REGISTERED COMPANY NUMBER: CE006286 (England and Wales) REGISTERED CHARITY NUMBER: 1167016
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
The Robin and Lucienne Day Foundation
Cooper Parry New Derwent House 69-73 Theobalds Road London WC1X 8TA
The Robin and Lucienne Day Foundation
Contents of the Financial Statements for the year ended 31 March 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 15 |
| Detailed Statement of Financial Activities | 16 to 17 |
The Robin and Lucienne Day Foundation
Reference and Administrative Details for the year ended 31 March 2024
Trustees Ms P Day Ms MV Mullin Mr KMW Englund Professor S Bartholomew Registered office PO Box 28 Sedbergh Cumbria LA10 5WQ Registered company number CE006286 (England and Wales) Registered charity number 1167016 Independent examiner Cooper Parry New Derwent House 69-73 Theobalds Road London WC1X 8TA
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The Robin and Lucienne Day Foundation
Trustees' Report for the year ended 31 March 2024
The trustees present their report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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 (FRS 102)" (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
The Foundation's objective is to advance the education of the public by:
-
Generating knowledge, appreciation and understanding of the nation's design heritage in general, and the work of Robin and Lucienne Day in particular;
-
Encouraging the provisions of public access to the design legacies of Robin and Lucienne Day;
-
Providing resources and opportunities which will enable the general public or students of educational establishments to further their study of design in general and furniture and textile design in particular.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the foundation should undertake.
Achievements and Performance
The Foundation continued to meet its educational objectives in all three areas:
1. Generating knowledge, appreciation and understanding of the nation's design heritage in general, and the work of Robin and Lucienne Day in particular.
The Foundation continued to publish authoritative Robin and Lucienne Day design history and archive images, information about where their work can be seen in books, buildings, museums and on film, and news of related events, exhibitions, publications and product launches. This material was published on the Foundation's website, quarterly newsletter and social media, offering the public a free and regularly refreshed stream of information about the nation's Robin and Lucienne Day design heritage.
The Foundation also supplied Robin and Lucienne Day design history and archive images to partner organisations including furniture licensees Case Furniture and &Tradition. In February 2024 Trustee Paula Day participated in a short documentary film about Robin Day commissioned by furniture licensee &Tradition, for publication on its website which is viewed by a global audience.
Much of the material published was drawn from the Foundation’s digital archive. The Foundation continued to develop this extensive resource, sourcing or commissioning images from museums, archives and other collections.
Talks continued with the archivists of a major London arts venue about the potential for an exhibition about Robin Day’s designs for the building, which is a landmark of post-war British architecture and design. The Foundation embarked on a collaboration to mount an exhibition of Lucienne Day’s silk mosaics, to be shown at a central London venue in autumn 2024, entry free of charge.
In May 2023 Trustee Paula Day took part in a filmed conversation with Corin Mellor, son of designer David Mellor, about custodianship of their respective parents’ important British 20[th] century British design legacies. This was launched online in November as a free audio podcast. The full-length documentary film Contemporary Days: the Designs of Robin and Lucienne Day, was publicly screened in June 2023 at the Isokon Gallery, London. Trustee Paula Day answered questions from the audience.
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The Robin and Lucienne Day Foundation
Trustees' Report for the year ended 31 March 2024
Objectives and activities
2. Encouraging the provisions of public access to the design legacies of Robin and Lucienne Day.
In this year the Foundation collaborated on authentic reissues of eight original Robin Day furniture designs and a number of original Lucienne Day textile and wallpaper designs which have not been accessible to the public since the middle decades of the 20[th ] century.
Most of the reissues are to be launched and publicised internationally, giving widespread access to the design legacies through online publications and launch displays (linked to free cultural events and exhibitions), as well as ongoing availability of authentic reproductions.
3. Providing resources and opportunities which will enable the general public or students of educational establishments to further their study of design in general and furniture and textile design in particular.
All of the activities outlined above provide educational resources to the public. In this period the Trustees also provided encouragement and support to outstanding design students by making awards at the Summer 2023 Degree Shows of Kingston School of Art, Arts University Bournemouth, NCAD Dublin, Belfast School of Art, and ATU Connemara. In March 2024 the Trustees adjudicated and awarded a £2,000 Prize to a Textiles MA student at the Royal College of Art, London, to help support her research through the final months of her studies. In many cases, Trustees Mary V. Mullin, Magnus Englund and Paula Day stayed in touch with the students, maintaining interest in their work, and on occasion providing introductions.
Financial review
Total income for the period was £74,293 and total expenditure for the period was £95,253. Income was derived in part from the investment portfolio and in part from design royalties paid by licensees.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a minimum level of £35,000 in readily accessible cash. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised.
This level of cash reserves has been maintained throughout the year.
The investment advisers of the charity are instructed to invest to maximise the total return on investments within the constraints of medium to low-risk investment portfolio and an ethical, environmental, social and governance profile in line with the charity's objectives and public benefit obligations. The investment brief is broadly defined.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to them.
Plans for future periods
At the end of the financial year, a major collection of Robin Day’ s historically important early designs was shortly to be - launched in international markets by one of the Foundation’s licensees, and the first ever reissues of Lucienne Day’s wallpaper designs were also in preparation. Both projects are expected to generate knowledge of and access to Robin and Lucienne Day’s design legacies, as well as a significantly increased royalty income.
Talks with a major London arts venue regarding opportunities to collaborate on future events and exhibitions which will highlight Robin Day’s furniture designs for the building remain ongoing. Collaboration is ongoing on the exhibition of Lucienne Day silk mosaics, to open in central London in autumn 2024.
The student awards programme for year ending 31 March 2025 is expected to include six partner universities.
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The Robin and Lucienne Day Foundation
Trustees' Report
for the year ended 31 March 2024
Structure, governance and management
The Foundation was established by a charitable trust deed on 2 February 2012. On 10 May 2016 the Robin and Lucienne Day Charitable Incorporated Organisation (CIO) was registered at the Charities Commission as an educational and training charity in England and Wales under registration number 1167016.
The trustees serving during the year were: Ms P Day Ms MV Mullin Mr KMW Englund Professor S Bartholomew
New trustees are appointed by the existing trustees. At the Trustees' Meetings the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investments, reserves, risk management policies and performance.
Structure, governance and management Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 10.10.24
.................................................................... Paula Day Ms P Day - Trustee
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Independent Examiner's Report to the Trustees of The Robin and Lucienne Day Foundation
I report on the accounts for the year ended 31 March 2024, which are set out on pages six to seventeen.
Responsibilities 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 have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
My role is to state whether any material matters have come to my attention giving me cause to believe:
-
that accounting records were not kept as required by section 130 of the Act; or
-
that the accounts do not accord with those records; or
-
that the accounts do not comply with the accounting requirements of the Act; or
-
that there is further information needed for a proper understanding of the accounts.
Independent examiner's statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention.
James Maxwell ICAEW Cooper Parry New Derwent House 69-73 Theobalds Road London WC1X 8TA
Date: ............................................. James Maxwell
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The Robin and Lucienne Day Foundation
Statement of Financial Activities for the year ended 31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| Income and endowments from | |||
| Charitable activity | 2 | 31,932 | 64,770 |
| Investment income | 3 | 42,361 | 41,181 |
| Total | 74,293 | 105,951 | |
| Charitable activities | 95,253 | 245,566 | |
| Total | 95,253 | 245,566 | |
| Net gains/(losses) on investments | (6,311) | (71,166) | |
| NET INCOME/(EXPENDITURE) | (27,271) | (210,781) | |
| Reconciliation of funds | |||
| Total funds brought forward | 1,053,444 | 1,264,225 | |
| Total funds carried forward | 1,026,173 | 1,053,444 |
The notes form part of these financial statements
Page 6
The Robin and Lucienne Day Foundation
Balance Sheet 31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| Fixed assets | |||
| Intangible assets | 7 | 71,556 | 65,969 |
| Tangible assets | 8 | 49,875 | 52,366 |
| Investments | 9 | 850,004 | 856,315 |
| 971,435 | 974,650 | ||
| Current assets | |||
| Debtors | 10 | 19,990 | 50,166 |
| Cash at bank and in hand | 49,121 | 54,981 | |
| 69,111 | 105,147 | ||
| Creditors | |||
| Amounts falling due within one year | 11 | (14,373) | (26,353) |
| Net current assets | 54,738 | 78,794 | |
| Total assets less current liabilities | 1,026,173 | 1,053,444 | |
| NET ASSETS | 1,026,173 | 1,053,444 | |
| Funds | |||
| Unrestricted funds | 1,026,173 | 1,053,444 | |
| Total funds | 1,026,173 | 1,053,444 |
The notes form part of these financial statements
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The Robin and Lucienne Day Foundation
Balance Sheet - continued 31 March 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 10.10.24
............................................. K M W Englund K M W Englund - Trustee
............................................. S Bartholomew S Bartholomew - Trustee
............................................. M V Mullin M V Mullin - Trustee
............................................. P Day P Day - Trustee
The notes form part of these financial statements
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The Robin and Lucienne Day Foundation
Notes to the Financial Statements for the year ended 31 March 2024
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, as modified by the revaluation of certain assets.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS102 rather than the version of the Statements of Recommended Practice which is referred to in the regulations but with has since been withdrawn
Charity information
The Robin and Lucienne Day Foundation is a Charitable Incorporated Organisation (CIO). The office address is The Robin and Lucienne Day Foundation, POBOX 28, Sedbergh, LA10 5WQ.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally 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
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.
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Digital archiving costs Trademarks
Straight line 10 years Straight line 10 years
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The Robin and Lucienne Day Foundation
Notes to the Financial Statements - continued for the year ended 31 March 2024
1. Accounting policies - continued
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers Straight line 2 years Plant & Machinery Straight line 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Cash and cash equivalents
Cash and cash equivalents include cash in hand. Bank overdrafts are shown as borrowings in current liabilities.
Pensions
The charity operates a defined contributions scheme, the funds of which are held in separately administered funds where the beneficial rights belong to the individual employees. Contributions are charges in the profit and loss statement as they become payable.
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The Robin and Lucienne Day Foundation
Notes to the Financial Statements - continued for the year ended 31 March 2024
1. Accounting policies - continued
Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimated and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future period where the revision affects both current and future periods.
Valuation of investment portfolio
The trustees used the bid-price valuation in calculating the value of the investment portfolio as in their opinion this is the most relevant method of valuation.
Capitalisation of digital archiving costs
In the opinion of the trustees the expenditure with regards to the creation of the digital archive is of a capital nature and therefore this expenditure has been capitalised in the accounts.
Valuation of royalties rights
In the opinion of the trustees there is no indication of the impairment of the future cash flows derived from the royalties rights. Any rise of the interest rate is not significant and the recoverable amount of the royalties in the current period are comparable with prior periods.
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transactions costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
2. Charitable activity income
3.
| Royalties income Other income Investment income Other fixed asset invest - FII Deposit account interest |
2024 £ 31,932 - 31,932 2024 £ 40,865 1,496 42,361 |
2023 £ 64,640 130 64,770 2023 £ 40,643 538 41,181 |
|---|---|---|
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The Robin and Lucienne Day Foundation
Notes to the Financial Statements - continued for the year ended 31 March 2024
4. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets Trademark amortisation Digital archive creation amortisation |
2024 £ 2,491 2,936 9,691 |
2023 £ 5,683 2,724 9,262 |
|---|---|---|
5. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
Trustees were reimbursed for travel expenses of £1,977 for the year ended 31 March 2024 (2023: £1,318).
6. Comparatives for the statement of financial activities
| Comparatives for the statement of financial activities | |
|---|---|
| Unrestricted | |
| Fund | |
| 2023 | |
| £ | |
| Income and endowments from | |
| Charitable activity | 64,770 |
| Investment income | 41,181 |
| Total | 105,951 |
| Charitable activities | 245,566 |
| Net gains/(losses) on investments | (71,166) |
| NET INCOME/(EXPENDITURE) | (210,781) |
| Reconciliation of funds | |
| Total funds brought forward | 1,264,225 |
| Total funds carried forward | 1,053,444 |
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The Robin and Lucienne Day Foundation
Notes to the Financial Statements - continued for the year ended 31 March 2024
7. Intangible fixed assets
| Trademarks Digital archive £ £ Cost At 1 April 2023 27,723 91,365 Additions 7,969 10,245 At 31 March 2024 35,692 101,610 Amortisation At 1 April 2023 9,071 44,048 Charge for year 2,936 9,691 At 31 March 2024 12,007 53,739 Net book value At 31 March 2024 23,685 47,871 At 31 March 2023 18,652 47,317 8. Tangible fixed assets Plant and Computer machinery equipment £ £ Cost At 1 April 2023 and 31 March 2024 57,000 6,144 Depreciation At 1 April 2023 4,703 6,075 Charge for year 2,422 69 At 31 March 2024 7,125 6,144 Net book value At 31 March 2024 49,875 - At 31 March 2023 52,297 69 9. Fixed asset investments 2024 £ Shares 805,004 Royalties rights 45,000 850,004 |
|
|---|---|
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The Robin and Lucienne Day Foundation
Notes to the Financial Statements - continued for the year ended 31 March 2024
9. Fixed asset investments - continued
Additional information as follows:
| Listed | |
|---|---|
| investments | |
| £ | |
| Market value | |
| At 1 April 2023 | 811,315 |
| Revaluations | (6,311) |
| At 31 March 2024 | 805,004 |
| Net book value | |
| At 31 March 2024 | 805,004 |
| At 31 March 2023 | 811,315 |
There were no investment assets outside the UK.
Cost or valuation at 31 March 2024 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2022 | 36,951 |
| Valuation in | 2023 | (266,836) |
| Valuation in | 2024 | (6,311) |
| Cost | 1,041,200 | |
| 805,004 |
Investments (neither listed nor unlisted) were as follows:
| Royalties rights 10. Debtors: amounts falling due within one year Trade debtors Other debtors VAT |
2024 £ 45,000 2024 £ - 17,564 2,426 19,990 |
2023 £ 45,000 2023 £ 12,000 38,166 - 50,166 |
|---|---|---|
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The Robin and Lucienne Day Foundation
Notes to the Financial Statements - continued
for the year ended 31 March 2024
11. Creditors: amounts falling due within one year
| Trade creditors Social security and other taxes Pension payable VAT Accruals and deferred income |
2024 £ 9,725 463 182 - 4,003 14,373 |
2023 £ 3,652 327 146 80 22,148 26,353 |
|---|---|---|
Related party disclosures
13.
There were no related party transactions for the year ended 31 March 2024.
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