Dare To Dream Trust Wales Annual Report for 2022-2023
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Index
Page 3. Reference & administrative details Page 4. Chair’s Report Page 5. Financial Report Page 6. Plan for 2023 / 2024
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Reference & Administrative Details
Name. Dare To Dream Trust Wales Status. Dare To Dream Trust Wales is a Charitable Incorporated Organisation Charity Registration Number. 1157279 Principal Office and Registered Hugh James, Two Central Square, Cardiff, Address. CF10 1FS Website. www.dare2dream.org.uk Trustees. David Jones (Chair) Jackie Jones (Vice Chair) Ryan Jones Hayley Parsons Maria Young Rachel McKay Alun Jones Treasurer. Auditor. Bankers. Barclays Bank plc Financial. Bevan Buckland LLP Legal. Hugh James Solicitors
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Chair’s Introduction
For the year ended 30[th] November 2023
It gives me great pleasure to introduce the charity’s Trustees’ Annual Report, which sets out, for our supporters and the general public, what we have achieved in the past and our future plans.
The Trust has had a quiet year for fundraising and we have been using our funds raised from previous years to allow us to honour any requests into our Trust.
As a result, we were able to further extend our support and charitable work and thus far have been able to support every request made to the Trust of which we find to be suitable to the criteria that we adhere to.
Finally, my sincere thanks need to go to our board of trustees. Your time and effort does not go unappreciated and without the drive of the board the work of the Trust would not be possible.
David Jones, Chair of Trustees
30[th] November 2023
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Financial Report
In 2022-2023, we have achieved an income of £0.
Below shows a breakdown of where this income has come from and the expenditure already made:
Incoming Resources Individual Donations Total Charitable Activities Various Individual Beneficiary Grants Total resources expended |
2023 0 |
|---|---|
| 0 | |
| 12,000 | |
| 12,000 |
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– The Plan 2024
The trustee’s have reviewed the financial report for the year 2023 and although there was a loss for the year they are satisfied that there are sufficient funds brought forward and future events in place for the future.
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REGISTERED CHARITY NUMBER: 1157279
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
FOR DARE TO DREAM TRUST WALES
Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA
DARE TO DREAM TRUST WALES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Statement of Financial Activities | 2 | ||
| Balance Sheet | 3 | ||
| Notes to the Financial Statements | 4 | to | 7 |
| Detailed Statement of Financial Activities | 8 |
DARE TO DREAM TRUST WALES
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 30 November 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the charity is to affect great change on lives throughout Wales and beyond in many ways. Our fundraising efforts serve to greatly enhance the lives of youngsters who face daily, life-limiting challenges. Our Trustees and participants in general represent a collaboration of like-minded individuals; united in their shared gratitude for the blessing of health and wellbeing, and their commitment to raising the life experiences of those less fortunate.
FINANCIAL REVIEW
Financial position
During the course of the year we have continued to utilise the Charity's reserves in line with its objectives.
During the year the charity reports a deficit of (£12,000) compared to a surplus in 2022 of (£82,239)
The unrestricted reserves at 30 November 2023 were £12,283. (2022: £23,283).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1157279
Principal address
The Officials Plas Hyfryd Hotel Moorfield Road Narberth SA67 7AB
Trustees
D H Jones Mrs J E Jones A R Jones Mrs M R Young
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ D H Jones - Trustee
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DARE TO DREAM TRUST WALES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - EXPENDITURE ON Charitable activities Charitable activities 12,000 NET INCOME/(EXPENDITURE) (12,000) RECONCILIATION OF FUNDS Total funds brought forward 24,283 TOTAL FUNDS CARRIED FORWARD 12,283 |
2022 Total funds £ 7,573 89,812 (82,239) 106,522 24,283 |
|---|---|
The notes form part of these financial statements
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DARE TO DREAM TRUST WALES
BALANCE SHEET 30 NOVEMBER 2023
| 2023 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 12,283 NET CURRENT ASSETS 12,283 TOTAL ASSETS LESS CURRENT LIABILITIES 12,283 NET ASSETS 12,283 FUNDS 4 Unrestricted funds 12,283 TOTAL FUNDS 12,283 |
2022 Total funds £ 24,283 24,283 24,283 24,283 24,283 24,283 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. D H Jones - Trustee
The notes form part of these financial statements
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DARE TO DREAM TRUST WALES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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 statements.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Functional and presentation currency
The Company’s financial statements are presented in pound sterling.
The Company’s functional and presentation currency is the pound sterling.
Support and Governance Costs
Plas Hyfryd Hotel Limited (a connected company) has committed to covering expenses and overheads of the charity.
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DARE TO DREAM TRUST WALES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the year ended 30 November 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2023 nor for the year ended 30 November 2022.
3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |||
|---|---|---|---|
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 7,573 | ||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable activities | 89,812 | ||
| NET INCOME/(EXPENDITURE) | (82,239) | ||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 106,522 | ||
| TOTAL FUNDS CARRIED FORWARD | 24,283 | ||
| MOVEMENT IN FUNDS | |||
| Unrestricted funds | Net At movement 1.12.22 in funds £ £ |
At 30.11.23 £ |
|
| General fund | 24,283 (12,000) |
12,283 | |
| TOTAL FUNDS | 24,283 (12,000) |
12,283 | |
| Net movement in funds, included in the above are as follows: | |||
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|
| General fund | - (12,000) |
(12,000) | |
| TOTAL FUNDS | - (12,000) |
(12,000) | |
4. MOVEMENT IN FUNDS
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DARE TO DREAM TRUST WALES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
4. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.12.21 £ Unrestricted funds General fund 106,522 TOTAL FUNDS 106,522 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 7,573 TOTAL FUNDS 7,573 A current year 12 months and prior year 12 months combined position is as follows: At 1.12.21 £ Unrestricted funds General fund 106,522 TOTAL FUNDS 106,522 |
Net movement At in funds 30.11.22 £ £ (82,239) 24,283 (82,239) 24,283 Resources Movement expended in funds £ £ (89,812) (82,239) (89,812) (82,239) Net movement At in funds 30.11.23 £ £ (94,239) 12,283 (94,239) 12,283 |
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 7,573 (101,812) |
(94,239) |
| TOTAL FUNDS | 7,573 (101,812) |
(94,239) |
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DARE TO DREAM TRUST WALES
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023
5. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 November 2023. (2022: £nil).
6. TRUSTEES
The trustees during the year were:
Mr D Jones (Chair) Mrs J Jones (Vice Chair) Mr A Jones Mr R Jones Mrs H Parsons Mrs M Young Mrs R Young
7. OTHER INFORMATION
Dare to Dream Trust Wales is a Charitable Incorporated Organisation. Its registered office is:
Hugh James Two Central Square Cardiff CF10 1FS
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DARE TO DREAM TRUST WALES
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|
| FOR THE YEAR ENDED 30 NOVEMBER 2023 | |||
| 2023 | 2022 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | - 7,573 |
||
| Total incoming resources | - 7,573 |
||
| EXPENDITURE | |||
| Charitable activities | |||
| Grants to institutions | 12,000 90,202 |
||
| Support costs | |||
| Governance costs | |||
| Accountancy and legal fees | - (390) |
||
| Total resources expended | 12,000 89,812 |
||
| Net expenditure | (12,000) (82,239) |
This page does not form part of the statutory financial statements
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