Charity number: 1123662
THE DREAM FACTORY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 - 21 |
THE DREAM FACTORY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | Mrs G Kelly, Trustee (resigned as Chair 29 July 2022) |
|---|---|
| Mr D West, Treasurer | |
| Ms A Mills BEM, Trustee | |
| Ms A J Galanopoulos, Chair (appointed 29 July 2022) | |
| Mr R Alomo, Trustee | |
| Mrs L J Clarke, Trustee | |
| Mrs S J Potter, Trustee (appointed 13 June 2022, resigned 29 August 2023) | |
| 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 2023
The Trustees present their annual report together with the financial statements of The Dream Factory (the charity) for the ended 31 March 2023. 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 six 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 six 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 2023
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 with some strong donations from individuals, positive contributions from businesses including Golf Days and some successful events.
DREAMS GRANTED
We continue to increase the number of Dreams we are able to grant to take full advantage of the funds we are generating. We are now back to running our full range of Dreams and we have increased the resource we have in support of this process to enable this to happen. We completed 63 dreams in the year compared to 44 in the previous year.
Dream requests continue to be received and we aim to grant more dreams in the coming year. The resource we need to deliver additional Dreams is continually under review.
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 2023
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 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 now back to normal and staff working from the office we have 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 decreased by £8,761 compared to 2022 with a different mix of donations and events across those run by our own teams and those by our business supporters. Expenditure has increased during the year by £40,651. This has resulted in a net deficit of £1,178 (2022: surplus of £48,234). At 31 March 2023 the charity had unrestricted free reserves of £223,092 (2022: £224,270) and restricted reserves of £Nil (2022: £Nil).
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
Page 4
THE DREAM FACTORY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 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
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.
Page 5
THE DREAM FACTORY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES
Trustees who served during the year and up to the date of this report are:
Mrs G Kelly, Trustee (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) Mrs L J Clarke, Trustee Mrs S J Potter, Trustee (appointed 13 June 2022, resigned 29 August 2023) Mr R Alamo, Trustee
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, moving to the amended part time role as Office Manager effective August 2023 , with the conditions within the Trust Deed.
As Trustees we certify that:
-
So far as we are aware, there is no relevant accounting information of which the charity’s independent examiners are unaware; and
-
We have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant accounting information and to establish that the charity’s independent examiners are aware of that information
Approved by order of the members of the board of Trustees on 5 September 2023 and signed on their behalf by:
Mr D West
Trustee
Page 6
THE DREAM FACTORY
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 5 September 2023 and signed on its behalf by:
Mr D West Trustee
Page 7
THE DREAM FACTORY
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
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 2023.
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
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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.
Page 8
THE DREAM FACTORY
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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: 5 September 2023 Laura Ambrose ACA
Haslers Chartered Accountants Old Station Road Loughton Essex IG10 4PL
Page 9
THE DREAM FACTORY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| 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 2023 £ 138,379 - 38,528 1,087 177,994 42,475 136,697 179,172 (1,178) 224,270 (1,178) 223,092 |
Restricted funds 2023 £ 2,200 - - - 2,200 - 2,200 2,200 - - - - |
Total funds 2023 £ 140,579 - 38,528 1,087 180,194 42,475 138,897 181,372 (1,178) 224,270 (1,178) 223,092 |
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 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 21 form part of these financial statements.
Page 10
THE DREAM FACTORY
BALANCE SHEET AS AT 31 MARCH 2023
| Note Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
10,253 223,440 233,693 (10,601) |
2023 £ 223,092 223,092 - 223,092 223,092 |
8,803 220,388 229,191 (4,921) |
2022 £ 224,270 |
|---|---|---|---|---|
| 224,270 | ||||
| - 224,270 |
||||
| 224,270 |
The financial statements were approved and authorised for issue by the Trustees on 05 September 2023 and signed on their behalf by:
Mr D West
Trustee
The notes on pages 12 to 21 form part of these financial statements.
Page 11
THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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.
Page 12
THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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.
Page 13
THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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 2023 £ Donations 121,744 Regular givers 8,500 Government grants - Donated services 8,135 138,379 Total 2022 148,501 |
Restricted funds 2023 £ 2,200 - - - 2,200 1,800 |
Total funds 2023 £ 123,944 8,500 - 8,135 140,579 150,301 |
Total funds 2022 £ 131,123 3,380 3,289 12,509 150,301 |
|---|---|---|---|
4. Income from other trading activities
Income from fundraising events
| Unrestricted funds 2023 £ Fundraising income 38,528 Total 2022 35,488 |
Total funds 2023 £ 38,528 35,488 |
Total funds 2022 £ 35,488 |
|---|---|---|
Page 14
THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Investment income
| Unrestricted funds 2023 £ Interest receivable 1,087 Total 2022 70 |
Total funds 2023 £ 1,087 70 |
Total funds 2022 £ 70 |
|---|---|---|
6. Analysis of expenditure by activities
| Direct costs Total 2022 |
Activities undertaken directly 2023 £ 97,412 69,712 |
Support costs 2023 £ 41,485 36,569 |
Total funds 2023 £ 138,897 106,281 |
Total funds 2022 £ 106,281 |
|---|---|---|---|---|
Analysis of direct costs
| Wages and salaries Dream making expenses |
Total funds 2023 £ 20,313 77,099 97,412 |
Total funds 2022 £ 17,799 51,913 69,712 |
|---|---|---|
Page 15
THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Wages and salaries Telephone expenses Printing, postage and stationary Just Giving administration fees Rental expenses Independent Examiner's fees Professional fees Insurance Motor Running Costs |
Total funds 2023 £ 23,429 528 736 562 5,400 2,970 1,798 2,062 4,000 41,485 |
Total funds 2022 £ 18,295 857 778 417 5,400 2,835 1,732 2,055 4,200 36,569 |
|---|---|---|
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,970 ( 2022 - £2,700 ).
8. Staff costs
| Wages and salaries | 2023 £ 75,676 75,676 |
2022 £ 59,063 |
|---|---|---|
| 59,063 |
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
8. Staff costs (continued)
The average number of persons employed by the charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 6 | 5 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
Trustees received remuneration amounting to £43,155 (2022: £25,244) in the current year for their role as an employee.
Trustees received benefits in kind amounting to £8,286 in the current year (2022 - £7,990).
Trustees received reimbursement of expenses amounting to £781 (2022 - £259).
10. Debtors
| Due within one year Other debtors Creditors: Amounts falling due within one year Accruals and deferred income |
2023 £ 10,253 10,253 2023 £ 10,601 |
2022 £ 8,803 |
|---|---|---|
| 8,803 | ||
| 2022 £ 4,921 |
11. Creditors: Amounts falling due within one year
Page 17
THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Restricted funds PH - Billie Eilish Concert Eitan - Laptop Total of funds |
Balance at 1 April 2022 £ 224,270 - - - 224,270 |
Income £ 177,994 1,200 1,000 2,200 180,194 |
Expenditure £ (179,172) (1,200) (1,000) (2,200) (181,372) |
Balance at 31 March 2023 £ 223,092 |
|---|---|---|---|---|
| - - - |
||||
| 223,092 |
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Princess Party Festival 2021 Christmas Draw Total of funds |
Balance at 1 April 2021 £ 175,036 - 1,000 1,000 176,036 |
Income £ 187,155 1,800 - 1,800 188,955 |
Expenditure £ (137,921) (1,800) (1,000) (2,800) (140,721) |
Balance at 31 March 2022 £ 224,270 |
|---|---|---|---|---|
| - - - |
||||
| 224,270 |
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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 2022 £ 224,270 - 224,270 Balance at 1 April 2021 £ 175,036 1,000 176,036 |
Income £ 177,994 2,200 180,194 Income £ 187,155 1,800 188,955 |
Expenditure £ (179,172) (2,200) (181,372) Expenditure £ (137,921) (2,800) (140,721) |
Balance at 31 March 2023 £ 223,092 - 223,092 |
|---|---|---|---|---|
| Balance at 31 March 2022 £ 224,270 - 224,270 |
Restricted Funds
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 there were 2 specific dreams that fell into this category.
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Current assets 233,693 Creditors due within one year (10,601) Total 223,092 |
Total funds 2023 £ 233,693 (10,601) 223,092 |
|---|---|
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THE DREAM FACTORY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
14. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 229,191 (4,921) 224,270 |
Total funds 2022 £ 229,191 (4,921) 224,270 |
|---|---|---|
15. Related party transactions
During the year the charity incurred expenditure of £52,222 (2022: £33,234) which represents remuneration, benefits in kind and reimbursement of expenses to trustees as per note 9.
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