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2021-04-05-accounts

REGISTERED CHARITY NUMBER: 235589

Report of the Trustees and Financial Statements for the Year Ended 5 April 2021

for

Margaret Davies Charity

Morgan Griffiths LLP Chartered Accountants Statutory Auditor Cross Chambers 9 High Street Newtown Powys SY16 2NY

Margaret Davies Charity

Contents of the Financial Statements for the Year Ended 5 April 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 21

Margaret Davies Charity

Reference and Administrative Details for the Year Ended 5 April 2021

TRUSTEES D Davies Chair
Dr D F Balsom
Dr J D Lewis
T Williams
E M Gilbey
PRINCIPAL ADDRESS Plas Dolerw
Milford Road
Newtown
Powys
SY16 2EH
REGISTERED CHARITY 235589
NUMBER
AUDITORS Morgan Griffiths LLP
Chartered Accountants
Statutory Auditor
Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY
BANKERS HSBC Bank Plc
The Cross
1 Broad Street
Newtown
Powys
SY16 2LX

Page 1

Margaret Davies Charity

Report of the Trustees for the Year Ended 5 April 2021

The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

The Charity carries out these objectives by paying grants at the Trustee's discretion for charitable purposes to organisations which benefit the people of Wales and to other registered charities (based mainly in Wales) for the benefit of the following:

Projects that were started by the sisters, or inspired by them, would seem especially appropriate for donations.

Grantmaking

The trustees make charitable grants to organisations which benefit the people of Wales and to other charitable organisations which are mainly Welsh.

ACHIEVEMENT AND PERFORMANCE

The charity has succeeded in awarding grants amounting to £244,370 (2020 £897,060) which have been funded from income received from investments for the year of £222,006 (2020 £310,119). In 2020 the awarded grants were in excess of income for this financial year owing to a substantial one off contribution in relation to the passing of Gregynog, which has a historical link with the charity, from the University of Wales into the new Gregynog Trust. In the same year we also made a commitment to contribute £150,000 over 5 years to Aberystwyth University's New Life for Old College Project.

The Statement of Financial Activities shows a net movement of funds for the year of £2,891,305 surplus (2020 deficit £2,050,507), and the general fund stands at £9,786,871 (2020 £6,895,556).

The trustees have made awards of grants in the year in accordance with the objectives of the charity.

During the year the subsidiary sold its remaining land and from the profit on disposal amounted to £1,309,555.

FINANCIAL REVIEW

Principal funding sources

The charities main source of income is provided from income generated on its investment portfolio. Realised gains of equities sold are reinvested in equities in the investment portfolio to promote further income.

Page 2

Margaret Davies Charity

Report of the Trustees for the Year Ended 5 April 2021

FINANCIAL REVIEW

Investment policy and objectives

The objective of the Davies Charity's endowment funds is to maintain a balance between the achievement of capital appreciation and the provision of a reasonable level of income so as to maintain the real value of that income.

The trustees of the Davies Charity's endowment funds have accepted a medium to high degree of risk for their investment portfolios.

The responsibility of the day to day management of the charity's investment assets lies with Barclays who have discretionary management powers with effect from 12th February 2004 under the established investment agreement (latest revision to policy statement dated 8th May 2012).

The appointment of the investment manager, Barclays, is on a discretionary basis. Accordingly the investment manager accepts responsibility on a continuing basis for taking investment action as and when appropriate in accordance with the Investment Policy.

Reserves policy

The trustees hold the capital element of the original endowment together with the accumulation of capital gains in order to generate income to provide funds to make charitable contributions in accordance with its Trust Deed. This is considered to be necessary as the charity has no fund raising capacity.

The trustees will maintain a reserve equivalent to six months income in order to meet management and administration expenses as they arise and to be in funds to meet charitable expenditure. The trustees monitor the situation at their biannual meetings.

The level of free reserves at the year end is £9,761,298 (2020 £6,844,483).

FUTURE PLANS

During this year the Charity recruited a new Director, who has been tasked with updating its systems and processes, and leading on a review of the grant-making strategy

The trustees continue to meet quarterly, with two grant-making meetings and two strategy meetings each year.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Margaret Davies Charity (also known as The Gwendoline and Margaret Davies Charity) was constituted by a Trust Deed in 1934 and is a registered charity.

The Trust Deed irrevocably dedicated in perpetuity for charitable purposes all investments held by or transferred to the trustees on behalf of the charity.

Recruitment and appointment of new trustees

Trustees have the power to appoint additional trustees as they consider it appropriate to do so. The charity is organised so that the trustees meet four times a year to manage its affairs, with the routine management of its affairs being dealt with by the Chairman. The period of office for trustees is open, and the Trust Deed states that the total number of trustees shall not exceed five.

Organisational structure

The organisation employs one person to carry out day to day operations, reporting to the Chairman. The key management personnel are the board of Trustees who receive no remuneration.

Induction and training of new trustees

Trustees have been chosen for their knowledge and experience of charity work over the years and through the nature of their appointments undergo continuous professional development.

Page 3

Margaret Davies Charity

Report of the Trustees for the Year Ended 5 April 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Related parties

The charity operates in the same building as another charity, The Vronhaul (Llandinam) Charity. The trustees of Margaret Davies Charity are the same as The Vronhaul (Llandinam) Charity.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements 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 steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 19 November 2021 and signed on its behalf by:

D Davies - Trustee

Page 4

Report of the Independent Auditors to the Trustees of Margaret Davies Charity

Opinion

We have audited the financial statements of Margaret Davies Charity (the 'parent charity') for the year ended 5 April 2021 and its subsidiary (the group) which comprise the Consolidated Statement of Financial Activities, the Consolidated & Charity Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group'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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

Report of the Independent Auditors to the Trustees of Margaret Davies Charity

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 group's and the parent charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group'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:

Page 6

Report of the Independent Auditors to the Trustees of Margaret Davies Charity

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 trustee 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Morgan Griffiths LLP Chartered Accountants Statutory Auditor Cross Chambers 9 High Street Newtown Powys SY16 2NY

19 November 2021

Page 7

Margaret Davies Charity

Consolidated Statement of Financial Activities (Incorporating an Income Statement) for the Year Ended 5 April 2021

5.4.21
5.4.20
Unrestricted
Total
funds
funds
Notes £
£
INCOME AND ENDOWNMENTS FROM
Investment income
2		 222,006
310,119
Other income
3		 1,309,675
140
Total 1,531,681
310,259
EXPENDITURE ON
Raising funds
Investment management costs
4		 50,331
51,361
50,331
51,361
Charitable activities
5
Awarding Grants 273,028
928,923
Education of the public in the Arts 120
140
Total 323,479
980,424
Net gains/(losses) on investments 1,683,113
-1,380,342
NET INCOME /(EXPENDITURE) 2,891,315
-2,050,507
RECONCILATION OF FUNDS
Total funds brought forward 6,895,556
8,946,063
TOTAL FUNDS CARRIED FORWARD 9,786,871
6,895,556

The notes form part of these financial statements

Page 8

Margaret Davies Charity

Balance Sheet 5 April 2021

Notes Group
Group
Charity
Charity
5.4.21 5.4.20 5.4.20 5.4.20
£ £ £ £
FIXED ASSETS
Tangible assets 13 85,573
141,073
-		 -
Investments 14 - - 86,794
104,719
85,573
141,073
86,794
104,719
CURRENT ASSETS
Stocks 15 1,763 1,883 1,763 1,883
Debtors 16 10,744 5,434 10,634 5,434
Investments 17 8,360,593 6,727,501 8,360,593 6,727,501
Cash at bank and in hand 1,436,616 156,233 1,435,355 154,499
9,809,716 6,891,051 9,808,345 6,889,317
CREDITORS
Amounts falling due within one year 18 -48,418 -46,568 -48,268 -46,568
NET CURRENT ASSETS 9,761,298 6,844,483 9,760,077 6,842,749
TOTAL ASSETS LESS CURRENT 9,846,871 6,985,556 9,846,871 6,947,468
LIABILITIES
CREDITORS
Amounts falling due after more than one
year		 19 -60,000 -90,000 -60,000 -90,000
NET ASSETS 9,786,871 6,895,556 9,786,871 6,857,468
FUNDS 20
Unrestricted funds
General fund 9,786,871 6,895,556 9,786,871 6,857,468
TOTAL FUNDS 9,786,871 6,895,556 9,786,871 6,857,468

The financial statements were approved by the Board of Trustees and authorised for issue on 19 November 2021 and were signed on its behalf by:

D Davies – Trustee

The notes form part of these financial statements

Page 9

Margaret Davies Charity

Cash Flow Statement

for the Year Ended 5 April 2021

Group
Group
Charity
Charity
5.4.21
5.4.20
5.4.21
5.4.20
£
£
£
£
952,773
- 859,927
935,321
- 859,927
952,773
- 859,927
935,321
- 859,927
- 3,236,156
- 1,726,592
- 3,236,156
- 1,726,592
120
140
120
140
3,341,677
1,590,110
3,341,677
1,590,110
-
-
17,925
-
221,969
310,119
221,969
310,106
327,610
173,777
345,535
173,764
1,280,383
- 686,150
1,280,856
- 686,163
156,233
842,383
154,499
840,662
1,436,616
156,233
1,435,355
154,499
Notes
Cash flows from operating
activities:
Cash generated from operations
1
Net cash provided by (used in)
operating
activities
Cash flows from investing
activities:
Purchase of fixed asset investments
Sale of intangible fixed assets
Sale of fixed asset investments
Impairment
Interest received
Net cash provided by investing
activities
Change in cash and cash equivalents in
the
reporting period
Cash and cash equivalents at the
beginning
of the reporting period
Cash and cash equivalents at the end of
the
reporting period

The notes form part of these financial statements

Page 10

Margaret Davies Charity

Notes to the Cash Flow Statement for the Year Ended 5 April 2021

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Group
5.4.21
£
Net income/(expenditure) for the reporting period (as per the
statement of financial activities)
2,891,305
Adjustments for:
Depreciation charges
-
(Gain)/losses on investments
- 1,683,103
Profit on disposal of fixed assets
-120
Interest received
- 221,969
Decrease in stocks
120
(Increase)/decrease in debtors
- 5,310
(Decrease)/increase in creditors
- 28,150
Net cash provided by (used in) operating
activities
952,773
2.
ANALYSIS OF CHANGES IN NET FUNDS
Group
Net cash
Cash at bank and in hand
Liquid resources
Current asset investments
Total
Charity
Net cash
Cash at bank and in hand
Liquid resources
Current asset investments
Total		 Group
5.4.21
£
Net income/(expenditure) for the reporting period (as per the
statement of financial activities)
2,891,305
Adjustments for:
Depreciation charges
-
(Gain)/losses on investments
- 1,683,103
Profit on disposal of fixed assets
-120
Interest received
- 221,969
Decrease in stocks
120
(Increase)/decrease in debtors
- 5,310
(Decrease)/increase in creditors
- 28,150
Net cash provided by (used in) operating
activities
952,773
2.
ANALYSIS OF CHANGES IN NET FUNDS
Group
Net cash
Cash at bank and in hand
Liquid resources
Current asset investments
Total
Charity
Net cash
Cash at bank and in hand
Liquid resources
Current asset investments
Total		 Group
Charity
Charity
5.4.20
5.4.21
5.4.20
£
£
£

- 2,050,507
2,929,403
- 2,049,270

227
-
227

1,380,342
- 1,738,613
1,380,342

-140
-120
-140

- 310,119
- 221,969
- 310,106

140
120
140

2,508
- 5,200
1,258
117,622
- 28,300117,622
**952,773 ** -859,927 935,321-859,927
At 6.4.20
Cash flow
At 5.4.21
£
£
£
156,233 1,280,383 1,436,616
156,233 1,280,383 1,436,616
6,727,501 1,633,092 8,360,593
6,727,501 1,633,092 8,360,593
6,883,734
2,913,475
9,797,209
At 6.4.20
Cash flow
At 5.4.21
£
£
£
154,499 1,280,856 1,435,355
154,499 1,280,856 1,435,355
6,727,501 1,633,092 8,360,593
6,727,501 1,633,092 8,360,593
6,882,000
2,913,948
9,795,948

The notes form part of these financial statements

Page 11

Margaret Davies Charity

Notes to the Financial Statements for the Year Ended 5 April 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Basis of consolidation

The consolidated accounts incorporate the results of Margaret Davies Charity and its subsidiary undertaking on a line by line basis. The consolidated entity is referred to as ‘the group’. No separate Statement of Financial Activities (SOFA) has been prepared.

Income recognition

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured accurately.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

Expenditure recognition

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

Grants payable are payments made to third parties in furtherance of the charitable objects of the charity. Provisions for grants are made when the intention to make the grant has been agreed by the trustees at the bi annual meetings held within the financial year.

Allocation and apportionment of costs

Support costs have been differentiated between governance costs and other support costs. Governance costs comprise of all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with support costs relating to trustee Board meetings.

All governance and support costs have been apportioned in full to grant making. There are no costs to the charity for the activity of ‘Education of the public in the Arts’.

Costs of raising funds

The costs of generating funds consist of investment management fees.

Charitable activities

The expenditure on charitable activities includes grants made, governance costs and support costs.

Page 12

Margaret Davies Charity

Notes to the Financial Statements – continued for the Year Ended 5 April 2021

1. ACCOUNTING POLICIES – continued

Tangible fixed assets

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

Computer equipment

Taxation

The charity is exempt from tax on its charitable activities. The subsidiary does not generally pay Corporation Tax because their policy is to pay taxable profits as Gift Aid to the Charity.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Investments

Fixed asset investments

The investment in the subsidiary is stated at the balance sheet date at historical cost less impairment.

Current asset investments

Listed investments are stated at market value at the balance sheet date. Realised gains and losses on investments, calculated as the difference between the sales proceeds and their market value at the start of the year, or subsequent cost, are credited or charged to the SOFA in the year of gain or loss. Unrealised gains and losses representing the movement in market values during the year are credited or charged to the SOFA in the year of gain or loss. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities,

Unlisted investments are stated in the balance sheet at historical cost.

2. INVESTMENT INCOME

Deposit account interest
Listed investments
Other investments
3.
OTHER INCOME
Profit on sale of land
Royalties		 5.4.21
£
68
220,635
1,303
222,006
5.4.21
£
1,309,555
120		 5.4.20
£
1,735
307,081
1,303
310,119
5.4.20
£
-
140
1,309,675 140

Page 13

Margaret Davies Charity

Notes to the Financial Statements – continued for the Year Ended 5 April 2021

4.
INVESTMENT MANAGEMENT COSTS
Portfolio management
5.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 6)
£
Awarding Grants
22,261
Education of the public in the Arts
120
22,381
6.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Other operating leases
Office costs
Book costs
Depreciation
7.
GRANTS PAYABLE
Awarding Grants		 Grant
funding of
activities
(see note
7)
£
244,370
-
244,370		 5.4.21
£
50,331
50,331
Support
costs (see
note 8)
£
6,397
-
6,397
5.4.21
£
19,041
2,542
678
120
-
22,381
5.4.21
£
244,370		 5.4.20
£
51,361
51,361
Totals
£
273,028
120
273,148
5.4.20
£
19,041
2,542
922
140
227
22,872
5.4.20
£
897,060

Page 14

Margaret Davies Charity

Notes to the Financial Statements – continued for the Year Ended 5 April 2021

7. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

Gregynog Festival
Miscellaneous under £5,000
National Museum and Galleries
David Davies Memorial Institute
Welsh National Opera
Rekindle
Montgomeryshire Family Crisis Centre
Age Concern Powys
Artes Mundi
Mid Wales Opera
Eisteddfod Genedlaethol Cymru
The Intersensory Club
Carers Trust Wales
The Gregynog Trust
Aberystwyth University - The Old College
Llandudno Museum and Gallery
Pontarddulais Partnership
Young Music Makers of Dyfed
Sinfonia Cymru
Hearing Dogs for Deaf people
Newport Mind
W.C.V.A
The Prison Advice & Care Trust
Cardiff Women's Aid
Atal Y Fro
TACT Connect Wales
TGP Cymru
Theatr na nOg
St David's Catholic Church
The Vronhaul (Llandinam) Charity
Domestic Abuse Safety Unit		 5.4.21
£
-
149,370
5,000
-
10,000
5,000
5,000
5,000
5,000
5,000
-
5,000
5,000
-
-
-
-
-
-
-
-
-
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
244,370		 5.4.20
£
10,000
128,560
-
15,000
5,000
-
-
-
5,000
-
30,000
-
-
512,500
150,000
5,000
6,000
5,000
5,000
5,000
5,000
10,000
-
-
-
-
-
-
-
-
-
897,060

8. SUPPORT COSTS

Governance
Finance
costs
£
£
Awarding Grants
25
6,372		 Totals
£
6,397

Page 15

Margaret Davies Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

8. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Support costs, included in the above, are as follows:
5.4.21 5.4.20
Awarding Total
Grants activities
£ £
Bank charges 25 15
Trustees' remuneration etc - 243
Auditors' remuneration 3,960 3,960
Insurance 1,375 1,280
Accountancy and legal fees 994 1,824
Costs of meetings 43 559
6,397 7,881

9. TRUSTEES' REMUNERATION AND BENEFITS

The trustees all give freely of their time and expertise without any form of remuneration or other benefits in kind or cash (2020: £nil).

Trustees' expenses

Trustees' expenses
5.4.21 5.4.20
£ £
Trustees' expenses - 243

4 trustees were reimbursed for travel expenses in 2020 but there were no trustee expenses for 2021.

10. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:		 5.4.21
£
19,041
19,041
 5.4.20
£
19,041
19,041
Secretary 5.4.21
1		 5.4.20
1

No employees received emoluments in excess of £60,000.

Page 16

Margaret Davies Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Investment management costs
Charitable activities
Awarding Grants
Education of the public in the Arts
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
310,119
140
310,259
51,361
51,361
928,923
140
980,424
(1,380,342)
(2,050,507)
8,946,063
6,895,556

12. INCOMING RESOURCES AND NET DECREASE IN FUNDS – CHARITY ONLY

The Consolidated Statement of Financial Activities is for the Group as a whole. The figures below are the equivalent figures for the Charity only, excluding other Group entities.

13. TANGIBLE FIXED ASSETS

Computer
Charity equipment
£
COST
At 6 April 2020 and 5 April 2021 909
DEPRECIATION
At 6 April 2020 and 5 April 2021 909
NET BOOK VALUE
At 5 April 2020 and 5 April 2021 -

Page 17

Margaret Davies Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

13. TANGIBLE FIXED ASSETS – continued TANGIBLE FIXED ASSETS – continued
Group Land and Books and Computer
buildings Ephemera equipment Totals
£ £ £ £
COST
At 6 April 2020 55,500 85,573 909 141,982
Disposals -55,500 - - -55,500
At 5 April 2021 - 85,573 909 86,482
-
DEPRECIATION
At 6 April 2020 and 5 April 2021 - - 909 909
NET BOOK VALUE
At 5 April 2021 - 85,573 - 85,573
At 5 April 2020 55,500 85,573 - 141,073
14. FIXED ASSET INVESTMENTS
Shares in
group
Charity undertakings
£
COST LESS IMPAIRMENT
At 6 April 2020 104,719
Impairments (17,925)
At 5 April 2021 86,794
NET BOOK VALUE
At 5 April 2021 86,794
At 5 April 2020 104,719
There were no investment assets outside the UK.
15. STOCKS
Group Group Charity Charity
5.4.21 5.4.20 5.4.21 5.4.20
£ £ £ £
Stocks 1,763 1,883 1,763 1,883

Page 18

Margaret Davies Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

16. DEBTORS: AMOUNTS FALLINGDUE WITHIN ONE YEAR

Other debtors Group
Group
Charity
Charity
5.4.21
5.4.20
5.4.21
5.4.20
£
£
£
£
10,744
5,434 10,634
5,434
10,744
5,434 10,634
5,434

17. CURRENT ASSET INVESTMENTS

Charity and Group
Investments
Cost or Market value at 6.4.20
Additions
Disposals
Unrealised losses/gains
Cost or Market value at 5.4.21
Historical cost		 5.4.21
£
6,727,501
3,236,155
(2,579,083)
976,020
8,360,593
7,275,664		 5.4.20
£
7,971,360
1,726,592

(1,534,480)
(1,435,971)
6,727,501
7,110,950

Unlisted investments are recorded at cost because the Trustees' believe that obtaining a professional valuation of the shares would outweigh the benefit to the user of these accounts.

Analysis of investments at 5th April between funds
Listed investments
Unlisted investments
Fixed interest securities		 5.4.21
£
7,356,365
911
1,003,317
8,360,593		 5.4.20
£
5,965,654
911
760,936
6,727,501

Page 19

Margaret Davies Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

17. CURRENT ASSET INVESTMENTS - continued

Included in the above, investments held outside the United Kingdom for the Charity & Group £2,339,445 (2020 £2,771,315)

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Taxation and social security
Other creditors		 Group
Group
Charity
Charity
5.4.21
5.4.20
5.4.21
5.4.20
£
£
£
£
272
272
272
272
48,146 46,296 47,996 46,296
48,41846,56848,26846,568

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other creditors Group
Group
Charity
Charity
5.4.21
5.4.20
5.4.21
5.4.20
£
£
£
£
60,000 90,000 60,000 90,000
60,000 90,000 60,000 90,000

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS		 At 6.4.20
£
6,895,556
6,895,556		 Net
movement
in funds
£
2,891,315
2,891,315		 At
5.4.21
£
9,786,871
9,786,871

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,531,681
1,531,681		 Resources
expended
£
(323,479)
(323,479)		 Gains and
losses
£
1,683,113
1,683,113		 Movement
in funds
£
2,891,315
2,891,315

Page 20

Margaret Davies Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 6.4.19
£
8,946,063
8,946,063		 Net
movement
in funds
£
(2,050,507)
(2,050,507)		 At
5.4.20
£
6,895,556
6,895,556

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
310,259
310,259		 Resources
expended
£
(980,424)
(980,424)		 Gains and
losses
£
(1,380,342)
(1,380,342)		 Movement
in funds
£
(2,050,507)
(2,050,507)

21. RELATED PARTY DISCLOSURES

The trustees have interests in the following charities who have benefited from grants in the year.

Organisation Connection 5.4.21 5.4.20
£ £
MCRA Dr J D Lewis - trustee 1,000 5,000
Artes Mundi Mrs S Balsom - trustee 5,000 4,000
(wife of DR D F Balsom)
The Vronhaul (Llandinam) Charity All trustees in common 5,000 -
with Margaret Davies
Charity

During the year the group paid rent to MCRA amounting to £2,542 (2020 £2,542). No amount was outstanding at the year end (2020 nil).

Page 21