Charfty Commlsslon England and Wales: Charlty No 1117303 Offlce of tho Scottish Charity Regulator. Charlty SC044892 Company No '. 5963834 Dreamflight (A company Ilmlted by guarante•) ort of the Trustees and Flnancial Statements for the Yaar Ended 31 March 2024 SCB {Accountants) Ltd 31 Sackville Stre•t Manchester M13LZ Dreamfli ht Contents of the Flnanclal Statements For the Year Ended 31 March 2024 Page Charity Reference and Administrative Details Trustees, Annual Report (Including Di￿torS, Report) Report of the Independent Auditors Statement of Financial Activities {IncludiNJ Income and Expenditure Account) 11 Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financial Statements 14-23 Dreamfli Chari Reference and Admlnistrative Details For the Year Ended 31 March 2024 Charity Commlsslon England and Walos number 1117303 Office of the Scolllsh Charity Regulator numbor SC044892 Company regi¥tr4tion numbor 5963834 Registered office 15 Chiltern Court. Asheridge Road. Chesham. Bucks. HP5 2PX Patrons lan Poult8r Liz Johnson Richard Mccourt and Dominic Wood (Dick & Dom) Charlie Dimmock Directors (Trustees) Professor Sirnon Bailey Robert Bass David Gawn (Chair) Gaylene Kendall (Treasurer) Patricia Pearce MBE Chlef executive and Company Secretary Salty Wrampling Website https:lkn.dreamflighLorg Audltors SCB (Accountants) Ltd 31 Sackville Street, Manchester. M13LZ Sollcltors Lennons Solrcitors, Chess Chambers. 2 Broadway Court, Chesham, HP5 1EG Bankers HSBC, 181 High Street. Berkhamsted, Hertfordshire, HP4 3HO Dreamfll ht Trustees. Annual Rg In¢ludln Dlro¢tOTS' Re For thè Yèar Ended 31 March 2024 Trustees are pFeased to present their annual report for Ihe year eTrJed 31 Marth 2024 ￿1¢h is also prepared to meet requirements for a director s report and accounts for Companies Act p￿pOse3. The finanual slalements comply wth the Charltles Ad 2011. ts Companies Act 2006, th& Memorandum and Artides of A8s9¢iation. and Accounting and Reportlng by Charities.. Statement of Recommended Practi(* (effective 1 January 2019) applicable to charities p￿Paring their accounts in accordan(% with the Fw)an¢Tal Reporting Standard applr¢able in the UK end Republic of Irel*nd {FRS 102). Our Aimg Dreamllighl is an independent charity I￿1¢h provides amazing holidays for children Mfjth a serious illness or dis8tJilty. Since 1987 y￿ have organised an annual holid&y to Orfarth. tak1￿ ￿ to 200 children aged 8-14 on each 10-day Irip. In re￿1 years have expanded to also offer exating activity breaks in the UK for ¢hildren more complex needs. The children leave the￿ families behind and are instead accomp8nied by teams of medical and non-rnedical volunteers to help en¢ourage independence and confidence and provide lots of fun. Many have retumed boosted self•esteem and the knovAedge that they are not alone. Athough Dreamflight holidays onty last a relativdy short tirne, the benefrts for these most deserviw children 8re often life-long. As of 31 2024. over 6.500 children have laken part in a liffvchanging holiday ￿TIh o￿aM￿lgm. Our Objoetives In setting our objecttves and planning our actlvlts8 the Twslees have given carem wnsider8tion to the Charlty Commlssion's guidance on public bonoflL Our key objectives for the year lo 31 March 2024 induded to.. Organise a successfiJl 10-day Orlando holiday in Autumn 2023 Organise 8 third successful UK adivity break fora smaller groups of deservlng chlldren in Spring 2024 A4ro8 and Implgmenl a fundr818lng strategy. induding raising Sncome in both the UK and USA Implement 8 comms plan thich maximises use of Ihe UK and USA websllès and soGial media platfomis Progress new f0Th￿rd strategy %thich includes developing lurther holidays for serfously111 children Our valueg We are: Commlttod lo helping children reallse their full polentlal Comp*$$ionats to dgserving children and Ihelrfamlli&s 8afe- the ¢hildren'5 safety is tsur prforlty al all limos Profosslonal and organised in all aspects of our *Affjrk Welcoming to new people and new ideas Fun lo spend lime Rèvlgw of actlvltles and achlevernont8 Achievements and activilies across the charity during the year induded.. Organising a successful 104ay holiday for 192 deser¥ing children lo Orlando in October. induding rerAuiling and training up lo medical and non-lnedical volunleern in the UK and USA arvj making enhancement8 to the itinerary and entertainment program. Oryanising a Ihird accessible activity holiday to the CaFvert Lakes in Marth 2024. A gTOUP of 20 children look part vkno, due to either age or coMple￿ty of needs, would othe￿iSe have missed out on a Dream11ight experience. Raising N￿OMe 01 £1,435,193 from a broad fundraising base, including from golt events, balls, fundraisirwj tha1￿￿e$, corporate donations, and through the Big Give. EnhanaThJ our communications including through the Dream)light and Dreamfiight USA ￿bsiteS. regular nevaletters and via soclal media, induding Inslagram and Linkedln. Dreamfil ht ' Annual udln Dlro¢torn' Re rt F thoY6arEnded31M h2 UK hollday- trlp rèport Thi8 wd5 the chariW8 th1￿ Irlp lo a Calvert Tnst eenlre but the to Ihe Calvert Lake District 8ile, arwj was onts again a huge suc(*ss. 20 deservirwJ your¥J people took part along %￿h 20 eommitled Oreamllght vdunteers, Induding tsvo doctors. several n￿￿$, physiotherap￿stS Tr)Trmedical volunteers. Despite ts thallenges of the Brltl8h theather everyor* had a fantastic tlrne and got a hug8 amount out of the experlen¢e. The thildren took part in ab8ellhvJ, zip ￿lring. tyding arKI swimming durfng the days and movie nights, mar8hmalow loastlng under the Skrs quiz r4ghts in the evening. The Calvert Lakes sile is filly accessible 8 ev8ryone was able to ty all Ihe activitie8 on offer. Once agaln proved that Ihè magic ryredient in Dreamlllghl experience is the people, not place. Orlando holiday. trlp report Belween February and April ￿ Invlted UK medical prof8sslonals lo nominate chldren aged 8-14 thllh a serious ilhess or disability for a place on ts Dreamfiight Orlando trip. DreamNghl split8 thè UK inlo 12 reglonal groups and our local teams. along ¥%ilh our MedThl Dire¢tor. select 18 thldren pèr group1192 thHdren total). The children wtre invited ahead of the 8chool surnmgr hO￿days. arbj our volunteer team8 spenl nexl few months training, meeling the chih*en and familre¥ and preparing lor their on(*-Inv8- lifeti￿ hoiiday. C*eamflglrt 2023 was a fantastlc sucoss. Follwng vlslts to thème pa￿ts IndLhJing Disneys HoUy%wod Studlo$, Seaworld and Unlversal Studios, the last lull day in Orfando was spent al Discovery Cove, vknere ga¢h C￿ld swam ￿1th a dolphin. AS a contrast to thè themg parks vlslled Wild Florida %there the chldren experienced an airboat ride in the Florlda swamps, and also privately hired Main Event Pointe OdaThJo, th?re the chlldrnn ccdd relax and enjoy gamirKJ. b0￿ing and laser quèst wlh Iheir ne￿•made friends. During our visit we stayed al the Rosen Plaza hotel and Talonl Ajtlstlc Group gen8rou8ty orgthsed a full program of enlertainment In the momings and evenings, indL*Jing a Galadic Welcome Paty, sifent Disco. Dreamflighl's Got ralent. a Pool Party, H8llo%*en Paty aTrJ Graduallon Paty on our last night. An iniyedlble tSme w43 had by alll Al the chrfdren relumed Safety lo their families V+ith 8 9￿aler sorkSO of confidenc* and Independenee. and having made lasting friendshlps In thelr peer groups. Al dyldren ￿ provided wth photos and a pernonalised 91￿MInut9 fflm of their experlence as a lasting reminder. Thank you A large part of chadty business is c￿j￿¢ted by a nelwork of volunteers both In UK and USA. Trustees Y￿ul￿ 1*8 lo thank all our voiunteers and supportors V*ho contlnued to tireles* $upport O￿amIli9hI thr￿houl the year. We contirwjed lo be 8lruck by Ihe commitment of our vdunteers in Iheir lundraisiThJ effkne KerKlall {Trea8uret) {Ftn4nclal eypeTlise) Patsi(ia Pearce M8E (Charfty c¢￿(Al*￿) A sd*me of de*allon18 in place and tt* dty to day operatirmg ofL)reamflW are responslbilty olts CEO. the year Dre8mflighl employed.. D5￿ctOr1CEo (full time) Head ofFundraisiThJ and comm￿CatIOnS ffithlime) Senlor P4fmHii8tratorA)ffir* PA•n4geT (part time) FurKlr818iNJ end cornmunlca1lo￿ Aulstanl (part twne) FiffKlraiBer {p•rt tlme)- unlil 2023 Accolth A88jslanl (pjrt dme) Lhamfyhl op¢rated the Full T¥n¢ Equfv•lort of 4 Staff rn¢nkn. None gf Truslees lake e ￿lary or rni•lve any olhèr Incom* frtyn th• thartty. Thfr Tw$t￿8 and CEO ￿nduc* ongoiry revm of Iht rnks the tharity f•¢¥$. Where approwiate syskms and procedurn8 ￿¥0 been estabU8hed lo rnh&•le thse Saf•gu4rdiNJ Clthren IJ8U08 •re tkn most 6erfou8ty ty the Tntsleo•, as b th¢ T￿1￿Ing (rf ad￿ ￿l￿r8 Ihrough Moviry and H•ndllnA tr•lnlno. Tr Charity further redu¢eB risk ttwough Insw8nce t4w•r. Charty. Publi¢ Uabllty onl Medic41 inow•n￿. For 31 ￿reh 2024 STAIEMENT OF Tnffjt••s' RESPON8IBIUTR8 The Twstees (*tho are also dtrectorn of Dr•amfithl fw tho purpoee$ of conyry law) am respo￿lb12 for weparxvJ the Truste•$' Annual Report and financlal statements thiih appIl￿blO law and Uoited lfjrydom Ace¢unling *nd•rds (Unlt•d dom G•n•rnfyAcc4pl8d PrnL*•). Company law r¢wiros th• Tr￿1￿6 lo prep¥¢ fin•n(xal Statem￿ lor fin•ndal yw, g1¥0 • and l*r of th• state of affalrs of the ehwitabh compry and of the MKa)min9 rnsowces and appllthn gf hK** income and exp•Thlfture, ofthe chafftablg company lor th•t p•iiod. In prepartng the8e tlnand818t*ements, T￿￿1￿& are roqured to: ob8ety• the rn•thots aTrJ wtrKAple8 i) tt* Charilies SCIIP; makejudgwmnts aNI e8lin•t•s Ihal aré rnasonable prud•rt $late *thether8￿cob1e Stsnd•rds hMI b•8n lolkn**d, s￿e￿ to any malwial departires disd0￿ •nd expl8iwJ in thfr account8: ar#S prepare ihg finand* sl*nwts on the going conc•m ba819 unk8s tt18 in•ppTopth to PTesum• th•1 tl c4mpanythlU iyjllnue in wakn. The Tru8l¢e8 •Te for k•eph¥J adeqtslte aecountrw re¢ord8 that dlsd08e ￿lIh w$onable accuraof •1 ony IwTre Ihe po%ti'on ol th& tharitab￿ ￿trYI￿￿ and •n•ble Ih•m lo •Murn ItrAI the fwK481 stalements compty th• Compani Ad 20￿. fv Ch*it*s Tnjstse Investhiert {S￿￿￿J} Ad 2005 and lh& Charfile¥ Aw)unts (Scoll•nd> R￿￿•110Th$ 2006 (as •nended). Tlw also rnssonth for safegwé*¥ l* 485•th of the ch8rKabk ¢ompany hence for l* ￿￿nable steps for ** preventlon and delectlon offt•ud +)Il*r lThegul•rftle8. The Tn*te¢s •r• wt8pon*bh for mAlntenon(* •nd irrtegrity ol tho corporate ar#J finfinclal hrfonnthn indthled on Il* dwiilabl• thfferfrom legi8latiDn ITr 8*•t•m￿# to dl•clo•urn lo I￿1110￿ 00 f•T as the Tnthes arn aware: 1$ N) r4l•v8nt audlt InfoTrn*￿ Off￿￿1￿ the a￿1*0￿ are unawarn. •nd the Tnthes have taken ￿ Sto￿ th•1 tr*y to have laken tr• mak¢ tlwn¥ekn awa￿ of•ny r¢k¥ant •udil irrforrnbon ond to•slabl*h that the audllor Ss awAre ofih•t th1￿mI￿. A be wopos•d Aore¢d •t the Annual Genernl Meethg that SCB IAccount*4s) Ltd bfr rn-Appointed •• ol tt* Charity lor ihe perfo(L AM>ro¥￿ by1￿ ￿ndorn on 4th Septttnb•r 2024 aNI on behawty.. Patric4a Pearc Diredor ort of the Inde endent Auditorn lo the Members of Dreamfli ht Oplnlon on financial statements We have audited the financial statements of Dreamfiight for the year ended 31 March 2024 which compri88 the Statement of Financial Activities, the Statement of Fin8ncial Po8ltion, the Statement of Cash Flows and notes to the financial statements, includirKJ 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 General￿ Accepted Accounting Practice), including Financi81 Reporting Standard 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the state of the charitable companys affairs as at 31 March 2024 and of its incoming resources and application of resources. induding its income and expenditure, for the year then ended,. have been properly prepa￿d in accordance with United Kingdom Generalty Accepted Accounting Practice,. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ir8land and h*4e been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulstion 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Basis for oplnlon 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 Auditors, 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 d)talned is sufflcient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concem In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the fsnanGial statements is appropriate. Based on the worf( we have perfomied, vrfe have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signrficant doubt on the company's ability to continue as going concern for a p8riod of at least knvelve months from when the financial statements are authorised for issue. Our responsibilitles and the responsibilities of the Trustees with respect to going concern are described in the rdevant Sections of this report. Oth•r infomiatlon The Trustees are responslble for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, 8xcept to the extent other¥vise 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 responsibilty is to read the other infomation and, in doing so, consider whether the other infonnation is materially inconsistent with the financi81 statements or our knowledge obtsined 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 this gives rise to a material misstatement in the financial ststements themselves. If, based on the work we have performed. w8 conclude that there is a material misstatement of this other information, we are required to report that feLt. We have nothing to report in this regard. Re ort of the Ind• endent Auditor8 to the Members of Dreamfll ht Oplnlon on oth•r matters prescrlbed by the Companles Act 2006 In our opinion, based on the vrfork undertaken in the course of the audit: the infomiation gI￿n in the Report of the TNstees for the financial year for which the financial statements are prepared is consistent wlth the financial statements., and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understandlng of the company and ts environment obtained in the course of the audit, we have not identified matetial misstatements in the dlrectors, report included within the Truste8S' report. We have nothing to report in reswt of the following matters in relation to ￿lch the Ccmpanies Act 2006, the Charities and Trustees Investrnent (Scotland) Act 2005 and the Charities Accounts {Scotland) Regulations 2006 (as arnended) requires us to report to you rf, in our opinion: • adequate accounting rewrds have not been kept or returns adequate for our audit have not been received frorn branches not visited by us., or the financial statements a￿ not in agreement with the accounting records and retums,. or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audic or the Trustees were not entitled to tske advantage of the small companies exemption from the requirement to prepare a Slrategic Report or in preparing the Report of the Trustees. Responsibilitles of Trustees As explained more fully in the Statement of Trustees, R8sponsibilities, the Trustees {vtho are also the directors of the charitable company for the purposes of company law) are responsble for the preparatron of the financlal statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation of financlal statements that are free from material misstatement, ￿ether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's abl￿'ty to continue as a going concern. discbsing, as applicable. matters related to going concern and using the going concem basis of accountin9 unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic afternative but to do so. Our responsibilities for the audlt of the financlal statements We have been appointed as auditor under section 44(1)(¢) 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 finan¢MI ststements as a whole are free from material misstatement. Mrtiether due to fraud or error, and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high lev81 of assurance but is not a guarantee that an audit conduded in accordance with ISAS {UK) will aFways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregat8, they could reasonably be expected to infiu8nc8 the economic decisions of users taken on the basis of these financial statements. The extent to whlch our procedures are capable of detecting irregularftles, Including fraud, Is detsiled below: Irregulariti'es, induding fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line wlth our responsibilities, outlined above, to detect material misstatements in respect of i￿e9u1aritie$, including fraud. Re rt of the Inde endent Audltors to the Members of Dreamfli ht We gained an understanding of the leg818nd regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and prc¢edures in place regarding CLynpliance with laws and regulatlons. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indic8tions of non-complianc8. During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements. including. but not limited to, the Companies Act 2006, UK tax legislation. Chaiity Act 2011, SORP 2019. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. Our procedures in relation to fraud included but We￿ not limited to.. inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audlt team regardiNJ risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the princ￿18[ risks related to posting manual joumal entries to manipulate financial perfomiance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing joumals and appropriateness of other entries in the nominal ledger, reviewing transactlons around the end of the reporting period; and evaluating whether Ihere was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 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 V¥Tth regulation. This risk increases the more that compliance with a law or regulation is removed from the event$ and transactions reflected in the financial statements, as we will be less likely to become aware of instances of r￿n-coMplian¢e. The risk is also greater regardlng Irregularities occurring due to fraud rather than error. as fraud involves intentlonal concealment, forgery, collusion, omission or misrepresentation. A furth8r description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.ukjauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solety to the charitable companrfs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable companys 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 companls members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and th8 charitable companvs members as a body. for our audit work, for this report. or for the opinions we have fomied. Jeffrey Bor FCA (Senlor Statutory Audltor) For and on behalf of SCB (Accountants) Ltd 31 Sackvill8 Street Manchester M13LZ Date . 4th September 2024 io Dreamfli Statement of Financlal Activiti•s Includln Income and Ex For the Year Ended 31 Mareh 2024 enditure Account Unrestrlcted Restri¢t•d Funds Funds Note 2024 2023 In￿me Donations and legacies 1,391,557 11,904 1.403,461 1,469,141 Charitable activities 572 572 749 Investment inc(Yne 31.160 31.160 925 Total income 1,423,289 11,904 1.435,193 1,470,815 Expenditure Expenditure on charitable activf(ies 1.507,030 11,904 1,518,934 1,380,965 Total expendlture 1,507,030 11,904 1,518,934 1,380,965 Net gains/(losses) on investments 10 234,389 234,389 (59,441) Net income & Net movement In funds 150,648 160,648 30,409 Reconciliation of funds Total funds brought forward 14 2.807,376 2,807,376 2.776,967 Total funds ¢arriod forward 2,958,024 2,958,024 1807,376 The Statement of Financial Activities also complies with the requirements of an income and expenditure account under the Companies Act 2006, All amounts relate to continuing activitles of the charitable company. The Statement of Financial Activiiies includes all gains and losses recognised in the year. The notes to the accounts are shown on pages 14 to 23. li Dreamfll ht Balan Asat3 March 20 Notss 2024 2023 Flx•d assets Tangible fixed assets Investments 10 2.466.489 2.149,232 2,467.451 2.149,232 Currnnt assots Debtors Cash at bank and in hand 11 19.657 490,769 510.426 30.194 648,437 678.631 Liabllftles Credrtors falling due within one year Net current ass•ts 12 19.853 0.487 490.573 658.144 1958.024 Tho funds of th• charlty Unre8tr1cl•d general fvnd Restrict•d fund 14 14 2,958,024 2,807.376 Total charlty funds 2.958,024 2.807.376 The Trustees have prepared accounts In accordanc• *ith Sethn 398 of the Cornpanle$ A¢t 2006 Section 138 of th•Charilies Act 2011. These accounts are prepared in accordance ￿th lh8 special provl$ion$ of Part 15 of the Companies Act relating to small companies and constit(rte the annual accounts required by the Companies Act 2006 and aro for Circulation to members of the CoM￿y. The financial statements wer• approved ty the Board of T￿￿tee$ and authorFsed for Issue on 4th Sept•mber 2024 and were signed on behalf by.. Patricia Pearce Founder David Gawn Chair The notes to the accounts are shown on pages 14 to 23. 12 ement of As at 31 IAa ash Flows 2023 Cash Ilow fmm operatlng activitlos Net income for the year 150.648 (1.254) 13 (234,389) 10.537 <634) 30.409 {925) 1.288 69.441 Depreciation of tangible ￿ed assets Gains on in¥eslmer (Increase) I decrease in debt( Incrèase in creditors 12,533 Net rA$h Ilow from operallng a¢ifvit•s {75,079) 103,710 Cash flow from I￿vestIng.a¢tfv1tes PaymentslreceiFts to acquirelsell Inves￿Trts Interest reCeI￿d {V2.868) (659.377> 925 Net cash Ilow frnm Invesung actlvltlos (82,589) <658.452) Increase In cash & Gash equlval•nts In the year (157,669) (554,742) Cash & equivalents al beginning of year 648.437 1,203.179 Total cash & ¢•sh •qufvalents at the end of Iho year ,768 648A37 Dreamfli Note5 to the Financial Ststements For the Year Ended 31 March 2024 ACCOUNTING POLICIES 1.1 GENERAL INFORMATION AND BASIS OF PREPARATION Dreamflight is a charity incorporated in Ervdland and Wales. In the event of the charity being wound up. th8 liabilty 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 inf0m￿tIOn on page 2 of these financial statements. The nature of the chartys 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 financial statements have been prepared in accordance wth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charity SORP (FRS 102) Revised}, The Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The financial statements are prepared in sterfing. ￿1)ICh is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. Dreamflight meets the d8finition of a public benefit entty under.FRS 102. The accounts {financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless Otherwise stated in the relevant note(s) to these accounts. 1.2 PREPARATION OF ACCOUNTS ON A GOING CONCERN BASIS The Charills Financial Statements shows a surplus of £150,648 (2023.. surplus of £30,409) for the y8ar and free reserves of £490,572 {2023: £658,143). The Trustees have assessed whether the us8 of the going concem basis is appropriate and have considered possible events or conditions that might cast srgnificant doubt on the abilty of the charity to contlnue as a going concern. Trustees will continue to monitor and ensure spending to be done in line with income in order to maintain target level of reserves. The review of cashflow for 12 months from the date of approval of the financial statem8nts, th8 associated assumptions that underpin it, secured new income ar)d the steps that could be taken to reduce expenditure should this be necessary. We reviewed the reserve poIiGy and available free reserves as VRII as modelled scenarios for actual and budgeted results to understand the impact of various income and expenditure. Based on the infonnation above, the Trustees have a reasonable expectation that the charty has adequate resources to continue in operation for the foreseeable future and will remain surplus in future periods. Therefore, the Trustees have adopted the going concem basis in preparing these accounts. 1.3 INCOME All incoming resources are included in the Statement of Financial Activities (SOFA) when the charty is legally entitled to the income after any perfomance condition5 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 vlriting. If there are conditions attached to the donation and this requires a level of performance befor8 entiuement 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 ￿e1Ved 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). 14 Dreamfli ht Notes to the Financial Statements For the Yoar Ended 31 March 2024 ACCOUNTING POLICIES - Continued Gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the lrfe of the asset. other income includes the income from favourable movements In foreign exchange in the year. Investment income is eamed through holding assets for investment purposes such as 8hare8. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within scheme with reasonable accuracy the invesknent 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 charltys right to receive payment is established. 1A EXPENDITURE All expenditure is accounted for on an accruals basis and has been cla88rfied 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 reliab￿. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly to such 8Ctivities arKI those costs of an indirect nature necessary to support them. Indirect costs have been allocated to activities on a basis consrdered to be fair and r8&8onable. Governance costs includes those costs associated with meeting the constitutional and ststutory requirement of the charty and include audit fees and costs linked with the strategic management of the charity. Governance costs which cannot be allocated directty are app)rtioned on an appropriate basis. Irrecoverable VAT is charged as an expense against the activity for whlch expenditure arose. 1.5 ALLOCATION OF SUPPORT COSTS Support costs are those that assist the work of the charity but do not directly represent charitable activities and include offlce costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include strategy developm8nt. The analysis of these costs is includ8d in note 5. 1.6 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. Indlvldual fixed assets costing £1,000 or more are capitalised at cost. 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 us8ful life as follows: Equipment over 4 years 1.7 INVESTMENT Invesknents are recognised initially at fair value which is nomally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains l (losses) on investments, in the SOFA if the shares are publicly traded or their fair value can other¥vise be measured reliably. 1.8 FOREIGN CURRENCY Foreign currency transactions are initially recognised by apptying to the foreign currency amount the spot exchange rate be￿en the functlonal currency and the foreign currency at the date of the transaction. 15 Dreamfll ht Notes to the Financial Statem8nts For the Year Ended 31 March 2024 AccouKfiNG POLICIES - Continued Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. 1.9 TAXATION The charity is an exempt charty 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. 1.10 FUND ACCOUNTING Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial 1.11 PENSION COSTS AND OTHER POST-REfiREMENT BENEFITS The charitable company operates a defined contribution pension scheme, Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 1.12 DEBTORS Trade and sundry d8btor8 are r8COgnis8d at the settlement amount due. Prepayments are valued at the amount repaid net of any trade discounts due. 1.13 CREDITORS AND PROVISIONS Credltors and provisions are recognised where the charty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.14 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short4erm cash deposits. 1.15 FINANCIAL INSTRUMENTS The charty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequentty measured at their settlement value with the exception of bank bans which are subsequently measured at amortised cost using the effective interest method. 1.16 JUDGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the company's accounting policies. the charity is required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in thich the estimate is revised where the revision affects onty that period, or in the period of the revision and future periods where the revision affects both current and future peri¢xls. 16 Dreamfli Notes to the Flnancial Statements•contlnued For the Year Ended 31 March 2024 Income from donations and legacies Unrestrkted Rastrlcted 2024 2023 Gifts Fundraising events Legacies Grants 485,311 897.790 485,311 358.482 897,790 1.083,074 15.000 12.585 8.456 11.904 20.360 1,391.557 11,904 1,403.461 1,469,141 The donations and legacies in 2023, totalling £1.469,141 were attributed to unrestricted funds Dreamflight benefits greatly from the enthusiastic support and involvement of tts many volunteers and supporters. In accordance with FRS 102 and the Charities SORP (FRS 102). the economic ontribution of general volunteers is not recognised in the accounts. The donations in kind are recognised within income as Gifts, and corresponding charges included within direct charitable activity costs under "Accommodation, coaches and other trip related expenses Talent Artistic Group 15 an entertainment company which provided all the entertainment for the children each evening in Orlando at total costs of £47.681. Income from charitable activities Unrestricted Restricted 2024 2023 Sale of goods and seNices 572 572 749 672 572 Income from charitable activities in 2023, totalling £749 were attributed to unrestricted funds. Income from Investments Unrestrictsd Restrlcted 2024 2023 Interest received Income frcffn Investrnent units 1,254 29,908 31,160 1,254 29,906 31,160 925 925 Income from investments in 2023. totalling £925 vRre attributed to unrestricted fund. 17 Dreamfli ht Notes to th• Flnan¢lal 8tatomonts4ontlnuod For the Year Ended 31 Mar¢h 2024 AMalyslB of •xp•ndltur• on charitablo activlties 2024 2023 Trip8 Govern•nc• Totsl Totsl Dir•cl cost of activit*s Calvert Trust Trip Aircraft charter and passenger taxes Accommodation, coaches and other trip related e>penses Theme Park Tickets Trip medi¢al equipment and expen Chiklrens. money. currency. trip clothirKJ, T-shirts, dvdfvideo production. trip equipment In$uran¢& Fundraising and publiaty Foreign Exchange Los$ l (Gain) Total divect costs 50.469 150.000 50.469 150.000 37,610 216.300 583,559 175.708 14.246 583.559 175,708 14.246 565.342 171,584 11.587 161.959 161.959 150.856 30.862 30,787 13,167 1310,757 831 31,693 30,787 13.167 1,211,688 6,210 15,815 75.503 1.099.801 831 Support Costs allo¢al¢d lo a¢liviti•s Staff costs (Note 7) Payroll pro¢8$$ing costs Recruitment costs Office Costs Travelling & Subsistsnce e>penses Communication8 Postage and ststionery Printing and design Advertising Bank charges Subscriptions. licence fees, IT Depreciation Audit se￿l¢eS Accountancy servi consu￿anCY & Professional fees Total support ¢o$ts 173,883 4,459 178,342 162.491 144 5,184 38,652 8,779 14,771 2,413 1.248 100 2.722 14.247 1,288 8,580 12,557 7.988 281,164 9.141 36.844 8.078 16,453 3.495 876 672 3.579 10.668 13 234 945 2,019 9,375 37,789 10,097 16,453 3,495 876 840 3,579 14.224 13 7.800 17,593 6.784 307,346 168 3.556 7.800 17.593 3.392 40,168 3,392 267.178 Total rosources expended 1.477.936 40.999 1&1&934 1.380.96S The basis of allocation for the goveman¢o ¢0$ts in the current and prior years is that 100% of Tru$t•o$ liability insurance, 100% of legal fe88. 100% of audit & accountancy fees, 50% of consuttancy & professional fees, 25°h of $ub$¢rlption$, Il¢an¢• fe•$, IT, 20% of advertising, 209/• of trav8Ning expenses and 2.5•A of staff costs and 2.5% of office ¢osts are induded within governan The ¢h8ritablo a¢tivitios ¢ost in 2023, totslling £1,380,965. w8r8 attributed to unrestricted funds. Notes to the Finan¢ial Statements-¢ontinuod For the Y•ar Ended 31 March 2024 N•t Income fortho year li 8tatod aftèr charying: 2024 2023 Depreciation of tangible fixed assets OperatirKJ lease rentals Auditors. remuneration". Auditors. rnmuneration: 13 24,807 7.800 1.200 1.288 24,022 8.580 Audit SeNices Non-Audit Servic•s Stsff c08ts and n￿nbOYS 2024 2023 Salaries and wages Soual securty c¢7sts Pension Costs 163,IJ07 11,977 3.358 149.181 10.280 3,030 178.342 161491 Staff Numbers The average monthty number of employees during the ￿ar were as follows: 2024 2023 Average staff 2024 2023 Direct charitable WQTk Administrative wort The full time equivalent number of employees during the year were 4 {2023 '. 4) The ¢harity has 150 voluntefrrn who h8ve equated in excess of 26.000 voluntser hours durin9 the year. In tsmi$ of number this is equivalont to ￿e1ve fvll time stsff positiorts. The number of employees whose totsl employee benefrts exdudiThJ pension contributions eaming ovor eo,000, cla$$ified within bands of £10,000 is as follows.. 2024 2023 £60,OOW9,999 £70,OoI￿79.g99 Key manaym•nt ￿r$Onna1 remuneration The key management pe￿Onnel of the ¢harlty is the Chief Executive Officer and lh• total key management p9￿0nner remuneratton for tha year is £72.86512023: £73,101). 19 Dreamfli ht Notes to the Financial Statoments4ontlnuad For the Year Endod 31 March 2024 Trustees, remuneration and benefft During the year the Trustees donated £Nil (2023: £Nil) to the charity. No remuneration was paid to the Trustees during the current or prior years. The fdloviryng expenses were reimbursed to the Trustees.. 2024 2023 Trusteos Trustees 2024 2023 Travel expenses 2,311 2.311 4,892 4,892 The cost of Trustees indemnity insurance was £831 (2023.. £796) Tanglble fixed assets Equlpment Totsl Cost or Valuatlon: At 1 April 2023 Additions in year Disposals in year At 31 March 2024 70.854 975 70.854 975 71,829 71,829 Depreclatlon: At 1 April 2023 Charge for the year On disposals At 31 M8rch 2024 70,854 13 70,854 13 70,867 70,867 Net book valu•: At 31 March 2024 962 At 31 March 2023 10 Investments 2024 2023 Unit Trusts Market value at 1 April 2023 Purchase of untts Gainl(loss) in value Market value at 31 March 2024 2,149,232 82,868 234,389 2.486,489 1,549,296 659,377 (59,441) 2.149,232 20 Dreamfli Notes to the Flnancial Statements Transfar on Balance at 31 March 2023 Unrestricted Funds General funds 2,776,967 1,470.815 1,380,965 {59.441) 2.807,376 1776,967 1,470.815 1,380,965 (59A41) 2,807.376 The speofic purpose for which the funds are to be appli8d are as follows.. Restrided funds: The Wates Foundation provided a grant for £11.904 in May 2023. Thè purpose of the grant wa$ to pay for Universal Studios theme park tickets for all children on the Dreamfiight trip in 2023. General funds: General funds represent fuThls available to spend at the discretion of the TNstee8. 15 Commllmonts Oporatlng I￿Se commllments Total futu￿ mlnlmum lease payments under non catKellable operating leases are as follows: 2024 2023 Expiry date: Within one year Betsveen one and fve years 26,525 28.085 23,357 Other financial commitinents At the year end the charity had commitments of $300,000 {2023: $300.000) and £20,000 {2023: £20,OLKI) for expenditure to be incurred on the October trip. 22 Dreamfll ht Notes to the Financial Statements