Charity registration number 1195423 THIS DAY FOUNDATION (PREVIOUSLY GLJUTIILEE CHARITABLE FOUNDATION) ANNUAL REPORT AND FINALYCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21123 Hackeryoung Chartered Ac(ountant5
Tllls DAY FOUNDATION (PREVIOUSLY GL JUBILEE CIL4RITABLE FOUNDATION) LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr D Berelowitz Mr E Beinart Mr G Lubner ME J Macrcady Charity number 1195423 Registered offite 17 PortlaTLd Place London WIB IPU Auditor UHY Hacker Young Quailrant House 4 ThoEnas More Square London Elw IYW
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATION) CONTENTS Page Trust¢es' report Independent auditor's report Siatemellt of financial activities Balance Sheet 10 Statement of cash flows Noi¢s to the financial stat¢ments 12- 18
THIS DAY FOUNDATION IPREVIOUSLY GL JUBILEE CIL4RITABLE FOUNDATION) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trust¢cs hereby present their annual report and financial stat¢ments for the year ended 31 March 2023. The fanCial stat¢mellts have been prepar¢d in accordance with the accounting policies set out in note I to th¢ fmancial statemcnts at]d comply with th¢ Foundation's eonstitution, the Charities Act 2011 and "Accounting and Reporting by Chariti¢s'. Stat¢mcllt of Recommended Practice applicable to charities preparing their accounts in accordanc¢ with thc Financial Rq)orting Stsndard applicable in the UK and Republic of Ircland {FRS 102)" {eff¢¢tive l January 2019). Objective5 and aetivities In their management of the Foundation and its activities, the Trustces have paid due regard to guidance issued by the Charity Commissioll. The Foundation s strat¢gy is focused on building a fairer tre for new generations. The Foundation seeks to improve the lives af young p¢ople in the UK so they can achiev¢ their pot¢ntial, and woik io end multi- generational poverty in South Africa. The Foundation does this by inve$ting in charities that seek to solve th¢ root cau8e of these problems, as well as the symptoms. Aehievements and performance In thj's fllLqn¢ial year ended 31 March 2023, the Foundation r¢ceived Si]rIcant donation% from its Founding trustec and related parties. Durtng the financial year, continued l¢arning took place and was commissioncd. in order to allow the trustees to further learn about a focus¢d set of issues we care about and to uuderstand the difference that we could make. 'fhe trustees, through various appointed consultants and commissioned lan(tsc&pc reviews, spent li¢ understanding how social problems ar¢ hcld in problem in place and took "learn by doing approach" As a resulL th¢ Tntee$ were able to focus on key issue areas and embed key relations]Jips in ord¢r to refine 0r approach and maximise impact. So4lhAfrico In South Africa we have ¢onsolidat¢d our approach to building plarfornis for change and ¢oalitEons for scale with a well-establish¢d South Africall partner oiganisation Ycllowwoods Social Venture5. We hav¢ to date focused in the arcas of youth livelihoods by inVeting in organisations such as Harambee, and early ehildho(xl devclopment by investing in organisations such Smart Start. The5¢ donations have already made a huge differ¢ncc to thousands of young pcopl¢, helping get iheEr first jobs or acccss eatly ¢duLatson, among oth¢r critical outcomes. We have broad¢ned our focus to in¢lude Social Justice bccause this is esselltial to building a fairer for new generntions. W¢ will be ¢xploring how we Can make a difference to this issu¢ in tbe coming year. Unitsd Kingdom We have focused our capacity and resouTees on helping young p¢ople achieve their potenti&l, particularly refugees who have buifered bar<tship. In addition. we contitjue to dir¢ct rebounes to organisations providing frontline servic£s and m¢¢ting basic needs through our partner The Blue Thr¢a
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATION) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Oiherdtsnqlio Wc have made few¢r disc110Dary grants than we predicted bccause of the spe¢d at which we foeus¢d our stratcgy alld w¢ plan to ¢ontinue this focuscd approach. The t¢am has had extensive convcrsations on impact inveslillg and ¢ontinue to explore this are4 and in the meanti¢ have continlled to make traditional investments that do no harni. The result is that a number of strategiL and frout-line organi5ations were visited and supported during the period. Flnancial review The Foundation received £31,476228 of income via donations for the year ¢nded 31 March 2023 (£15,944,144 for th¢ period cnded 31 Match 2022). Expenditure on charitabl¢ activities increased signifi&%ntly for the year ended 31 March 2023. with total grants payable of £19,104.263 (Grants payablc for the period ended 31 March 2022 was £ 2.017,773). As a result the Foundation is showing & surplus for the year of £13,316.927, including interest in¢ome and net of other expenses. After Making appropriate eDquiries. th¢ Trustees have a reasondble expectation that the Foulldation ha5 adequat¢ resources to continue in operational Cxistence for the foreseeable future. For this r¢ason, they continue to adopt the going conccrn basis in preparing the rClaI staietucnts. Reserves pollcy The Trustees are mindful that the Foundation needs to maiIitain an appropriate l¢v¢l of free reserves and that its policy is to pay grants based on its ability to do so taking into account commitments alreddy made. The charity had fiEe reserves of £23.212,987, net of invesknellts, as at 31 March 2023. As the Foundation is a grant-mgkuig charity. the level of reserves need¢d is to support its future grant-making commitments and operational costs.
THIS DAY FOUNDATION (PREVIOUSLY CL JUBILEE CHARITABLE FOUNDATION) TRUSTEES, REPORT (CONTINEJED) FOR THE YEAR ENDED 31 IIL4RCH 2023 Investment poliey The trustees have documented their illvestment policy within an Investment Policy Stat¢ment which shall b¢ reviewed annually. The Trustees Conf thaL collectively, the trustces hav¢ extensiv¢ investm¢nt expeTience. and also. from time to time, rely on ¢xternal profcssio]wl advi¢¢ fiom Invcstment Manager$. Furth¢r investmcnt advicc is sought from thc appropriate advisors. a¥¢uts or firnis specialising in the particular area of any inv¢stment from time to time appropriate. The Charity's invcstmellt activlty is Dot a replacement for its grallt makmg activity, which will continue to be the pritnary means of fithering the Charity'5 charitsble purposes. However, the Trnstc¢s may from lime to time invest the funds of the Charity in a way which direLtIy fvrthers its charitable mission, having r¢¥ard to the priorilies set from lime to time by th¢ Tntte$ and recorded in tb¢ Charity's Grant Making Policy. The Investment Policy Statement includcs, among other.. Investrncnt objectives; Trustee regard to suitability ¢riteria' Diversificatkon and con¢¢ntrations thresholds. Lnvesttnent philosophy and risk profile. Income and Capital requirements and liquidity- Markctability, tEme horizon, geographical and sector allocations As at 31 March 2023, the Foundation investtnents include the following impactful fllwicial privat¢ ¢quity and dircct investm¢nts.' Ahrcn Innovation VC Fund Bridges Property Alternatives Fund V Bridgcs Sustainable Growth Fund IV ENZA Capital IUnd ll The Condllit Holdco Limited Plans for future periods In the next FCPOrting peTiod, the Foundation will conlinue its grnnt-making in the UK and South Africa. 118 aims and objectives will remain focused on building a fairer fi]tsre by helping young people ¢¢8S and ben¢fit from opportunities to thrive. 'I'he Trustees intend to ¢ontinue to htre advisors to assist with btr&t¢gic development through gathering of data and evÉdence, and to help ensur¢ lessons are learned to iufluence future dlSIOnS.
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATION} TRUSTEES, REPORT (CONTINUED) FOR THE YEAR EIYDED 31 MARCH 2023 Strueturej governance, management The Foundation is a Charitable Incorporat¢d Organisation {Foundation model whose only voting members are its trustees) registered on 6 August 2021 with charity rcgistration number 1195423. The Foundation is set up for the public benefit to further such exclusively charitable puwoses according to thc law of England and Wales as the charity Trustees in their discrctioll d¢tcrmin¢. The Foundation's minimum numb¢r of Trustees is 2, including the Founding Tst¢e who is, subjeet to remaining eligible and able to act, a Trustee during his 12fetime. The Foundation may hav¢ cortxiraie, and individual, Trnst¢es. Truste¢s make decisions collectively in accotdknce with the ternjs of the CIO Constitution. Trust¢cs ar¢ appointed by the Founding Trnstee, and are selected based oll th¢ir knowl¢dge. ski]Is and expertise relevant to the Foundation and its work. Trustees are inducted into the work of the Foundation and have received support from Womble Bond Di¢kinson LLP, as well as rcceiving ongoing professional support on th¢ discharge of their legal duties. Trn$te£s have appropriate policies and procedur¢s in pl&L'e pertaining to conflicts of intercst, and grant_ making. & well as overseas working, b¢aring in Tnind the grallt-making strategy in South Africa. The Trustees who have served during the period and up to the date of Signature of the fjnalleial ststejnents are: Mr D. Berelowitz (Appointed 25 February 2022) Mr J. Macready (Appointed 25 Fcbruary 2022) Mr E. Beinart (Appointed 6 August 20211 Mr G. Lubner (Appoint¢d 6 August 2021) The Founding Trustee i5 Mr Gary Lubner. The additional thr¢c Trustees, {James Macready, Dan Berelowitr. and F.Idon Beinart) were invited by Mr Lubner to bc Truste¢s of the Foundation as a result of their respeciive expertisc and exp¢rience &n both business and philanthropic sectors. Both James Macready and Eldon Beinart are Chartered Accountant& and Dan Berelowitz is an experienced prdctitioner in scaling social iMpt and syst¢Fuic chang¢. None of the TThteeS bas any beo¢ficial interest in the Company. All of the Twstees are members of the compally,. if the CIO is wound up. the mcmbers of th¢ CIO havc no liability to contribute to its as$ets and no p¢Onal responsibility for settling its debts and liabilities.
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATION) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Statement of Trustees, responslbilities The TStee5 are responsible for prcparit]g thc Trustees, report and the financial sttttements in accordance with applicable law and United Kingdom Accountiug Standards (United Kingdom Generally Acccpted Accounting Practic¢). The law applicabl¢ to charities in England and Wales requires the Trustees to prepare financial ststcments. for each fuclaI year which give a true and fair view of the State of affairs of the Foundation and its incomillg resources and 2pplic&tion of resources for that period. In prepating th¢se fjnaucial stat¢mellts. the Trustees are required to.. Select suitable accounting policies and then dpply them consistently. - observe the methods and principles in the Chariti¢s SORP., - make judgerncnts and ¢stinte$ that are reasonable and prudent; sta* whether applicable a¢countAng siandards have be¢n followei subject to any material departures disclosed and explained in the fthancial SteMents. and prepare the fillancial statcments on the goiug concern basis unless it is inappropri&t¢ to presume that the Foundation will continue in operation. The Trustees are r¢5ponsible for keepillg sufficient accoullting records that disclose with reasonable accuracy at ally time the ftnancial position of thc Foundatio enable them to cnsure that the financial statements Comply with the Chariti¢8 Act 2011, the CEwity (Accounts and Reports) Regulations 2008, and the provision8 of the trust d¢¢d. They ar¢ also responsible for safeguarding the aSts of the Foundation and hence for taking reasonablc steps for the prevention and detwtion of fraud and other irregularities. This Tntee$, report has been approved by the Board of Trustees. Mr D Berelowifz Trustee Mr J Macready Trustee Date.. 16 3. 2020
Hackeryoung UHY Hatkér Young LLP Quadrant Hous 4 Thomas More Squarè London E1W IYW (Jartered Accountants INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THIS DAY FOUNDATION (PREVIOUSLY GLJUBILEE CHARITABLE FOULYDATiof4) Opinion We have audit¢d the financial stat¢ments of This Day Foundation (previously GL Jubilee Charitable Foundation) (the 'Foundation') for the year ended 31 March 2023 wkn'ch comprisc the statement of f]nancial activities, the balance sh¢e¢, the statcment of &ish f]ows and notes to the financial statements, Encluding significant accounting policies. Thc financial reporting framework that has been applied in their preparation is applicable law and Unitcd Kingdotn Accounting Standards, including Finallcial Reporting Standard 102 The Financial Reporting Siundard applieable in the UK and Republic of Ireland (United Kingdom Generally Arcepted Accounting Practice). In our opinion, the financial ststement$.' give a true and fair vi¢w of the stale of the charity's affairs as at 31 March 2023 9md of its incoming resources and appliciltion of resources. for the y¢ar then ended. have been propcrly prepdr¢d in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan¢e with the r¢quirements of the Charities A¢1 2011. Basis for opinion We conducted our audit in a¢¢oTdance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those 5tandardb' are further des¢ribed in the Auditor'.Y ruporysibililies for ihc audit of ihe finapjcial Siatemén15 section of our repon. We arc independent of the Foundation in accordance with the ethical requirement8 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ¢thical responsibilities in accordanc¢ witb thtrst requirements. We believe that tbe audit evidence we havc obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statemcnts, we have ¢on¢luded that the Tntees, us¢ of the going concetn basis of accounting in the preparation of the fJt)an¢ial statemcnts is appropriate. Based on the work we have rforniCd, w¢ have not identified ally material unccrtainties relating to ev¢nts or conditions thai, individually or collectively. may cast significallt doubt on the Foundation's ability to continue &5 a going concern for a period of at least tsvelvt months froEn when the financial statcments ale authorised lor issue. Our responsibilities and the responsibilities of the Thstees with respect to going concern are described in the relevant sections of this report.
Hackeryoung UFIY Hacker Yowwj LLP Quadrant House 4 Thomas More Squa London Elw IYW Chart@red A(cotsniants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTFES OF THtS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATION} Other Information The other infonnation comprises the inforn]ation included in the at)ttual report other than the fjnancial statements and our auditovs report thereon. The trustee5 are responsible for the other information contained within the annual report. Our opinion on the fanCIal statements does not cover the other inforniation and we do not express any fornj of assurdnce collclusion thereon. Our responsibility is to read th¢ other infonnatio aniL in doing so. consider whether the other infonnation is rnaterially inconsistent with the financial ststements or our knowlcdge obtaitted in the cOue of the audit. or othcrwise app¢ars to be materially misstated. If we identify such material inconsistencies or apparent m&ierial mi95tat¢ments, wc are requiIed to determine whether this gives rise to a rnaterial misslatement in the finan¢ial state]nents the]w¢lves. If. based on the work we have performed, w¢ Conclude that th¢r¢ is a material mi&8tatemcnt of this other infornHtioll, we ar¢ iequired to report that facL W¢ have nothing to report in this r¢gard. Matters on wbi¢h we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities IA¢¢oullts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the inf0mti0ll giveu in the financial stat¢ments is inconsistent in any material resCt with the Trustees, report. or sufficient accounting records have not been kept- or th¢ financial 8tatements are not in agre¢ment with the accounting records- or we have not received all the inforn]ation and explanations w¢ reouire lor our audit. Responsibilities of Trustees As explained more fully in the statement of frustees, responsibilities, th¢ Ttustees are responsible for the preparation of the financial stateents and for being satisfi¢d that they give a true and fair vi¢w, and for such intetn&l control as the Trustees detemiine is necessary to ¢nable the preparation of financial statements that are free from material misstatetDenL whether due to fraud or error. In preparing the f]naucial stxt¢m¢nts, the Trustees are responsiblc for assessing the Foundation's ability io continue as a going concern, disclosing, as applicable, matiers related to going concern and using the going concern basis of accounting unless the Tnjstecs either intend to ceabe operntions, or have no rcalistic alternatiye but to do so. Auditor's respollsibilities for the audit of the financial statements We have bcen appointcd as auditor under section 144 of the Chariti¢s Act 2011 and report in accordaucc with the Act and relevant r¢gulations made or having eEfeLt thereunder. Our objectives are to obtain reasonable assurance about whcther the financial stdtemcnts as a whole are free from material misstatement, whether due to fraud or error, to issu¢ an auditor's rcport that includes our opinion. Reasonable assurance is a high level of assurdnce but is not a gUar&t¢¢ that an audit conducted in accordance with ISAS {UK) will always delect a material misststemellt whcn it exists. Misstatements can arise from fraud or erEor and are Considered malerial if, individually or in the aggregate, they could reasonably be expe¢ted io influen¢e the econotnic decisions of users takcn on the basis of these fancIal statements. Th¢ cxtent to whieh our proccdures are ¢apable of dct¢cting irregularities, including fraud, is detail¢d below.
Hackeryoung LIHY Hacker Young LLP Quadrant House 4 Thom85 More Squa LondonE1W IYW Chartered AccDuntant5 INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLF. FOUNDATION) Based on our understanding of the charity and the industy in which it operates, w¢ identificd that the Ptincipal risks of non-cotnpliance with laws and regulations related to anti-bribery, corruption and fraud, and wc consid¢red the cxtent to which non-complianee might have a mat¢rial effe¢t on the fInancial statements. W¢ also considered those laws and reglllations that have a direct impact on the preparntion of the fllwicial statcments such as the Charities Act 2011. We evaluated management's inccntives and opportunities for fraudulent manipulation of thc financial statem¢nts (including the risk of oveIde of controls). and carried out appropriat¢ substantiv¢ procedures to address tbese. Audit proeedures perforn)ed included= revi¢w of the financial statement disclosure5 to underlying supporting documentstion. enquiries of management and testing of journals and evaltIng whether tbere was evid¢n¢c of bias by the Trustees that represented a risk of m2terial mis5tat¢ment due to fraL. There are ittherent limitations in the audit procedures described abov¢ and the further removed non- compliance with laws and r¢gulations is from Ihc ¢vents and transactiQn5 reflected in the financial statcments, the less lthely we would become aware of it. Also, the risk of not detecting a mat¢rial misstat¢ment due to fraud is high¢T than the risk of not detecting one resulting from error. aq fraud may involve deliberdte concealment by, for exampl¢, forgery or intentional misrepresentations, or through Collusion. A further description of our r¢snsIbIlitieS is available on the Fiwdneial Reporting Council's website at- https.'Ilwww.frc.org.uklauditorsresponsibilities. This desertption forms part of our auditor's r¢port. Use of our report This report is made solely to the ctwity's trustees, as a body, in accordau¢e with part 4 of the Charities (Accounts and Reports) Rcgulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees thos¢ matters wc are requircd to stdte to them in an auditor's report and for no other purpose. To the fullest extent P¢tmitted by law, we do not accept QT assume responsibility to anyone other than the ¢han"ty and the ¢harity's trustecs as a body, for our audit work, for this r¢port, or for the opinions we have fornied. Harrlet Hodgson-Grove {Senl<Jr Statutory Auditor) for and on behalfof UHY Haekeryoung 17 January 2024 Chartered Af countant$ Statutory Auditor
THIS DAY FOUNDATION {PREVIOUSLY GL JUBILEE CHAIUTABLE FOUNDATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unre5trictedUDrestrlcted luDd5 funds 2023 2022 Note$ Income from: Donations Interest income 31,476.228 15,944.144 382,499 3,399 Totsl income 31,858,727 15,947,543 enditure on: Charitable activities 5&6 18,541,800 1,996,112 Net llleome for the ye4rl Net mTrvemellt in fund$ 13,316,927 13,951,431 Fund balances at l April 2022 13,951,431 Fund balaDces at 31 Mareb 2023 27,268,358 13,951,431 The 5tatcment of financial a¢tt"vities includes all gains and losses recognised in the yeaT. All income and expenditure dcrive from continulng activities.
I'HIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARfrABLE FOUNDATION) BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Notss Flxed assets Invcstments 5,536,631 Current assets Debtors falling due after one yEar D¢btors falling due within one y¢ar Cath at bank and in Iwid 12 12 1.800,000 365,206 23,212,987 362.500 13.598,181 25,378,193 Credltors: amounts falling dlle withlll ne year 13,960.681 13 (3,646,466) (9,250) Net cU¢t assets 21,731,727 13,951,431 Total assets less euTreDt iiabllities 27,268,358 13,951,431 Ineome funds Unrestrict¢d funds 27268,358 13,951,431 27.268,358 13,951.431 The financial statements were approved by the Trustees on .. ...................... 024 Mr D Berelowitz Trustee Mr J Macready Trustee io
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARrrABLE FOUNDATION) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 21123 2022 Notes C45h nows (rom operating activities Cash gcnerated fro operdtiODS 15 15.711,610 13,855,030 Inve$tlng #ctivitles Purchase of investmcnts Investment ineon]e received (5,536.631) 382.499 3.399 Net cash (used in}Igener#ted Irom lllvesting activities (5,154,132) 3,399 Net Cash used in fillanciDg activities Net in¢rease in ea$h and easb eqU1ventS 10,557,478 13,858,429 Cash and cash equivalents at beginning of year Effect of foreign exchang¢ raies 13,598,181 1942,672) (260,248) Ch and cash equivalents at end of year 23.212,987 13,598,181 The notes on pages 12 tr) 18 form part of these fancIal statements.
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Ar)Untig pollcies Charity InformatloD The This Day Foundation (previously GL Jubile¢ Charitsble Foundation) is a chatitable intoorated organisation regist¢red witb the charity commission for Ellglat and Wales. TheiT registered office is 17 Portland Place. London. WIB I PU. 1.1 Aceotsnting conyentlon The financial staten)cnts have been prepared ill accordance with the Foundation's constitution, the Charitics Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102") and the CbarÈties SORP "Accounting and R¢porting by Charities.. Statement of Recommended Practice applicable to charities pr¢paring thcir aLcounts in ac¢ordance with the Financial Reporting Standard applicable in thc UK and Rcpublic of Ireland (FRS 102)" (effective l January 2019). The Foundation is a Public Bencfit Entity as def¢d by FRS 102. The fllwicial stdtcments arc prepar¢d in sterling, which is the functional Currency of the Foundation. Mon¢tary amounts in these fuwicial stalements are rounded to the nearest £. The f]nancial statrn)ents have been prepared ullder th¢ historical Cost Convention, The principal accoullting poliei¢s adopted are set out below. 1.2 Going concern At thc time of approviRg the financial statements, the Trustees have a reasonable expcctation thai the Foundatiou has adcquate resources to c()ntinue in operational existellce for the forcseeable future. Thus the Trustees continue to adopt the going Concern basis of accounting in prcparing the financial stst¢menLg. 1.3 Charitable funds Unrestricted funds are available for use at the dis¢retion of th¢ Trnstees in furth¢rance of th¢&r charitable objectives. 1.4 Ineome Income is r¢¢ognised when the Foundation is legally entitled to it after any perforniance conditions have been met, the aOntS can be mcasvred reliably, aud it is probable that income will be r¢ceived. Cash donations are recognised on receipt. Other donations are re¢ognised once the FoUdatIon has been notified of the donatiotE, unless perfornwice ¢onditions rcquire deferral of th¢ amoullt. Income tax recoverable in relation to thbnations received under Gift Aid or d¢eds of covenant is recognised at the time of the donation. 12-
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATIOIY) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR Ef4DED 31 MARCH 2023 Aeeounting policies (Contlnued) l.S Expenditure Expenditurc is recognised once there is a legal or constnictive obligation to transfer econ(Trmic benefit to a third paty, it is probabl¢ that a transfei of cconomic benefits will be required ill settlemenL and th¢ amount of the oblig&tion can be rncasured reliably. Expenditure is classified by activity. The costs of eaeh activity arc made up of the total of dir¢ct costs and shared costs, including support costs involved in undertaking each activity. Direct Costs attributable to a single activity are lOCated directly to that activity. Shared costs which contribute to more tban one activity and 5UPPOrt costs which are not attributable to a single activity are apportioned between thos¢ activitics on a basis consistent with rhe use of resources. 1.6 Flxed 4sset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently m¢asured at fair value at each r¢porting datc. ChaDg¢s ill fair value are recogniqed in net incomdl(expenditure) for ihe y&qr. Transaction costs arc expensed as lticud. 1.7 Cash and cash equivalents Cash and ¢ash equivalcnts include cash in hand, deposits held call with banks, oth¢r short-term IiquAd invcstments with origiT]al rnaturities of three months or less. and bank overdrafts. Bank overdtafts are shown within borrowings in current liabilities. I Finanelal instrumellts Th¢ Foundation has elected to apply thc piovisions of Section 11 'Ba$ic Financial Instrum¢nts' and Section 12 '0th¢r Finallcial Instruments Issues. of FRS 102 to all of its fu¢1&1 iDStruments. Fitwicial instnunents arc recognised in the FoundatlOn'5 balance sheet when the Foundation becorn¢s party to the contractual provisions of th¢ instrument. Financial assets and liabilities are offset. with the net amounts presented in the finanLial statements, when there is a legally enforceable right to set off th¢ recogniscd amounts and thei¢ 15 an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bosiefin4ncialassets Basic fancial assets, which include debtors and cash and baDk balances, 3re initially measured at transaction price including transaction cosL8 and are subs¢quently carricd at smortised cost using the effective interest method unl¢ss the arrangement constitut¢s a fillaucing transaction. where the transaction is measured at the present value of th¢ future rec¢ipts discounted at a market rate of interest. Financial assets ¢IsIr1¢d as receivable withill one yeat arc not atnortised.
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A¢counting policies (Continlled) Basicfintxheialliabilities Basic financial liabilities, including credilOTS and bank loans are initially rccognised at transaction pric¢ nlcss the arrangement constitutcs a financing transaction, whcre the dcbt inStMent is mcasured at the present value of the future payments diseounted at a k¢t rate of interest. Financial liabilities classifi¢d as payable witbin one year are not aInortise Debt isIntlS are subswuenily Caled at amortised cosL using the effeetive interest rate method. Trade Creditors aw obligations to pay for goods or seTvices that bave been a¢quired Rn the ordinary course of operations from suppliers. Amounts payable arc classified as Cuent liabilities if paym¢nt is duc within one year or l¢ss. If not, they ate present¢d as non-current liabilities. Trade creditors are recognis¢d initially at transaction pric¢ and subseouently mcasured at amortis¢d cost using the effective interest mcthotL Dereeognition offinancialllqbililies Finan¢ial liabilitics are d¢r¢co)lsed when thc FOuntion'S contrdctual obligations expiie OT are discharged or cancelled. Crideal #ccoundng estimates and judgements In ihe application of ihe Foundation's accounting policies, the Trustees are T¢quired to make judg¢ments, estirnates and assumptions about the Carrying amount of assets and liabilities that e not readily apparent from other sources. The estimdtes and associated assumptions are ba5¢d on historical experiencc and other factors that are considered to be rel¢vant. Actual results may diff¢r from these ¢Stimates. The estirnates and underlying assumptions are reviewed on all ongoing basis. Revisions to accounting estirnates are recognised in the period in which tlie estim&le is revis¢d where the Tcvision affects only that petiod, or in thc period of thc revision and future periods where the revision aff¢cts both current and future periods. Donations and leg*cie5 Unrestrieted UDrestricted fund$ 2023 2022 Donations and gifts 31,476,228 15,944,144 14-
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHAIUTABLE FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Investments Unrestricted Unrestricted funds funds 2023 2022 Ineome from listed invcstments ITtterest income 3,419 379,080 3,399 382,499 3,399 Grants payable Grant funding 2023 Grant funding 2022 Grants to institutions (63 grdnts).. The Blue Thread Y¢llowwoods Social Invcstment NPC One to One Children's Fund Spring Impact MAID Foundation Global Developm¢nt Incubator Hope not hate Ch2ritsble Trust Lubner Family Charitable Foundatio UBS Optimum Foundation UK Clor¢ Social Leadership Programme New Israel Fund UK British Future Yachad Ficld Band Foundatioll Other 6,000,000 5,103.343 1,850,000 1,018,514 482.703 428,536 300.000 254,575 246,979 250,000 250,000 200,000 200.000 i 00.000 2,419,613 1,517,674 500,099 19.104,263 2,017,773 Grants awarded over the value of £l(X).000 hav¢ been d¢tailed above. The Foundation awarded a number of smaller g[lS in the year that hav¢ been included in "other" 15
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CIL4RITABLE FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support Governance Costs eosts 2023 Support Governance costs eo$ts 2022 Exchange gains Consultancy fees Insuranc¢ IT software, subscriptions, telephon¢ Staff training TIavel - National & International Entertainment Advertising Audit fees Legal and profcssiollal Bank charges (942,672) 134J42 1,348 (942.672) {260,248) 134.342 220,746 1,348 (260,248) 220,746 923 10,800 923 10,800 14,954 5,879 127,199 14.954 5,879 127,199 17.760 64.253 2,751 17,7&) 64,253 2.751 9.250 8.423 9.250 8,423 168 (647,227) 84,764 (562,463) {39,502) 17.841 (21,661) Analysed b¢tw¢en Charitabl¢ activities (647,227) 84,764 (562,463) (39,502) 17,841 (21.661) Auditor's remunerado Fee$ payable to the Foundation's auditor and assoeiates: 2023 2022 Audit of the Foundation's annual accouDts 17.760 9,250 Trustees None of the Trustees (or any persons conn¢cted with them) received any remuneraliorA or benefits from the Foundation during the year. Employee$ The average monthly number of employees during th¢ year was: 2023 Number 2022 Nun)ber Total 16
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATIOIY) NOTES TO THE FfNANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Employeos (Continued) There wer¢ no employees whose Illn1 remuneration was more than £60.000. 10 Taxatlo The eharity is exempt from on income and gains falling within section 505 of the TeS Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to thc extent that these are applied to its charitable objects. IJ Fixed asset investments Investments Cost or valuatio At l April 2022 Additions 5.536,631 At 31 March 2023 5.536,631 Carrying am¢bunt Ai 31 Myrch 2023 5,536.631 At 31 March 2022 12 Debtors 2023 2022 Amounts falling due within one year: Prepayments and aceru¢d inc0C 365,206 362,500 21123 2022 Amounts falling due after more than one year: Other debtors 1,8(XJ,000 Total debtors 2,165,206 362,500 Includ¢d in debtors due aficr more than one year is a conv¢rtible loau that is eonvertibl¢ in 2026 based on the Vdluation of the investsn¢nt as at that date. 17
THIS DAY FOUNDATION (PREVIOUSLY GL JUBILEE CHARITABLE FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTIIIUED) FOR THE YEAR ENDED 31 MARCH 2023 13 Creditors: amounts falling due withfin one year 2023 2022 Trade creditors Other creditors Accrn21s and deferred incorne 3,617,720 1.796 26,950 9,250 3,646,466 9,250 14 Related party transactions During the reporting peTiod a total of £31.476,228 was tr¢cived in donatio and gift aid from re12trd parties. Therc were no conditions attsched to these donations that would, or might, Icquire th foundation to alter significantly the llature of its existing activiti¢s on acr¢ptance of those donalions. Grants were paid to a nuFnber of related charitics in South Africa including Afrika Tskkun UK, MAID Charity Foundation. One tn One Children's fund, Spring thipaci. Th¢ Blue Thread and l-hc Smile Foundation among others. For the breakdown (refer to grts payable notr 5). 15 Cash Eenerated from operations 21123 2022 Surplus for the year 13,316,927 13,951,431 Adjustments for.. Investment income recognised in ststement of financid activities Foreigm exchange differcnces {382.499) 942,672 13,399) 260,248 Movemenis in wOlg capit21.. (Increase) in debtors Increase in creditors (1,802,706) 3.637,216 (362,500) 9,250 Ca$h genernted from optrations 15,711,610 13,855,030 16 Analysis of changes in net fund$ The Foundation had no debt during the year. 18