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2023-06-30-accounts

Rays of Sunshine

Annual Report and Financial Statements

Year ended 30 June 2023

Charity Registration Number 1102529

Company Limited by Guarantee Registration Number 04860607 (England and Wales)

Contents

Board of Trustees Annual Report ......................................................................................................... 3 Reference and Administrative Information: .................................................................................... 3 Structure Governance and Management ......................................................................................... 3 Principal Risks ................................................................................................................................... 6 Objectives and Activities .................................................................................................................. 8 Public Benefit .................................................................................................................................... 9 Achievements and Performance ...................................................................................................... 9 Declarations .................................................................................................................................... 18 Independent auditor’s report to the members of Rays of Sunshine ................................................. 20 Statement of Financial Activities ........................................................................................................ 25 Balance Sheet ..................................................................................................................................... 26 Statement of Cash Flows .................................................................................................................... 27 Principal Accounting Policies .............................................................................................................. 28 Notes to the financial statements ...................................................................................................... 34

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Board of Trustees Annual Report

The Board of Trustees presents its report and audited financial statement for the year ended 30 June 2023 with comparative information for the 18 months period to 30 June 2022.

Reference and Administrative Information:

Board of trustees

Mr Stephen Allan (Chair)

Mr Justin Randall FCA (Treasurer)

Mr Daniel Coleman Dr Ronelle Naidoo Mr Divyesh Popat Mrs Jane Sharpe

Chief Executive Officer: Mr Daniel Assor (from October 2023)

Auditor: Buzzacott LLP, 130 Wood Street, London, EC2V 6DL Bankers: Barclays Bank pic, 27 Soho Square, London, W1D 3QR Solicitors: Ingram Winter Green LLP, Bedford House, 21A John Street, London WC1N 2BF

Structure Governance and Management

Governing Document

Rays of Sunshine is incorporated as a charitable company limited by guarantee (charity number 1102529, company number 04860607). It is governed by its Memorandum and Articles of Association, as amended by a special and a written resolution dated 16 May 2011.

The Trustees are also the directors for the purpose of company law.

All Trustees give their time voluntarily and receive no benefits from the charity.

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Organisational Structure

Rays of Sunshine's Articles of Association provide for a minimum of four and a maximum of 15 Trustees. The Board of Trustees meet on a quarterly basis and takes overall responsibility for the strategic direction and policy of the charity.

A scheme of delegation is in place such that responsibility for the provision of the charity's day-to-day operational activities, charitable services, execution of the strategic plan and supervision of the Senior Management Team (SMT) rests with the Chief Executive Officer (CEO).

The CEO is supported in these duties by the SMT, working also with relevant support and oversight committees including (but not limited to) the Executive Board, the Administration and Finance Committee, the Risk Committee and the Safeguarding Committee. The CEO attends all Trustee and Executive Board meetings.

Trustee recruitment, appointment induction and training

Where there is a requirement for new Trustees, these are recruited and appointed by the existing Trustees, who undertake this duty with due regard for the skills, experience and knowledge necessary to support existing Trustees in discharging their obligations.

New Trustees are invited to familiarise themselves with the charity and the context within which it operates by way of visiting the operational premises and meeting key internal and external stakeholders. Induction is jointly led by the Chair of the Board of Trustees and the CEO and covers:

Committees and related parties

The Executive Board

The Executive Board consists of individuals who are charity founders, industry experts, and longstanding supporters. Its purpose is to provide the Board of Trustees and the CEO with valuable advice, fundraising support, and additional oversight regarding the progress and performance of the charity. The members during the stated period were:

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The Administration and Finance Committee

The Administration and Finance Committee consists of individuals selected from the Board of Trustees, the Executive Board, and professionals from the finance industry. Its primary responsibility entails evaluating the financial status of the charity and providing guidance to the Board of Trustees regarding the execution of financial strategies on behalf of the charity. These committee meetings, which occur on a quarterly basis, are chaired by the Treasurer and attended by the CEO, the Head of Finance and the Head of Operations. These meetings are conducted prior to the Board of Trustee meetings. The members during the stated period were:

The Risk Committee and Risk Management

In September 2021, an independent advisory group was established under the leadership of Mr. James Martin, a volunteer industry expert. This committee assumes the responsibility for the creation and continuous oversight of the charity's risk register, providing quarterly reports to the Board of Trustees. The Board meets quarterly. The members during the stated period were:

Medical Advisers

All the medical advisers to the charity are GMC registered practising Consultant Paediatricians, who provide their advice and support entirely voluntarily. Drawn from across a wide range of subspecialties, including neuro disability, cardiology, gastroenterology and

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oncology, their combined experience enables them to advise the charity on the wide range of conditions that may fall within the charity's mission.

The medical advisers also support the wish team in determining whether applicants meet the medical eligibility criteria, where necessary attending (weekly) wish meetings to assess and advise on more complex cases. During the period, the medical advisers were:

Other Advisory Panels

Rays of Sunshine regularly consults with wish children, their parents/carers, hospital play specialists and nursing and medical experts about the services and activities we provide. The charity uses these insights to ensure the services delivered truly meet the needs of seriously and terminally ill children.

Principal Risks

Rays of Sunshine conducted a comprehensive review of the major risks facing the charity, identifying key areas that require ongoing attention and mitigation strategies. The Board of Trustees actively monitors and manages these risks to ensure the charity's continued success in fulfilling its mission of granting wishes to seriously ill children.

Key Principal Risks and Mitigation Strategies:

  1. Leadership and Culture:

  2. Maintaining a strong leadership team and fostering a positive organisational culture to attract and retain talented staff.

  3. Strategy and Planning:

  4. Adapting strategic plans to address changing beneficiary needs and evolving fundraising landscapes.

  5. Staffing and Organisational Memory:

  6. Addressing pandemic-related staff turnover by rebuilding organisational memory through recruitment and retention initiatives.

  7. Services - Quality, Type, and Delivery:

  8. Adapting and updating services to meet changing beneficiary needs, including fulfilling 'on hold' overseas travel wishes.

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5. Safeguarding:

7. Financial Risks:

8. Operational Risks:

Rays of Sunshine is committed to proactively managing risks to safeguard its operations, reputation, and ability to deliver on its mission. The charity's comprehensive risk management framework and ongoing vigilance ensure its continued success in bringing joy and hope to seriously ill children.

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Objectives and Activities

Mission

The charity's mission is to relieve the suffering of children and young people who have illnesses or disabilities causing limited life expectancy or who suffer from long-term physical or mental disabilities (including learning disabilities). There have been no changes to the charity's mission over the years.

Core Activities

Based solely in the four nations of the United Kingdom, Rays of Sunshine works tirelessly to deliver on this core purpose by:

Strategy

In order to uphold these fundamental goals and guarantee their achievability and effectiveness, particularly as the charity transitions from the post-pandemic phase to a comprehensive wish program, we have implemented a strategy that:

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Public Benefit

The Trustees affirm their unwavering commitment to fulfilling the public benefit requirement as stipulated in Section 17 of the Charities Act 2011, ensuring that all activities undertaken by Rays of Sunshine serve the greater good.

Our compassionate services extend to all seriously ill children between the ages of three and eighteen residing in the UK.

Rays of Sunshine stands in unwavering solidarity with children facing the daunting challenges of serious, life-threatening, or terminal illnesses. We believe that our work is of paramount importance in providing these children with uplifting, exciting, and magical experiences, creating cherished memories that offer solace and hope during difficult times.

Our approach is deeply rooted in fostering joy, providing distraction, forging long-lasting connections, involving entire families in planned activities, and prioritising a child's needs during hospitalisation. We believe that this holistic approach can be truly transformative in alleviating anxiety, suffering, and isolation among this vulnerable group, thereby contributing significantly to the public good.

Achievements and Performance

During the period from 01 July 2022 to 30 June 2023, Rays of Sunshine achieved significant milestones. We recognised the unique struggles faced by individuals with serious illnesses and remained committed to our mission of alleviating their suffering and providing comfort.

By actively listening to our beneficiaries and collaborating with healthcare professionals, we gained valuable insights into where our impact could be greatest. We focused on finding

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meaningful and joyful ways to support seriously ill children throughout their difficult journeys.

Our wish-granting services and additional supportive programs proved immensely valuable to the children we serve. Beyond mere gifts or outings, these services brought genuine moments of joy to our beneficiaries and their families. We aimed to remind them that they are not alone or forgotten and that normal experiences are still possible, even in the face of illness.

We expanded our work to encompass various settings, fostering a deep sense of connection and community for the children and their families. Our hope is that they find solace in knowing that they are constantly in the thoughts of our generous donors and unwavering supporters.

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The Wish Programme

Rays of Sunshine's dedicated supporters played a crucial role in enabling us to fulfil 329 remarkable wishes for seriously ill children throughout the financial year 2022/23. Our plans for 2023/24 currently exceed 550 wishes.

Rays of Sunshine actively works towards granting personalised wishes as unique as the children themselves. Whether a child aspires to experience a day as a princess or a firefighter, own an iPad, meet their favourite celebrity, or encounter a genuine mermaid, our team endeavours tirelessly to transform their dreams into reality.

The pandemic posed significant obstacles for Rays of Sunshine and the families we assist. Many wishes and events had to be either cancelled, delayed, or altered. Nevertheless, with revitalised determination, the period of 2022/23 represented our successful restoration of a comprehensive wish program encompassing in-person interactions, at-home experiences, and the resumption of fulfilled travel desires.

Noteworthy achievements include:

One of the recipients of a wish in 2022 was Khaliq, whose dream was to experience being a real-life superhero for a day. Consequently, he chose to spend his time at Walton-on-Thames Fire Station, accompanied by its team of dedicated firefighters. Khaliq partook in training sessions on utilising the fire hose, rode in the fire engine, and even had the opportunity to meet the station's highly skilled fire dogs.

Expressing her gratitude, Belynda, Khaliq's mother, conveyed, "Words cannot adequately express my gratitude for making his humble wish come true. The expression on his face was priceless, filled with overwhelming excitement. Upon returning home, he declared it the best day of his life. He was truly a blissful child!"

Building a Wish Community

Our events are designed for children and young people who have received a wish from Rays of Sunshine, and their families.

From the moment the wish is granted, children become part of this community and are invited to join in any of the events which take place throughout the year across the UK.

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We offer a ‘relaxed’, fully accessible environment during our events, so children and young people can feel free to be themselves whilst not being overwhelmed and share valuable time with others in a setting which aims to boost their confidence. The Events Team has been very successful in engaging with Wish Community families and providing them with fun and memorable experiences.

Noteworthy achievements include:

Our focus this year in events has been to diversify and expand our offering. The team have spent time researching and engaging with our Wish Community to tailor events to popular interests. We are very much a national charity and attach great importance to delivering this offering across the UK, specific to the teenagers/young people in our Wish Community.

Rays of Sunshine Choir

The Rays of Sunshine Choir, a unique initiative, brought together wish children and their siblings to explore their musical talents and express themselves through song. The choir provides a platform for self-expression, confidence-building, and camaraderie.

In 2022/23, the choir underwent a transition from exclusively conducting rehearsals online to adopting a hybrid model that combined in-person workshops and monthly online sessions. This transition coincided with the introduction of a new professional choir leader, Cathrine Hopkins, who joined the team. The Sunshine Choir celebrated their inaugural inperson performance at the Christmas Party.

The move to online monthly sessions has been welcomed by a number of children and their families based all around the UK, who are now able to be a part of this inclusive, confidencebuilding community by joining sessions from their home.

Throughout this period, the online choir rehearsals continued to yield positive outcomes with the objective of engaging the choir in a wider range of events. The choir organised inperson workshops that centred around themes suggested by the children, encompassing singing, dancing, and acting. To further support the choir children, their parents were provided with care packages and encouraged to establish connections with others.

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Supporting Seriously Ill Children in Hospitals

Rays of Sunshine extended its reach beyond wish-granting by providing ongoing support to seriously ill children in hospitals. The charity's efforts focused on creating positive experiences and alleviating the emotional and psychological impact of illness.

This year much of the team’s focus was on continuing to rebuild our hospital services following the impact of the Covid-19 pandemic, which limited our activity. Working with hospital teams, we have been exploring how we can best support children during their time in hospitals going forwards.

This year the team worked to improve the Sunshine in Hospitals Grant process and enhancing hospital services. Rays of Sunshine received 12 grant applications, with Glasgow Royal Hospital for Children being selected. The hospital was awarded £18,500 for a project to introduce mobile and interactive sensory equipment into the Paediatric Intensive Care Unit to reduce anxiety, promote development and encourage recovery.

The Hospital Services team also reinstated the Play Specialist panel, developed informational materials with QR codes, and participated in events to assist families with wish applications. Noteworthy achievements include:

The achievements of Rays of Sunshine during this period demonstrate our unwavering commitment to providing hope and happiness to seriously ill children and their families. The charity's impact extends beyond wish-granting, fostering a supportive community and enhancing the lives of children facing life-threatening illnesses.

Fundraising

At Rays of Sunshine, we are driven by a profound commitment to enriching the lives of seriously ill children across the United Kingdom. Our mission is to bring joy and hope to these children and their families, creating lasting memories that illuminate their lives during challenging times.

The fulfilment of our mission is made possible by the unwavering support of our generous donors and fundraisers. Without their contributions, the smiles we bring to the faces of these children would simply not be possible. As a non-profit organisation, we do not receive government funding, making every donation a testament to the compassion and kindness of our supporters.

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During the 2022/23 financial year, we were deeply touched by the outpouring of generosity from individuals and organisations who shared our vision of bringing sunshine into the lives of seriously ill children. Our fundraising efforts encompassed a diverse range of initiatives, key activities included:

Throughout the financial period, in the wake of the post-pandemic era, we observed the successful organisation of two London Marathons. Both the October 2022 and April 2023 races achieved exceptional fundraising outcomes for Rays of Sunshine, with £145k and £156k being respectively raised from these events.

We extend our gratitude to all our Patrons, partners, individual supporters, Trustees, and Executive Committee members for their unwavering dedication to improving the lives of seriously ill children. Their steadfast commitment serves as a catalyst for our charitable endeavours and motivates our team.

We extend our deepest gratitude to Michael McIntyre for his exceptional performance at our Fundraising Gala Dinner in November 2022. His captivating stage presence and comedic brilliance played a pivotal role in the event's remarkable success, which resulted in a net sum of over £0.3 million.

We are immensely grateful for your unwavering support.

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Financial Review

In the 12 months from 01 July 2022, our total income was £2.29m (18 months to 30 June 2022: £4.32m), including fundraising and donations-in-kind. We invested £0.95m in raising this income (18 months to 30 June 2022: £0.73m) and spent £2.42m on charitable activities (18 months to 30 June 2022 £2m), resulting in a deficit of £1.12m (18 months to 30 June 2022: £1.59m surplus) for the year.

Our total expenditure, including unrealised losses on investment, in the year ended 30 June 2023 was £3.41m, which is an increase of 25% compared to the 18 months period ended 30 June 2022 (£2.73m). This reflects a return to full income-generating activities, the resumption of a fully stewarded wish and beneficiary events program, the delivery of international travel wishes and the concomitant rise in staffing and recruitment costs.

Reserves policy

At the balance sheet date of 30 June 2023, the total reserves were £4.02m (30 June 2022: £5.14m) of which £3.94m (30 June 2022: £5.06m) were unrestricted funds and £77k (30 June 2022: £76k) were restricted funds (see note 14).

Our policy pre-Covid has been to maintain 6 to 12 months of budgeted expenditure in order to ensure that we are always able to fulfil wishes, both committed and planned, in the event of a significant decline in our income as a result of a macro-economic event such as that experienced in 2008 and again in 2020.

The trustees are comfortable with a reserves level at the upper end of expectations; this position of relative financial strength enables a final full return to pre-pandemic activity levels and although this is above our normal level of cover we believe this is appropriate for the current uncertain economic climate and would expect the cover to normalise in the medium term.

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Reserves Cover

Reserves Cover
Year ended
30 June 2023
Period ended
30 June 2022
Free reserves
Next year's budgeted expenditure
Months' cover		 3,921,754
5,035,168
3,426,346
3,184,842
14
19

By 30 June 2023, our total net assets were £4,018,133. Of this, our free reserves were £3,921,754, comprising of unrestricted funds (excluding fixed assets). This figure has taken into account our commitment towards wishes approved but not yet granted where we make a full provision of all anticipated costs still to be incurred.

Investment Policy

The Trustees have the power to invest in funds as they deem appropriate. The trustees' investment decision during the period was to invest in Government Gilts (January 2025 maturity date) and hold sufficient cash in easily accessible bank accounts with Barclays Bank.

The investment policy is reviewed every 6 months by a sub-committee of the Trustee/Executive Board which reports to the trustees. The policy reflects the trustee's decision to hold reserves in such a manner as to achieve minimum risk/capital preservation and liquidity to meet the Charity's obligations as and when they fall due.

Fundraising Communication

The charity is registered with the Fundraising Regulator and is committed to our fundraising being legal, open, honest, respectful, and meeting the standards set in the Fundraising Code of Practice.

We communicate with our supporters through a variation of emails, direct mailings and telephone calls. We also ensure that nobody who appears to be vulnerable is asked to commit to giving.

Our values and heritage are strongly based on relationship-driven fundraising rather than high-volume mass funding and we continue to be committed to our relationship-focused approach to income generation and growth.

Most of our fundraising is managed by our staff with the support of our Executive Board members and volunteers. We do not employ any professional fundraising organisations.

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Communication and Complaints:

Rays of Sunshine logs all feedback, whether positive or negative, actively adopting a learning approach to strengthen systems and improve performance. Incidents —including safeguarding incidents —and complaints are regularly reviewed in accordance with relevant policy documents.

Rays of Sunshine received one complaint during the period and no fundraising complaints. All were comprehensively investigated and closed with detailed responses to the complainants.

Equality, Diversity and Inclusion

Rays of Sunshine is committed to equality of access to our services for all eligible children. Plans to overcome barriers to access, including those arising from language barriers, social deprivation and differing sensory needs, are in the process of being rolled out.

Rays of Sunshine actively uses recruitment and workplace policies and procedures to uphold our commitment to equality, diversity and inclusion.

Going Concern Assessment

The charity's level of free reserves remains healthy, and the Board of Trustees are of the opinion that the charity remains a going concern for at least 12 months from the date of signing these financial statements. The trustees anticipate that there will be a challenging fundraising landscape in the next few years. Future expenditure commitments are carefully considered in light of free reserve levels and the ongoing financial position of the charity.

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Declarations

Statement of Trustees' Responsibilities

The Trustees, who are also the directors of Rays of Sunshine for the purpose of company law, are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Disclosure of Information to Auditors

Each of the Trustees has confirmed there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

Signed on behalf of the Board of Trustees:

Stephen Allan

Chair of the Trustees Approved on: 31 January 2024

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Independent auditor’s report to the members of Rays of Sunshine

Opinion

We have audited the financial statements of Rays of Sunshine (the ‘charitable company’) for the year ended 30 June 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement in the trustees’ annual report, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always 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 reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities including fraud (continued) and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 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 permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shachi Blakemore (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

31 January 2024

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Statement of Financial Activities

(including income and expenditure account) Year ended 30 June 2023

Notes
Income from:
Donations and legacies
1
Gifts in kind
2
Other trading activities
3
Investments
Other income
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net income (expenditure) before net gains
/ (losses) on investments
Unrealised gains/(losses) on investment
Net (expenditure) income before transfers
Transfer between funds
Net movement in funds
7
Reconciliation of funds
Fund balances brought forward
Fund balances carried forward		 Unrestricted
funds
£		 Restricted
funds
£

Year ended
30 June 2023
Total
funds
£		 Unrestricted
funds
(restated)
£		 Restricted
funds
£		 18 months to
30 June 2022
Total
funds
£
1,621,848
567,790
53,775
11,325
27		 35,565
—
—
—
—		 1,657,413
567,790
53,775
11,325
27		 4,062,062
152,519
87,949
2,963
2,416
10,000

—

—

—

—		 4,072,062
152,519
87,949
2,963
2,416
2,254,765 35,565 2,290,330 4,307,909
10,000		 4,317,909
947,501
2,365,084		 —
52,429		 947,501
2,417,513		 730,328
1,966,843
—

33,465		 730,328
2,000,308
3,312,585 52,429 3,365,014 2,697,171
33,465		 2,730,636
(1,057,820)
(43,913)
(1,101,733)
(17,695)		 (16,864)
—
(16,864)
17,695		 (1,074,684)
(43,913)
(1,118,597)
—		 1,610,738
—
1,610,738
2,422		 (23,465)

—

(23,465)

(2,422)		 1,587,273
—
1,587,273
—
(1,119,428)
5,060,526		 831
76,204		 (1,118,597)
5,136,730		 1,613,160
3,447,366
(25,887)

102,091		 1,587,273
3,549,457
3,941,098 77,035 4,018,133 5,060,526
76,204		 5,136,730

All income and expenditure derived from continuing activities during the above two financial periods.

All recognised gains and losses are included in the above statement of financial activities.

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Balance Sheet

Year ended 30 June 2023

Notes 2023
£		 2023
£
19,344
3,951,978
3,971,322
46,811
4,018,133
77,035
3,941,098
4,018,133		 2022
£		 2022
£
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Short term deposits
Liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
Income funds
Restricted funds
14
Unrestricted funds
Total funds
15		 263,105
448,628
-		 173,346
5,493,687
7,700		 25,358
1
25,359
5,111,371
711,733
(664,922)		 5,674,733
(563,362)
5,136,730
76,204
5,060,526
5,136,730

Approved by the Trustees and signed on their behalf by:

Trustee

Approved on: 31 January 2024

Stephen Allan

Rays of Sunshine

Registered Company Number: 04860607 (England and Wales)

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Statement of Cash Flows

Year Ended 30 June 2023

Notes
Cash flows from operating activities:
Net cash provided by (used in) operating activities
A
Cash flows from investing activities:
Purchase of tangible fixed assets
Interest and investment income receivable
Purchase of investments
Net cash generated from (used by) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at 30 June 2022
Cash and cash equivalents at 30 June 2023
B		 2023
£
(1,059,680)
(8,514)
11,325
(3,995,890)
(3,993,079)
(5,052,759)
5,501,387
448,628		 2022
£
1,528,571
(28,671)
2,963
-
(25,708)
1,502,863
3,998,524
5,501,387

A: Reconciliation of net movement in funds to net cash provided by operating activities

2023
£
2022
£
Net income (expenditure) for the reporting period
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
(Gains)/losses on investments
Loss/(profit) on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities		 (1,118,597)

13,547
(11,325)
43,913
981
(89,759)
101,560		 1,587,273
39,000
(2,963)
-
-
23,058
(117,797)
(1,059,680) 1,528,571

B: Analysis of changes in net debt

30 June 2022
£		 Cash flows
£

(5,045,059)

(7,700)

(5,052,759)		 30 June 2023
£
Cash at bank and in hand
Short term deposits		 5,493,687
7,700		 448,628
-
5,501,387 448,628

Rays of Sunshine 27

Principal Accounting Policies

Year ended 30 June 2023

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year from 1 July 2022 to 30 June 2023 with comparative information provided in respect to the period ended 30 June 2022. They are presented in sterling and are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

In addition to the above, the full impact following the recent emergence of the global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity’s activities, beneficiaries, funders, suppliers and the wider economy.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

Rays of Sunshine 28

The trustees have taken into consideration the impact of the pandemic on the charity and have concluded that although there may be some negative consequences and greater risk in relation to the fundraising for the charity’s activities, the trustees believe that the charity is a going concern on the basis detailed within the ‘Future plans and post balance sheet event’ and ‘Going concern assessment’ sections within the trustees’ report. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the financial statements are detailed above.

Income

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received.

Income comprises donations and legacies, gifts in kind, fundraising and bank interest.

Donations, including gift aid, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. If the amount is not known, the legacy is treated as a contingent asset. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Rays of Sunshine 29

Donations in kind

Services and facilities donated (for free or discounted) to the charity for its own use are included as income at their value to the charity as at the time of the gift with an equivalent amount included in expenditure.

Where goods or services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements as both income and expenditure at its estimated fair value based on the value of the contribution to the charity.

Many items donated to the charity include a ‘money-can’t-buy element’ such as the time provided by celebrities to meet the children and attend charity events, and therefore no commercial value has been placed on these gifts in kind in the financial statements.

Services provided by volunteers

For the purposes of these financial statements, no value has been placed on administrative and other services provided by volunteers in accordance with the Charities SORP FRS 102.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings as described below. The classification between activities is as follows:

All expenditure is stated inclusive of irrecoverable VAT.

Rays of Sunshine 30

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity, it is necessary to provide support in the form of support staff.

Within support costs are also governance costs, which include the costs of statutory compliance and other costs related to the governance of the charity.

Support and governance costs are allocated to activities based on staff time spent on those activities. In the process of calculating support costs, we have allocated office expenses and depreciation costs as follows: 23% to raising funds, 58% to charitable activities and 19% to support costs. We have also re-stated this allocation for previous reporting period: 21% to raising funds, 54% to charitable activities and 24% to support costs. We have also allocated communications costs as follows: 20% to raising funds, 60% to charitable activities and 20% to support costs. The same ratios were used to re-state 2021/22 figures.

Finally, all support and governance costs were allocated in the following proportions: 70% to charitable activities and 30% to raising funds.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. All assets costing more than £500 and with an expected useful life exceeding one year are capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful economic life as follows:

33% straight line

Investments

Investment in the subsidiary company is valued at cost, with provision being made for any permanent diminution in value.

Investments in UK Treasury Gilts are valued at fair market value at the end of reporting period.

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Rays of Sunshine 31

Short term deposits

Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Liabilities for wishes are recognised as expenditure as soon as there is a specific commitment creating an obligation and an expectation that a wish will be fulfilled. The liabilities at the balance sheet date are included within creditors due within one year.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Taxation status

The charitable company is a registered charity and is not subject to corporation tax on its current activities.

Fund structure

Unrestricted general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects at the discretion of the trustees, unless the funds have been designated for other purposes.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Rays of Sunshine 32

Financial instruments

The charity holds only basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets – trade debtors and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank and short term deposits – clarified as basic financial instruments and measured at face value.

Financial liabilities – accruals and other creditors are financial instruments and are measured at amortised cost.

Rays of Sunshine 33

Notes to the financial statements

Year ended 30 June 2023

1 Donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 Year ended
30 June 2023
Total funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Period ended
30 June 2022
Total funds
£
Donations
Legacies		 1,608,695
13,153		 35,565
—		 1,644,260
13,153		 4,059,562
2,500		 10,000
—		 4,069,562
2,500
1,621,848 35,565 1,657,413 4,062,062 10,000 4,072,062

2 Donations in kind

Wishes
Other Services
Fundraising costs
Communications
IT Services
Office costs
Other Support costs		 Unrestricted funds Unrestricted funds
Year ended
30 June 2023
£		 Period ended
30 June 2022
£
248,228
28,638
177,300
85,152
9,318
7,742
11,412		 24,302
16,512
5,654
43,413
29,409
19,223
14,006
567,790 152,519

The charity received donations in kind valued at £567,790 (2022: £152,519) during the period. In addition, a significant number of gifts were received for which it is difficult to attribute a value. For example, the time provided by celebrities to meet children and attend charity events. It has not been possible to attribute a value to such gifts in these financial statements.

3 Other trading activities

Tickets and registration
fees
Community fundraising		 Unrestricted
funds
£
53,775
—		 Restricted
funds
£		 Year ended
30 June 2023
Total funds
£		 Unrestricted
funds
£
69,850
18,099

87,949		 Restricted
funds
£
—
—
—		 Period ended
30 June 2022
Total funds
£
69,850
18,099
87,949
—
—
—		 53,775
—
53,775 53,775

Rays of Sunshine 34

4 Costs of raising funds

Basis of allocation
Staff Costs
Direct costs
Philanthropy and Special
Events
Direct costs
Other fundraising costs
Direct costs
Office expenses
Staff time
Depreciation
Staff time
Communications
Staff time
Support costs (see note 6)
Staff time		 Unrestricted
funds
£
249,380
311,600
104,622
92,596
3,158
25,232
160,913
947,501		 Restricted
funds
£
—
—
—
—
—
—
—
—		 Year ended
30 June 2023
Total funds
£
249,380
311,600
104,622
92,596
3,158
25,232
160,913
947,501		 Unrestricted
funds
£
259,122
60,869
126,418
116,159
8,308
22,048
137,404
730,328		 Restricted
funds
£
—
—
—
—
—
—
—
—		 Period ended
30 June 2022
Total funds
£

259,122
60,869

126,418

116,159

8,308
22,048

137,404
730,328

5 Charitable activities

Basis of allocation
Staff costs
Direct costs
Wishes
Direct costs
Other Services
Direct costs
Office Expenses
Staff time
Depreciation
Staff time
Communications
Staff time
Support costs (see note 6)
Staff time		 Unrestricted
funds
£
536,591
944,129
196,266
229,125
7,813
75,696
375,464
2,365,084		 Restricted
funds
£
—
—
52,429
—
—
—
—
52,429		 Year ended
30 June 2023
Total funds
£
536,591
944,129
248,695
229,125
7,813
75,696
375,464
2,417,513		 Unrestricted
funds
£
570,295
563,724
127,859
296,972
21,240
66,143
320,610
1,966,843		 Restricted
funds
£
—
—
33,465
—
—
—
—
33,465		 Period ended
30 June 2022
Total funds
£
570,295
563,724
161,324
296,972
21,240
66,143
320,610
2,000,308

6 Support costs

Staff costs
Other office costs
Communications
Depreciation
Governance costs:
Audit fees
Accountancy
Legal and professional feed
Other Governance costs		 Year ended
30 June 2023
£
346,333
75,550
25,232
2,576
22,770
22,206
2,400
39,310
536,377		 Period ended
30 June 2022
£
240,48
132,14
22,04
9,45
22,68
31,20
—
—
458,01

Rays of Sunshine 35

7 Net income and net movement in funds for the year

This is stated after charging:

Unrestricted funds Unrestricted funds
Year ended
30 June 2023
£		 Period ended
30 June 2022
£
Staff costs (note 8)
Auditor’s remuneration (note 6)
Depreciation (note 9)		 1,132,305
22,770
13,547		 1,069,905
22,680
39,000

8 Staff costs, remuneration of key management and Trustees’ remuneration

The average monthly number of employees during the year was:

All employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 Year ended
30 June 2023		 Period ended
30 June 2022
All employees 24 17
Year ended
30 June 2023
£		 Period ended
30 June 2022
£
Wages and salaries
Social security costs
Other pension costs		 999,154
94,151
39,000		 934,904
102,225
32,776
1,132,305 1,069,905

The key management personnel of the charity comprised the Trustees, the Chief Executive Officer, the Director of Strategic Planning and Development, the Director of Fundraising and Communications, the Head of Services, the Head of Operations and the Head of Finance.

The total employee benefits, including social security costs and employer pension contributions of the key management personnel of the charity were £440,535 (period ended 30 June 2022: £338,103).

No remuneration is paid to Trustees for their services as board members. No expenses were reclaimed by Trustees in the year ended 30 June 2023 (2022: £nil).

Rays of Sunshine 36

The number of employees who earned £60,000 or more (excluding employer contributions and excluding pension costs) during the accounting periods were:

Year ended
30 June 2023
No.		 Period ended
30 June 2022
No.
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000		 —
1
1		 1
1
—

During the period, pension costs totalling £12,099 (period ended 30 June 2022: £5,614) were paid in respect of the above employees. Details of other related party transactions are included in note 16.

9 Tangible fixed assets

Fixtures, fittings
& equipment
£
Cost
At 1 July 2022
Additions
Disposals
At 30 June 2023
Depreciation and impairment
At 1 July 2022
Depreciation charged in the year
Released on disposal
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022		 202,808
8,514
(72,886)
138,436
177,450
13,547
(71,905)
119,092
19,344
25,358

Rays of Sunshine 37

10 Fixed asset investments

Year ended
30 June 2023#
£		 Period ended
30 June 2022
£
Investments in subsidiaries
Other investments
Market value at the start of the year
Additions at cost
Disposals at carrying value
Unrealised net gain/(loss) on revaluation
Market value at the end of the year		 1
1
—
3,995,890
—
(43,913)		 —
—
—
—
3,951,977
—
**3,951,978 **
1

The fixed asset investment in subsidiaries relates to 100% holding in Rays of Sunshine Promotions Limited, which was dormant in the above two periods. Rays of Sunshine Promotions Limited's registered address is 4th Floor, Berkeley House, 304 Regents Park Road, London, England, N3 2JY.

Year ended
30 June 2023
£
 Period ended 30
June 2022
£
Other Investments at fair value comprised:
TN25 0 ¼% TREASURY GILT 31/01/25
3,951,977		 —
3,951,977 —

11 Debtors

Amounts falling due within one year:

Year ended
30 June 2023
£
 Period ended 30
June 2022
£
Trade debtors
Other debtors
Prepayments and accrued income		 110,134
22,328
130,643		 3,224
22,328
147,794
263,105 173,346

Rays of Sunshine 38

12 Creditors: amounts falling due within one year

Year ended
30 June 2023
£
 Period ended 30
June 2022
£
Trade creditors
Other creditors
Accruals and deferred income		 19,266
108,263
537,393		 43,909
56,189
463,264
664,922 563,362

At 30 June 2023, included within accruals and deferred income are committed wishes totalling £478,265 (period to 30 June 2022: £401,150).

13 Operating leases

As at 30 June 2023, the charity was committed to total future minimum lease payments under non-cancellable operating leases as follows:

Within one year
Within two to five years
Over five years		 Officepremises Officepremises
Year ended
30 June 2023
£
107,172
428,688
8,931
544,791		 Period ended
30 June 2022
£
107,172
17,862
—
125,034

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 July 2022
£		 Income
£
Expenditure
£		 Transfers
£		 Balance at
30 June 2023
£
Specific wishes
Other services		 23,581
52,623		 —
35,565		 —
(52,429)		 (569)
18,264		 23,012
54,023
76,204 35,565 (52,429) 17,695 77,035
Balance at
1 January 2021
£		 Income
£
Expenditure
£		 Transfers
£		 Balance at
30 June 2022
£
Specific wishes
Other services		 26,003
76,088		 —
10,000		 —
(33,465)		 (2,422)
—		 23,581
52,623
102,091 10,000 (33,465) (2,422) 76,204

Restricted funds comprised sums received for specific wishes and equipment.

Rays of Sunshine 39

15 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
£
 Restricted funds
£		 Total
£
Fund balances at 30 June 2023 are represented by:
Tangible assets
Investments
Current assets
Creditors: amounts falling due within one year		 19,344
3,951,978
634,698
(664,922)		 —
—
77,035
—		 19,344
3,951,978
711,733
(664,922)
3,941,098 77,035 4,018,133
Unrestricted
funds
£		 Restricted
funds
£		 Total
£
Fund balances at 30 June 2022 are represented by:
Tangible assets
Investments
Current assets
Creditors: amounts falling due within one year		 —
—

76,204
—		 25,358
1
5,674,733
(563,362)
76,204 5,136,730

16 Related party transactions

The charity received cash donations and gifts in kind from various related parties during the year. These are summarised below:

Related Party Donations and Goods/
Services in Kind		 Donations and Goods/
Services in Kind
Year ended
30 June 2023
£
Period
ended
30 June
2022
£
Trustees
Others excluding Trustees:
. Executive board members
Total		 28,046
48,593
47,600
58,710
75,646
107,303

The donations above were without specific terms and conditions and unrestricted in nature.

Rays of Sunshine 40

16 Related party transactions (continued)

Related Party
Gravita
i-media
Total		 Goods/Services in Kind
Further details
2023
£
2022
£
3,500
7,200
Justin Randall, a Trustee of the charity, was a partner at Gravita
(previously Jeffreys Henry LLP) until 02/02/2023. The firm
provided the charity with pro-bono payroll services.
50,000
-
Advertising Space for Gala Sponsorship Package. Stephen Allan,
the Chair of Board of Trustees is a Director of MSA Advertising
which owns a majority stake in i-media.
53,500
7,200
Donations
Further details
21,000
47,100
Annual donation made by the Foundation where Rays of
Sunshine has been nominated by Caroline Randall —wife of
Trustee Justin Randall.
19,865
18,000
£11,000 Annual patronage paid by Purple Surgical who's director
Robert Sharpe is a husband of Trustee Jane Sharpe. £8,865
raised by Jolie Sharpe, daughter of Trustee Jane Sharpe to
sponsor London Marathon challenge.
40,865
65,100
Related Party
Capital Group
Purple Surgical
Total

Rays of Sunshine 41