Charity number: 1123662
THE DREAM FACTORY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
THE DREAM FACTORY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Trustees' responsibilities statement | 7 |
| Independent examiner's report | 8 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 20 |
THE DREAM FACTORY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees Mrs G Kelly Mr D West, Treasurer Ms A Mills BEM, Trustee Ms A J Galanopoulos, Chair Mr R Alomo, Trustee (appointed 31 August 2021) Mrs L J Clarke, Trustee Mrs S J Potter, Vice Chair and Board Secretary Ms B Haer (resigned 25 May 2021) Charity registered number 1123662 Principal office Unit 1A 62-70 Fowler Road, Hainault Business Park Ilford Essex IG6 3UT Finance officer Mr D West Accountants Haslers Chartered Accountants Old Station Road Loughton Essex IG10 4PL
Page 1
THE DREAM FACTORY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of The Dream Factory (the charity) for the ended 31 March 2022. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (effective 1 January 2015).
Structure, governance and management
CONSTITUTION
The work of The Dream Factory began in January 2008 and became registered as a charity on 1st April 2008. The company was established under a Trust Deed which established the objects and powers of the charity.
METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
We currently have seven charity trustees for the purposes of charity law.
The current members have between them knowledge and skills in: management, fundraising, event management, statistics, charity law and practice, accountancy and human resources.
We continue to look to recruit new trustees who can expand on the areas of expertise currently covered.
POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
The trustees are familiar with the practical work of the charity. New trustees will have a period of induction which includes meeting staff and volunteers and hearing a summary of the project from the Chair of Trustees. They will receive a copy of the Trust Deed, a copy of the Charity’s latest report and statement of accounts, the Charity Commission publications outlining their obligations and a copy of the policies and procedures.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
The Dream Factory now has a Trustee Board of seven members. The Board meet at least three times per year and are responsible for the strategic direction and policy of the charity.
A scheme of delegation is in place and day to day responsibility for the provision of the services rests with the Chair of Trustees who is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met.
RISK MANAGEMENT
Systems and procedures have been established to mitigate the risks the charity faces. External risks to funding have been identified and this has led to the decision to diversify activities and sources of funding. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to all sites.
TRUSTEES' INDEMNITY INSURANCE
During the year Trustees’ indemnity insurance was included in the charity policy. The level of cover was £100,000.
Page 2
THE DREAM FACTORY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Objectives and Activities
AIMS AND OBJECTIVES
The charity’s objects are:
To relieve the suffering of children and young people aged from 3 years to 25 years, living in the UK with life limiting or terminal illnesses and/or severe disabilities, by granting Wishes and Dreams in order to bring happiness and joy, for example: toys and games, meeting a famous person, trip or party, etc.
STRATEGIES FOR ACHIEVING OBJECTIVES
We review our activities each year to measure how we have used our resources and the outcomes we have achieved.
HOW OUR ACTIVITIES DELIVER PUBLIC BENEFIT
All our charitable activities focus on granting Wishes and Dreams to children and young people who meet our criteria. The granting of these Dreams involves meeting children, young people and their families, obtaining information and permission, organising events for them, purchasing items, contacting companies and celebrities on their behalf and accompanying them on their Dream where appropriate.
FUNDRAISING ACTIVITIES/INCOME GENERATION
Fundraising during the last financial year was excellent and appeared to benefit from the pent up demand resulting from the previous general restrictions placed on holding face to face events during the coronavirus pandemic. As such our funding in the year was better than expected.
We had good support by way of personal donations, and various events including 4 golf days over the summer of 2021.
DREAMS GRANTED
As we exited from the restrictions under the pandemic we were able to run a variety of dreams with the exception of holidays where we decided it was too early to push dreams in this area as travel arrangements were still settling down post the pandemic hiatus. A number of dreams granted in the year were based around the provision of electronic equipment and we were also able to introduce a number of ‘experience’ styled dreams once face to face events were possible. Overall, we managed to complete 44 dreams in a safe manner during the year.
Dream requests continue to be received and we aim to grant more dreams in the coming year, including holidays now that things are back to more of a norm.
PROMOTING OUR SERVICE
We are well known within local hospitals and their charities such as Clic Sargent who pass our information on to their patients. We visit children's hospices, schools, community groups etc. and distribute information leaflets wherever possible. Our website has information about our services and we use social media platforms such as Facebook, Twitter, Linkedin and Instagram. Dream requests are received via these sources and more such as word of mouth.
Page 3
THE DREAM FACTORY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
VOLUNTEERS
The Dream Factory volunteer force is divided into three teams:
-
Dream Makers
-
Fundraising and events
-
Office team
Dream Makers work in teams of 2 or 3 and visit families following a request for a Dream; identify with the child or young person 3 Dreams that they are excited about; research the feasibility of the requests and agree the way forward with the child/guardian or young person; provide the Dream; follow up after the event. The Dream Makers are recruited, trained, coordinated and supervised by Seema Hindocha our Dream Coordinator.
Fundraisers work under the supervision of Avril Mills, Trustee, who recruits and trains them. The volunteer fundraisers provide information, materials and manpower to companies and groups putting on fundraising events for The Dream Factory. They also form the team at The Dream Factory’s own fundraising and awareness raising events.
Office volunteers assist with administration in the office. With operations getting back to normal and staff returning to the office we have appointed an Operations Manager to help refine and coordinate the way we run and manage our services.
PATRONS
Our supporting team of Patrons remained unchanged during the year.
Achievements and performance
REVIEW OF ACTIVITIES
This year's income has increased by £86,503 compared to 2021 with a different mix of donations and events across those run by our own teams and those by our business supporters. Expenditure has also increased during the year by £33,797. This has resulted in a net surplus of £48,234 (2021: deficit of £4,472). At 31 March 2022 the charity had unrestricted free reserves of £224,270 (2021: £175,036) and restricted reserves of £Nil (2021: £1,000).
INVESTMENT POLICY AND PERFORMANCE
The amount of investment income shown in the accounts is derived from money left on deposit in the bank and charity deposit fund.
Financial review
PRINCIPAL FUNDING
Our principal sources of funding are:
-
Corporate donations
-
Individual donations
-
Fundraising events
-
Online Fundraising
-
Sponsorship for fundraising activities
RESERVES POLICY
The overriding factors driving this policy are the Trustees’ desire to be able to continue to grant Wishes and Dreams to children and young people who meet The Dream Factory criteria and to secure the staff’s continuing
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THE DREAM FACTORY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
employment, which is fundamental to achieving our aims.
The object is to maintain at least twelve months reserves. With some of our events’ funding arriving up to two months in arrears and the receipt of donations fluctuating during holiday periods this approach has been vital. Without this money in the reserve fund it would be difficult for us to operate at times in the year; it is in effect our working capital.
Given the continuing difficult financial climate and the consequent uncertainty about the future level of donations and fund raising support, the Trustees are satisfied about the current level of reserves being in excess of our objective at this time. The reserves will ensure the continuity of our Dream fulfilment activities for the foreseeable future.
Plans for future periods
COVID 19
As we write this report we hope that the pandemic is now mainly in the past and that we will not have to restrict what we can offer in the weeks and months ahead.
FUTURE DEVELOPMENTS
We plan to grant as many dream requests as possible within our resources and expertise.
We plan to recruit more volunteers in order to meet the demands for Wishes and Dreams.
We plan to promote the work of the charity in areas not yet reached by The Dream Factory; we will do this by providing information and holding meetings with hospital and community Paediatric Nursing Teams to encourage them to pass on our information to their patients. We will endeavour to continue to publicise our work through local newspapers and organisations providing services to children and young people in neighbouring boroughs.
As the charity grows we will recruit more Trustees to ensure adequate numbers for meetings, to widen the range of expertise and to ensure good governance.
INDEPENDENT EXAMINER
Haslers Chartered Accountants were reappointed as the charity’s Independent Examiners during the year and have expressed their willingness to continue in that capacity.
TRUSTEES
Trustees who served during the year and up to the date of this report are:
Mrs G Kelly, Chair (resigned as Chair on 29 July 2022) Mr D West, Treasurer Ms A Mills BEM, Trustee Ms A J Galanopoulos, Trustee (appointed as Chair 29 July 2022) Ms B Haer, Trustee (resigned 25th May 2021) Mrs L J Clarke, Trustee Mrs S J Potter, Trustee (appointed as Vice Chair and Board Secretary 13 June 2022) Mr R Alamo, Trustee (appointed 31 August 2021)
Trustee Avril Mills, is employed by the charity in accordance with the conditions within the Trust Deed. Trustee Geraldine Kelly is employed by the charity, effective August 2022 as Operations Manager, with the conditions within the Trust Deed.
Page 5
THE DREAM FACTORY TRUSTEES. REPORT IcopinNUEDI FOR THE YEAR ENDED 31 PAARCH 2022 As Trustees we certtfy that: - So far as we are aware. there is no r818vant aCrnIg information of the charivs independent examinets are unaware." and - We have tsken 811 the steps that TAP ought to have tsken in (Kder to make ourselves aware of any relerdnt a(£ounting infomption and to establth that the charitys independent examiners are aware of that infomialion Apwoved by order of the members of ts Ix)ard of TnJ5tees on 12 September 2022 and signed on their beha Mr D West Trustee Page 6
THE DREAM FACTORY STATEMENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 IAARCH 2022 The Trustees are responsk>le ft)r preparing the Trustees, reKKx1 and the financial statements in accordance with applicable law and Untted Kingknn Accounts"ng Standards Iunited lfjngth)m Generally Accepted Accounting Practice). The law applicable to charrties in EnglaThJ & W&s requires the Trijstees to prep8re financial statements for each financial whth grve a true and fair vivw of the 5tste of affairs of the Gharity and of ts incoming resources and application of resources, induding ils income and eynditure. for that period. In preparing these finanaal ¥latements, the TTUStees are required to: select surtabb accountsng FKJliaes and then appty them consistenty. ObSee the methfyys and principles of the ChanlFes SORP IFRS 102).. make judgements and aCUnting esb"mate5 that are reasonab and prud8nt state whether applicable UKAccountillg Standards IFRS 102) have been followed. subject to any material departures disdosed and expkined in the ffinanaal statenEnts". ptepare the financial statements on the going ¢xJncem basis unless il inappropri*e to presume that the charity will continue in busines& The Trustees are $r#sIble for keeping adequate accounling records that a SuffiCnI to sh¢xi and explain the Gharitys transactions and disclose Nvth reasonthe accuracy at any time the financial position of the charity and enable them to ensure that the finanaal ststements compty wrth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the ProS1OnS of the Twst deed. They are a150 responsible for safeguarding the assets of the charty and he for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the merntEf5 the board ofTrust8es 12 Septernber 2022 and signed on its bahaw by. Mr D West Tru51ee P8ge 7
THE DREAM FACTORY
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent examiner's report to the Trustees of The Dream Factory ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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THE DREAM FACTORY
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Dated: 12 September 2022
Laura Ambrose ACA
Haslers Chartered Accountants Old Station Road Loughton Essex IG10 4PL
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THE DREAM FACTORY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 3 Charitable activities Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 148,501 3,096 35,488 70 187,155 34,440 103,481 137,921 49,234 175,036 49,234 224,270 |
Restricted funds 2022 £ 1,800 - - - 1,800 - 2,800 2,800 (1,000) 1,000 (1,000) - |
Total funds 2022 £ 150,301 3,096 35,488 70 188,955 34,440 106,281 140,721 48,234 176,036 48,234 224,270 |
Total funds 2021 £ 73,533 - 28,762 157 102,452 29,378 77,546 106,924 (4,472) 180,508 (4,472) 176,036 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 20 form part of these financial statements.
Page 10
THE DREAM FACTORY BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Curront ass•ts Debtors Cash at bank and in hand 10 8,803 7.950 175,336 229.191 183.286 Creditors.. amounts falling due within one 11 14.921) (7.250) Net curront assots 224,270 176.036 Total net aets 224,270 776.036 Charity fund8 Rèstricted funds 12 Unrestricted ftFnds 12 224.0 175.036 Total funds 224.270 176.036 The financial statements wwe approv&J and aulhortsed for issue by the Trustees on 12 September 2022 and signed on their behalf ty. -BJu Mr D We8t Trustee The notes on pages 12 10 20 fomi part of these financial slatements. Page 11
THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
The Dream Factory is a charitable organisation, registered in England and Wales, with a charity number of 1123662. The registered address is Unit 1A, 62-70 Fowler Road, Hainault Business Park, Ilford, Essex, IG6 3UT.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Dream Factory meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
2.4 Government grants
Other grants are credited to the statement of financial activities as the related expenditure is incurred.
2.5 Interest receivable
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 institution with whom the funds are deposited.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities 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.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.9 Fund accounting
General funds are unrestricted funds which 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 costs 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.
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations 129,323 Regular givers 3,380 Government grants 3,289 Donated services 12,509 148,501 Total 2021 70,033 |
Restricted funds 2022 £ 1,800 - - - 1,800 3,500 |
Total funds 2022 £ 131,123 3,380 3,289 12,509 150,301 73,533 |
Total funds 2021 £ 29,337 4,840 29,209 10,147 |
|---|---|---|---|
| 73,533 | |||
4. Income from other trading activities
Income from fundraising events
| Unrestricted funds 2022 £ Fundraising income 35,488 Total 2021 28,762 |
Total funds 2022 £ 35,488 28,762 |
Total funds 2021 £ 28,762 |
|---|---|---|
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Investment income
| Unrestricted funds 2022 £ Interest receivable 70 Total 2021 157 |
Total funds 2022 £ 70 157 |
Total funds 2021 £ 157 |
|---|---|---|
6. Analysis of expenditure by activities
| Direct costs Total 2021 |
Activities undertaken directly 2022 £ 69,712 39,736 |
Support costs 2022 £ 36,569 37,810 |
Total funds 2022 £ 106,281 77,546 |
Total funds 2021 £ 77,546 |
|---|---|---|---|---|
Analysis of direct costs
| Wages and salaries Dream making expenses |
Total funds 2022 £ 17,799 51,913 69,712 |
Total funds 2021 £ 23,042 16,694 |
|---|---|---|
| 39,736 |
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Wages and salaries Telephone expenses Printing, postage and stationary Just Giving administration fees Miscellaneous Rental expenses Independent Examiner's fees Professional fees Insurance Charity Donation Motor Running Costs Computer Costs |
Total funds 2022 £ 18,295 857 778 417 - 5,400 2,835 1,732 2,055 - 4,200 - 36,569 |
Total funds 2021 £ 18,734 945 234 216 1,151 5,400 2,700 3,104 2,243 3 2,660 420 |
|---|---|---|
| 37,810 |
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,835 ( 2021 - £2,700 ).
8. Staff costs
| Wages and salaries | 2022 £ 59,063 59,063 |
2021 £ 70,789 |
|---|---|---|
| 70,789 |
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Staff costs (continued)
The average number of persons employed by the charity during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Employees | 5 | 5 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
Trustees received remuneration amounting to £25,244 (2021: £44,189) in the current year for their role as an employee.
Trustees received benefits in kind amounting to £7,990 in the current year (2021 - £7,435).
Trustees received reimbursement of expenses amounting to £259 (2021 - £266).
10. Debtors
| Due within one year Other debtors |
2022 £ 8,803 8,803 |
2021 £ 7,950 |
|---|---|---|
| 7,950 |
11. Creditors: Amounts falling due within one year
| Other taxation and social security Accruals and deferred income |
2022 £ - 4,921 4,921 |
2021 £ 656 6,594 |
|---|---|---|
| 7,250 |
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Princess Party Festival 2021 Christmas Draw Total of funds Statement of funds - prior year Unrestricted funds General Funds Restricted funds Princess Party Festival Dream Activities - Staff costs 2021 Christmas Draw Total of funds |
Balance at 1 April 2021 £ 175,036 - 1,000 1,000 176,036 Balance at 1 April 2020 £ 179,208 - 1,300 - 1,300 180,508 |
Income £ 187,155 1,800 - 1,800 188,955 Income £ 98,952 2,500 - 1,000 3,500 102,452 |
Expenditure £ (137,921) (1,800) (1,000) (2,800) (140,721) Expenditure £ (103,124) (2,500) (1,300) - (3,800) (106,924) |
Balance at 31 March 2022 £ 224,270 |
|---|---|---|---|---|
| - - |
||||
| - | ||||
| 224,270 | ||||
| Balance at 31 March 2021 £ 175,036 |
||||
| - - 1,000 |
||||
| 1,000 | ||||
| 176,036 |
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 April 2021 £ 175,036 1,000 176,036 Balance at 1 April 2020 £ 179,208 1,300 180,508 |
Income £ 187,155 1,800 188,955 Income £ 98,952 3,500 102,452 |
Expenditure £ (137,921) (2,800) (140,721) Expenditure £ (103,124) (3,800) (106,924) |
Balance at 31 March 2022 £ 224,270 - |
|---|---|---|---|---|
| 224,270 | ||||
| Balance at 31 March 2021 £ 175,036 1,000 |
||||
| 176,036 |
Restricted Funds - Princess Party Festival
The charity will from time to time receive donations intended for a specific child's dream. In the event of this occurring, the funds are held separate from the general funds and only applied for the intended purpose, during the year a specific dream that fell into this category was for the Princess Party Festival dream.
Restricted Funds - Dream Activities Staff Costs
The charity will from time to time receive donations intended for staff costs to assist with Dream Activities.In the event of this occurring, the funds are held separate from the general funds and only applied for the
intended purpose. During the year, a donation was received specifically for staff costs to assist with Dream Activities.
Restricted Funds - 2021 Christmas Draw
The charity received an early donation for its Christmas prize for the 2021 Christmas draw.
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Current assets 229,191 Creditors due within one year (4,921) Total 224,270 |
Total funds 2022 £ 229,191 (4,921) 224,270 |
|---|---|
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 182,286 (7,250) 175,036 |
Restricted funds 2021 £ 1,000 - 1,000 |
Total funds 2021 £ 183,286 (7,250) 176,036 |
|---|---|---|---|
15. Related party transactions
During the year the charity incurred expenditure of £33,493 (2021: £51,890) which represents remuneration, benefits in kind and reimbursement of expenses to trustees as per note 9.
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