Dare To Dream Trust Wales Annual Report for 2022-2023 1 | P a g e ## **Index** Page 3. Reference & administrative details Page 4. Chair’s Report Page 5. Financial Report Page 6. Plan for 2023 / 2024 2 | P a g e ## **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 3 | P a g e ## **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 4 | P a g e ## **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**| 5 | P a g e **– 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. 6 | P a g e **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 Page 1 **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 Page 2 ## **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 Page 3 **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. Page 4 continued... **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** Page 5 continued... **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)| Page 6 continued... **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 Page 7 **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 Page 8