Charity Reglstrntlon No. 1170878 Company Registratlon No. CE009464 {England and Wales) RAINY DAY TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 RAINY DAY TRUST CONTENTS Page Rewt of the Trustees Statement of responsibilitles 12 Report of the Independent Au¢*to 13-14 Statement of FinancAal Actmlh 15 Statement of Fln8ndal Posltlon 16 Nol8S to the Flnandal Stslements 17-22 RAINY DAY TRUST REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present their rwrt vAth the finanaal statements of the charity for the year ended 31 Dacember 2022. The Iruslees have adopted the provisions of A¢￿unting arKE Repojtng by Charities.. Statemgnt of Reeommended Practice applicable lo charities preparing théir accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021(effedive January 2015}. R•f¢rence and Admlnlstratlon Inforniatlon The Ralny Day Trusl w88 founded in 1843. and registere4J ￿th Ihe Charity C(¥nmission as a CharStabl8 Incorporated Organisalion under charity number 1170878. Th8 Charitvs tnjstees and particulars professional advisers are included wilhin this trustees report. The Charity became a CIO on 21 Decembèr 2016. The finand81 statements for tha CIO represent the combined assets. liabilitios and funds of the legal enlilies as though thèy have always been part of the same organisalion. Th8 Iruslees conslder this approach to be ￿n${Stent wrth the requiremenls of the SORP and It provldes 8 clear comparative of the financ¥al statements an¢J financial posibon th previous reporting periods. The treBtmenl Is appropdate because the CIO was formeil expr8ssly to tske over the wort of the charity. The two entities have the samè name and address and are paty lo the same organisation. There is no significant change lo the beneficiaries. pufposgs or CA)ntrol ol the organisatson. RAINY DAY TRUST REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTIVES AND ACTivrriES Charitable Objectives The object of the CIO Is, for the publ￿ benefft. to relieve and assist pers¢)ns In need %tho are. or have been engaged in, hardware l DIY, housewdres. brUshWa￿. pottery. glass. buiklers merch8nts, ironmongery. garden supply, and all allied tpdes, and their dependants. in particular, bul not exdusively, by providing advice. support and fin8ncial assistance. Vision and PAisslon Statements Our work has always been driven by 8 desire lo provid8 SUPPOrt 8nd information to people from our industry. To achiev6 this, the Tnjsl has adopled the Vision and Mission slalements as set out ￿lOV￿. Vl8lon Statement 'The RDT is working towards a time when all th¢)se who have w0￿ed In the home Improvement and enhancement industry have the lunds they need to live." Ml88lon Ststemont Yhe Rainy Day Trust will work ly)th along and In partnership vllh other organizallons. elther commerclal or charitable, to provide fln8nci81 and other assistanc* that wll improve the quallty of life of those indlviduals 8nd familles from the Industries that rt supports, who h8V8 f811en on hard times." To support those statements, 8lso devéloped a $0ri8s of charfty value8 that help undèrpin tho work.. Tran8paroncy and openness We wlll bulld open and transparent rnIatiC￿hIps to help us doliver better 8erylces lo th¢)88 that naèd our help. Falrness and Equ811ty We wlll treat everyone vmlh respect and u￿￿r$fan￿iry. En•rgy In purnulng our goals We will not rest until we have done all we can to wovide tho help thal an applicant needs. Incluslvlty W6 listen lo everyone's view, giving equal weight to their opinion. We ￿lIabOrate wth partners lo ensurg that we Includè 88 many views as possible on our seNces. Compassion and empathy We will never be ludgementsl of othe￿. we wll Itsten. leam and understand the needs of those we are seeking to help. RAINY DAY TRUST REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 Public t￿left The trustees confim that they have referred to the Charity Commission's general guidan￿ on public benefit. and on the prevenlion and relief of pov8ty when remewng the Trust's perfomiance against rts set objedives. and planning future activity. In all of the Trust's adivities, both cJJrrenl and planned. the Board of TnJsl8es is confident th81 the"publiG benelll requlrement" is mel. For all applications to the Trust, the assessmenl of the appIl￿t￿n tskes into acLount the househoid ineome and expenditure. A s8vings limit has been set, and in the main all applicants are on a very low income or pension. The Trust does not give preferential treatmont lo any demographic group. and attepts applications purely on an obledve sel of eligibiltty ￿tsrIa. The Truslees have tak8n the view that %there we are able lo make a material difference, parts"cularty with priority dobl, %ther8 eviction or imprisonm￿t may be prevented. we will considar dealing an appI￿nts debt. ACHIEVEMENTS AND PERFORMANCE Chalrman's Report Last year lestad the Charfty once again as income eam8 under pressure and the needs of our beneficiary group increased, drlven by higher inflation and cost p￿ssureS on the most vulnerable. The Board look th8 deaslon very early on In the year that we would not tum pe¢)ple away and help everyone that came to Lts. The wot1(load on our 8m811 staff team grew lo the pobnl that we had to r8cruit an administrativo assistant so that the CEO and OM could focus more attent￿n on Income generatbon and dealing requests for help. The addifjonal cost was unbudgeled, bul we felt that the rwd w8rranl6d the extra CA)St. Wa beuan a programme of f8ce-k>f8e* vists to business￿ acrw our sectors, alming to inuease aworoness of our support offering, an¢J encouraging pwle to seek help early. rather than wail unts'l their problem$ wore t embedded for us to have a meanSngful imp8Ct. Prevention is ahways bettor than cure. The challenges of the year have made our ¢worate partners more imwrtant than ever and we are gr8leful to those businesses that have continued their k)yal support for the Charity. Without them, the year would have been conslderably more diificult. Likewse. I would like to thank cmjr trustees for their effotts throughout the year, sprèading the word and being the most powerful amb8SS8dors for our work. though a drfficull ye8r in many ways, we continue lo be [￿oud that we can mako such a drfferancè lo so many pèop16. Our aim ie tslwoy8 to bo non-jud9ém•ntsl, and offer 939i8tance as quickly aa poa•iblc. Next year ia golng to be equally challanging, but with tha support of our industries we will weather th8 stomi. James Norton Chairman RAINY DAY TRUST REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 Chlef Exg¢utlv¢ Officerfs Report Twenly twenty was dominated by ts¥o global events., the inva&on of Ukraine and the rise in gas and electricity bills. As the nation emerged from covid-19 expectations had been high for a year of consolidation and re-building. We had hoped lo replace SLvne of the lunds that had been wlhdrawn from reserves during the prevlous 2 years. However, wilh the events ment￿ne(j atK¥v8 and rapidly rising Inflation we saw 8 huge Incr8a8e in application ral6s as well as rising costs for ourselves. In the first half of 2022, applicalitx)s for h8lp ware running at nearty tiiple traditional levels. Awlicants wer6 ￿1 talkn'ng aLKJuI Ihe same problem.. surviving on a day- ttrday basi5. Raquests for help focussed on uliltty blll ayrears and ￿neral livlng costs. Requests for emargancy funds ware tha hlghast that the Charity had ever seen. Partne￿hIp working with our peer charities increased as we sought to share the financial burden. The upside was that th8 majority of the applications were SIM￿ to process an¢J so we could lum th8m around quickly. deliverlng assistance wthin 48 hours. Thls proved lo b& incredibly important 89 tha mentsl h881th of our applicants suffered as Iho slress of their financial wtuation look tts toll. The f88ding frenzy whipped up by the press didn't help mattors, but it did drive poopl6 to us for holp oarty rather than when it was t￿ late. The impact on OUT I1￿orne from rising inflalion was that people h8d less disposable income ond.. th8refor8, 18SS to donate lo charity. A similar srtuation emgrggd with our corporate supporters as well as busIneSs￿ reg1@d from Ihair own inflationary pr8ssure$ as w811 as being left with tco much stock from th8 and of 2021. Every part of our Income genoralion progr8mme was squeezed forcing us to adapt quirJ(Iy, ty'ng to tske adv8nlage of 8ny opportunlty that presented itself. We are most gratefvl to a core of businesses thal not only gave us dlrect financlal support but also donated stock ttems for us to setl and raise money.. a way for the business to save money on wast8 eA)118ction charges lor old or Sam￿• stock, and for us as we could turn 8round these items quickly. It was a dassic example of charty and business working together for tha ben8fit of all. Ploasingly, Homebase IcAned the Charty's partnershlp scheme and the onJanlsatbns are now cooperatlng dosoly on helping Homebase staff. As In 2021. Stax Trade Cenlres, SIG. Dormole and NBG remalnod slgnlflcant 8UPPOrter8 of the Charity and we are immen86ty grateful for I￿1r trust in u8 to detiver an effectiva servico. Bryan Clover Chlgf EX¢￿tIVe Offlcor Grant Maklng R•port Actlvlty for the Y•ar Although the worst of Covid-19 wa8 over during 2022, impact to be fdl. In addition, global event8 such as Ihe invasion ol Ukraine and the subs8qU8nl sharp ris8s in gas p￿$ reached deep into the UK economy. Applications for assistance centred ￿ utilty bills and rent arraars vthich was no 0￿al surprise. The group of annual award reCIp￿￿ts fell genuy during the ￿￿Ts8 of the year as our older ben8ficiarfes 88dly passed away. Elsewheffj. the average age of applicants fell and young families became mor8 cL)mmon. Not surprisingly, mental health protAems Nb*re wdely reported 8nd our teleph(￿8 counselling 8eNce offered 8 simple yel effective $0Sulion lo those trying lo deal wth multiple prob18ms. We al80 continued lo brief busin8s88S on how we Can hglp staff through the problems they were laaThJ. Evolving Service Delivery Being small and agile. we were able to ￿nstan￿Y adapt duriNJ the year, meeting the changing needs of our beneficiary group. We found new ways to help reduce stress and anxiety and. her￿e reduce the financial impact brought about by these conditsons. Our focJJs as always is on improving a famills or indiv¢dual's financial positi(￿, but we n88d to b8 flexiblè in how we achieve that. Many OLtside pressures such as stress and an￿ety, or other medical conditions affect a familWs ability to earn in¢x)me. so we h8ve sought to help Whe￿Ver wts can. RAINY DAY TRUST REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 Grant Assossment All applications for grants or financial assistanc8 are CA)ns￿er8d and fully ass&ssed by the sub contracted case- working team and a￿ either passed to th8 CEO for a decAsion rf within his delegated powers of 8Uthority or sent to the Grants Committee in 8e£ordance wilh a detsiled and obiecb.ve sel of guidglines. Th6 Trust's aim Is lo bo fFexibl8 in the way that It follows the eligibility criteria and rt understands that applicants do not always work to a 'one size fits all. standard. Ovedawng our prcKedures is the view that as a benevolence chanty, our prirnary aim s lo help people from our industry and we will a￿ayS aim lo help wherever we can. Where we are not able to help directly, it is (xjr policy to identfy altemative sourt*s of ass￿lanC8 and refer ihe applicant on. The Trust's Constitution defines our industry as indiwduals and their dependants. who have worked in the HardwarelDIY. Housewares, Pottery & Glass. Brushware. Builders Merchants. Garden SuptAy 8nd 811ied trades. This is a very broad and evolving group and lo guide our 8ssessm8nls. we use the prcxluct cal8gory listing from the British Home Enhancement Trade Association IBHETAI if the company the applicant workad for m8nufactured, distributed or soid the prt>Ju¢ts in that lisb'ng. il is highly likely that the indiwdual would mèet our occupational crilerion. Thls gives us a fairty exhaustfve. but not complete. list a￿j we w(yJld alm lo de81 with other businesses or products sympatholically. There are no age restrictions for those who the TNSI helps.. h¢)wever. it 1$ worth noting that for those in ￿telp1 of 8nnual awards, about 314 are over 65 years old. All beneficiaries have wort¢ed for a qualI￿.n9 company for al le8sI 1 year. This length of servico requirement w8s reduced from 3 Yea￿ in M8rd) 2017. An example of those who could be helped would be those who are unable to work to an illness or disability, have been made redundant, or are retired on o small pension. People who arg Still wothng could also qualify for assistance If they 8r8 Ilving on 8 low income. The Trust has 8 savings limit linked to tha uppgr DWP capital limit. Rather than h8vlng lo keep recording a change each time the DWP rules changes, we do not refer lo the limit itsèlf. Personal POSSgsslon8, belongings and the per¥c￿'S home are nomwlly Ignored kn 8$88s￿n9 caprtal. In income t8mis, the Trust would aim to pwde financi818SSiStanc& lo those applicants who are in receSpl of m8ans4asted b9neflts, such as Inttjme Support, Job Seekers Alowane*, Pension Crodil, Employment Support Allowanc8 and Housing Benefit. The roll-out of Universal Cred51 c¢Jnténues to be 8 major cause of concem not only for the redplents, but also for the ch8rtty 86Ctor as a whole. The del8y8 in recelving fvnds, leave people slruggllng lo psy even th8 most basic of bills. We feal th81 whan we ￿SIder expendllure, rt is Smwjrtant to consider eath 8pplicanl's circumstsnces fully and not make generdlisalions. For ex8mple. th6 prowsion of publlc transport in London is much better Ihan th81 in 8 more rural location. and so a (gr might be considered essential in the countyside. Moreov8T. an garty Intervantlon In 8 case ihai Is Iusi Outslde our finBllu81 (xrteria r￿Uld prevent a problem becomlng wors8. Voluntoar Home Vjslts Every 12-18 months the majority of benefiaèries are wsited by a voluntg8r who provides a direct link lo the Trust and also allows us an insight into the beneficiary's on-going needs and how they have changed over time. Once again in 2022. Covid-19 curtailed Ihls work 8s we were unable to operats the system safely and wthin Cowd safe rules. Instead the Connect Assist caseworkers made contaci by telephone lo cheL* on the beneficiaries. For some, the visit is their only c(Intsct with the worfd beyond their family. The annual wsil is invaluabl8 In that it18 the only face lo face contsct wth the applKant thal w8 have, and is a rdre opportunity to S9e how else w8 might be able lo help them. Many applicants find the pr￿sS of app￿.ng for charilable aSskStan￿ difficult and ¢Jon't like lo ask for more than they need. By using a volunteer, we can encourage Ihem to identify other fomis of assistance that they may nagd and achieve a better quality of lrfe. During 2022 no home visits were Ca￿led out due to Co￿d-19. {2021.. 01. RAINY DAY TRUST REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 Supportlng Programm•s The Charity believes that by enhancing OUT grants programme wih other areas of help. we can help applicants tackle the undedwng causes of pov8ty, not just the immedrdte impact of need. Our range of semces ara tjesigned lo help achievo this. These indude.. IEX a free one-h￿r lel8phone based *al seMc£ giving beneficAaries the oprx)rtunity to see legal advlce al no cost. We are able to pay for fdkm up sessions If required. Counsellin five x 30-minute telephone basetl cx)unselling sessions for those wth minor rnenlal health issues that struggle with la￿10￿13c£ support semces. Our aim is to taC￿e stress and anxiety allowing individua18 to lead a better life. rentlceshi ¢)rt - financial SUPFlJrt for apwenbces ocross the e￿nty, delivered through established suppliers whereby the Charity provides either direrA fin8ncial support or the provision of safety equipment. toolkits and other related items. -Leamin - a range ol &Leaming pacaages designed to help irKliMduals r&traln, or Improvo their 6mployability. a free debt advice and solutions programme dolNered on our behalf by tho Debt Advice Foundation. This $8rwce is free to both the 81￿ Lbser 8nd the Trust. the provision ol an on-line Welfa￿ benefits calculator. free at pjint of use, lo identify the welfare benefits to which on indmdual m8y be entrtled. The calculator Is provlded by Entitledto, the leading welfare benefits provld6r In UK. Tenovus C rCareP hl - the provL8lon of a wlde range of help and advicè lo those aff￿19d by cancer. - the provlsloft of freg LED Ilghlbulbs. ECO shower hoads 8nd r8¢Ji8tor reflectors d8*'gned to drlve dL)wn energy usage and 80 Cut 8nergy bllls In the kJng8r tom. Supporters and Partners Wg have beon priviloge(J to T￿1ve SUFPOrt from a wlde variety of sourc6s, induding businesses in the irnluslries that w8 arg allied to. The Tnjslees would like to offer their thanks to a number of foundalions Ihal have made donations or provided help to the Trust during 2022. Many ITusls and foundations supported our work during the year, many have asked not lo bg namod in our report so we have removed the list. RAINY DAY TRUST REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL REVIEW Financial Position The trust finlshed the 2022 financial year wth an operatino defiat of £72,936: 8 deterioration on 2021 where the loss was a It￿0 over £13.0￿. Once again. the Charity was wrating as lean as possible throughout the year, and opportunities to lock in cost savings were takw whenever they appeared. Global events hit our income generation plans and many cancellations across our industries resulted in mayjr falls in incoma. including Ihe C8ncdlation of the Rally once og8in. Our original budget for 2022 forecast a loss of £53,766 and th6 808rd look tha datision Ihal n￿one would be tumed away if they were in need of assislance. The biggest area of sueeÉss in fundraising lemis was Corpor8le. despf¢e many businesses faillng to renew Ihelr partnership with us. Just as in 2021, the final 6 weeks of the y88r saw a signfficanl improvement in income. with malor donations from Stax Trade Cgntres. NBG and SIG Rwfing. Support from our corporate partners was stronger than ever, with more partners ioining a￿1 greater involvement from existing members. SIG Roofing made us Ihelr industry charity of the year, and w8 a￿ grateful to many other businesses for bdiewng in us. Pleaslngly, Homebase jolned their ranks and we 8r6 Y￿￿(Ing closely them to thè b8nefft of their staff. Annual award and sundry grants lor 2022 grew to £164.227 (2021.. £138.4971,' the growth held lo man898abla levels by Careful purchasing of items Tequesled. Ouring tha yaar tha trustaas continued the pollcy of making annual and one-off grants, assisted benefiuaries towards the cost of tslgwsion licences as well as m8klng Wards for holiday grants, l818phon8 eosts and the new fu81 wverty grants. During the year wé mado a total of 56 annu818wards and 204 orwff gffts. a big jump on 2021. with a kjl of 8LttdSllonal help given for mental h8alth issues. Importanvy, we 81s0 helped applicants nawgale the often complex arena of seeking spedalist support that RDT was unatAe lo offer. Our youngest benefi¢l8ry was a 16 year old appr8ntlc8, and the oldest was 99. Ouring the year 73% of cwr 8ppllcants came ffom families of working aga, with a reducing number from pewe of retirement 8g8. We gently pul our toè$ back into the waler of appr8ntlo•ship tools, but dld not do any marketing lo IL Fundral8lng p•rfomian¢6 As had happened in 2021. the furKtralsing 8nMronmenl was vary twh during th8 year across 811 of our income generating activities with the exception of Corporate, auctions of donated stock and Iha Christmas Appoal. Companies continued to make 9enefOUS Oonallons of stock for us lo sell on eBay, Facebook Marketplace and other platlom)s. The corporate partner and suk)suipliC￿ income improved again at É82.976 in 2022 {2021'. £76,279) whi18 income from donations fell slighlfy to £86.949 {2021= £87,835), the gener￿ty of Stax Trade Centres, NBG and SIG Roofing hèlped us enormously at year end. Again. as happened in 2021, gen8r81 trading uncertainty forced a number of companies to cease their partnership support altogethei or focus on Chan1￿ Ioc811o them. Historically, 8 good source of income. all of the award dinners during 2022 came in below forecast, indicative of a general fear around ffin8ncAal stability. However, On￿ again the Christmas Appeal was strong vmth us surpassing our target of £6,000 lo support the Christmas h8mper programme. raising £7.467 bolster&J by generous support from NBG Iscwth W8StI. Our own DIY Shoot and Gold class￿ were run once again after the hXkdO4￿ rancellatk)ns. although the DIY Shoot was well under forecast. The Karling event was cancAled as was Ihe Bob Beaver Memorf81 Shoot. RAINY DAY TRUST REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 Reservos Poll¢y The Trust operates a reserves policy svith a totsl relum approach and a medium aititut18 lo risk. The difficult fundraising environmènt of the past 2 years has had a major impa¢1 on our reserves. but the Board of Trustees believe that our pr￿rity is to meet the n88d of those stnjggling. and so are oJnlent with the current plans. The trustees still tske the view that a certain level of free resa￿e$ must be retsined to ensure that we are able to maintsin our payments to those beneficiaries that receive ongoing regular pa￿ents. This view proved lo be prudenl as tt allowed us to survive Ithal was undoubtedly a tothd year for In￿Me generation. Without stable reserves the chaiity may not have sutvived the year. Inve8tm&nts Poll¢y As al 31 December 2022 the Trust held tnveslments and cash al bank wth a marf¢et V81ue of £589,201,. 8 decrease on the same position at the and of 2021. We have a m8jor asset in our 8p8ca ￿1th ha$ also ￿91p8￿ Iwth the diversthcation of our assol b8So should the stock m8rket suffer a major f811. The Trustees monitor the ￿rfOm￿nce of thes8 Inv88tmerts on a quarterfy basis both absc4ulely and by means of comparison lo the Retall Pr1&8 Index, peer benchmarks and to relèvant 8tc¢k market Indicd8. Tha Trustee8 have given the Invostment managers disc*étion to manage the rortfolio. Futur• Plans We had hoped th812023 would 8ll¢JW us some breathing Space and 8 lo rebulld reserves after a tough few years. However. il is Ilkely th81 thè problems facing the worfd will make thal unllkely. As always, we will have to stsy alert of in￿rne 98neralion opportunities and see how Ihlngs unfold. We are l¢)oking foJv4ard lo the P3veslone Rally Sn Sèptember 2023. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Documont The Charfty. operallng under ts ststus 88 o CIO, h88 a conslitubon as Its goveming document {reglslratlon number 11708781. The trustees, who are 81so the directors for the purpos6 of t*mpany law, and who s8N8d durfng the year wèrè.. MrJ Norton Ms C Holland Mr H Boyce Mr R C8mpbell-Drew Mr S Clemson Mr S Donaldson Iretlredl Mr A Frogley Ms F Garcia Mr D Hibbert Ms A Hicks MrJ Moody Mr J PcM)re (reti￿dI Mr A Williamson {retired) Mr R Willis RAINY DAY TRUST REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 Recruitmgnt and appolntment of new trustees The Constiluts'on permits up lo 15 trustees. although for the durdlion of the year the charity opèrated wth 14. Routinely, Irusle8s serve for a Ihree-year term. bul can be re-elect￿ for a furthw three y68rs. All trustfjgs sign a d8claration of 8￿eptsnCe and agree to act wlhin the ConstittJtk)n of the Trust. On election. Trustees receive a detailed briefing of procedures and management and are also given an inductk)n p8ck with full detsils about the Charity. They ar8 given acc6ss lo Trustee Training Cours8s organised by thlrd parties. Organl$atlonal Structure The HoTh)rary Officers together cL)nsts"lute a Finance and Exeujtsve Commlit86 0￿rating to a separate sel of Terms of Reference lo which the Board may, from time to time, delegate suth of its functions as il thinks fit. The Finance and Executive Committee has continueo lo prowde responsive admce and guidance to th8 CEO on laklng the Chadty's aotivilies and programrnes tO￿￿rd during whal became 8 y88r of consdidalion. The Board of Trustees 1$ SUPPLy1ed in tts by a number of sulK