Charity registration Dumber 1060963 (England and Wales) Charity registration number SC049019 (S¢olland) Company registration number 03280440 (England and Wales) WHEN YOU WISH UPON A STAR ANNUAL REPORT AIYD FINANCIAL sfATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2023 Hackeryoung Chartered Accountsnu WHEN YOU WISH UPON A.STAR LEGAL AND ADMJNISTRATtVE INFORMATION Management Commitee Mrs M Sims Mrs V Searby Mrs D Jaspal Mi48 B White n14F. M Inst F Dr T Mills - Chair Secretary A M Cleugh Charity number (England and Wales) 1060963 Charity nU￿b￿r (SL"ulland) SC049019 Company number 03280440 Registered office Futurist House Valle). Road Nolliiigham NG) IJE Auditor UHY Hacker Young LLP 14 Park Row Nottingham NGI 6GR Sollcltors Freeth Cartwright CumlKTland Court 80 Mount Street Nottingham NG16EIII WHEN YOU WISH UPON A STAR CONTENTS Page Managetnent Committee report Independeni Auditors report 10-13 Statement of financial a¢tivities 14- 15 Balance sheet 16- 17 Statement of cash flows 18 Notes to the financial ststements 19-39 WHEN YOU WISH UPON ASTAR MANAC.F.MF.NT CnMMrrrF.F. RF.PnRT (tNC.LIIDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Management Committee presents its report and the audited financial statements foT the year ended 31 December 2023. Structure, tsovernance and Management Governin Documen The organisation is a charitable company limited by guarantee: incory￿rated on 19 November 1996 and registered as a charity on 26 February 1997. The ¢otnpany wa5 established under a Memorandum ol Association, whtch established the objects and ww'ers of the charitable company and is governed under its Articles of Association as amended bj. special resolutions dated 31 July 2008 and ? August 2018. 11) the event of the company being wound up, the members are required io contribute an amount nol exceeding £ l O. Recruitment Appointment of the Management Committtt The directors of the compan> are also charit! trustees for the purw)ses of charity law and are together known as the Management Co￿[nitte¢. Under the requircments of ihe Memorandum and Articles of Association, the members of ihe Management Committee are elected to serve for a ￿riod of three years. after which they must be re-elected at the next Annual General Meeting. Due to the nature of the charity objectives, much of the charity's work focuses utK)n very sick young people. The Management Committee seeks to ensure that the needs of ihis group are appropriately reflected through the diversit), and Com￿tene1e$ of the trnstee bodv. The Management Committee considers that an approprÉa spread of characteristics and skills are currently represented V¥ ithin the tnlstee bod),. In 2023 thc charity had 5 truste¢s who stand for r¢-clection every 3 years. All memitrs of tlie Maiiagenieiit Committee provide a list of their skills, which is reviewed annually. The trustees intend to recruit a further I or 2 trustees in 2024, following a review, identifying the gaps in relevant skills and representstion. Truste Induction and Trnini Before election, potential new trustees are required to familiarise themselves with the practical work of the ch2rity. They 2re encniirxged in meet key employees and attend a variety of the fundraising events. They will also be provided with the Charity's latest strategy document. New trustees are provided with a pack of information. which includes: • A copy of the Charity Commission's guid¢ "th¢ E5SClltial Trustee" . A copy of the Memorandum and Articles of A5so¢iation. . A copy of the latest approved Report and Financial Statements. WHEN YOU WISH UPON A STAR MANACF.MF.NT CnMMIThF.F. RF.PnRT {INCLIJDlNG DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 In addition to the above. periodic training and inforniation sessions are arranged by the Chair of the Manag¢menl Committee, to updale trustees on their obligations, the charity's frainework. risk assessments, understanding financial reporting and strategic planning. These sessions are generally provided by the professional advisors to the charity but may include others who the ChaiT deems appropriate. All tr￿teeS have up to date DBS Checks. Risk Mana ement The Management Committee have considered the major risks facing the charity, which include the following: . Governance risks Operational risks Financial risks External risks . Compliance with laws and regulations There is a fornial risk-register which is reviewed at Cach Management Committee meetin%. The Management Coinmittee is satisfied that suftTicient controls and procedures are in place to manage and minimise these risks and insuring against cerlain risks as appropriate. As part of the 2020 3-year Strategy. the charity undertook a comprehensive review of all governance. including the charity risks, to ensure that controls and procedures ar¢ enhanced. These arc reviewed and updated annually. The Charity remains a low-risk organisation. The charity is still recovering from the effects of the CorOnavin￿ Pandemic on the charity's work from early in 2020 until the end of 2022. The Management Committee took mitigaling actions, during 2020 & 2021, and ftillowed a paJideiiii¥ i¢wvYry pldti i11wu￿jUul 2022. Not only did the pandemic have a major impact on fvndraising and charitable activity, but the continued effects of Brexit. and then the conflict in Ukraine, inhibited ￿st-PandemiC economic recovery in the UK. This held back the planned regrowtl) of the charity. The challenging environment for fundraising remains a risk. The other new risk is the shortage of experienced fundraisers, due to the role being more exacting in the current economic climate, as well &8 the increasing popularity of individual personal fundraising initiatives, numerous national TV charity appeals. th¢ expanding number of smaller charities and cor￿rate in-house charities. The current 5 trustee membership of the Management Committee are from a variety of professional backgrounds and experience, they include experience in legal, accountancy, tnedical, governance, company executive managemenl Wish parent & long-tem] supporter and charity management. Thc Management Cotnmittee met bi-monthly in 202J. A Management a¢¢ountant was engaged on a weekly basis to provide the commiltee with financial summarics and to work alongside the auditors. This work remained challenging, as this individual staff member was only employed one day week. Financial management structures have been reviewed and new financial assistance and support is in place with updated procedures. Thc committcc arc rcsponsiblc for thc stratcgic dir¢ction and policy of the charity. The strategic and high-level decisions are discussed, and their outcomes documented. The charity's 2020 )-Year Strategy continued to underpin the charity's work in 2022 and into 2023. WHEN YOU WISH UPON A STAR MANACF.MF.rff c.OMMrrrEE REPORT (INCLUDING DIRECTORS, REPORT) (CONTI.NUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Pandemic Recovery Business Plans in 2021 and 2022. infomied the return to more normal working. The intention of these plans was to continue the charity's sustainability. viability and to maintain its reserves, whilsi preserving its reputation as a respected Wish-providing charity, which was achieved. 2023 ￿'aS intended to see fundraising and charitable activity back to nornial. During 2020 and 2021 the trustees reviewed the organisational struclure. This review resulted in *￿eral changes. including the appolntment in Septem￿[ 2022 of the charity's f￿st Chief Ex¢cutive who came to pjst. 2023 was the first full year under that new leadersliip, with supportive handover from the chair of trustees. The new chief executive wist gives a ￿ore strategic and developmental focus to ihe leade￿hip of ihe charity at this crucial time. In 2023 the outcomes of the objcctlVC5 Set out in the 2020 3-yeat stiat¢gy wei¢ rcviewed and any gaps completed where possible. In 2024, work then started on developing the next charity strategy. Related Parties The charity has no related parties other than the Trustees, key management personnel, their close faniily memher$ 2nd any entiiieq in whtch rhey have a significant interest The Trustees confirni they have complied with the Charities Aci 2011 to have reg￿d to the general guidance issued by the Charity Commission on public benefit. The company's objects and principal ￿tivitieS are: To relieve the need of temiinall) ill or sick children with life threatening illnesses and in particular to a55iSt such children to have holidays andlor entertainmenL and To relieve the nccd of ihe families of such children. The main objective during the year was to continue with the provision of Wishe5 to tenninally ill children and children with life threalening illnesses, between the ages of 4 and 16, within the United Kingdom. The number of Wishes and treats granted incre&sed in 2023 this was down to the Lapland trips. The charity reopened applications for new overseas Wishes. The charity worked hard io maintain its profile and start to return incotnc gencration to pre-pandemic levels. Achievements and perfomsnce The r¢duced income from fundraising since the pandemic years has persisted and has impacted on perfnrmAnce. The difficiilty in replACiDg fijndraiserg who have left us, for a variety. of reasons. has also impacted on the anticipated increase in fundraising a¢tivitv in 2023. This included, finding suitably experienced fundraisers and a suitable tnanagcr for thc fundraising team. From October 2023, the new Tole of marketing & communications lead has been very successful. and the social media presence of the charity has improved. WHEN YOU WISH UPON A STAR MANACF.MF.NT C()Mm1￿F.F. RF.PORT (INC.LIJDThG DIRECTORS, REPORT) (CONTIINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Chari Outlet Our Charity Outlet has Continued in 2023: receiving brand new donated goods from large retail companies, but levels of donated stock have reduced. Sales remained good with hard work by our warehouse and shop staff. Much effort has been put into finding additional suppliers. There was more planned fundraising activity in 2023, including marathons and an arctic trek. But not yet balls or largc social ¢vcnts. Our dcdicatcd supportcrs continued to attend and organise 'ln Aid Of, cvcnts, although still fewer than prc-pandeTni¢. We kept in touch ￿'1th our supporters, especiallj via active use of social media and future events are being organised. In 2023 we started to improve supporter stewardship and social Jnedia contact. Our own or antsed events We did not organi%e any in-hnu.se majnr fllndrai.%ing events in 2023. Wishes In 2023 we granted several Wishes to Fk)rid4 most staying ai our Vill4 and Disneyland Paris, at adjacent hotels. The Charity's Wish Portal, continued to work well. With eificient processing of Wish applications. This portal opened once a month and closes when 10 Wishes had been accepted, controlling the demand. We also granted many UK bascd W'ishes. O%'erseas Wishes were restricted to Europe and Florida. A ma.ximum budget was set tor ¢ach Wish. which is reviewed annually. To help with the best use of resources and best value for money, the decision has already been made to temporarily restricl Wishes to the UK from Mid 2024 once pre- planned Wishes have taken place. A few 'Red" Wishes. for very sick children approaching end of life, were completed in 2023 with specific trustee approval. These were verv rew'arding and some of the most inagical experiences. In 2023 we again offered several UK based group treats. Such as a group trip io Alton Tower5. The annual trips to Lapland were recommences in D¢cetnber 202i, after a 3-year break, Restricted funds in Scotland funded the Prestw'ick flight and reserves funded the East Midland flight. These flights have always been the charity's flagship event and they provided a magical day visiting Santa and capturing magical rnemorEs of husky and sleigh rides in the frozen foresL They achieved extcnsive media coverage and was good expsure for the charity. Unfortunately. income generatton in 2023 and into early 2024 means thai plans for Lapland 2024 ￿e on hold. WHEN YOU WISH UPON A STAR MANACFMF.NT C()mM￿TF.F. RF.PORT IINCLITDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Holida erties Due to the lack of chaTitabl¢ use, or income, from our l()dge al Hengar Manor in Cornwall, the decision was made in lale 2023 to sell, ￿SIng the rele&sed capital to support our cash reserves. Likewise, Alicante Villa has not been used for Wishes for scveral )'ears, and maintenance costs ha incre&%ed. Income from letting has been disaprx)inting. The Option of selling was explored in 2023 and is iii progress by mid 2024. Early 2023 saw thc compl¢iion of thc salc of onc of the charity's two fiorida Vill& The other Villa was kept, to continue providing Florida Wishe5. Unfortunately, problems ii'ith the contractor who repaired lightsiing strike damage to the remaining villas new roof. meant remedial repair work was required. Most of that cost w&$ recouped. But, in recent years: maintenance and necessary refurbishments are increasingly costly and troublesome. With flight and car hire also going up, this makes the costs of US Wish trips increasingly expensive. The villa sale did release significant funds in 2023, with some retained money. held to pay IRS. expected to be returned in 2024. The viability and financial cost of retaining the remaining villa ￿111 be reviewed in 2024. when alternative ways of offering more cost-effective Disney trips to Florida and Euro Disney will be considered. FinanciAI review Ai the end 2023 the Charity had a larger deficit than 2022. The cash released by the villa sale was required to maintain the Free Reserves. This deficil was outside the limits allowed for durtng early 2023. although unplanncd-for Icgacies did help. It w&$ considered essential that, as we regrew our fundraising as we Caine oiit of Covid. that the charity had to deliver its charit2ble activity, and grant Wishes in order to attr￿t the support and generate income. Overall charitable activity expenditure in 2023 was up significantly on that of 2022. closer to pre-pandemic levels. This was duc to accepting new Wishes. including Florida and Europe. and recommencing Laplaiid trips. Direct Wish expenditure was 80 % higher than 2022. Over the 3 years covering the pandemic cash reserves were maintained. In 2022 we re-established stgnificant charitable actikitv. which expanded more in 2023. In 2022 & 2023 there was significant spending on the Florida Villas and funding structural reorganisalion. Our firsi Chief Executive, comInenced post in September 2022, 50 2023 was hei first full )'¢ar, when we saw normal charitable activity. return whilst we anticipated income generation to also become closer to 2018119 levels. As mentioned earlier the latter did not happen due to ditTiculty recruiting fundraising staff and the challenges of fundraising currently. WHEN YOU WISH UPOli A STAR MANAC.F.MF.NT C.OMMIThEE REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Princi l Fundin The charity's funding is mostly reliant on various fundraising events and donations received from businesses and individuals. Grants and lega¢ies are variable but can be significant Ix)ost to funds. The Jnajority of grants are for front line service or research charities. which we are noL Our intended growth in grant applications has not been possible. The retail outlet income has been a help: but was down in 2023, due to a reduction in donations fmm our main large retailer warehouses. Many retailer5 now have tighter $I￿k control and other direct front-line chartties who givc goods direct to th¢ us¢rs in for whom they provide sup￿[L In 2023 the number and value of legacics received was good, but less than 2022, which had been exceptionally high. We are so grateful to those generous supp)rters who felt US V*orthy of being beneficiaries in their wills. We ihank ihem and remember them. These extra funds do make a difference. Working wilh specialist organisations we have increased the promise of future legacies. Wish Makin Poli¢ OUT Wish Making Policy remains the same. The Management Committ¢¢ usually aims for us to consider all requests received for wishes. pmvided they fall within the objects of the charity, but it is nol alwa)'s possible to grant the first Wish requested. In 2023 A restriction on deslination for Wish holiday requests to Europe & Florida was in place. A budget cap was sei for each individual Wish, wilh Trustee discretion to apwove Wishes over thai cost. bascd on exceptionality. In 2024 there will be further restrictions as we consider reducing foreign holiday Wishes destinations. nve ment P I. Due to the nalure of the charity's objecls, the Managetnent Committee consider it vital that funds are available at short notice to grant wishes for the children. Consequently, the charity reiains approxiinately 8 % of funds in instant access accounts. The remainder is held in short notice deposjt accounts, and these funds can accessed instantly, subject to loss of interest. The return on investment for the c&sh deposit has remained vI￿l￿tellIt iIi 2022. Over the past 20 years. the charity has invested in properties, which are used in the provision of Wishes granted to sick children. They have Eeen let-out w'heu th¢y are not in use for Wishes, to bring in additional funds, The Manageinent Committee in the p&$¢ considered cach property acqulsition for its Potential as a sound financial investmenL as well as for its ability to furnish Wishes. In 2023 we implemented the ￿lIcY which reduced our property portfolio. The policy to have inveslm¢nt properties was reversed in 2022 and the decision made to sell some of our properties. One Florida villa w&$ sold in earl> 2023 ￿'hi14t cnntiniiing tn iise the other foT granting Florida Holiday Wishes. W¢ do not lake private book-ings. It was also agreed in 202) to sell Hengar Manor and Alicante Vill& In 2024 the continued possession of out remaining Florida Villa will be disciissed. Monies released ￿,111 be held in higher interest accounis and, if require￿ used to maintain charltable activity whilst incotnc generation improves. WHEN YOU WISH UPON A STIIR MANAGEMENT cOMMI￿EE REPORT (tNCI.IJDINf D]RF.￿ORs, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 This wlicy was revised in 2022 and should now read that Free Reserves are required: to provide funds which can be designated to sk￿cIfiC projecls lo enable these projects to be undertaken at short notice. b) to cover administration fund ratsing and support costs without which the charity could nol function. to provide funds for the maintenance of pro￿rtIeS at home and abroad to facilitate the provision of various w'ishes. d) To cover expenditure, especially on charitsble activities, in circumstances thai resuli in sudden lo&$ of income. Free Reserves Policy clause c) will be reviewed in 2024 if we do sell the remaining property. To avoid the necessity of realising fixed assets held for the charity's use, the Management Committee considered it prudent that free reserves should be sufficient: to cover one year's administration and fund raising and support costs. to provide a pool equal to 250/0 of the average charitsble expenditure over the preceding years from which funds can be designated to promiqed Wishes and specific prnjects. b) Thi5 Reserves Policy will be fitlly reviewed on an annual basis. These considerations for the reserves hav¢ been on hold due to the pandemic and the new main consideration h&5 been to maintain Lash in hand of £600,000. This revised free reserves policy was a￿eed at the 2023 AGM. Regarding net income, 2023 saw a net deficit of £2UY,Y46, compared with a much smaller deticit ot" £12,158 in 2022. This was a planned deficit to allow increased charitable activity, including the use of reslricted funds to recommence our annual tApland Trip. This expenditure was covered by the release of capital by the sale of one Florida Villa. The valu¢ of Net Curreni Assets at the end of December 2023 fell to £850.724 from £914,390 in t￿cem￿r 2022. A drop of £64K. In addition the Restricted Funds dropped to £16K in December 2023 from £281.6K in 2022. The level of free reserve and cash flow are monitored regularly by the Management Committee. The Charity s total funds increased from £1.47m in 2020, to £1.58m in 2021, then slipped to £1.56m in 2022 follow the pandemic. In 2023, with increased charitable activity the total funds reduced fijrther to £1.36m. WHEN YOU WISH LTON A STAR MANAGEMEwf COMMirrEE REPORT (INCLUDINC DIRECTORS, REPORT) (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for future periods It is ccrtain that 2024 will remain difficult for fundraising due to the on-going economic climate and the changes in charitable giving. A new fundraising strategy, headed up by a new Fundraising Manager is in place and a Com￿le refresh of how the charity utilises social media implemented by ihe appointmenl in 2023 of a marketing & coJnfftunication lead. Stewardship of supporters is iinpToving. The Managernent Committee remains committed in supporting the Fundraisers Team in its efforts to rdise funds via corporate and community supporters. grants and the promotion of the charity. Since the new Chief Executive's appointment, Ihere has IKen a concentrated effort to complete the remaining actions detailed in ihe 2020 3-Year Srraiegy and work has started on producing a new 3-Year Sirategy for 2024 - 2026. The Northern based fundraisers are working remotely frotn home, with regular visits to head office or remote meetings with other staff. The Scotland Office is working well. A complete review of Telephones, IT and the provision of IT support has been undertaken. A new ¢oinpany will be engaged for IT SUPPK)rt. IT hardware has been rationalised and updated where essential, with further upgradcs as funds allow. A new telephone system was inslalled in spring 2024. For management accounts an external pmvider engaged and pr￿g￿8 nn fin2nciAI d%t2 enty And ￿P)rtIng has been made. Following reduced incom¢ in 2023 a Cost Improvement Plan (CIP) agreed in quart¢T l of 2024. Thi5 plan looks at all are&s of expenditure a5 well as expandtng income streams. As part of the CJP, li sets morc Siringent budgets on the cost of individual. Wishes, postwines the decision on a Lapland 2024 trip, and revieM5 Other cost. For example, all finance functions may be brought back in-house later in 2024 when new management accounts systems are fully in plac¢. Work on development ot.our statt-and Icam building across the whole Charity will continue year on year. The Management Committee started the seaT¢h for l or 2 new truslees in late 2023 and it is hoped that a new prospective trustee will take up formal post at the 2024 AGM. The Management Committee will continue to monitor expenditure and ensure that charitable activity spend returns to reflecting the concurrent income. The expenditure and value for money of Wishes granted will be more tightly controlled, w'ith every effort made to not lose the magic of the Wish experiences. They will continue to scrutinise staff costs and office expenditure. Following diificulty recruiting in 2023, priority was being given to filling fundraising vacancies in 2024 and successfully recruited experienced dynamic fiindrais¢r5 to the vacant posts. All evenls will require approved budget plans with close monitoring of expendi￿re and accurate reeording of the resulting incom¢. The property expendilure costs will reduce following the sale of all but one property. Office costs have alreadj, reduced now we no longer have a NW olTice. As part of the CIP the final villa in Florida w'ill be sold later in 2024 and we will no longer provide Florida holiday wishes, focusing on UK based wishes. This will r&Juce costs fi]rther. The additional cash relcascd by the sale of property will. if required be used to fund Wishes already booked and committed to prior to the new lower Wish budget. Structurei governance and management The charity is a company limited by guarantee. WHEN YOU WISH UPONA sfAR MANAGEMENT c0hlml￿EE REPORT ONCLUDING DIRE￿oRs, REPORT) (CONTINULD) FOR THE YEAR ENDED 31 DECEMBER 2023 ReJponsibAiitiÈJ of the Man*Eement Committee The tr￿te¢S (who are 8150 directOTS of When You Wish Up)n ? Star for the purposes of COllLFWny low) rcsponsible for preparing t1￿ TTUSte¢s' Report pnd rhe financial ￿atements in ac￿rdanCe with applicable law and Unitcd Kingdts￿ Accounting Standards (United Kingdom Generally Accepted A¢¢ounting Practice). Company law tequires the tr￿Slee3 to prepare fin8n¢ial statemertts fry each finAnci&l year K¥hic.h 8ive A true and fair view of the st#le of &ffaits of the charilable company and of ihe inmnlng resourccs and application of tesourccs, including the income and cxpenditUTC of th¢ than'table trJmp8ny for lI￿t period. In prepAriD8 these fJn8ncial statcmejtts. the tr￿$ ore requiieo to: • sclccl suitablc accounting policies and then apply th¢m cOnsi￿¢ntIy. observe the methods alld prin¢iplu in the Clwities SORP 2015 IFRS 102). make )￿18ments alld estitnates that are reasortable and FlludenL • State whether appli(￿ble UK A￿OUnting Siandarth have been followe¢ subject lo any material departur¢5 disclosed and explained in Ihe financial slalements. ' prepate th¢ financial statements on the gotng concern b&%is unless il i8 inappyopriatc io presutne that th¢ tharitable company will cortinue in optsatio The tsuste¢s ruponsible for keepiug adequa¢e a¢¢O￿lti8 records that disclose wilh Twonable at any time the financial position of the chwitable c(Mnpany and enable them lo ensure that tbe financxai stal¢ments comply with the Compatiie5 Act 2006. They arc also responsible for safeguarding the &ss¢ts ofihe charilftble company Aad heJ)c¢ for taking ￿nable step5 for Ihe prev¢nlion and detection of fraud and other iTresularities. In so tar as the tnstees arc aware. theTe is ￿ TelcvADt audit information of which the ¢haTitable company's auditors are unaware: and the tswtees have laken ftll ￿4)8 thar they ought lo have taken io make ther￿1ve5 aw¥e of any relcvanl Audit infonnation and ID e5tsbli5h that w￿ltiX$ are aware of thot infonngtion. The trLLStees are rwonsible for th¢ maiDlgnance and integrity of the ￿4)Orate and finanGi81 infornintion included on the charitable company's website. LeBi51ation in the Unil¢d Kingdom governin8 the pr￿aratiOn and diSS￿Lination of fjnancial statements may th'ffer from legislation in other jurisdictiorts. The m&￿ge￿¢nt Committee T¢P)rt Was approved by the Boud 0fMa[w￿t Comu]itee. Dr T Mills . Chair Hackeryoung UHY Hacker Young LLP 14 Park Row N[)Iti[KJnA￿ Nfi l Af.R Charierad ￿cOUn￿nIS INDEPENDENT AUDITOR'S REPORT TO THE MANAGEMENT COMMITEE OF WHEN YOU WISH UPON A STAR Opinion We have audited the financial statements of When You Wish Upon a Star (the "charitable company'charity,) for the year ended 31 December 202) which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements. Éncluding significant accounting policies. The financial reporting framework- that has I￿en applied in Iheir preparation is applicable law and United Kingdom Accounting Standards, including Finaucial Reporting Siandard 102 Tke Financial Reporling .Stundard applicuble in the UK and Republic of Ireland (United Kingdom Generally Accepted Acwunting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs &8 at 31 December 2023 and of its incoming resources and application of r¢sources, for the year then ended: have been propcily prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accord2nce with the requirements of the compani￿ Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended), and the Charities Act 2011. Bas15 for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our restK)nsibilities under those standards are further dcscribed in the Auditor's responsibilities fnr ihe aiidit of the ]inanL ial slLllemenls section of our report. We are independent of the charty in accordance with the ethical requirements that are relevant to our audil of the financial statements in the UK, including the FRC'S Elhical Standard. and we have fulfjlled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we haye obtained is sufficient and appropriate to wovide a basis for our opinio Conclusions relating to going concern In auditing thc financial statemcnts: we have concluded that the Management Committee use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlified any material uncertainlies relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going conccrn for a period of at leasl twelve months from when the financial statements arc authorised lor issue. Our responsibilities and the responsibilities of the Management Commitee with respect to going concern described in the relevant sections of thls report. 10- Hackeryoung UHY Hacker Young LLP 14 Park Row Nottingham NG1 6GR Chartpipd Arcniintants INDEPELNDENT AUDITOR'S REPORT (CONTINUED) TO THE MANAGEMENT COMMITEE OFWHEN YOU WISH UPON A STAR Other informatlOD The oiher inforination comprises the inforniation included in the annual report other than the financial statements and our auditor's re￿rt thereon. The Management Commitee are responsible for the other inforniation contained within the annual reporL Our opinion on the financial statements does not cover the other informalion and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other infornialion is materially inconsistent with the financial statements or our know'ledge obtained in the course of the audit. or otherwise appears to be Inaterially misstated. If we identify such material inconsistencies or appareni material misstatements: we are ieqiiired to detertninc whether this gives ris¢ to a material misslatement in the financial statements them5elv¢s. If. based on the work we have performed. we conclude that there is a material misstatement of ihis rther infonnation, we are required to report that fact. We have nothing to report in this regar Matters on which we are TrquiTrd to report by exception We have nothing to report in reS￿¢t of the following matters in re]￿lon to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion: the infoTmation given in the f￿anCial statements is inconsistent in any material respect with Ihe Management Committee report. or su￿brIent and proper accounting records have not been kept. or the tinancial statcments are not in agreement with the accounting records. or we have not received all the inforniation and explanations we require for our audit. Responsibilities of Mydnagement Commitee As explained more fully in the statement of Management Cominittee responsibilities. the Management Commitee, who are also the direclors of ihe charity for the purpose ol companv law,. are responsible for the preparation of the financial slatcm¢nts and for being satisfied that they give a true and fair i'iew, and for such internal control as the Management Commitee detemiine is necessary to enable Ihc preparation ol tinancial statements that are free from material misstaternent. whethei due to fraud or error. In preparing the financial statements, the Managemeni Commit¢e are responsible for assessing the chaTity'5 ability to Continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern b&sis of accoiinting unless the Management Commitee either intend to liquidate the charitable company OT to ce operations, or have no realistic alternative but to do so. Hackeryoung UHY Hacker Young LLP 14 Park R Nottinghaffl NGI 6GR Chartered Accountants INDEPF.NDENT AUDITOR'S REPORT (CONTINUED) TO THE MANAGEMENT COMMITEE OF WHE1* YOU WISH UPON A STAR Auditor's responsibilities for the audit of Ibe finaDcial ststements Our objeciives are to obtain reasonable assurance 21x)ut whether the financial slatements as a wholc are free from material misstatement, whether due to fraud or error, and to issue an auditorfs rew)rt that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducled in accordance wilh ISAS (UK) will alw'ais detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonabl), be expected to influence the economic decisions of users taken on the basis of these financial statemcnts. Based on our understanding of the charitable company and the industry in which it operates, we idenlified that tlie principal risks of non-compliance with la￿S and regulations related to the acts by the charilable company. which were contrary to applicable laws and regulations including fraud. and we considered the exlent to ￿h1¢h non-compliance Might have a material cffect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opwrtunities for fraudulenl manipulation of the financial stAtements (incliiding the risk of overtide of controls). and d¢t¢rn)ined that the principal risks wete related to misappropriatioii of funds in addition to the cl&ssification of costs between cost of raising funds and charttabl¢ actlvities. Audit procediires perfonned included: agreeing a satnple of donations and sales to the bank and/or source documentation recalculating thc apw)rtionment of expenditure between charitable activities and the cost of ralsing funds; enquiries of management and testing of journals, evaluating whether there was evidence of bias by the Irustees that represented a risk of material misstatemeni due to fraud- and • evaluating the appropriateness of valuations and classification of properties. The extenl to which our procedures are capable of detecting irregularities. including fraud, is detailed below. Th¢￿ UTC inherent limitaiions in Ihe audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements. the less likelv we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of noi detecting one resulting from error, as fraud may involve deliberate concealment by. for cxample, forgery or intentional MIsrepre￿atation5, or through collusio A fvrther description of our responsibilities is available on the Financial Reporting Coun¢il:s website at: https:Ilwww.frc.OTg.uklouditorsrcsponsibilitics. This dcscription fonns part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter J of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemitted bv law, we do nol accept or assume responsibility to anyone other than the charitable company and the charitable cornpany's members as a body. for our audit work, for this reporL or for the opinions we have forn)ed. 12 Hackeryoung UHY Ha¢ker Young LLP 14 PaTk Rc Nothngrharn NGI 6GR Chariered Accountants INDEPENDELYt AUDITOR'S REPORT (CO1￿1NUED) TO THE MANAGEMENT COMMITEE OF WHEN YOU WISH UPON A STAR J￿-1 yA.Jor 7- David Allum (Senior Statutory Au itor) for and on behalf of UHY Hacker Young 5 September 2024 Chartered AccouDtants Stalutory Auditor UHY Hacker Yoiing is eligible for appointtnent as auditor of the charity by virtue of its eligibility foT appointment as auditor of a Lompany uiider section 1212 olthe Companies Act 2006. 13 WHEN YOU WISH UPON A STAR STATEMENT OF FINANCIAL ACTIVITIES INCLUDI)G INCOME AND EXPENDITURE ACCOUN[ FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Re51ri¢ted funds nds 2023 2023 Totsl Unrestricted Restrieted runds funds 2022 2022 Totsl 2023 2022 Notes Donations and legacies Other trading activities Investment incorne and interest Oiher income 617,002 89,187 706.189 823.139 69.146 892,285 25U,153 25U,753 2113,7011 283,708 21,129 90,533 21,129 90.533 10.159 10,159 Total income 979,417 89.187 1,068.604 1,117,006 69,146 1.186,152 Raising fund5 510,188 510,188 5l5,460 515,460 Charitable activitkes 663,576 188,737 852.313 612.652 70.198 682,850 Total expenditure 1,173,764 188,737 1,362.501 1,128,112 70,198 1,198,310 Net outgoing reSou￿e5 before rtransfers (194,347) (99.550) (293.897) (11.106) (1.052) (12,158) GTOSS transfers between funds 166,078 (166.078) 20.000 (20,000) Net oulgoing resources (28,269) (265,628) {293,897) 8,894 (21.052) (12,158) Other recognlsed galns And lo&ses Revaliiation of tangible fixed assets 12 83,951 83.951 Net movement AD funds 55,682 (265,628) (209.946) 8,894 (21,052) (12,158) Fund balances at I January 2023 1,283,355 281,628 1.564.983 1,274,461 302,680 1,577,141 Fund balanees at 31 Deccniber 2023 1,339,037 16,000 1.355,037 1,283.355 281,628 1,564,983 14- WHEN YOU WISH UPON A STAR STATEMEiYf OF FINANCIALACTIVITIES (COIYTINUED) INCLUDING INCOME AND EXPEYDITLRE AccouNr FOR THE YEAR ENDED 31 DECEMBER 2023 All income and eX￿ndItUre derive from continuing activitics.The statement of financial activities includes all gains and 108.qes recognised in the >'e2r_ The slateinenl of financial aciivities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 15 WHEN YOU WISH UPON A STAR RAI,ANCF. SHF.F,T ASAT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Investment property 13 14 381,613 122.700 527,893 122.700 504,313 6SO,593 Current assets Stocks Debtors C&sh at bank and in hand Is 16 35,155 199,566 723,764 36,915 118.586 862.938 958.485 1,018,439 Creditors: amounts falling due within One year 17 (107,761) (104,049) Net current assets 850,724 914.390 Total assets less current liabilities 1,355.037 1,564.983 Income funds Rcstricted funds General unrcstricted funds Revaluation reserve 19 16.(KK> 1,225,224 113,813 281,628 1.225,491 57,864 1,339,037 1,283,355 1.355,037 1,564.983 The directors acknowledge their responsibilities for complj'ing with ihe requirements of the Companies Act 2006 wilh respect to accounting records and the preparation of financial statements. These financial statements have been prewed in accordance with the provisions applicable to companies subject to the small companies Tegime. 16- WHEN YOU WISH UPON A sfAR BALANCE SHEEf (CONTINUED) A.S AT 31 DECLMBER 2023 The firwicial st•lements were aPPToved by the kfalwment Commitee on....... . Dr T Mills- Chair Tru9tee Compaay nymber 03280440 17- WHEN YOU WISH UPON A STAR STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 23 (412,412) 40,216 Investing activities Purchase of tangible fixed assets Pr()ceeds from distK>s81 of txngihle ftxed assets (2,804) (3,797) 254,913 21.129 Investment income received 10,159 Net cash generated from investing activities 273,238 6.362 Net cash used ID financing octivities Net (decrea5e)linerease in cash and cash equivalents (139,174) 46,578 Cash and cash equivalents at beginning of year 862,938 816,360 Cash and cgsh equivalents at end of year 723,764 862,938 18 WHEN YOU WISH UPON A STAR NnTF.S Tn THF. ￿NANC.lAL.sTATE￿ENTs FOR THE YEAR ENDED 31 DECEMBER 2023 Aceounting policies Charity information When You W'ish Upon a Star is a charitable company limited by guarantee Tegistered in England & Wales. In the event of the entity being wound up the members are required to contribute an amount not exceeding £ l O. The address of the registered o￿lCe is given in the legal and administrative inform*ion in these financial statcments. The nature of the charity.s 0￿rationS and principal activity is to provide wishes for terminally ill children or children with life threatening illnesses. 1.1 Accounting eonvention The financial statements have been prepared in accordance with the Charities Aci 201 I, the Companies Act 2006, the Charities and Tn￿te¢ Investment {Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended). FRS 102 "The Financial Reporting Standard 2pplt¢able in the UK and Republic of Ireland" ("FRS 102:) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance H'ith the Financial Reporting Standard applicablc in the UK and Republic of Ireland (FRS 102)" (effective I January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling. w'hich is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £ The financial statements h2ve been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain finanLial Instruments at fair value. The principal accounting tK)licies adopted are set out below. 19- WHENYOU WISH UPON A STAR NOTES TO THE FINANCIAL STATF.MF.NT.S (c.()KfiNIJF.D) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polieies (Continued) 1.2 Going Concern The charity is still recovering from the effects of the Coronavirus Pandemic on the charity's work from early in 2020 until the end of 2022. The Management Committee took mitigating actions, during 2020 & 2021, and followed a pandemic recovery plan throughout 2022. under which the charity reduced staff cosis, charitable activity and oiher expenditure. Not only did the pandemic have a major impact on fundraising and charilable activity. but the continued cffects of Brexit, and then the conflict in Ukraine, inhibited post-pandemic economic recovery in the UK. This held back the planned regrowth of the charity. The reduced income from fundraising since the pandemic years has persisted and has impacted uii p¢ifurtiianL¢. The resiilting defictt was in line with the Budget Forecast agreed by the trustees in Autumn 2022 which planned for a return to substantial Wishe% including those using OUT Florida Villa and Euro Disncy, plus ie-eslablishing our day trips to Lapland. This charitable activity w&s deemed essential to refresh our visibility post covid and provide a new contem￿ranc0uS narrative to support our fundraising efforts. whilst Maintaining sutTicient reserves as seen in these accounts. In spring 2024, on reviewing our finances, we have implemented a cost-improvement-plan as a start to moving to a sustainable plan for the control of expenditure and improving income This will include tight management of Wish costs and income based on fundrais5ng rather than legacies, which cannot be relied upon. That said, When You Wish UpK>n a StaT has been fortunate in this year so far of 2024, already receiving over £4(K)k in unexpected legacies. The financial statements have been prepared on a going concern basis, de5Plte the £209,946 (2022: £12,158) deficit in the year. The trustees have Considered Ihe level of funds held and the expecled level of income and expendilure for at leasl 12 months from auth0ri5ing these financial statements and bel ieve that the charity remains in a sustainable position to be able to continue as a going concern. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Management Commilee in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The cost of raising and administrating such funds are charged against the speGifEc fund. The purtM)ses and uses of the restricted funds are set out in the notes to the financial slatements. 1.4 Income All incoming resources ar¢ included in the statemenl of financial activities, when the charity is entitled io rhe income and the amouni can be quantified with reasonable accuracy. The following specific )licies are applied to particular categories of income. Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivabk. The trustees recognise the significant contribution made by volunteers, including service organisalions, who give freely of their time. li is not practical to place a value on this contribution. Other income. including rental income and interesl receivable is included in the Statemenl of Financial Activities accounl on receipt. 20- WHEIY YOU WISH UPON A STAR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aceounting policies (Continued) Legacies are recognised in the Statement of Financial Activities at the point at which the charity IS entitled to the funds and the current value to the charity can IK reliably ￿easUred. Donations in kind are included in the Statement of Financial Activiiies as income and associaled expenditure where there is demonstrable financial cost borne by the donor and the current value to the charity can be reliably measured. Gift aid claimed is recognised in Ihe Statement of Financial Activities upon receipt and not at the time of the donation attracting the gift aid. 1.5 Expenditure Expenditure is recognised on an accruals b&sis, a liability is incurred. Expenditure is theref(Ke recognised w'hen there is a legal or constructive obligation to transfeT 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 Ix measured ieliably. Expendilure includes any VAT which cannot be fully recovered aThl 15 rL'portLd a5 part of the expenditure to which IT relaies. Costs of generating funds comprise the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs thal can be allocated directly to such services and those costs of an indirect nature necessary to support them. SuprA)rt costs include office costs, goveTnance costs and administrative payroll costs. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on Charitable activities on a basis consistent with use of resources. Premises olerheads have ￿en allocated on an apportionment basis and other overheads on a usage basis OT percentage of staff time. 1.6 Tangible fixed a￿et3 Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuatioffj net of depreciation and any impairnient losses. D¢prcciation 15 recognised so as to write OIT the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Fixtures and Fittings Motor vehicles 47 years straight line 25 % straight line 25 /0 Straight line Land and buildings are valued at market value as detailed in note 13 to the fjnancial stalements. The gain or loss arising on the disposal of an asset is deterniined as the difference between the ￿le proceeds and the carrying i'alue of the assel and is recognised in the statement of financ ial activities. 21 WHEN YOU WISH UPON A STIIR NOTES TO THE FINANCIAL STATEMF1￿s (CONTINIJF.D) FOR THE YEAR EIYDED 31 DECEMBER 2023 Accounting policies (Continued) 1.7 Investment property Investment property, which is property held to eatn rentals an(Vor for capital appreciation, is initially recognised at cosL which includes the purchase cost and any directly attributable expenditure. Subsequently it is me&sured at fair value at the re￿)rtIng end date. The surplus or deficit on revaluation is recognised in the statement of financial activities. 1.8 Impairment of fixed A55ets Ai each reporting end date. the charity reviews the carrying amounts of its tangible a55ets to determine whether there is any indication that those assets have suffered an impairnient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to deterniine the extent of the impairment loss (if any). 1.9 Stoeks Stocks are clothing and goods used in furtherance of the charity's objectives as part of fundraising events Tather than for ihe purpos¢5 of resale. Stock held b). th¢ charity is thcTcfore rccordcd at cosL aftcr duc regard tor obsolete and slow-moving items. Ilems donated tor resale are not included In the tinancial statements until they are sold at which point income is recognised. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred iii marketing, selling and distribution. 1.10 C2$b and eash equivalents Cash and cash equivalents include cash in hand and dep)sits held at call with banks. 1.11 FinaDcial instruments The charity has elected to applv the provisions of Seclion I I "Basic Financial Instrumenis, and Seclion 12 '0ther 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 IviiliiiLIu4al prvv1sivi￿. vf ili¢ i1￿1[vill¥llI. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to reatise the asset and settle the liability simultaneously. Basicfinancial assels Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. -22- WHEN YOU WISH UPOIY A STAR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Basicfinancial liabililies Basic financial liabilities, including Creditors are initially recognised al transaclion price.Financial liabilities classified as payable within onc year are not amortised. Debi instruments are subsequcntly caThicd at amortised cosL using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable classifjed as current liabilities if payment is du¢ within onc )¢ar or l¢ss. 1.12 Taxation The cliarity ts an exempt charity within the meaning of schedule 3 of thc Charities Aci 2011 and is considered to pass Ihe tests set out in Paragraph I Schedule 6 Finance Act ?01 O and therefore meets the definition of 2 charitable company for UK corporation tax purposes. 1.13 Employee benefits The cost ot any unused holiday entitlement is recognised in the pericd in which the employee's services are received. Tcrmination benefits are recognised immediately as an expense when the charity is demonsirably comm itted to terminate the emplo)'ment of an employee or to provide terniination benefits. 1.14 Leases Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis ov¢r the term of thc relevant le￿. 1.15 Foreigll exchange Transactions in currencies other than w)unds sterling are recorded at the rates of exchange Prevailing at the dates of the transactions. At each reporting end date. monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rntes prevailing on the reporting end date. Gains and losses arising on translation in the prriod are included in profit or loss. 1.16 Goi'ernment grvdnts Governfflent grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies perforniance conditions is recognised in income when the perfomiance conditions are met. Where a grant does not specify ￿rforn)2nce conditions it Rs reeognised in income wlien the proceeds are received or receivable. A grant received before the recognition criteria are sat15fied is iecogniscd as a liability. 23 WHEN YOU WISH UPON A STAR NOTF.S Tn THF. FINANCIAI..sTATF.MF.￿s (c.owfiNItED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting estimates aDd judgements In the application of the charity's accountinR policies, the Management Commitee are required to make judgements, estimates and &ssumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimates and aSs￿lated assumptions are based on historical ex￿rienCe and other factOTS that are considered to be relevanL Actual resulis may differ from these estimates. The estimates and underlving assumptions are reviewed on an ongoing basis. Revisions to a¢countiJ)g estimates are recognised in the period in which ihe estimate is revised where the revision affects only thai pcriod, or in the period of the revision and fuiure periods where rhe Tevision affects both cuwent and fuwre periods. Property Valuation At the year end the Charity hold5 threc properties in total; tw'o properties held for wish children and cl&ssified as land and buildings and one held as an investment property. One of the properties held in land and buildings is carried in the accounts based upon desktop traluations obtained from professional estate agents in May 2024. The ti uslees Ixlieve iltr prvp¢ily li¢ld iljis valu¥ al lh¢ 31 D¢L¢mb¢r 2023 and have recognksed the uplift in the current year. In March 2023 the Charity sold a similar property for $409,5QO, which was greater than the S310,000 carrying value included within these accounts. Valuations by their verv nature do not involve a physical inspection of the properties and 50 are based upon certain assumptions in arriving at an estimated value. See note 8 for further details. The second property held within land and buildings at a Carrying value of £76,170 was sold in March 2024 for £95.772. The investment property held at £122.700 The fair value of the inv¢stmeni property of £122,700 has been arrivcd at on the basis of a valuation carried out in 2019 by Barclays Properties, who are not connected with the charity. The valuation was made on an open markel value basis by reference to market evidence of transaction prices for similar properties. An agreement for sale has been madc on thc property for E155,000. this is greater than the carrying valuc M'ithin the accounts. The trustees are of the opinion that the carrying value of all properties are a fair reflection of the current market values. -24- C NO tx oo rryo ¢JOO 00 OOCO*ONQ¢*P400 f4000tt 4eX)Tr400 C NG >J -￿c￿m¢>0￿0tye4 4 V) tr DI tr- cn00￿￿00 *rAocvJe400 WHEIY YOU WISH UPON A STAR IYOTES TO THE FINANCIAL STATEMENTS (CONTIIYUED) FOR THE YEAR ENDED 31 DECEIMBER 2023 Other trading aclivities Unrestrieted Unrestricled funds funds 2023 2022 Fundraisill(y ¢veutS Shop incom¢ 68,595 182,158 33,047 250,661 Other trading activities 250,753 283,708 Income from other trading activities of £250,7i3 (2022.. £283,708) was wholly attributable lo unrestricted funds. Investment incolne and interest 2023 2022 Charitable rental income Bank interest 7,761 13,368 7.975 2,184 21,129 10,159 Investment income and bank interest of £21.129 (2022.. £10,159) was wholly attributable to unrestricted funds. Otber income 2023 2022 Net gain on disposal of tangible fixed wets 90,533 The net gain on disw)sal of r￿ed assets of £90,533 (2022.. £Nil) was wholly attributable to unrestrict nds. 28- WHEN YOU WISH UPON ASTAR NOTES TO THE FINANCIAL STATEMENTS (CONTINL,F.D) FOR THE YEAR ENDED 31 DECEMBER 2023 Ralsing funds I'Ar¢stri¢ttd funds Ilfjr¢strkted fuids 2023 2022 ai5in Governancc costs Staging fundraising events Advertising Other fiindraising costs Support costs 8.051 22.248 6.696 6,179 467.014 6.845 46.665 2,360 16,048 443.542 510,188 515,460 Charitable activities Charitable ChArltAble Aclivilies Actii ilies 2023 2022 Wishes 375,000 208,816 Share of support costs (see note 9) Share of govemance costs (see note 9) 458.528 18,785 458,063 15,971 852,313 682,850 ADalysi5 by fund Unrcstricted funds R¢stricted funds 663,576 188.737 612,652 70.198 852,313 682,850 -29- WHEN YOU WISH UPON A STAR NOTES TO THE FINANCIAL STATEMENfs {COllYINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support ¢05ts Supwjrt Governance costs costs 2023 Support Governance costs costs 2022 Staff costs Depreciation Sundry Computer & Software Rates Motor & Travel Telephone Printing, Post & Stationery Property Maintenance Insurance Equipment Rental Rent Bank Charges 573.7J8 18,100 9,418 70.609 23.0?5 14,065 41.806 573,738 18.100 9,418 70,609 23.025 14.065 41,806 540.993 23,282 8.816 47.411 25.407 17.369 37.855 540,993 23,282 8,816 47,411 25,407 17,369 37,855 7,461 57,881 11,725 6,784 80.389 10.541 7,461 57.881 11.725 6,784 80,389 10,541 9.837 79,930 13,306 5.446 81,405 10,548 9,837 79,930 13,306 5,446 81,405 10,548 Audit fees Legal and professional 14,242 12,594 14,242 12.594 13.964 8.852 13.964 ,852 925,542 26.836 952.378 901,605 22,816 924,421 Analysed between Fundraising CharÉtable activities 467.014 458,528 8,051 18,785 475,065 477,313 443.542 458.063 6,845 15,971 450,387 474,034 925.542 26.836 952.378 901.605 22.816 924.421 Govemance costs includes payments to the auditors of £11,450 (2022- £10,500) for audit fees. Costs have bcen apportioned on a consistent basis using employees roles. 10 Employees The Average monthly number of emplo)'ees durin8 the yeaT was: 2023 Number 2022 Number 19 21 30- WHEN YOU WISH UPON A STAR NOTES TO THE FIN￿NcIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Employees (Continued) Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs Redundancy costs Recruitment and training 505,765 37,666 14.885 436,345 34,485 12,269 37,000 2n,%94 573.738 540,993 No members of the Management Committee received any remuneration during the year. The Management Committee had £28,046 of expenses reimbursed during the year (2022.. £nil). No other trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charit). during the year. The lotal amount of employee benefits received by key management personnel is £139,594 (2022: £204.769). The truste¢s consider the key management personnel to comprise the Chief Executive O￿l¢er, General Manager, Depu￿. Manager and Fundraising Manager. There were no employees whose annual remuneration was more than £60,000. 11 Taxation The charity is exempi from tax on income and gains falling within section 505 of the Taxes Act I9￿ or section 252 of the T￿tIOn of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 12 Revaluation of rued wet5 Il&rntrl¢ttd Ilnrejtricttd f*nds 2023 2022 Brought forward at l January 2023 Revaluation Depreciation transfer Disposal of revalued properties 57,864 83.951 58.255 (391) (28.002) Carrled forward at 31 December 2023 113.813 58,255 31 WHEN YOU WISH UPON A STAR NOTES TO THE FIIYANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Tangible r￿ed assets Frtekold i•Dd and b¥ildi•Es Flituyts Motorvthkks ri¢tiny Tital Cost or valuation At l January 2023 Addilions Disposals Revaluation 497,495 255,613 2.804 (206,637) (205.277) 73,8)7 16,884 769.992 2,804 (412,004) 73,857 (90) Al 31 December 2023 364,715 53,140 16,794 434,64Y Depreciation Y4nd impairment At l January 2023 Depreciation charged in the )ear Elimsnated in respect of disposals Revaluation 217.Oi2 7,288 10,054 (6,595) {190,413) (10.094) 11,836 758 (61) 242.099 18,100 (197,069) (10.094) At 31 December 2023 3,830 36.673 12.533 53.036 Carrying amount Al 31 December 2023 360.885 16,467 4.261 381,613 At 31 Dccember 2022 484,265 38,580 5,048 527.893 At the year end, the Charity held three properties in total. Two held for the wish children one iii Florida approximatelj a l i minute drive froIn Disney World and one in Cornwall on a manor estate and an investTnent property in a popular resort in Alicanlc held primarily io generale short terni rental income for the charitv and the longer term potential for ¢apit21 growth. The two properties held for wish children are cl&ssified &s land and buildings and are included in the accounts at cost or valuation less depreciation. The Cornivall propertN' was revalued during October 2021 to £80,000 based on the trustee's desktop valuation. The property w'as sold february 2024 for £96,421 which is greater than the £77,872 carrying value included within the accounts. The Florida property was revalued at the year end to £284,716 by Stellar MLS, independent valuers not connected with the charity on the basis of market value. The valuation was based on recent inarket traiisactions on arm's l¢ngih terms for similar properties. The Trustees are of the opinion that the carrying values of all properties are a fair reflection of the current markel values. At 31 December 2023 had the revalued &ssets been carried at historic cost less accumulated depreciation and accumulated impairmeni losses. Iheir carrying amount would have been approximately £77.477 (2022 - £84.?96). -32- WHEN YOU WISH UPON A STAR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Investment property 2023 Fair value At l January 2023 and 31 tkcember 2023 122.700 Investment property comprises the Alicante property. During 2017, the Alicante property transferred from land and buildings to investment properties as The primary usage of the properry was to generate rental income for the charity, allhough it retains a secondary usage and is still available foi use by wish children. The fair value of the investment property of £122,700 has Ixen arrived at on the basis of a valuation Ca￿led out in 2019 by Barclays Properties, who are not connected with the charily. The valuation WLS made on an open market value basis by reference to market evidence of transaction prices for similai properties. An agreement for sale has bcen made on the property for El 55,0(K), this is greater than the carrying value within the accounts. 15 Stocks 2023 2022 Stock 35,155 36,915 16 Debtors 2023 2022 Amounts falling due within one year: Other debtors Prepayments and accrued income 51,336 148,230 2.543 116,043 199,566 118.586 33- WHEN YOU WISH UPONA STAR NOTES TO THE FINANCIAL STATEMENTS {CONTtNUED) FOR THE YEAR ENDED 31 DECEMBER2023 17 Creditors: amounts falling due within one year 2023 2022 Other taxation and social sccurity Trade creditors Other Creditors Accruals and deferred income 10,757 48.875 8,668 28,038 2,770 64,573 48.129 107.761 104,049 18 Retirement benefit scheme5 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of ihe charity in an independently administered fund. 34- l tr*OOQOC) oo r4 fncoo ¢n C O Cb O co￿￿ Or> Llk£