Charity Registration number 800930
## **THE DAY FOUNDATION**
# **ANNUAL REPORT**
## **AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2024**
1
## **THE DAY FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|Trustees||S F Pott (Chair)|
|---|---|---|
|||S J Bickers|
|||T Thomas|
|||Rev Helen Norris|
|||R Denning|
|Charity manager||C Martin|
|Charity number||800930|
|Principal address||Haysel House|
|||Mary Day Close|
|||Coddenham|
|||Ipswich|
|||IP6 9SR|
|Independent examiner||Nigel Allison|
|||Nigel Allison Ltd|
|||Bridge Farmhouse|
|||Crowfield Road|
|||Coddenham|
|||Ipswich|
|||IP6 9PX|
|Bank||Santander|
|||1-3a Carr Street|
|||Ipswich|
|||IP4 1DS|
|Investment managers||Amber River East Anglia|
|||(Orwell Securities Ipswich Ltd)|
|||3rd Floor|
|||Fitzroy House|
|||Crown Street|
|||Ipswich|
|||IP1 3LG|
|Website|https://www.coddenham-parish.uk/website-supporters/the-day-foundation/||
2
## **THE DAY FOUNDATION**
## **CONTENTS**
||**Page**||
|---|---|---|
|Trustees' report|4|- 6|
|Independent examiner's report||7|
|Statement of financial activities||8|
|Balance sheet||9|
|Notes to the financial statements|10|- 18|
3
## **THE DAY FOUNDATION**
## **TRUSTEES' REPORT**
The trustees present their report and financial statements for the year ended 30 June 2024.
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)”.
## **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 to such charities or for such charitable purposes as the trustees may at their uncontrolled 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 sub-sector 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 under the auspices of The Almshouse Association, and a Day Centre at Mary Day Close. The latter is widely used by both residents and other people in Coddenham for various activities. 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.
4
## **THE DAY FOUNDATION**
## **TRUSTEES' REPORT**
## **Financial review**
The charity has generated income of £169,782 (2023: £164,854) in the year with £147,950 (2023: £138,910) being generated from resident contributions and £21,419 (2023: £16,763) being generated from investment income. We received other income of £413 (2023: £9,181).
The charity has incurred costs of £11,415 (2023: £11,816) in respect of investment manager fees.
The charity has charitable activity expenditure of £177,756 (2023: £182,777) which includes £156,300 (2023: £152,010) of property based expenditure, £3,000 (2023: £9,894) in respect of donations made and 11,205 (2023: £9,332) of support and governance costs.
The charity generated a deficit before investment movements of £19,389 (2023: £29,739). There was a gain on investments of £115,231 (2023 £72,381) meaning the charity’s net position was an increase in net assets of £95,842 (2023: £42,642). Investment valuations are broadly in line with fluctuations in stock market valuations generally.
## **Reserves policy**
The charity’s reserves are all held in unrestricted funds and amounted to £6,152,932 (2023: £6,057,090). The free reserves, being the unrestricted funds net of the tangible assets held, amounted to £1,730,054 (2023: £1,633,246).
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 Amber River East Anglia (formerly 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 £1,716,048 (2023: £1,626,813).
5
## **THE DAY FOUNDATION**
## **TRUSTEES' REPORT**
## **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 accounts.
## **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 supplemental deed dated 25 January 1989.
The trustees who served throughout the year were:
S F Pott S J Bickers T Thomas Rev Helen Norris R Denning
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 3 April 2025.
**S F Pott**
**T Thomas**
6
## **THE DAY FOUNDATION**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES**
I report to the trustees on my examination of the accounts of The Day Foundation for the year ended 30 June 2024.
## **Responsibilities and basis of report**
As the charity trustees of The Day Foundation 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 Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all 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 the examination giving me cause to believe that in any material respect:
- i) accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
- ii) the accounts do not accord with those records; or
- iii) the accounts do not comply with 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 in order to enable a proper understanding of the accounts to be reached.
Nigel Allison FCA Nigel Allison Ltd Bridge Farmhouse Crowfield Road Coddenham Ipswich IP6 9PX
3 April 2025
7
## **THE DAY FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year ended 30 June 2024**
|**Notes**
**Income from:**
Charitable activities
**3**
Investments
**4**
Other
**Total income**
Expenditure on:
Raising funds
**5**
Charitable activities
**6**
**Total expenditure**
(Deficit)
Net gain on investments
**10**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Total**
**Unrestricted**
**2024**
£
147,950
21,419
413
169,782
11,415
177,756
189,171
(19,389)
115,231
95,842
6,057,090
6,152,932|**Total**
**Unrestricted**
**2023**
£
138,910
16,763
9,181|
|---|---|---|
|||164,854|
|||11,816
182,777|
|||194,593|
|||(29,739)
72,381|
|||42,642
6,014,448|
|||6,057,090|
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.
8
## **THE DAY FOUNDATION**
## **BALANCE SHEET As at 30 June 2024**
|**Notes**
**Fixed assets**
Tangible assets
**12**
Investments
**13**
**Current assets**
Stock
**14**
Debtors
**15**
Cash at bank and in hand
**Creditors**
Amounts due within one year
**16**
**Net current assets**
**Net assets**
**Funds**
Unrestricted funds|5,256
6,675
18,755|**2024**
**£**
4,422,878
1,716,048|4,689
7,726
4,174|**2023**
**£**
4,423,844
1,626,813|
|---|---|---|---|---|
|||6,138,926
14,006||6,050,657
6,433|
||30,686
16,680||16,589
10,156||
||||||
|||6,152,932||6,057,090|
|||6,152,932||6,057,090|
The financial statements were approved by the Trustees on 3 April 2025
**S F Pott**
**T Thomas**
9
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
**For the year ended 30 June 2024**
## **1 Accounting policies**
## **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 Haysel 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)”. 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.
10
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
**For the year ended 30 June 2024**
## **1 Accounting policies (continued)**
## **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.
## **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.
11
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
**For the year ended 30 June 2024**
## **1 Accounting policies (continued)**
## **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.
## **1.11 Stock**
Stock consists of the stock of heating oil and is valued at its cost price.
12
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
**For the year ended 30 June 2024**
## **1 Accounting policies (continued)**
## **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.
## **1.14 Operating leases**
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
13
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **For the year ended 30 June 2024**
## **2 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.
|**3**
**Charitable activities**
Contributions from residents
**4**
**Investments**
Income from listed investments - note 13
**5**
**Raising funds**
Investment manager fees - note 13|**2024**
**2023**
**£**
**£**
147,950
138,910|
|---|---|
||**2024**
**2023**
**£**
**£**
21,419
16,763|
||**2024**
**2023**
**£**
**£**
11,415
11,816|
14
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **For the year ended 30 June 2024**
## **6 Charitable activities**
|Repairs & maintenance
Lighting & heating
Management charges
Gardening & site expenses
Rates & water
Insurances
Community expenses
Depreciation
Donations
Support costs (see note 7)
Governance costs (see note 7)|**Property**
**Community**
**Total**
**Total**
**costs**
**support**
**2024**
**2023**
**£**
**£**
**£**
**£**
54,674
-
54,674
64,270
8,927
-
8,927
12,165
53,783
-
53,783
50,662
30,547
-
30,547
17,840
2,513
-
2,513
1,660
4,890
-
4,890
4,208
-
7,251
7,251
11,541
966
-
966
1,205
-
3,000
3,000
9,894|
|---|---|
||156,300
10,251
166,551
173,445
9,825
-
9,825
7,592
1,380
-
1,380
1,740|
||167,505
10,251
177,756
182,777|
## **7 Support costs**
|**Support costs**||
|---|---|
|Printing & stationery
Telephone & internet
Subscriptions & donations
Sundry expenses
Professional fees|**Support**
**Governance**
**Total**
**Total**
**costs**
**costs**
**2024**
**2023**
**£**
**£**
**£**
**£**
503
-
503
389
1,772
-
1,772
944
1,127
-
1,127
964
6,423
-
6,423
5,295
-
1,380
1,380
1,740|
||9,825
1,380
11,205
9,332|
Professional fees include independent examiners’ fees of £1,380 (2023: £1,740)
## **8 Transactions with trustees and related parties**
During the year the Trustees have received expense allowances of £Nil (2023: Nil), no other remuneration or benefits have been received. Costs of £1,062 were incurred for meals at trustee meetings (2023: £314).
There were no related party transactions during the year (2023: None).
15
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **For the year ended 30 June 2024**
|**9**
**Employees**
**Staff costs**
Salaries
Pension costs (defined contribution scheme)
Total staff costs
Key management personnel
**Average number of employees**
Charitable activities
**10**
**Net gain on investments**
Revaluation of investments - note 13
**11**
**Financial instruments**
**Carrying amount of financial assets**
Measured at fair value through income and expenditure
Measured at amortised cost
**Carrying amount of financial liabilities**
Measured at amortised cost
**12**
**Tangible fixed assets**
**Land and**
**properties**
**£**
**Cost**
Balance at 1 July 2023 and 30 June 2024
4,419,017
**Depreciation**
Balance at 1 July 2023
-
Charge for the year
-
Balance at 30 June 2024
-
**Net book value**
At 30 June 2024
4,419,017
At 30 June 2023
4,419,017|**9**
**Employees**
**Staff costs**
Salaries
Pension costs (defined contribution scheme)
Total staff costs
Key management personnel
**Average number of employees**
Charitable activities
**10**
**Net gain on investments**
Revaluation of investments - note 13
**11**
**Financial instruments**
**Carrying amount of financial assets**
Measured at fair value through income and expenditure
Measured at amortised cost
**Carrying amount of financial liabilities**
Measured at amortised cost
**12**
**Tangible fixed assets**
**Land and**
**properties**
**£**
**Cost**
Balance at 1 July 2023 and 30 June 2024
4,419,017
**Depreciation**
Balance at 1 July 2023
-
Charge for the year
-
Balance at 30 June 2024
-
**Net book value**
At 30 June 2024
4,419,017
At 30 June 2023
4,419,017|**2024**
**2023**
**£**
**£**
45,602
42,192
1,105
2,361|
|---|---|---|
|||46,707
44,553|
|||46,707
44,553|
|||**2024**
**2023**
**Number**
**Number**
1
1|
|||**2024**
**2023**
**£**
**£**
115,231
72,381|
|||**2024**
**2023**
**£**
**£**
1,716,048
1,626,813
30,686
16,589|
|||1,746,734
1,643,402|
|||16,680
10,156|
|||**Furniture,**
**fixtures**
**Total**
**& fittings**
**2024**
**£**
**£**
65,172
4,484,189|
||-
-|60,345
60,345
966
966|
||-|61,311
61,311|
||4,419,017|3,861
4,422,878|
||4,419,017|4,827
4,423,844|
16
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
**For the year ended 30 June 2024**
## **13 Fixed asset investments**
|**Listed investments**
**Valuation**
Balance at 1 July 2023
Investment income
Funds withdrawn
Valuation movement
Investment manager fees
Balance at 30 June 2024
Balance at 30 June 2023
**Breakdown of investments**
Cash or cash equivalents
Listed investments
**Material investments**
Baring Global Agriculture
Jupiter Merlin Income I acc
BNY Mellon Global income W inc GBP
Pictet Global Environmental Opp 1dy GBP
Fundsmith Equity I acc
Trojan Ethical O acc
**14**
**Stock**
Stock of heating oil|**2024**
**£**
46,064
1,669,984|**£**
1,626,813
21,419
(36,000)
115,231
(11,415)|
|---|---|---|
|||1,716,048|
|||1,626,813|
|||**2023**
**£**
40,299
1,586,514|
||1,716,048|1,626,813|
||**2024**
**£**
128,815
279,187
206,512
176,471
98,803
188,667|**2023**
**£**
145,615
264,072
203,847
154,439
88,001
175,274|
||1,078,455|1,031,248|
||**2024**
**£**
5,256|**2023**
**£**
4,689|
17
## **THE DAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
**For the year ended 30 June 2024**
|**15**
**Debtors**
Loan:
Repayable within one year
Repayable within two to five years
**16**
**Creditors: amounts falling due within one year**
Accruals
Taxation and social security
Other creditors
**17**
**Operating lease commitments**
Due within one year
Due within two to five years
Due after five years
Lease payments recognised as an expense
Total future minimum payments under non-cancellable
operating leases:|**2024**
**2023**
**£**
**£**
1,145
1,819
5,530
5,907|
|---|---|
||6,675
7,726|
||**2024**
**2023**
**£**
**£**
5,496
1,300
1,138
731
10,046
8,125|
||16,680
10,156|
||**2024**
**2023**
**£**
**£**
3,202
734
12,808
-
4,002
-|
||20,012
734|
||3,135
2,203|
18