THE DAY HOUSE TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2021
Charity number 269447
THE DAY HOUSE TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2021
| Contents | Page |
|---|---|
| Independent Examiners' Report to the Trustees | 1 |
| Report of the Trustees | 2 & 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Accounts | 6 & 7 |
The Day House Trust Charity no 269447
THE DAY HOUSE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE DAY HOUSE TRUST
I report to the trustees on my examination of the accounts of the above charity ('the Trust") for the year ended 30 June 2021 set out on pages 2 to 7.
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 report in respect of my examination of the Trust’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 confirm that no material matters have come to my attention in connection with my examination which give me cause to believe that, in any material respect:
-
☐ the accounting records were not kept in accordance with section 130 of the Act; or
-
☐ the accounts did not accord with the accounting records; or
-
☐ the accounts did 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 order to enable a proper understanding of the accounts to be reached.
Date 21st February 2022 Ross-on-Wye
Peter J C Metcalfe Chartered Accountant
The Day House Trust Charity no 269447
1
THE DAY HOUSE TRUST
No. 269447
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2021
The trustees present their annual report and accounts for the year ended 30th June 2021.
Reference and adminstration details
Governing document
Day House Trust is constituted as a charitable trust registered with the Charity Commission under charity number 269447. It is governed by a principal deed of trust dated 12th May 1971 and supplemental deed dated 1st April 1974.
| Administrative Office: | Ross Farm | |
|---|---|---|
| Woodside | ||
| Woolaston | ||
| Lydney | ||
| GL15 6PB | ||
| Board of Trustees: | I.D. Roberts | - Chairman |
| R. Bounds | - Secretary | |
| J.Bounds | - Treasurer | |
| K. Bounds | ||
| C. Marshall | ||
| S.H.Cracknell | ||
| A.H. Samuel | ||
| L Toomer | ||
| G Agyeman | ||
| Independent Examiner: | P.J.C. Metcalfe FCA | |
| Hildersley Cottage | ||
| Ross-on-Wye | ||
| Herefordshire | ||
| HR9 7NJ | ||
| Bankers: | Co-operative Bank | |
| 1 Balloon Street | ||
| Manchester | ||
| M60 4EP | ||
| Fund Managers: | Investec | |
| Festival House | ||
| Jessop Avenue | ||
| Cheltenham | ||
| Glos | ||
| GL50 3SH |
Organisational structure
The charity trustees are responsible for the general conduct and management of the charity. The trustees give their time freely and receive no remuneration or other financial benefits.
The trustees meet together twice yearly following receipt of the investment reports for December and June, when they review the fund and level of income and make grants in accordance with the trust deed.
The Day House Trust Charity no 269447
2
THE DAY HOUSE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2021 - continued
Recruitment and appointment of trustees
New trustees are recruited when necessary and signify in writing their acceptance of the basis of belief and all trustees must sign every three years. New trustees are given a copy of the trust deed and Charity Commission guidance to trustees when invited to join the trust.
Risk management
The trust does not operate in the public domain and it is therefore considered that there are no risks with with regard to the general public. The endowment fund is managed on a discretionary basis by professional fund managers and the fund's performance reviewed at each meeting of the trustees.
Aims and objectives
The objects and aims of the charity are to further the Christian Gospel by grant aiding organisations and individuals engaged in Christian work in the UK and abroad. Grants are not generally made for capital work and consistent support of work is important, particularly where insufficient local funds are available.
Grant making policy
The trustees consider all requests for financial help and, provided the request is for the furtherance of the beliefs set out in the charity's trust deed, will, if possible, give financial help.
If any of the trustees have personal involvement with those receiving or applying for grants they make their interest known and are therefore not part of the decision making body.
Reserve policy
The costs of managing the investments in the endowment fund are borne by that fund, and the only expenditure out of the unrestricted fund is donations, the amount of which is directly related to the income received from the endowment, and bank charges. The trustees therefore consider it unnecessary to retain cash reserves beyond a level to maintain a prudent level of liquidity, set at a minimum of £15,000.
| Financial review Total income for year Total grants for year (38 grants to 20 beneficiaries) Other expenses Net gains on investments Net increase in total funds |
Total funds £ 28,626 40,000 10,406 115,536 |
|---|---|
| 93,756 |
Principal fund source
No funds are generated apart from the original endowment and no appeals are made to the general public.
Investment policy
The investment policy is to generate as much income as possible while maintaining the overall value of the fund in line with inflation. The fund is managed by professional advisors.
Public benefit
Funds are provided to organisations and individuals so that members of the public may be made aware of the Christian message and its implications and benefits.
Approved by the trustees and signed on behalf of the trust by:
I.D. Roberts - Chairman
The Day House Trust Charity no 269447
3
THE DAY HOUSE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30TH JUNE 2021
| Incoming resources (Note 3) Income from: Investments Total Resources expended (Note 4) Expenditure on: Charitable activities Bank charges Raising funds Total Net Income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments Net income /(expenditure) Net movement in funds Reconciliation of funds Total Fundsbrought forward Total Fundscarried forward |
Unrest- ricted Fund £ 28,626 |
2021 Endow- ment Fund £ 10,351 |
Total £ 28,626 28,626 40,000 55 10,351 50,406 (21,780) 115,536 93,756 1,003,585 1,097,341 |
Unrest- ricted Fund £ 34,486 |
2020 Endow- ment Fund £ 9,571 |
Total £ 34,486 |
|---|---|---|---|---|---|---|
| 28,626 | 34,486 | 34,486 | ||||
| 40,000 55 |
39,200 75 |
39,200 75 9,571 |
||||
| 40,055 | 10,351 | 39,275 | 9,571 | 48,846 | ||
| (11,429) | (10,351) 115,536 |
(4,789) | (9,571) (86,736) |
(14,360) (86,736) |
||
| (11,429) 15,554 |
105,185 988,031 |
(4,789) 20,343 |
(96,307) 1,084,339 |
(101,096) 1,104,681 |
||
| 4,125 | 1,093,216 | 15,554 | 988,031 | 1,003,585 |
The Day House Trust Charity no 269447
4
THE DAY HOUSE TRUST
BALANCE SHEET - 30TH JUNE 2021
| Fixed Assets Investments (Note 5) Total fixed assets Current Assets Debtors (Note 6) Cash at bank and in hand Total current assets Creditors:amounts falling due within one year (Note 7) Net current assets Total assets less current liabilities FUNDS Unrestricted fund Endowment fund Total funds Signed on behalf of the trustees by Ian Roberts Roz Bounds Chairman Secretary |
2021 £ 1,070,222 1,070,222 127 29,565 29,692 2,573 27,119 1,097,341 4,125 1,093,216 1,097,341 |
2020 £ 905,467 |
|---|---|---|
| 905,467 236 99,932 |
||
| 100,168 2,050 |
||
| 98,118 | ||
| 1,003,585 | ||
| 15,554 988,031 |
||
| 1,003,585 | ||
The Day House Trust Charity no 269447
5
THE DAY HOUSE TRUST
NOTES TO THE ACCOUNTS
1 Basis of preparation
- 1.1 These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts, and in accordance with the Statement of Recommended Practice: Accounting and recording by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, and with the Charities Act 2011. The charity is a public benefit entity as defined by FRS 102.
2 Accounting policies
2.1 Income
Investment income is recognised in the accounts in the year in which it is receivable.
Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments, and any gain or loss resulting from revaluing investments to market value at the end of the year.
2.2 Expenditure and liabilities
Expenditure is included on an accruals basis.
Creditors are measured at settlement amounts.
2.3 Assets
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. The Statement of Financial Activities includes the net gains and losses arising on disposals and revaluations in the year.
Debtors are measured at the cash or other consideration expected to be received.
| 3 Analysis of income 3.1 Income from investments 4 Analysis of expenditure 4.1 Expenditure on raising funds Portfolio management costs 4.2 Expenditure on charitable activities Grants to: Christian organisations Christian missionaries working abroad Christian workers in the UK |
Unrestricted fund £ 28,626 Unrestricted fund £ 14400 19900 5700 40000 |
Endowment fund £ Endowment fund £ 10,351 10,351 |
Total funds £ 28,626 Total funds £ 10,351 14400 19900 5700 40000 |
Prior year funds £ 34486 |
|---|---|---|---|---|
| Prior year funds £ 9,571 |
||||
| 14400 17600 7200 |
||||
| 39200 |
The Day House Trust Charity no.269447
6
THE DAY HOUSE TRUST
NOTES TO THE ACCOUNTS- continued
| 5 Investment assets Carrying (fair) value at beginning of year Additions during the period Less disposals at carrying value Add net gain on revaluation Carrying (fair) value at end of year 6 Analysis of debtors Accrued income 7 Creditors and accruals Trade creditors Amounts falling due within one year |
Listed investments 2021 Prior year £ £ 905,467 1,052,914 89,139 91,637 -44,633 -152,348 121,022 -86,736 1,070,995 905,467 2021 Prior year £ £ 127 236 2021 Prior year £ £ 2,573 2,050 |
Listed investments 2021 Prior year £ £ 905,467 1,052,914 89,139 91,637 -44,633 -152,348 121,022 -86,736 1,070,995 905,467 2021 Prior year £ £ 127 236 2021 Prior year £ £ 2,573 2,050 |
|---|---|---|
| 905,467 | ||
| Prior year £ 236 |
||
| Prior year £ 2,050 |
8 Trustees remuneration and benefits
None of the trustees has been paid any remuneration or received any other benefits from an employment with the charity or any related entity.
No trustee expenses have been incurred and no trustees have been reimbursed for expenses.
9 Post balance sheet event
While the covid-19 pandemic severely impacted on global economies and stock markets and consequently the value of the trust's investments, the aggregate value of the fund had recovered to £1,155,316 as at 31 December 2021, compared to £1,104,681 (including cash) at 30th June 2019 before the pandemic struck. However, the level of income has not fully recovered . The investment managers currently forecast an annual income of £32, 592 which compares with teh £39, 051 in the year to 30th June 2019 and grants of £40,000 in the year under review. This will inform the level of giving going forward.
The Day House Trust Charity No. 269447
7