accounting policies Icontlnuedl Basic financial assets Basic financial assets, which include deblots and cash and bank balans. are initially measured at transaction price including transacthon costs and are subsequenuy carried at amortised cost using the effective interest method unless the arrangement nStituteS a financing transaction. where the transaction 15 measured al the present value of the futu receipts discounted at a market rate of interest. Finanaal assets dassified as reIv0b1e thIn cTh year are not amortised. Basic financial liabilities Basic finanaal liabilibes. induding creditors and bank loans are initsally recognised at transaction pri unless the arrangement constitutes a finanung transacts"on. wthere the debt instrument is measured at the present value of the fvture payments discounted * a market r*e of interest. Finanoal liabilrties classified as payable within one year are not amortised. Derecognltlon of finanelal Ilabllilles Financial liabilitses are derecLvJnised when the chaiitls contradual obligati¢Jns expire or are discharged or cancelled. Charftsblg actlvltles Charftsblo Charltable Incoma Incom• 2022 2021 Charitable rental income 40,535 38,795 Investments Unrestricted Unrestricted funds funds 2022 2021 Income from listed investrnents Interest receivable 9,994 634 9.504 108 10,628 9,612
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 CharStable actlvftleg Charitable Charitsble Expenditure ExnditUTe 2022 2021 Propety repairs and maintenanGe Council lax and water rates Insurance Garden maintenance Electricty Cleaning Letting agent fees Donations paid 20,766 2,792 2,420 1,479 1,201 250 2.510 35 20,422 2,856 1,525 1,404 541 310 31,453 27,058 Share of govemance costs Isee note S) 2,552 2,647 34,005 29,705 Support c¢)sts Support Governance costs costs 2022 2021 Legal and professional Accountancy Trustees expenses 1.092 1.440 20 1,092 1,440 20 600 1,900 147 2.552 2.552 2.647 Analysed between Charitable aclivities 2.552 2.552 2.647 Govemance costs indudes paymenls to ts wxountsnts of £1.200 + vat12021- £1,200 + vall for a¢unIOn fees. Trustees None of the trustees (or any persons connected with them) received any MneratIOn or benefits from the charity during the year. There was £20 trustees expenses reimburse(J in the year {2021: £1461 which werg for subsisteneè for trustees 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 2022 Employees The average monthty number ofemployees during the year was.. 2022 Number 2021 Number Total There were no employees V*hose annual remuneration was more than £60.000. Other Unrestrictsd Unrestricted funds funds 2022 2021 Inve3tment costs 900 900 900 900 Net gainsl{losses) on Investments Unrgstrlcted Unrestricted funds funds 2022 2021 Revaluation of investments Gainlllossl on sale of investments 171,310} 12 34,981 13,108 171,298) 48,089 11
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Tanglble flx•d assots Frè•hdd land and t¥Jlldlng8 Cost Al 1 January 2022 148.204 At 31 December 2022 148,204 Dgprgclatlon and irnpairmgnt At 1 J8nLbary 2022 146,204 At 31 December 2022 146.204 Carying amount At 31 December 2022 2,000 At 31 December 2021 2,000 11 Flxed asset Investments Listed Cost or valuatlon Al 1 January 2022 Valuation changes 413,073 171.3101 At 31 December 2022 341.763 Carying amount At 31 December 2022 341,763 At 31 December 2021 413,073 2022 2021 Inveslmenls at fair value comprise: Listed on the LorOn Stock Exehange Open Ended Investment Company Listed on the Channel Islanda Securities exctsnge 278.771 54,111 8,881 337.604 65,881 9,588 341,763 413,073 The investments which exrxl 5% ofthe total portfolio value at 31 Dmber 2022 were.. The Allian Trust plc. Diageo plc. JPM Multi Manager Growth Fund, Secur5ties Trust of Scouand, SCo.$h Mortgage Investment TrusL Tntax &'g Box pk, Unilever arKI Edinburgh Investment TfUSI. 12-
EVA CLARE DAVIDSON'S CHARITY ALSO KNOWN AS THE DAVIDSON BEQUEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 12 Bank balances The bank balance ineludes COIF Charities Deposit Fund of £44,524 {2021.' £44,093} is held with CCLA Investment Management Limited. 13 Debtors 2022 2021 Amounts falllng due withln ono year. Prepayments and accrued income 10.268 1,321 14 crltOrs.. amounts falllng due T*lthln one year 2022 2021 Other Creditors Accruals and deferred inc(Mne 603 1,535 500 1,440 2,138 1,940 1S Fair value adjustmgnts Accumulated r8$erves indude fair value adjustrnents totalling £198,041 1£269.339} 16 Related party transactions There were rK> disdosable related paty transactions during the year12021.' none). 13-