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2021-03-31-accounts

Charity Commission England and Wales: Charity No 1117303 Office of the Scottish Charity Regulator: Charity SCO44892 Company No 5963834

Dreamflight

(A company limited by guarantee)

Report and Accounts

For the year ended 31 March 2021

15 Chiltern Court Asheridge Road Chesham Bucks HP5 2PX

Dreamflight

Financial Statements

For the Year Ended 31 March 2021

Contents

Contents
Page
Charity Reference and Administrative Details 2
Trustees' Annual Report (Including Directors' Report) 3
Independent Auditor's Report 9
Statement of Financial Activities (Including Income and Expenditure Account) 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15

1

Dreamflight

Charity Reference and Administrative Details

For the Year Ended 31 March 2021

Charity Commission England 1117303
and Wales number
Office of the Scottish Charity
Regulator number		 SCO44892
Company registration number 5963834
Registered office 15 Chiltern Court, Asheridge Road, Chesham, Bucks, HP5 2PX
Patrons Ian Poulter
Liz Johnson
Richard McCourt and Dominic Wood (Dick & Dom)
Charlie Dimmock
Directors (Trustees) Dr Simon Bailey
Robert Bass
David Gawn (Chair)
Gaylene Kendall (Treasurer)
Patricia Pearce MBE
Chief executive and Company
Secretary		 Sally Wrampling
Auditors Azets Audit Services, Anglo House, Bell Lane Office Village,
Bell Lane, Amersham, Bucks, HP6 6FA
Solicitors Lennons Solicitors, Chess Chambers, 2 Broadway Court, Chesham,
HP5 1EG
Bankers HSBC, 92 Sycamore Road, Amersham, HP6 5EW

2

Dreamflight

Trustees' Annual Report (Including Directors Report)

For the Year Ended 31 March 2021

The Trustees of the charity present their annual report and audited accounts for the year ended 31 March 2021 and confirm they comply with the Charities Act 2011 and the Charities SORP (FRS 102).

Our aims

Dreamflight is an independent charity which aims to give UK children with a serious illness or disability the opportunity to realise their full potential.

Each year the charity raises funds to take 192 deserving children on their 10-day ‘holiday of a lifetime’ to Orlando, Florida, without their parents but instead with a team of medical and non-medical volunteers. We give children an opportunity to do something that medicine can’t: discover independence, confidence, and a new outlook on life. Many have returned with boosted self esteem, a sense of independence and the knowledge that they are not alone. Although the Dreamflight holiday only lasts ten days, the benefits for these most deserving children are often life-long.

As of 31 March 2021, over 6,200 children have taken part in a life-changing holiday with Dreamflight.

Our objectives

In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit. In any 'normal' year, Dreamflight's key objective would be to fundraise towards and organise a successful once-in-a-lifetime holiday to Orlando for up to 200 deserving children, but the coronavirus pandemic meant that the trip was unable to go ahead in 2020.

Instead our key objectives for the year to 31 March 2021 included to:

Our values

We are:

3

Dreamflight

Trustees' Annual Report (Including Directors Report)

For the Year Ended 31 March 2021

Review of activities and achievements

The pandemic had a huge impact on the Charity during the year, as it did with so many charities and businesses. With the outbreak of COVID-19, during Spring 2020 the CEO and Trustees met weekly to discuss the situation to assess the impact on Dreamflight, including a review of the Charity as a going concern and cashflow management. While Trustees assessed the situation and to preserve funds, the majority of the small office team were furloughed under the Coronavirus Job Retention Scheme. The safety and wellbeing of the children and volunteers is the priority and it became clear that the Orlando holiday could not be the safe and fun experience that it should be. Trustees explored various alternative options including a European- or UK-based or online experience, but agreed these would not have the same impact as our annual Dreamflight Orlando trip. With heavy hearts in May 2020, Trustees took the decision to cancel the October 2020 trip. This was a huge blow to staff, volunteers and nominators, but all agreed it was the right and only thing to do.

With a skeleton staff in place, the Charity instead focussed on projects to move Dreamflight forwards and support objectives in the years to come. Activities and achievements during the year included:

With only a skeleton staff, we are proud that the Charity achieved these goals over the difficult last 12 months.

Thank you

A large part of charity business, including the nomination and selection of the children and their preparation for the trip each year, is conducted by a network of volunteers both in the UK and USA. Trustees would like to thank all our volunteers and supporters who continued to tirelessly support Dreamflight during the year. We were particularly struck by the commitment and inventivess of our volunteers in their fundraising efforts over the year. As many traditional 'in person' and group events had to be cancelled, many turned to individual or virtual fundraising in aid of Dreamflight, with some great successes. These included:

4

Dreamflight

Trustees' Annual Report (Including Directors Report)

For the Year Ended 31 March 2021

Future Plans

Trustees and the CEO continue to meet each fortnight to assess the ongoing situation. With the vaccination rollout we started the new financial year with renewed optimism that we would be able to take deserving children on a much-needed holiday of a lifetime to Orlando in Autumn 2021.

Key objectives for the coming year include to:

After working hard behind the scenes to organise the planned October 2021 trip, including rolling over children nominated in 2020, accepting new online nominations for children during the first half of 2021 and selecting volunteers to care for them during the trip, Trustees agreed in July 2021 that once again, the trip should not go ahead. Despite the success of the vaccine rollout, cases in the UK, Europe and USA continued to rise during Summer 2021, especially among young people, and travel between the UK and US looked unlikley for some months to come. Very sadly, the decision was taken to once again postpone the trip, before any supplier payments were made or any children invited. While disappointing for all involved, instead the charity will focus in the coming months on organising special alternative treats or experiences for those children with a short prognosis or who will be ineglibile for a future Dreamflight holiday.

Fundraising standards information

A fundraising strategy has been prepared and approved by the Trustees which identifies our income streams and the approach taken for each activity. The strategy takes into account best practice and current standards, including General Data Protection Regulation (GPDR) and the Data Protection Act 2018.

5

Dreamflight

Trustees' Annual Report (Including Directors Report)

For the Year Ended 31 March 2021

Most fundraising is completed in house (either by the Dreamflight office or volunteers). All fundraisers are supported by the Dreamflight office and guidance is given in order to ensure they comply with the relevant regulations. Dreamflight is registered with the Fundraising Regulator and we follow the Regulator's Code of Practice. We follow all standards for charitable fundraising, ensuring that our fundraising is respectful, open, honest and accountable to the public. Dreamflight has not received any complaints regarding its fundraising activities and has not knowingly failed to comply with the standards set out by the code. As with all charities, there is a small risk of fraudulent activity relating to fundraising. In order to avoid the Charity being targeted, robust financial controls and checks are in place.

In all our policies and practices we do not actively seek additional data that is not already in the public domain. We only record data that people opt to provide to us. It is our policy to not knowingly contact persons over a certain age, children or those members of the community who are vulnerable due to disability or illness. We are mindful that some of our Dreamflight children and their families will want to fundraise for the Charity and we provide extra support in those cases or where it is apparent that a fundraiser is in a vulnerable category.

Our finances

Almost all of the Charity's income comes from donations from the numerous fundraising events that take place throughout the year all over the country, individual donations, grants and corporate support. The pandemic had a significant impact on all these fundraising streams.

Income for the year was £503,633, down 68% on 2020, This is to be expected, but we are incredibly grateful to those that supported Dreamflight financially during such a difficult year for so many. Because we were unable to organise our annual Orlando experience, expenditure decreased by 73%, at £353,346.

Total funds are at £2,630,104. Trustees are aware that this falls outside the target for maintaining between £1m and £2m in cash assets. This is largely due to reduced expenditure as the planned Orlando holiday could not go ahead. However it is likely that the costs of future trips will be significantly higher than in previous years due to COVID-related changes and increased theme park costs, so funds will be depleted during the coming years. Trustees also plan to spend a portion of reserves organising special treats for those children nominated in 2020 who are ineligible for future Dreamflight trips, and supporting young people after their Dreamflight trip, as part of Beyond Dreamflight (see ‘Future Plans’ and ‘Policy for Managing Investments’).

Policy for managing investments

At any one time Dreamflight aims to have cash assets of between £1m and £2m. These are carefully divided amongst low risk accounts paying best available interest rates including the use of fixed term bonds with leading UK banks. Approximately 40% of our assets have been placed with a leading asset management company. The charity policy is to minimise risk on investment, divide its assets amongst well known banks or building societies, and at the same time maximise return on its funds in the current low interest rate environment.

Reserves policy

Free reserves are held by Dreamflight to:

6

Dreamflight

Trustees' Annual Report (Including Directors Report)

For the Year Ended 31 March 2021

Structure, governance and management

Governing document

Dreamflight is a charitable company limited by guarantee, incorporated on 11 October 2006 and registered as a charity on 19 December 2006. The company was established under a Memorandum of Association which defined the objects and powers of the charitable company. It is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

The assets, liabilities and operations of the charity were transferred from an unincorporated charity also named Dreamflight on 1 April 2007. The unincorporated charity was established by a Trust Deed dated 3 June 1989 and supplemental Trust Deeds dated 1991 and 1998.

Organisation structure

The Directors of the company are also charity Trustees for the purposes of charity law. A board of five (usually six) Trustees govern Dreamflight. Trustees are responsible for the strategic policy and direction of the charity. Trustees usually meet four times a year but during the COVID pandemic, since March 2020 have met fortnightly online.

Following a review of the charity and governance requirements in 2014, Trustees agreed that Dreamflight required Trustees with expertise in six areas. The Trustees who served during the year are listed below, along with their area of expertise.

A scheme of delegation is in place and the day to day operations of Dreamflight are the responsibility of the CEO.

Staff

During the year Dreamflight employed:

7

Dreamflight

Trustees' Annual Report (Including Directors Report)

For the Year Ended 31 March 2021

All other roles were furloughed in April 2020 under the Government's Coronavirus Job Retention Scheme.

The following roles were reinstated during the year:

All other roles remained on furlough or took a contract break. During the year Dreamflight operated with the Full Time Equivalent of 3.4 staff members (compared to 6 staff members in the year ending March 2020). None of the Trustees take a salary or receive any other income from the charity.

Risk management

The Trustees and CEO conduct ongoing reviews of the risks the charity faces. Where appropriate systems and procedures have been established to mitigate these risks. Safeguarding Children issues are taken most seriously by the Trustees, as is the wellbeing of adult helpers through Moving and Handling awareness training. The Charity further reduces risk through insurance cover, including Charity, Medical Malpractice and Travel insurances.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also directors of Dreamflight for the purposes of company law) are responsible for preparing the Trustees’ Annual 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 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 charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved by the Directors on 2 September 2021 and signed on their behalf by:

Patricia Pearce Director

David Gawn Director

8

Dreamflight

Independent Auditor's Report to the members of Dreamflight

For the Year Ended 31 March 2021

Opinion on financial statements

We have audited the financial statements of Dreamflight for the year ended 31 March 2021 which comprise of 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 (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’’.

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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

9

Dreamflight

Independent Auditor's Report to the members of Dreamflight (continued)

For the Year Ended 31 March 2021

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company 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

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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.

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.

10

Dreamflight

Independent Auditor's Report to the members of Dreamflight (continued)

For the Year Ended 31 March 2021

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees 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, the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

David Green MA (Cantab) ACA (Senior Statutory Auditor) For and on behalf of Azets Audit Servies Statutory Auditor & Chartered Accountants Anglo House Bell Lane Office Village Bell Lane Amersham Buckinghamshire HP6 6FA

2 September 2021

11

Dreamflight

Statement of Financial Activities (Including Income and Expenditure Account)

For the Year Ended 31 March 2021

Note
Income:
Donations and legacies
2
Charitable activities
3
Investment income
4
Other
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net gains/(losses) on investments
11
Net income
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2021
2020
£
£
501,330
1,533,187
91
1,370
2,212
3,114
-
28,367
503,633
1,566,038
353,346
1,287,223
353,346
1,287,223
263,003
(133,351)
413,290
145,464
2,216,814
2,071,350
2,630,104
2,216,814

The statement of financial activities includes all gains and losses recognised during the year. All income and expenditure derive from continuing activities.

12

Dreamflight

Balance Sheet (company number 5963834)

For the Year Ended 31 March 2021

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors:
13
Net current assets
Net assets
Charity Funds
Unrestricted general fund
Total funds
amounts falling due within
one year		 2021
£
2,669
1,024,586
1,027,255
16,975
1,600,755
1,617,730
(14,881)
1,602,849
2,630,104
2,630,104
2,630,104		 2020
£
4,051
761,581
765,632
33,519
1,433,966
1,467,485
(16,303)
1,451,182
2,216,814
2,216,814
2,216,814

The financial satements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and were approved by the Board on 2 September 2021 and signed on their behalf by:

Patricia Pearce David Gawn Founder Chair

The accompanying notes form part of these financial statements.

13

Dreamflight

Statement of Cash Flows

For the Year Ended 31 March 2021

Cash flow from operating activities
Net income for the year
Interest received
Depreciation of tangible fixed assets
Loss on disposal of tangible fixed assets
Gains/(losses) on investments
(Increase) / decrease in debtors
Increase in creditors
Net cash flow from operating activites
Cash flow from investing activites
Payments to acquire tangible fixed assets
Payments/receipts to acquire/sell investments
Interest received
Net cash flow from investing activities
Net increase/(decrease)in cash and cash equivalents
Cash and cash equivalents at 1st April 2020
Cash and cash equivalents at 31st March 2021		 2021
£
413,290
(2,212)
1,382
-
(263,003)
16,542
(1,422)
164,577
-
(2)
2,212
2,211
166,789
1,433,966
1,600,755		 2020
£
145,464
(3,114)
2,883
-
133,351
(11,046)
(34,375)
233,163
(4,991)
(6)
3,114
(1,881)
231,282
1,202,684
1,433,966

14

Dreamflight

Notes to the Financial Statements

For the Year Ended 31 March 2021

1. Summary of significant accounting policies

(a) General information and basis of preparation

Dreamflight is a charity incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are to relieve young persons under the age of 18 years who are physically or mentally disabled or who are in need by reason of poverty, sickness or distress and in particular but without prejudice to the generality of the foregoing by the provision of holidays.

The charity constitutes a public benefit as defined by FRS 102. The financial statements have been prepared in pounds sterling under the historical cost convention, the Companies Act 2006, 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 UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice as it applies from 1 January 2020.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliable and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

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.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.

15

Dreamflight

Notes to the Financial Statements

For the Year Ended 31 March 2021

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.

Other income includes the income from favourable movements in foreign exchange in the year.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognise where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Indirect costs have been allocated to activities on a basis considered to be fair and reasonable.

Governance costs includes those costs associated with meeting the constitutional and statutory requirement of the charity and include audit fees and costs linked with the strategic management of the charity. Governance costs which cannot be allocated directly are apportioned on an appropriate basis.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight line basis over its expected useful life as follows:

Equipment over 4 years

(f) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

(g) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(h) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include strategy development. The analysis of these costs is included in note 6.

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Dreamflight

Notes to the Accounts

For the Year Ended 31 March 2021

(i) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(j) Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 Income from donations and legacies

Gifts
Fundraising events
Legacies
Grants		 2021
£
316,244
130,209
-
54,877
501,330		 2020
£
593,103
923,176
-
16,908
1,533,187

Dreamflight benefits greatly from the enthusiastic support and involvement of its many volunteers and supporters. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

3 Income from charitable activities

Sale of goods and services
4
Income from investments
Interest received
5
Other income
Foreign exchange gain		 2021
£
91
91
2021
£
2,212
2,212
2021
£
-
-		 2020
£
1,370
1,370
2020
£
3,114
3,114
2020
£
28,367
28,367

17

Dreamflight

Notes to the Accounts

For the Year Ended 31 March 2021

Annual trip to Florida
Direct cost of activities
-
28
Theme Park Tickets
(603)
Trip medical equipment and expenses
-
6,672
Insurance
11,397
Fundraising and publicity
1,580
Purchase of merchandise
(6)
Foreign Exchange movements
67,933
Total direct costs
87,001
Support costs allocated to activities
Staff costs
(Note 8)
163,314
Office costs
40,408
Travelling & Subsistence expenses
(725)
Communications
31,042
Postage and stationery
1,609
Printing and design
783
Advertising
104
Bank charges
2,232
Subscriptions, licence fees, IT
5,409
Depreciation
1,382
Audit services
-
Accountancy services
-
Consultancy & Professional fees
3,830
Legal fees
-
Total support costs
249,388
Total resources expended
336,389
Aircraft charter and passenger taxes
Accommodation, coaches and other trip
related expenses
Childrens' money, currency, trip
clothing, T-shirts, dvd/video production,
trip equipment		 -
-
-
-
-
796
-
-
796
4,188
1,036
(181)
-
-
-
26
-
1,803
-
5,460
-
3,829
-
16,161
16,957
Governance		 2021
£
Total
-
28
(603)
-
6,672
12,193
1,580
(6)
67,933
87,797
167,502
41,444
(907)
31,042
1,609
783
130
2,232
7,212
1,382
5,460
-
7,659
-
265,549
353,346		 2020
£
Total
237,671
425,559
144,163
5,338
122,243
28,004
28,074
230
-
991,282
198,574
32,925
5,966
11,904
2,780
2,464
80
5,284
13,427
2,883
5,310
8,513
5,832
-
295,941
1,287,223

The basis of allocation for the governance costs in the current and prior years is that 100% of trustees liability insurance, 100% of legal fees, 100% of audit & accountancy fees, 50% of consultancy & professional fees, 25% of subscriptions, licence fees, IT, 20% of advertising, 20% of travelling expenses and 2.5% of staff costs and 2.5% of office costs are included within governance costs.

7 Net income for the year is stated after charging:

8

Depreciation of tangible fixed assets
Operating lease rentals
Auditors' remuneration:
Audit services
Staff costs and numbers
Staff costs were as follows:
Salaries and wages
Social security costs
Pension Costs
Training and development
Payroll processing costs
Recruitment costs		 2021
£
1,382
24,148
5,460
2021
£
154,575
9,563
3,191
-
173
-
167,502		 2020
£
2,883
24,148
5,310
2020
£
169,404
12,488
3,077
305
160
13,140
198,574

One employees was paid between £60,000 and £70,000 in the current year (2020: one employee was paid between £60,000 a £70,000 in the prior year).

The average number of employees during the year was 7 (2020: 7)

The average number of full-time equivalent employees during the year was 6 (2020: 6).

18

Dreamflight

Notes to the Accounts

For the Year Ended 31 March 2021

9 Trustee and key management personnel remuneration and expenses

During the year the trustees donated £1,350 (2020: £4,543) to the charity.

No remuneration was paid to the trustees during the current or prior years.

The following expenses were reimbursed to the trustees:

e following expenses were reimbursed to the trustees:
2021
2020
Trustees Trustees
Travel expenses
0
3
Communication expenses
0
1		 2021
£
-
-
-		 2020
£
3,905
22
3,927

The cost of trustee indemnity insurance was £796 (2020: £796)

The total key management personnel remuneration is £63,718 (2020: £68,978)

10 Tangible fixed assets

Cost
Additions in year
Disposals in year
Depreciation
Charge for the year
On disposals
Net book value
At 31 March 2021
At 1 April 2020
At 31 March 2021
At 31 March 2021
At 1 April 2020
At 31 March 2020		 Equipment
£
70,854
-
-
70,854
66,803
1,382
-
68,185
2,669
4,051

19

Dreamflight

Notes to the Accounts

For the Year Ended 31 March 2021

11 Investments

Unit Trusts
Market value at 1 April 2020
Purchase of units
Gain/(loss) in value
Market value at 31 March 2021
12
Debtors
Other debtors
Prepayments and accrued income		 2021
£
761,581
2
263,003
1,024,586
2021
£
6,338
10,638
16,975		 2020
£
894,926
6
(133,351)
761,581
2020
£
18,007
15,512
33,519

Other debtors includes an amount of £4,604 (2020: £4,604) falling due after more than one year.

13 Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income
Other creditors		 2021
£
2,600
12,282
-
14,881		 2020
£
1,298
6,944
8,061
16,303

Included within other creditors is £Nil (2020: £Nil) relating to the pension outstanding at the year end.

14 Analysis of net assets between funds

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fixed assets 1,027,255 765,632
Debtors 16,975 33,519
Cash at bank and in hand 1,600,755 1,433,966
Creditors (14,881) (16,303)
Total 2,630,104 2,216,814
**15 ** Commitments
Operating lease commitments

Total future minimum lease payments under non cancellable operating leases are as follows:

Expiry date:
Within one year
Between one and five years		 2021
£
2,051
3,185
5,236		 2020
£
24,148
5,236
29,384

Other financial commitments

At the year end the charity had commitments of $300,000 (2020: $300,000) and £20,000 (2020: £20,000) for expenditure to be incurred on the October trip.

20