2021-06-30-accounts

Charity Registration No 800930

THE DAY FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

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THE DAY FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

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Trustees	S F Pott (Chair)
	S J Bickers
	T Thomas
	Rev Helen Norris
Charity manager	C Martin
Charity number	800930
Principal address	Haysel House
	Mary Day Close
	Coddenham
	lpswich
	Suffolk
	IP6 9SR
Independentexaminer	Helen Rumsey
	Ensors Accountants LLP
	Connexions
	159 Princes Street
	Ipswich
	Suffolk
	IP1 1QJ
Bank	Santander
	1-3a Carr Street
	Ipswich
	Suffolk
	{1P41DS
Investmentmanagers	Orwell Securities Ipswich Limited
	Cleveland House
	5 Sorrel Horse Mews
	Ipswich
	Suffolk
	IP41LN

Website

https:/Avww.coddenham-parish.uk/website-supporters/the-day-foundation/

THE DAY FOUNDATION

CONTENTS

na	na
	Page
Trustees’ report	1-2
independent examiner's report	3
Statement of financial activities	4
Balance sheet	5
Notestothefinancialstatements	6-14

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THE DAY FOUNDATION

TRUSTEES’ REPORT

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The trustees present their report and financial statements for the year ended 30 June 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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)” (effective 1 January 2019).

Objectives and activities

The charity's objects are:

• i) to provide and support directly or indirectly at the discretion of the trustees, homes for elderly people in need of suitable accommodation and in particular those who live or have lived in Coddenham or in the neighbouring or surrounding areas;

• ii) to pay or apply the income of the trust fund and also so much of the capital of the trust fund as the settlor may from time to time by notice in writing to the trustees determine to such charities or for such charitable purposes as the settlors direct; and

• iti) after the death of the settlors to such charities or for such charitable purposes as the trustees may at their uncontrollled discretion determine.

In furtherance of these objectives the Charity’s trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant subsector guidance concerning the operation of the Public Benefit requirement under that Act.

Achievements and performance

The charity continues to administer twenty bungalows and apartments for elderly people, and a Day Centre at Mary Day Close. The latter is widely used by both residents and other people in Coddenham for various activities, although this has been curtailed by Covid-19 restrictions. We also provide general advice and support to elderly villagers, particularly with online forms.

The Charity also has two further properties in Coddenham High Street for occupation as starter homes by young people from the village and surrounding area.

The charity continues to support Coddenham Community Centre and other local community organisations.

Financial review

The charity has generated income of £184,102 (2020: £181,873) in the year with £134,813 (2020: £128,626) being generated from resident contributions and £30,347 (2020: £42,709) being generated from investment income, the remaining income of £18,942 (2020: £10,538) is in other income.

The charity has raising funds costs of £12,652 (2020: £10,121) in respect of investment manager fees.

The charity has charitable activity expenditure of £168,021 (2020: £176,496) which includes £142,225 (2020: £140,683) of property based expenditure, £10,576 (2020: £17,652) in respect of donations made and £9,330 (2020: £10,701) of support costs.

The charity generated a surplus before investment movements of £3,430 (2020: deficit of £4,744). There was a gain on investments of £215,546 (2020: loss of £116,127) meaning the charity's net position was an increase in net assets of £218,975 (2020: reduction of £120,871). This investment gain is partly due to a reversal, in line with stock markets, of last year's market losses as a result of Covid19.

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THE DAY FOUNDATION

TRUSTEES’ REPORT

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Reserves policy

The charity’s reserves are all held in unrestricted funds and amounted to £6,140,796 (2020: £5,921,821). The free reserves, being the unrestricted funds net of the tangible assets held, amounted to £1,715,564 (2020: £1,496,043).

This level of reserves is required due to the charity's need to hold a number of properties in order to fulfil its charitable purpose, along with the investments held to support the ongoing maintenance costs of those properties.

Investment policy

The trust deed gives the trustees discretionary power to acquire and dispose of investments as they see fit. The charity engages Orwell Securities Ipswich Limited as investment managers who manage the day-to-day running of the portfolio on behalf of the trustees.

The investments at the year end were valued at £1,650,854 (2020: £1,460, 102).

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Plans for the future

The charity plans to continue to provide the current property portfolio as homes for the benefit of the elderly people from Coddenham and the surrounding area for the foreseeable future.

Structure, governance and management

The charity is governed by the Trust Deed dated 27 January 1987, as varied by a supplementa! deed dated 25 January 1989.

The trustees who served during the year were: S F Pott , S J Bickers T Thomas J Keeble (resigned 30 Sept 2021)

[t is with great sadness the Trustees report the death of Mr John McNally on 25 December 2020, after a long illness. He had been a trustee from inception of the Foundation, and will be sorely missed. Rev Helen Norris was appointed a trustee on 17 June 2021. The trustees will regularly review the make-up of the Trustee Body to determine whether additional skills, knowledge, experience or diversity might be beneficial to carrying out the charity’s aims and objectives.

The trustees’ report was approved by the Board of Trustees on 9 December 2021.

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SF Pott Siwion PAC T Thomas ew S Se,
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31 January 2022

THE DAY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2021

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		Total	Total
		Unrestricted	Unrestricted
		2021	2020
	Notes	£	£
Income from:
Charitable activities	3	134,813	128,626
Investments	4	, 30,347	42,709
Other		18,942	10,538
Total income		184,102	181,873
Expenditure on:
Raising funds	5	12,652	10,121
Charitable activities	6	168,021	176,496
Total expenditure		180,673	186,617
Net gain/(loss) on investments	10	215,546	(116,127)
Netmovement in funds		218,975	(120,871)
Reconciliation offunds:
Total funds broughtforward		5,921,821	6,042,692
Totalfundscarriedforward		6,140,796	5,921,821

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities and relate to the unrestricted fund.

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THE DAY FOUNDATION

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BALANCE SHEET

AS AT 30 JUNE 2021

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			2021			2020
	Notes	£		£	£		£
Fixed assets
Tangible assets	12			4,425,232			4,425,778
Investments	13			1,650,854			1,460,102
				6,076,086			5,885,880
Current assets
Stock	14	3,856			3,504
Cash at bankand in hand		71,464			50,064
		75,320			53,568
Creditors: amounts due
within oneyear	15	10,610			17,627
Net currentassets				64,710			35,941
Net assets				6,140,796			5,921,821
Funds
Unrestricted funds				6,140,796			§,921,821
				6,140,796			§,921,821

The financial statements were approved by the Trustees on 9 December 2021.

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S F Pott T Thomas
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THE DAY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

1. Accounting policies

2. 1.1 Charity information

The Day Foundation is a registered charity governed by the trust deed dated 27 January 1987, as varied by a supplemental deed dated 25 January 1989.

The charity’s registered office is Hayse! House, Mary Day Close, Coddenham, Ipswich, Suffolk, IP6 9SR.

• 1.2 Accounting convention The accounts have been prepared in accordance 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)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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 FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments. The principal accounting policies adopted are set out below.

• 1.3 Going concern

At the time of approving these 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 have continued to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds General funds are unrestricted funds, which are available for use at the discretion of the trustees in the furtherance of the charity’s objectives. 1.5 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. ; Contributions from residents are receivable monthly and the income is recognised in the month that the monies are due.

Investment income including interest on funds held on deposit is recognised when receivable and the amount can be reliably measured by the charity. This is normally upon notification of the investment income or interest being receivable.

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THE DAY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2021

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1. Accounting policies (continued)

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• 1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenditure including support costs and governance costs are allocated to the applicable expenditure headings.

Support costs consist of the office costs of the charity, apportioned on the estimated time spent on the charitable activity of the charity.

Governance costs are those associated with the governance arrangements of the charity and in relation to strategic as opposed to day to day management of the charity.

The charity is not VAT registered therefore all amounts are shown gross of VAT.

• 1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of the assets less their residual values over their useful lives on the following basis:

Land and property - see below Furniture, fixtures and fittings - 20% reducing balance

It is the charity’s policy to maintain all its land and property in good repair, the costs of maintenance being charged to the Statement of Financial Activities. Consequently the trustees consider the lives of the properties to be so long and the residual values, based on costs or subsequent valuations, so high that there is no significant annual depreciation.

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 the income / (expenditure) for the year.

• 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction 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.

1.9 impairment of fixed assets At each reporting date the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

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THE DAY FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2021

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1. Accounting policies (continued)

1.11. Stock

Stock consists of the heating oil and is valued at its cost price.

1.12 Pension Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities include creditors and are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1. 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 the 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 estimates 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 periods where the revision affects both current and future periods.

Critical judgements

Property depreciation — based upon the upkeep and high residual values the properties are not depreciated on an annual basis, as in the trustees’ opinion the depreciation charge would not be significant.

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THE DAY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2021

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||||||| |---|---|---|---|---|---| |3.|Charitable|activities| |Total|Total| |2021|2020| |£|£| |Contributions|from|residents|134,813|128,626| |134,813|128,626| |4.|Investments| |Total|Total| |2021|2020| |£|£| |Income|from|listed|investments|30,347|42,709| |5,|Raising|funds| |Total|Total| |2021|2020| |£|£| |investment manager fees|12,652|10,121|

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THE DAY FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2021

a	a	a	a	a	a	a	a
6.	Charitable activities
		Property costs £		Donations £	Total 2021 £		Total 2020 £
	Repairs&maintenance		62,661	-	62,661		68,199
	Lighting & heating		3,197	-	3,197		3,855
	Management charges		46,315	-	46,315	44,761
	Gardening & site expenses		17,356	-	17,356		16,794
	Rates & water		926	-	926		1,291
	Cleaning expenses		216	-	216		270
	Insurances Welfare expenses Depreciation		4,200 5,710 1,554	- - -	4,200 5,710 1,554		3,823 - 1,690
	Loss on disposal offixed assets Donations	—	90 -	- 10,576 en	90 10,576 rrr	—_——	- 17,652
			142,225	10,576	152,801	158,335
	Supportcosts (seenote7)		9,330	-	9,330		10,701
	Governance costs (see note 7)		5,890	-	5,890		7,460
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			157,445	10,576	168,021	176,496
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7.	Supportcosts
			Support costs	Govern- ance costs	Total 2021		Total 2020
			£	£	£		£
	Printing& stationery Telephone& internet Subscriptions & donations Sundryexpenses Accountancy fees		528 1,179 330 7,293 -	- - - - 1,890	528 1,179 330 7,293 1,890		721 858 548 8,574 2,460
	Trustees’ expense allowances		-	4,000	4,000		5,000
			9,330	5,890	15,220	18,161

Accountancy fees include £1,890 (2020: £2,460) in respect of independent examiners’ fees.

8. Trustees

During the year the Trustees have received expense allowances of £4,000 (2020: £5,000), no other remuneration or benefits have been received.

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THE DAY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2021

9. Employees

Number of employees:

The average monthly number of employees during the year was:

	2021	2020
	Number	Number
Client manager	1	1
Employment costs:
	Total	Total
	2021	2020
	£	£
Wages and salaries	35,190	36,112
Social security costs	3,642	3,787
Other pension costs	868	832
	39,700	40,731

There were no employees whose annual remuneration was £60,000 or more.

10.	Net gain/ (loss) on investments
		Total	Total
		2021	2020
		£	£
	Revaluation ofinvestments	215,546	(116,127)
		215,546	(116,127)

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THE DAY FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2021

a	a	a	a	a
11.	Financial instruments
			Total	Total
			2021	2020
			£	£
	Carryingamountoffinancial assets
	Measured at fair value through income and	expenditure	1,650,854	1,460,102
	Measured at amortised cost		4,500,552	4,479,346
	Carrying amountoffinancial liabilities
	Measured at amortised cost		10,610	17,627
12.	Tangible fixed assets
			Furniture,
		Land and properties	fixtures & fittings	Total 2021
		£	£	£
	Cost
	Balance at 1 July2020	4,419,017	64,584	4,483,601
	Additions in the year	-	1,098	1,098
	Disposals in the year	-	(672)	(672)
	Balance at 30 June 2021	4,419,017	65,010	4,484,027
	Depreciation
	Balance at 1 July 2020	-	57,823	67,823
	Charge forthe year	-	1,554	1,554
	In respect ofdisposals	-	(582)	(582)
	Balance at30 June2021	-	58,795	58,795
	Net book value
	As at30 June 2021	4,419,017	6,215	4,425,232
	Asat30June2020	4,419,017	6,761	4,425,778

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THE DAY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2021

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13. Fixed assets investments

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Listed investments
		Total
		£
Valuation
Balance at 1 July2020		1,460,102
Investment income Withdrawals Valuation movement		30,347 (42,489) 215,546
Investment managerfees		(12,652)
Balance at 30June 2021		1,650,854
Carrying amount
As at30June 2021		1,650,854
As at30 June 2020		1,460,102
Breakdown ofinvestments:	Total 2021	Total 2020
	£	£
Cash orcash equivalents	24,598	27,526
Listed investments	4,626,256	1,432,576
	1,650,854	1,460,102
Material investments
	Total	Tota!
	2021	2020
	£	£
Baring Global Agriculture	131,630	93,900
Jupiter Merlin Income	acc	284,052
BNY Mellon Global incomeW incGBP	138,909	124,297
Pictet Global EnvironmentalOpp 1dyGBP	153,146	42,319
Fundsmith Equity	acc	88,772
Trojan Ethical Oacc	85,416	-
M&F unit trust	-	208,915
Artemis Global!	-	90,669
Eden Tree Higher Income	-	223,650
BMO Gibl Asset MgmtUK Propy Feeder2Acc	-	103,424
	881,925	1,152,133

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THE DAY FOUNDATION

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NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 30 JUNE 2021

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|||||||| |---|---|---|---|---|---|---| |a| |14.|Stock| |Total|Total| |2021|2020| |cee|£|£| |Stock|of heating|oil|3,856|3,504| |15.|Creditors:|amounts|falling|due within|one|year| |Total|Total| |£|£| |2021|2020| |Other creditors and accruals|10,610|17,627|

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