rkngaret Davi•B Charlty con of the Flnanclal Stsiomonts forth• Y&v Endod S Aprfl 2022 Page R•f•rnncé and Admlnlstratlv• t)olallB Roport of the Tte•S 2 to 4 Report of the Independent Audito 5 to 8 Statement of Flnanclal Aclivitio9 Balance Sheet 10 Notss to the Financlal Slat•m•nts 11 to 18 Detailed Statement of Flnan¢lal A¢tivft105 19 to 20
Morgarnt DavleB Charjty R•fèr•ne• and Admln5stratlv• Detall$ lor th• Y•ar End•d 5 A•rll 2022 TRUSTEE8 D Davies Chair Dr D F Balsom Dr J D Lewi8 T Williams E M Gilbey PRINCIPAL ADDRES8 Plas Dolerw Milford Road SY16 2EH REGISTERED CHARITY NUMBER 235589 AUDITOR8 Morgan Griffllhs LLP Chartered Accountsnts Statutory Audltor Cros8 Chambe 9 High Street NOwn SY16 2NY BANKERS HSBC Bank PIC The Cross 1 Broad Street Powys SY16 2LX INVESTMENT MANAGERS Rathbones Group PLC 8 Flnsbury Clrcus London EC2M 7AZ Barclays Bank PLC 4th Floor, Brfdgewaler House Countersllp Bristol BS16BX Pag¢ 1
Margarnt Davles Charlty Report of the Trustees for tho Y•8r Ended 5 Aprll 2022 The trustees present Ihelr report with the financlal statements of ihe charity for the year ended 5 April 2022. The trustees have adopted the provisions of Accounting and Repo.ng by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTMTIES ObSectlves and aims The trustees confirm that they have referred to the guidance eorttained in the Charity Commission's general guidan on public benefit when reviewing the Charitys aims and obje¢tives and in planning future activities and setting the grant making poliw ft)r the year. The Charity carries out these objectives by paying grants at the Trustee's discrelton for charitable purposes to organisations which benefft the people of Wales and to other reglstered charities (based mainly in Wales) for the benefft of the following.. - The visual arts - The performing arts Education Health & Social - Provision for youth 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 beneffit the people of Wales and to other Charitable organisations which are mainly Welsh. ACHIEVEMENT AND PERFORMANCE The Charity has suweeded in awdrding grants arnounting to £231.285 12021 £244.370) whlch have been funded from income receNed from investments for the ye8r of £220.720 (2021 £221,969). The Statement of FSnan¢ial ktNitias shows a nat movement of funds for the year of £593,482 surplus {2021 £2.929,403), and the general fund stands at £10,380,353 (2021 £9,786.871). The trustees have made 8ward$ of grants in the year In accordance with the obiectNes of the charity. The charitys wholly owned subsidiary Welsh Town Planning & Housing Trust Ltd reported a net loss for the year of £172 {2021 £51210ss). During the year ending the 5th April 2021, the subsldiary sold its remaining land and from the proceeds £1.309,555 ha$ been donated to the parent charity under donattons and legacies in the Statement of Financi81 Activities. FINANCIAL REVIEW Principal funding sources The charities main source of income is provided from income generated on its invesiment portfolio. Reatssed gains of equities sokl are reinvested in equities in the investment portfolio to promote fijrther income. Page 2
Ilary•rnt D•vlo8 Charlty for th• Y••r Ended S Awfl 2022 FINANCIAL REVIEW Investment pollGy and obJectiVOS The objective of the Davie5 Charrtls endtrwment lunts is to maintsin a babn¢e betrween the achievement of capital appreciatson and the provision of a reasOnae level of inLx)me $0 as lo maintain the real value of that incLime. Tha trustees of the Davies Charilys endlyrnt funds have accepknj a modium to high degree of risk for thelr Inv8stm6nt portfolios. The responsibillty of the day to day management of the charitys investment assets lies with the appointed investments management company. This vas previousty Bar¢lays had discretionary management powers with effect from 121h Febrnary 2004 under the established inve$tmenl agreement {batest revision to poliw $latemenl dated 8th May 2012). Followng a rewew by the Trustees, the responsibilrty for management of the inve$trnents passed from Barclays to Rathbones Greenbank as of 14th January 2022. There was no change to the inve8trnent polry and obpctrrfe8. The ap[ntment of tho Investment manager Is on a di8crnlionary basis. Acctydingty the investment manager accepts responslbllity on a continuiTrJ bask8 for t&king In¥estrnent action as and appropriate In ac¢ordance vAth the Investment Policy. R•8•rv•• pollty The tfuslees hold the caprtal element of the orwjinal and(r•mt together with the accumuiatlon ol capital gains In order to génèrate income lo provide fvnds to make charitable contributions in a¢dance wlth Its Trust Deed. This18 considered lo bè rcessary as the Charity has no fund rasing capa¢lty. The trustees VAII maintain a reserve equfvalent to slx months Income In order to mgel management and administralton expenses as Ihey arlse and to be in funds to meet charitable expenditurn. The trustees monitor the Situation at their biannual meeting8. The level of free re8epM8 at the year end18 £10.322,374 {2021 £9.760.077). FUTURE PLANS The Trustees and the new Director have been wfjrking to update and mod?mlse the Charlty's pollcle6, systems, proc8dures and grant-making processes. Thth ts ¢'ective of becomiThJ mcKe efficlent and better-targeting the most effective grantees. The Truslees contlnue to meet at18asl three thes a year to decKle on grants and agree on future strategy. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng do¢um•nt The Margaret Davies Charity (aiso knNn as The Qndo[lne arKI Margaret Davw Charity) was constituted by a Trust Deed In 1934 and18 a reglstsred charlty. The Trust Deed irrevocabty dedicated in perlty for charItsb purposes all inve5trn8nts held by or transf8rred to the trustees on behall of the charity. Recfuftment and appolntment of new tru8tee8 Trustees have the power to appoint add.Onal trustees as they ¢$Jer it appropriaie to do so. The charity Is organi$ed so that the tNstees rneet fr times a year to manage its affalrs, with the routine management of its affairs being dealt wrlh ty the Chainnan. The of office for trustees is open. and the Trust Deed States that the total number of trustees shall rK)t exceed fve. Organl8atlon•l •tructuve The organisation employs one person to cary out day to day operations, reporkn.ng to the Chairman. Th8 key management personnel are the twjard of Trustees who recer•e no remunera0n.
Margaret Davie5 Charity Report of the Trustees for the Year Ended S April 2022 STRUCTURE. GOVERNANCE AND MANAGEMENT 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. Related parties The charity has a wholly owned subsidiary, Welsh Town Planning and Housing Trust Limited. In accordance with the Charities Act requirements for groups, consolidated accounts have not been prepared because the groLJP income is below £1,000,000. The charity operates in the same building as another charity. The Vronhaul ILlandinam} Charity. The trustees of Margaret Davies Charity are the same as The Vronhaul (Llandinaml 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 Accounb"ng Standards (United lQngdom Generally Accepted Accounting Practice). The law applicable to charitie5 in England and Wales. the charib.es 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 reSoUrS and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial slatemenls, the trustees are required to select suitable accounting policies and then apply them consistently.. observe the methtxls and principles in the Charity SORP.. make judgements and estimates that are reasonable and pnjdent.. prepare the financial slalements on the going concem basis unless it is inappropriate to presume that the charity will conlinue in business. The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lirne the financial position of the charity and to enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounls and Reports) Regulations 2008 and the provisions of Ihe tnjsl 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 tnjslees on 9 December 2022 and sned on its behalf by: D Davies - Trustee Page 4
portofts Independent Audrtorn to tho Tr•¥ of Pkngaret Dvl•s Charlty Oplnlon Wo have audtted the finanal statements of Margaret Davies Charity (the 'chariVI for the year ended S April 2022 which comprise the Statement of Financial ktivitie5, the Balance Sheet and notes to the ffinan¢ial stalements, including a summary of significant accounting polties. The financial reporting framework that has been applied in their preparat is applicable law aThJ United lfjngdom A¢¢ounting Standards (United Kingdom Generalty A¢pted ACCnting Practice). In our opinijn the financial statements: glve a true and fair view of the stste of the charitys affairs as at 5 April 2022 aTrJ of its inu)ming resources and application of sourCes, for the year then ended: have been ¥operty ppared in accordan vrith United lfjrwJdom Generalty Accepled Accounting Practice., and have been prepared in accx)rdance wrlh the reqUirents of the Chaiilies A¢t 2011. 8a818 for oplnlon We conducted our audfÉ in ac¢x)rdance wtlh 1ntemall StsrKlards on Audiling (UK) {ISAs {UK)) ar applicable law. Our responsibilitres urKier those standards are further described in the Auditors, responsibilities for the audit of the financial stalements section of our repJrL We are independent of the Gharity in acCOrdar with the ethal reqU1ments that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and have fulfilled Jr other ethical responsibilities in accordance with these requirements. We belwe that the audf( evidence have obtsined ts sUfficnI and appropriate to provNJe a basks for our onIC. Concluslons relatlng to golng concem In auditing the financial statements, we have conduded that the trustees. use of the going ¢orKem basis of accounting in the preparation of the financ#al slatements is appropriate. Based on the work we have krformed. we have nol identified any material unrtaIntieS relating to events or conditions tha( individually or collectriety. may Ga5t signifant doubt on the chaws ability to continue as a going concem for a period of at least months from the financ ststements a authorised for issue. Our responsibilities and the responsitmlilies of the Irustees *ith respect to going concwn are described in the relevant sections of this reFQ Other Inforrnatlon The trustees are responsible for the other information. The other infomHtion comprises the infomation included in the Annu Repo¢ other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements d08s not cover the other information and. except to the extent olherwi$e explicilty ststed in our reporL we do not express any fomi of assurance conclusion thereon. In connection wth our audit of the financial ststements. our responsibility is to read the other information and, in doing so, consider whether the other infomation is rnaterialty inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materialty missiated. If we identify such material inconsistenctes or apparent material misstatements. V are required to detemiine whether this gtves rise to a material misstatement in the financaal statements themsefves. If. based on the work we have p4Yormed, VR condude that there Is a material mi55talemtrrt of this other information. we a required to report thal facL We have nothing to report in regard. Matters on whkh we arn roqulred to report by exceplion We have nothing to report in fespect of the folbwing malters where Charili8s (Accounts and Reports) Regulations 2008 requires us to report to you rf. in our opinKJn'. the information given in the Report of the Trustees is inconststent in any material resFtct with the ffinancial ststements; or sufficient accounting records have not been kept or the financial ststements are not in agreement with the OUnting record$ rthms" or we have not receNed all the infoThation arKI explanations we requye for our audiL P•Je 5
Reportofthe Indepwdent Audltorn to the Trust••s of Dav1 Ch•rity Re8ponslbllitios of trustees As explained mor8 fulty in the Statement of TnJ5te8s' Reswn8)Ilittes. the trustees are responsible for the preparation of the financial statements whKh gr¥e a true arKI far vw. and for su¢h intemal Control a5 the trustees dotem)i Is necessary to enable the preparatW of financial staiernents that are free from material misstalement, whether due to fraud or error. In preparing the financial statements. the trustees are responsi1e for assessing the chadvs ability to continue as a going concem, disclosing, as appltsbk, matters related to going concern and using the going concem basis of accounting unless the trustees either kntend to liquidate the charity or io se operations, or have no realk%tic altemative but to do so. Page 6
Report of the Independent Audltors to the Trustees ol Margaret Davles Charity Our responslbllltles for the audlt of the flnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance wth the Act and relevant regulations made or having effect thereurKler. Our obje¢lives a to obtain reasonab assurance about lthether Ihe financial stslements as a whole ara fre8 from matertal mi$ststemenL whether due lo fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will aSways delect a material misstatement when it exists. Misstatements can arise from fraud OT error and are considered material rf, individually or in the aggregate, they Could reasonably be expected to influence the economic decisions of users taken on thè basis of these finan¢lal statements. The exient to which our predu$ a capable of detecting irregularities, In¢luding fraud is detai below. Our approach lo tdentifying and assessing the risks of material misstatement in respect of irRgularlties, Including fraud and non-compliance with laws and regulations, was as follows.. -the engagement partner ensured that the engagement team Collectivety had the appropriate competencè. capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.. -we identified the laws and regulations applicable to the charity through dixussions with managem&nL and from our knovAedge and experience of the charity sector. -we focused on specific laws and regulations whKh we considered may have a direct material effect on the nancial statements or the operations of the charity. including relevant legislation such as the Charilies Act 2011, taxation legislation. employment. environmental and health and safety legislation., -we assessed the extent of compliance with the laws and regulations iderbtified above through making enquirte$ of management and inspecting relevant Correspondence. We assessed the suscepkn'bility of the charitys financial statements to material misstatement, including obtalning an understanding of how fraud might ottur. by: maklng enquiries of management as to where they conskler8d there was susceptibility to fraud. their knowledge of actual. suspected and alleged fraud., conslderfng the internal C<trolS in place to mitigate risks of fraud and non-compllance Liws and regulations. To address the risk of fraud through management bias and override of controls. we.. -perfomied analytical procedure5 to idenlfy any unusual or unexpected relationships., -reviewed nominal ledgers and tested journal entries reports io idenlify unusual Iransactions., -assessed whether judgemenls and assumptions made in determining Ihe accounting estimates were indicaknve of potential bias. In response to the risk of irregularities and non-compliancè with laws and regulations, VR deSne procedures whtch included, but were not limited to: 4greeing financial statement disclosures to undertying supporting documentation.. -reading the minutes of meetings of those charged with governance.. iewing correspondence with HMRC. There are inherent limitations in our audit prOcureS described above. The more removed that laws and regulations are from financial transaction8. the less likely il is that we would become aware of non<ompliance. Auditing standards also limit the audit procedures requlred to Identify non-compliance with laws and regulations to enqulry of the trustee and other management and the inspection of gUlatOry 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 ¢on¢ealment or collusion. A further description of our resF¥)n$lblllttes for the audit of the financi81 statements is kKated on the Flnancial Reporting Council's websile at www.frc.org.uklauditorsresponsibililies. This description fomis part of our Report of the Independent Auditors. Pago 7
Report olthe kndwndentAudltOfTS to the Tru8teM of PAaryarnt D•vlo8 Charlty Use of our report This report is made sokty to the charitys trustees, as a body. In accofdance Part 4 of the Charities IAc¢ounts and Reports) Regulation$ 2008. Our audit vrtxk has been undertaken so that we might state lo the charitys trustees those matters are required to state to them in an auditors, report and for no other purpos&. To th8 fullest extent pemiitted by law, we do not accepl or assume responsibility to anyone olher than the charity and the ¢hariVs trustees as a bc. for our audlt TAff*rk. lor thk8 repor[ or ts the opinions we have formed. Morgan Griffilhs LLP Chartered Accountants Statutory Audltor Cross Chambers 9 High Street Newtown Powys SY16 2NY 9 December 2022
forthe Ymr Ended S Awil 2022 5.4.22 UnrEslrKted fvnd 5.4.21 Total funds Notes INCOME AND ENDOWMENTS FROM Dona5 and le9aoes 1.309,555 Investment income Other income 220.719 123 221,969 120 Total 220.842 1.531,644 EXPENDrruRE ON Raising lunds Investment management costs 44,167 68,256 44,167 68,256 Charltable actlvltles Awarding Grants Education of the WEIC in the Arts 266,425 123 272,478 120 Tolal 310,715 340,854 Net gains on investments 683.355 1,738,613 NET INCOME 593.482 2,929,403 RECONCILIATION OF FUNDS Total funds brought foTrYard 9.786.871 6,857.468 TOTAL FUNDS CARRIED FORWARD 10,380,353 9,786,871 Page g
Margaret Davies Charity Balance Sheet 5 April 2022 5.4.22 Unrestricted fund 5.4.21 Total funds Notes FIXED ASSETS Tangible assets Investments 1.357 86.622 86,794 87.979 86,794 CURRENT ASSETS Stocks Debtors Investments Cash al bank and in hand 10 11 12 1.640 105,502 9.738.672 550,368 1,763 10,634 8,360,593 1,435,355 10.396,182 9,808,345 CREDITORS Amounls falling due within one year 13 {73,8081 {48,2681 NET CURRENT ASSETS 10,322,374 9,760,077 TOTAL ASSETS LESS CURRENT LIABILITIES 10,410,353 9,846.871 CREDITORS Amounts falling due after more than one year 14 130,000) {60,0001 NET ASSETS 10.380.353 9,786.871 FUNDS Unreslricled funds.. General fund 15 10.380.353 9,786,871 TOTAL FUNDS 10.380.353 9,786,871 The financial statements were approved by the Board of Trustees and authorised for issue on 9 December 2022 and were signed on its behalf by: D Davies - Trustee The notes fom part of these finanrial slatements Page 10
NotsB to the Fin181 Stalement• for tho Y••r End•d S 2022 ACCOUNTING POUCIES Ba818 of prnparlng the financlal 8tatom¢nl• Thè financial statements of the charity, which is a publ b8nefft entity urKler FRS 102. have b8en prepared in accordance the Charities SORP {FRS 102) 'Accounting arKI ReFM)rtlng by Charities.. Statement of Recommended Pracbce applicable to charities preparing their accounts in acu)rdance wllh the Financkgl Reporting Standard applicab in the UK and Republ of Ireland IFRS 102) leffectlve 1 January 2019).. Financial Reporb'ng Standard 102 The Finanual Repong Standard applicable in the UK and Republic of Ireland. and thè Charities Acl 2011. The ffinancial statements have been prepared under the hlstorlcal cost conventicm, with the exceptKJn of wwastm&nts whlch are included at market value. The charity has a wholty owned subsidiary, WeLsh Tuwn Plannlng and Houslng Trust Limited. In accordance with the Charibes Act requirnents for groups, con501idated accounts have not been Fxepared bKause the group 18 small. Incom• r•cognhlon All income is recognised in the Ststement of Finanual Activities once the Gharity ha$ entitlement lo the income. the is sufficient certainty or receipt and so rt is probabb that the income will be received, and the amount ol income receivable can be measured accuratety. Int8re8t on lund8 held on deposit is incIled upon nolifKth of ts interest pahJ or payable by the Bank. Dividends are reCognd once the dNhaend has been declared and noufication has been rec8ived of the diwderKI due. This is nomialty UP 'tion by our investment advisor of the dNiderKI yield of the investment pth1. Expendftur• rncognttlon Llabilitles are recognised as expendilure as simjn as there is a legal or constnKtNe obligation committing the charity to that expenditure. It Is probable that a transfer of economic beneffts will be required in settlemenl and the amount of the obligatson can b8 measured reliably. Expenditure 18 accounted for on an accruals basis and has been cla5sthed under headings that aggregate all cost related lo the category. INhere wdis cannot be diredy attn"buted to parb'cular h&adings they have been 8lk>cated to activitles on a basis consistent with the use ol resources. Grnnts payable are payments m•Je to thwd port*s In fvrtherance of the charitable objects of the charity. Provision5 for grants are made vthen the intention to make the grant has been agreed by the twstees at the bl annual meetsngs hekl within the finar1 year. Allocatlon and apportlonment of ¢0gts Support costs have been differentiated betsen governance costs and other support cnsts. Govemance $ts comprise of all costs involwng the public acuuntability of the Charity and its compliance vrith regulab'on and gotyj practi. These costs include costs related to statutw audit and legal fees together support costs relatiry to trustee Board meetings. I govemance and suprM)rt costs have been aPpOrtned in fuN to grant making. Thern are no costs to the charity for the a¢livity of 'Education of the public in the Arts.. Costs 01 rn18lng funds The costs of generating lunds CA)nsist of investment manaprrtht fees. Ch•rtt•ble a¢tlvllle• The expenditure on ¢hwitsble aCbvI indudes grants m•Je, govemance (x)sts and suPrt ¢osts. Tanglble Ilx•d assets Depreciatton ks prov at the follNing nUal rates in order to wrke off each asset over Its estimated usefvl life. Computer equipment 25% on cost Page 11 ntinued...
Notes to th• Hnanclal Statem•nts- contlnuod forth• Y•ar Endod 5 Aprll 2022 AccouMfiNG POUCIES- contlnued Relatsd party exemptton The Charity has taken athntage of exemplwm. under the terms of Financial Reporting Standard 102 The Financial Reporting Standard applKabb in the UK and RepublK of Irelond,, not to disclose related party transa¢tion$ with wholly owned subsKliaries within the group. Taxatlon The charity is exempt from tax on its tharitab thitses. Hlr• purcha•0 and ha•lng commIthnIS Rentals paid under operatyng aSeS are charged to the Statement of Financial ActTvibes on a straight line basis over the period of the bgase. Penslon Gosts and oth•r po8t-rellremont benefits The charity operates a defined o)ntributh)n pension scheme. Contributlons payab to the chaflvs pension scheme are charged to the Stslement of Financial Actfvities In tts period to which they relats. Inv•stm•nts Flx•d ass Inv•stmfrnt• The Investh)ent In sub8kliary is stated at the bolan¢e sheet date at hlstorkal cost kn88 Impalm)ent. Curr•nt •88•t Inv•8tm•nt• Llsled investments a stated at market value at the balance sheet date. Realls•d galns and1038e8 on Inveslmenls, kulated as the difference be the $aks prcteeds and their market value al the start of the year, or subsequent cosL are ¢yediled or charoed to the SOFA In the year of gain or loss. Unrealised gains and losses representir#J the rrwment in market values durlng the year arn credited or charged to thè SOFA In the year of gain or loss. Realised and unrealtsed Investment galn8 and losses are combined in the Statoment of Fln8nual Activit, Unlisted investrnents are stsled in the balance Sheet at hlstorkal cost. INVESTMEKf INCOME 5.4.22 5.4.21 Deposit account interest Listeil investsnents other investments 247 219.154 1.318 41 220,635 1.293 220,719 221.969 INVESTMENT MANAGEMEKf COSTS 5.4.22 5.4.21 Pc*tfolio man4ement Impairment bsses 43.995 172 50,331 17,925 44,167 68,256 Page 12
Margarnt Davlos Charfty Nots• to the Flnanclal Ststements - contlnued for thè Yo•r End•d S Awll 2022 GRANTS PAYABLE 5.4.22 5.4.21 Awarding Grants 231.285 244,370 The total grants pald to Insltuuons during the year was as follows: 5.4.22 5.4.21 Mis¢ellaneou$ under £5,000 National Museum and Galleries 161,285 149.370 s,000 M.C.R.A. Welsh National Opwa Rekindle Monlgomery8hlre Family Crlsls Centre Age Concem Pow Cwmparc Community Associat¥)n Artes Mundi Mod Wales Opera Hope House Chadty The Intersensory Club Carers Trust Wales Nightingale House Hospice The Prison Advice & Care Trust Cardiff Womer)'$ Aid Atal Y FTO TACT Connect Wales TGP Cymru Theatr na nog St Davld's Cathollc Church The Vronhaul (Llandinaml Charity Domestic Abuse Safety Unit Wales Millenium Centre Sl Paul's Famity Centre Brigend Carers Support Through Courts Elidyr Communities Trust Awel Aman Tawe UPROAR - Wales New Muslc Ensemble Brec£)n Festival of Ballet 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 5,000 5,000 5.000 5.000 5,000 5,000 5,000 5,000 5,000 5,000 s,000 5,000 5,000 231,285 244,370 Page 13 continued...
Maryaret Davies Charlty Notrs to the Financial Statements - conilnued for th* Yo•r Ended S Aprll 2022 TRUSTEES. REMUNERATION AND BENEFITS The trustees all give freely of their time and expertise wlthoLrt any fom of remuneration or other benefits in kind or cash {2021'. £nill. Trugtees. eXng•S 5.4.22 5.4.21 Trustees, expenses 260 3 trustees were reimbursed for travel expenses In 2022 but ther& were no trustee expenses for 2021. STAFF COSTS Tho average monthly number of employees during the year was as follows: 5.4.22 5.4.21 Secretary No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDoWMETrs FROM Donations and legacies 1,309,555 Investment income Other income 221,969 120 Total 1,531,644 EXPENDITURE ON Raising funds Investment management costs 68,256 68,256 Charitsble activities Awarding Grants Education of the public in the Arts 272.478 120 Total 340,854 Nel gains on investments 1,738,613 NET INCOME 2,929,403 RECONCILIATION OF FUNDS Total funds brought forward 6,857,468 Page 14 contlnued...
IAaryaret Davi•s Charfty Nots• to the Fin•n¢i•l Stat•monts- contlnued fw tho Yw Ended S Aprll 2022 COMPARATIVE8 FOR THE STATEMENT OF FINANCIAL AcnwllES - continued Unrestricted fvnd TOTAL FUNDS CARRIED FORWARD 9.786,871 TANGIBLE FIXED ASSETS quipment COST Al 6 April 2021 Aditions DIsp08al8 1.809 {909) At 5 Aprll 2022 1,809 DEPRECIATION Al 6 Aprll 2021 Charge for year Eliminated on disposal 452 1909) At 5 Aprfl 2022 452 NET BOOK VALUE At 5 April 2022 1,357 At 5 April 2021 FIXED ASSET INVE8TMEKrs ShareB In group undertaklng• COST LESS IMPAIRMENT At6 April 2021 Impainnents 86,794 1172) At S Aprll 2022 86,622 NET BOOK VALUE At 5 April 2022 86,622 At S Aprll 2021 86,794 There re no investment assets outshje Ihe UK Page15
Maryaret DavleB Charfty Kotes to Ihe Financiol Statements. cantlN8d farth• Yaar Eml¢d 5 Apri5 2022 10. STOCKS 5.4.22 5.4.21 Stocks 1,763 11. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 5.4.22 5.4.21 Other debtors 105.502 10.634 12. CURRENT ASSEf INVESTMEi¥rs Investments SA22 5.4.21 Cost or Market value at 6.4.21 AddOn$ Disposals Unrealised losseslgains 8,360,593 6.727,501 6.361.696 3,236,155 {5.686.5621 12,579,083) 702.945 976,020 Cost or Market value at 5.4.22 9,738.672 8.360,593 Histor1 ¢ost 9.525,472 7.275,664 Unlisted investrnents are recorded at cost because the Trustees, belwe that obtaining a professional valualion of Ihe shares would offtigh the benefft to the user of these accounts. Analysis of investments at 5th Aprll bet¥rnen fvnds SA.22 5.4.21 Listed inveslments Unlisied investments Fixed interest seCUreS 8.737,811 911 999.950 7,356.365 911 1,003,317 9.738.672 8.360.593 Included in the above, investments hehj cKtstde the United I0M for the Charity £4,633,104 (2021 £2.339.445) Page 16 continu...
Margaret Davlos Charlty Nots• to Ihe Finan¢ial Statsmènts - Contlnued forth• Yoar Endod S Aprll 2022 13. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 5.4.22 5.4.21 Taxation and social security Other creditors 272 47,996 73,808 73,808 48,268 14. CREDITORS: AMOUNT8 FALLING DUE AFTER MORE THAN ONE YEAR 5.4.22 5.4.21 Other creditors 30.000 60,000 15. MOVEMENT IN FUNDS Net M0ment In funds Al 5.4.22 Al 6.4.21 Unve8trlcted fund• General fund 9,786,871 593,482 10,380,353 TOTAL FUNDS 9,786,871 593,482 10,380,353 Net movement In funds, Included In the above aré 88 follows.. Incoffllng r•8our¢o1 R•8ourc•• •xp•nd•d Galns •nd Movement In funds Unvo•trlctod fund• General fund 220,842 1310.715) 683,355 593.482 TOTAL FUNDS 220,842 1310,715) 683,355 593.482 Comp•ratlve8 for mov•m•nt In fund• Net movement in lunds At 5.4.21 At6.4.20 Unrestrlcted fund• General fund 6,857,468 2,929,403 9,786,871 TOTAL FUNDS 6,857,468 2,929.403 9.786,871 Page 17 ¢onllnued...
Maryaret Da¥le8 Charlty NotsB to the FSnanc5al Slatem•nts- ¢ontinugd forthè Year Ended S Aprfl 2022 15. MOVEMENT IN FUNDS - contlnued Comparative net movement in lunds. induded in the above a as folkrNs: In¢>JniThJ R8xur Gains and in funds Unrnstrlcted fund• Generdl fund 1.531,644 (340,854) 1,738,613 2.929,403 TOTAL FUNDS 1.531,644 (340.854) 1.738.613 2,929,403 16. RELATED PARTY DISCLOSURES Thè trustees have internsts in the foll chwitps have benefited from grants In the year. Organisation Connection 5.422 5.4.21 MCRA Dr J D Lewis- tnjsieo 5,WO 1,000 Artes Mundl Mrs S Balsom- trusta8 Ivrte of OR D F 8alsom) I tnjstees in mmon wlth Margaret Davies Charity 5,000 The Vronhaul {Uandlnam) Charity 5,WO During the year the charity paid rent to MCRA amountsng to £2,542 {2021 £2,542). No amount wa8 outstanding at the year end (2021 nll). In the 2021 year end, th6 tharity receNed a donatK)n from its subsidiary Welsh T(rwn Planning & Houslng Trust Limited affthintirKJ to £1,309.555 fcdkning the sab of In thls o)mpany. Page 18
Statement ol Flnancial Aclivltles forthe Year End S April 2022 5.4.22 5.4.21 INCOME AND ENDOWMENTS Donations and legacies Donations 1.309,555 Investment Income Deposit account intewt Listed investments Other investments 247 219,154 1.318 41 220,635 1,293 220.719 221,969 Other incom• Royalb'es 123 120 Totsl Incomlng ro8our¢8s 220,842 1,531,644 EXPENDrruRE Investment management Costs Po¢1folio management Impaimient losses for tsngibk fd assets 43,995 172 50.331 17.925 44.167 68,256 Charitable activities Wages Pensmjns Other operating leases Offi* costs Boc4( costs Computer equipment Grants to institutions 22,119 315 2.542 2,985 123 452 231,285 19.041 2,542 678 120 244,370 259,821 266.751 Support ¢08ts Flnance Bank charges 25 Govemon¢o ¢0sts Trusiees, expenses Auditors, remuneratK>n Insurance Accountancy and legal fees Costs of meetlng$ 260 4,560 978 161 3,960 1.375 43 6.707 5,822 Pago 19
0otsil8d Ststemwtof Financial Activi far Year End•d 5 Awil 2022 5.4.22 5.4.21 Total resources expend&J 310,715 340,854 Net lexpendftureylncom8 befor• gains and losses 189.873) 1,190,790 Realised recognisod gains and Ios8OS Realised gainslllosses} on investment assets 119.590) 762,593 Net lexpendltureylncome 1109.463) 1,953,383 This page does r¥A fonn part ofthe slaliilory firbanoal slatements Page 20