2022-11-30-accounts - Richard Davies Charitable Foundation

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The Richard Davies Charitable Foundation Charity Registration No. 279380

Trustees' report and unaudited accounts For the year ended 30 November 2022

The Richard Davies Charitable Foundation Contents

	Page
Legal and administrative information	1
Trustees' report	2 - 3
Statement of trustees' responsibilities	4
Independent examiner's report	5
Statement offnancial activities	6
Balance sheet	7
Notes to the accounts	8 - 10

The Richard Davies Charitable Foundation

Legal and administrative information

The Foundation was established by Deed of Trust on 30 November 1979 and registered with the Charity Commissioners, number 279380 in March 1980.

Trustees	Janet M Coles
	Malcolm R Coles
	Kim L Coles
Date of Foundation	30 November 1979
Charity Number	279380
Principal Address	76 Wollaton Road
	Ferndown
	Dorset
	BH22 8QY
Accountant	Evelyn Partners LLP
	Old Library Chambers
	21 Chipper Lane
	Salisbury
	Wiltshire
	SP1 1BG
Independent Examiner	Simon Ellingham FCA
	Fawcetts LLP
	Chartered Accountants
	Windover House
	St Ann Street
	Salisbury
	Wiltshire
	SP1 2DR
Banker	Natwest Bank
	57 High Street
	Christchurch
	Dorset
	BH23 1BB
Investment Manager	Evelyn Partners Investment Management
	Portwall Place
	Portwall Lane
	Bristol
	BS1 6NA

The object of the Foundation is to apply its income to general charitable purposes, at the discretion of the trustees. The trustees have determined that the bene fi t of their giving shall be applied principally in the Bristol area but have placed no restrictions on its purposes.

The Richard Davies Charitable Foundation Trustees' report for the year ended 30 November 2022

The trustees present their report and accounts for the year ended 30 November 2022. The accounts have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charities Act 2011 and 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 (FRS102) published on 16 July 2014.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The governing document is the original settlement deed dated 30 November 1979 and an amended and restated deed dated 18 April 2008.

Trustees

The trustees who served during the year were: Janet M Coles Malcolm R Coles Kim L Coles Nigel Stone (resigned 5 January 2023)

On the deaths of Richard and Kathleen Davies, the power of appointment and removal has been vested in Janet Coles during her lifetime and thereafter to such of her children as she shall designate. Thereafter power shall continue to pass in each generation.

The appointers shall ensure that there are no fewer than three trustees.

Risk management

The trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the return on investments, and are satis fi ed that systems are in place to mitigate their exposure to major risks.

Related parties

There are no related parties.

Permanent endowment and fund structures policy

The permanent endowment represents the capital value of the assets originally used to set up the Foundation and it is intended that these funds are to remain invested and only the income is available to be paid or applied to or for such charitable objects or purposes as the trustees think fi t.

The assets representing the permanent endowment consists of quoted investments with a market value of £1,261,644 (2021 £1,365,035) and cash of £4,716 (2021 £4,965). The assets representing the unrestricted funds is cash of £45,648 (2021 £38,922).

Unrestricted fund

The trustees apply the unrestricted fund for the general purposes of the Foundation as set out in the governing document.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Richard Davies Charitable Foundation

Trustees' report for the year ended 30 November 2022

Public bene t

The trustees con fi rm that they have referred to the guidance contained in the Charity Commission's general guidance on public bene fi t when reviewing the Foundation's aims and objectives and setting its grantmaking policies. The trustees regularly receive donation requests which are considered periodically throughout the year.

FINANCIAL REVIEW

Grantmaking

The Statement of Financial Activities is set out on page 6. During the year the trustees donated £36,321 (2021 £39,100 ) as detailed in note 2. The trustees' aim is to maintain donations out of income at least 70% (in real terms) subject to market conditions and without taking unacceptable risk.

Reserves policy

The trustees believe that the reserves are su ffi cient for current purposes and these are reviewed on a regular basis.

Investment powers and policy

There are no restrictions on the trustees' powers to invest. The trustees have delegated under section 11 of the Trustee Act 2000 full discretionary powers to the Investment Managers. Their policy is to seek to maximise total return, whilst maintaining the real value of the portfolio and not subjecting it to undue risk. The trustees review the Investment Managers at their meetings, and their policy at least annually.

On behalf of the board of trustees

Malcolm Coles

........................................Malcolm Coles (Jul 31, 2023 09:45 GMT+1)

Malcolm R Coles

Trustee

31/07/2023 Dated: ........................................

The Richard Davies Charitable Foundation

Statement of trustees' responsibilities

The trustees are responsible for preparing the trustees' report and the accounts 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 requires the trustees to prepare accounts for each fi nancial year which give a true and fair view of the state of a ff airs of the Foundation and of the income resources and application of resources of the Foundation for that year.

In preparing these accounts, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standard have been followed subject to any material departures disclosed and explained in the accounts; and
prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping su ffi cient accounting records that disclose with reasonable accuracy at any time the fi nancial position of the charity and enable them to ensure that the accounts 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.

The Richard Davies Charitable Foundation

Independent examiner's report to the trustees of The Richard Davies Charitable Foundation

I report to the trustees on my examination of the accounts of The Richard Davies Charitable Foundation for the year ended 30 November 2022 which comprise the statement of fi nancial activities, the balance sheet and the notes to the accounts, including a summary of signi fi cant accounting policies.

Respective responsibilities of trustees and examiner and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I con fi rm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Simon J L Ellingham

Simon J L Ellingham (Jul 31, 2023 09:51 GMT+1)..............................................

Simon Ellingham FCA

Fawcetts LLP Chartered Accountants Windover House St Ann Street Salisbury Wiltshire SP1 2DR

Dated: 31/07/2023

The Richard Davies Charitable Foundation

Statement of fi nancial activities for the year ended 30 November 2022

Unrestricted Permanent Funds Endowment NotesPage £ £ Income Investment income 44,738 - Total income 44,738 - Expenditure Costs of generating funds Investment management fees - (11,670) LEI fee - (72) Administration expenses - (300) Charitable expenditure Grants payable 2 (36,321) - Governance Costs Accountancy fees (892) (892) Independent examiner's fees (540) (540) Total expenditure (37,753) (13,474) (Losses)/gains on investment assets 5 - (93,289) Net movement in funds before transfers 6,985 (106,763) Net transfers between funds (1,691) 1,691 Net movement in funds 5,294 (105,072) Fund balances at 1 December 2021 38,082 1,369,160 Fund balances at 30 November 2022 7 43,376 1,264,088	Total 2022 £ 44,738 44,738 (11,670) (72) (300) (36,321) (1,784) (1,080) (51,227) (93,289) (99,778) - (99,778) 1,407,242 1,307,464	Total 2021 £ 41,694 41,694 (16,615) (72) - (39,100) (1,740) - (57,527) 117,534 101,701 - 101,701 1,305,541 1,407,242

The Richard Davies Charitable Foundation

Balance sheet as at 30 November 2022

Unrestricted Permanent Funds Endowment Notes £ £ Fixed assets Investments 5 - 1,261,644 Current assets Cash at bank and in hand 45,648 4,716 45,648 4,716 Liabilities Creditors: amounts falling due within one year 6 (2,272) (2,272) Net current assets 43,376 2,444 Total assets less current liabilities 43,376 1,264,088 Represented by Unrestricted Funds Permanent Endowment	Total 2022 £ 1,261,644 50,364 50,364 (4,544) 45,820 1,307,464 43,376 1,264,088 1,307,464	Total 2021 £ 1,365,035 43,887
		43,887 (1,680)
		42,207
		1,407,242
		38,082 1,369,160
		1,407,242

31/07/2023 The accounts were approved by the trustees and authorised for issue on ................................... and were signed on their behalf by:

Malcolm Coles

Malcolm Coles (Jul 31, 2023 09:45 GMT+1)..............................

Malcolm R Coles Trustee

The Richard Davies Charitable Foundation

Notes to the accounts for the year ended 30 November 2022

1 Accounting policies

1.1 General information

The Richard Davies Charitable Foundation is an unincorporated trust, registered with the Charity Commission in England & Wales (No. 279380). The address of the registered o ffi ce is 76 Wollaton Road, Ferndown, Dorset, BH22 8QY.

1.2 Basis of preparation

These accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Charities Act 2011.

The charity constitues a public bene fi t entity as de fi ned by FRS102.

1.3 Fund accounting

The funds held are the unrestricted funds and the permanent endowment funds. The permanent endowment funds represent the capital value of the assets originally used to set up the Foundation. It is intended that these funds are to remain invested and only the income is available to be paid or applied to or for such charitable objects or purposes as the trustees think fi t. The remaining net assets are held in the unrestricted fund.

1.4 Incoming resources

Income is recognised in the period in which the trust is entitled to receipt and the amount can be measured with reasonable certainty.

Investment income is accounted for on its receipt and is shown net of any tax deduction.

1.5 Resources expended

Donations made are accounted for on payment. Other expenditure is recognised when incurred.

Where an item of expenditure falls directly within one cost category, it is attributed to that category only. Where expenditure involves more than one category it is apportioned on a reasonable and justi fi able basis.

1.6 Investments

Investments are shown at their market value at the balance sheet date. All investments held are quoted on a recognised stock exchange.

Realised and unrealised gains and losses on investments are included in the statement of fi nancial activities in the period in which they arise.

1.7 Financial instruments

The charity only enters into basic fi nancial instrument transactions that result in the recognition of fi nancial assets and liabilities like debtors and creditors and loans from related parties.

The Richard Davies Charitable Foundation

Notes to the accounts for the year ended 30 November 2022

2 Grants payable

The following grants and donations were made during the year.

The following grants and donations were made during the year.
Above & Beyond Bournemouth CC Bournemouth Guides Bristol After Stroke Bus Stop Club Churchill Foundation Diverse Abilities Dor PIP Engineering Development Trust Ferndown Upper School Friends of 3 Legged Cross School HOPE Bournemouth JM Children's Hospice Lifecycle Lifeskills PramaLife Roald Dahl Marvellous Children's Charity Shirehampton CA Forum Silver Line SOFA Project Southmead Hospital Stable Family Home Trust St Chad's Patchway School The Mobility Trust Vale Pantry Wimborne Bowls Club Wimborne RFC 1625 Independent People	2022 £ - 3,000 - 2,000 4,000 - - 3,000 2,000 - 4,000 - - - - - 2,000 4,000 - 2,000 - 2,000 321 - 4,000 1,000 3,000 - 36,321	2021 £ 3,000 - 500 - 2,000 1,000 2,000 - - 5,000 - 2,000 2,000 1,000 3,000 4,000 - - 3,000 2,000 2,000 - 400 1,200 - - - 5,000
		39,100

3 Trustee remuneration

The trustees do not receive remuneration from the charity.

4 Employees

There were no employees during the year (2021 - none)

The Richard Davies Charitable Foundation

Notes to the accounts for the year ended 30 November 2022

5 Investments Quoted investments Market value at 1 December 2021 Acquisitions at cost Sale proceeds from disposals (Losses)/gains on investment assets Market value at 30 November 2022 Investments at market value comprised: Investments within the UK Investments outside the UK Historic cost carried forward	2022 £ 1,365,035 95,007 (105,109) (93,289) 1,261,644 794,877 466,767 1,261,644 1,006,080	2021 £ 1,251,664 76,583 (80,746) 117,534
		1,365,035
		841,664 523,371
		1,365,035

		994,778

The above investments comprise fi xed interest securities and equities. There were no investments which individually represent in excess of 5% of the total market value in the year ended 30 November 2022.

The investment losses in the Statement of fi nancial activities include unrealised losses of £118,266 (2021: gains of £103,108) and realised gains of £24,977 (2021: £14,426).

6 Creditors: amounts falling due within one year Accountancy fees Independent examiner's fees	2022 £ 3,464 1,080 4,544	2021 £ 1,680 -
		1,680

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