CHARITY REGISTRATION NUMBER." 1090297 The Dwyer-Hart Foundation Unaudited Financial Statements 31 March 2024 H M WILLIAMS Chartered Certified Accountants 5 Sandy Court Ashleigh Way Plymouth PL7 5JX
The Dwyer-Hart Foundation Financial Ststements Year ended 31 March 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements
The Dwyer-Hart Foundation Trustees. Annual Report Year ended 31 March 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Chalf s report The Dwyer Hart foundation. registered charity number 1090297 was formed by a Deed daled 1 Olh September 2001. The objects of the trust were: 1. The provision of further education, professional tralning or sports training for beneficiaries preferably living in the Plymouthlsouth Hams area who in the opinion of the trustees would benefit from financlal assistance unobtainable from other sources and who, in the opinion of the trustees, have shown exceptional ability or potential, such education and training to take place in most Gases outside the area. 2, The advancement or furtherance of such charitable purposes or charitable institutions in such manner and such proportions as the trustee5 may from time to time determine. 3. Consider providing sports or other buildings for younger people or specific endowments to educatlonal establSshments. All bulldlngs or academlc chalrs should cary the n8me of the foundatlon. The Foundation trfes to engage with 6-8 schools in Plymouth and the surrounding area and asks them to put forward students. usually the recipients of free school meals or 8 6th form bursary. Each applicant Is interdiewed in June and followed up for final educational plans after exam results in September. They are awarded a bursary up to £3.000 renewable annually. We are currently funding sixteen students wilh an annual granl ouuay of £25-30,000. There are currently nine Trustees elected by the Irustee body. Two have Life terms and the others each serve a four-year lerm and the trust8es meet at least once a year. Declan Dwyer (Life) Susan Dwyer (Life) John Hart (2021-2025) Nuala Kalfayan (202&2027) Candi Hart (2023-2027) Kleran Dwyer (2021-2025) David Chudlelgh (2021-2025) Freddie Kalfayan (202>2027) Malcolrn Swift (2023-2027) The foundation has a fund Invested of circa £750,000 and is managed by Rathbones Investment Management Limited on a medium risk strategy. The Foundations has no debts and minimal expenses so the trustees are confident it is a viable concern .LDrf.. and signed on behalf of the board of trustees by: D Dwyer Chairperson
The Dwyer-Hart Foundation Independent Examiner's Report to the Trustees of The Dwyer-Hart Foundation Year ended 31 March 2024 I report lo the trustees on my examination of the financial statements of The Dwyer-Hart Foundation ('Ihe charity'l for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 I'the Act'i. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b} of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Independent Examiner H.M. Williams 5 Sandy Court Ashleigh Way Plymouth PL7 5JX
The Dwyer-Hart Foundation Statement of Financial Activities Year ended 31 March 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Incorne and endowments Donations and legacies Investment income Other income 28,242 20,361 7,043 28,242 20,361 7,043 26,995 16.362 Total income 55,646 55.646 43,357 Expenditure Expenditure on raising funds.. Investment management costs Expenditure on charitable activities Total expenditure 3,993 28,384 3,993 28,384 3,912 24,277 32,377 32,377 28,189 Nel gains on investments 10 133,591) {33,5911 Net income and net movement in funds 56,860 56,860 15,168 Re¢on¢iliation of funds Total funds brought forward Total funds carried fonvard 728,659 728,659 713,491 785,519 785,519 728.659 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 6 to 12 form part of these financial statements.
The Dwyer-Hart Foundation Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Investments 13 771,178 670,027 Current assets Cash at bank and in hand 16,021 58,632 Creditors: amounts falling due within one year Net current assets 14 1.680 14,341 58,632 Total assets less current liabilities 785,519 728,659 Net assets 785,519 728,659 Funds of the charity Unrestricted funds 785,519 728,659 Total charity funds 15 785,519 728,659 These financial statements were approved by the board of trustees and authorised for issue on and are signed on behalf of the board by.. D Dwyer Trustee The notes on pagès 6 to 12 form part of these financial statements.
The Dwyer-Hart Foundation Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Nel income 56,860 15,168 Adjustments for.. Nel gains on inveslments Dividends, interest and rents from investments Other interest receivable and similar income Accrued expenses Cash generated from operations (33,591) (14,589) {5,7721 1.680 112,9611 13.401) 4,588 11,194) Interest received 5,772 3,401 Net cash from operating activities 10,360 2,207 Cash flows from investing activities Dividends, interest and rents from investments Purchases of other investments Proceeds from sale of other investments 14,589 1101,151> 33,591 12,961 Nel cash (used inllfrom investing activities 152,971) 12,961 Net (decreaselltncrease in cash and cash equivalents Cash and Gash equivalents at beginning of year Cash and cash equivalents at end of year 142,611} 58,632 15,168 16,021 15,168 Thè notès on pages 6 to 12 fomi part of these financial statemants.
The Dwyer-Hart Foundation Notes to the Financial Statements Year ended 31 March 2024 General inforniation The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Charities SORP (FRS 1021) and the Charities Act 2011. Accounting policies Basis of preparation The financial slalemenls have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial statements are prepared in sterling, which is Ihe functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Fund accountlng Unrestricted funds are available for use at the discretion of the Iruslees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trusl8es for particular future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by Ihe donor or through the terms of an appeal, and fall into one of two sub-classes.. reslricled income funds or endowment funds.
The Dwyer-Hart Foundation Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (¢onllnued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed lo the ¢harity', it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. irscome from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amounl can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the Contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is classified as unreslricled funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as reslricled. Resources expended Expendilure is recogni5ed on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fulSy recovered. and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all cosls incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs allributable to a single activity are allocated directly lo that activity. Shared costs are apportioned belween the activities they contribute to on a reasonable, justifiable and consistent basis. Investments Unlisled equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
The Dwyer-Hart Foundation Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (¢ontlnued) Investments in associates Investments in associates accounted for in accordance with the cosl model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting dale, the investments are measured al fair value, with changes in fair value taken through income or expenditure. Where il is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other dislribulions received from the investment are recognised as income without regard to whether the dislribulions are from accumulated profits of the associate arising before or after the dale of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded al cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. Al each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expend iture. Where il is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before cr after the date of acquisition. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with Ihe recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the Puf poses of impairment testing. when il is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unil is the smallest identifiable group of assets that includes Ihe asset and generates cash inflows that largely independent of Ihe cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the Cash-generaling units that are expected to benefit from the synergies of the combination, irrespective of whether other asse15 or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contraclual provisions of the instrument.
The Dwyer-Hart Foundation Notes to the Financial Statements (continuedj Year ended 31 March 2024 Accounting policies (continued) Financial instruments (continued) Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequenlly measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised al fair value, unless payment for an asset is delerred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately. to the extent that the reversal does nol result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations Gift Aid 72 28,170 72 28.170 26,995 26.995 28,242 28.242 26,995 26.995
The Dwyer-Hart Foundation Notes to the Financial Statements (continued) Year ended 31 March 2024 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from listed investments Interest Receivable 14,589 5,772 14,589 5,772 12,961 3,401 12,961 3,401 20,361 20,361 16,362 16,362 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 HMRC Tax Relief Payment 7.043 7,043 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Portfolio management 3,993 3,993 3,912 3,912 Expenditure on charitable activities by fund type Unrestricted Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Grant Payments Support costs 26.000 2,384 26,000 2,384 23,564 713 23,564 713 28,384 28,384 24,277 24,277 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Granl Payments 26,000 2,384 28,384 24,277 10. Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl{losses} on listed investments 33,591 33,591 11. Staff costs 10
The Dwyer-Hart Foundation Notes to the Financial Statements fconrinued) Year ended 31 March 2024 11. Staff costs (continued) The average head count of employees during the year was Nil12023'. Nil). No employee received employee benefits of more than £60,000 during the year {2023'. Nill. 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 13. Investments Listed investments Cost or valuation Al 1 April 2023 Additions 670,027 101,151 At 31 March 2024 771,178 Impalrment At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 771,178 Al 31 March 2023 670,027 All investments shown above are held at valuation. 14. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,680
The Dwyer-Hart Foundation Notes to the Financial Statements (continuedj Year ended 31 March 2024 15. Analysis of charitable funds Unrestricted funds At Gains and 31 March 202 losses At 1 April 2023 Income Expenditure General funds 728,659 55,646 132.3771 33,591 785,519 At Gains and 31 March 202 losses At l April 2022 Income Expenditure General funds 713,491 43,357 128,189) 728.659 16. Analysis of changes In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 58,632 (42.611) 16.021 12