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2023-03-31-accounts

Charity Number: 1184873

THE DASHLIGHT FOUNDATION

(Charitable Trust)

REPORT AND FINANCIAL STATEMENTS

for the year ended 31 March 2023

The Dashlight Foundation

Annual Report and Accounts for the Year Ended 31 March 2023

CONTENTS page
Trustees' Annual Report 1 - 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Statement of Cash Flows 8
Notes to the Accounts 9 - 14

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2023

The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2023. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the charity’s trust deed and applicable law.

Structure, Governance and Management

The Dashlight Foundation was established on 23 May 2019 by the settlors, Owen and Jacqueline Clarke and its governing document is a deed of trust. It is a registered charity no. 1184873.

The power to appoint additional Trustees rests with the settlors during their lifetime. Should new trustees be appointed, a formal induction process would be carried out. Other training is undertaken as and when appropriate. The Trustees must meet at least once per year.

The Trustees award grants based on the criteria within the objectives of the charity. There are no employees of the charity, and the management is carried out by the Trustees.

Trustees Owen John Clarke Jacqueline Paula Clarke Bethany Ellen Clarke (resigned 2 September 2023) Dominic Hugh Clarke

Hannah Patricia Clarke (appointed 5 April 2022)

Principal Office Independent Examiner Bankers
Flat G A. C. Rodaway CAF (Charities Aid Foundation)
49 Wellington Street HPH Chartered Accountants 25 Kings Hill Avenue
London 54 Bootham Kings Hill
WC2E 7BN York West Malling
YO30 7XZ Kent
ME19 4TA

Risk Management

The Trustees have a number of policies in place which are reviewed and updated periodically. These include donation making guidelines and policies covering overseas donations, conflicts of interest, investment, trustees’ expenses, and safeguarding. The Trustees have considered the major strategic, business, and operational risks which the charity faces and consider that appropriate systems and processes are in place and reports are produced to monitor and mitigate these risks.

Objectives and activities

The Foundation allocates funds for general charitable purposes. It does so by supporting a range of charitable organisations with the following main areas of focus:

These areas of focus are not exclusive and other areas may be considered from time to time.

1

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2023

Public benefit

In meeting the objectives, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and judge that all donations made meet this guidance. All grants are listed in note 4 on page 12.

Our approach

The Trustees use their own research and experience to decide which charitable organisations should benefit from funding. They will also selectively consider grant applications (preferably by email).

Most of our grants are to charities which are established, but relatively small, where we believe our support can make a meaningful difference and those running the charity are close to their charitable activities. However, Dashlight occasionally supports larger charities if we believe they have a material impact in one of our areas of focus.

We seek to identify charities which we are enthusiastic to support and then empower them to identify their priorities and how best to deliver them. We therefore aim to make the process by which the Trustees review applications for funding as streamlined as possible and we normally provide unrestricted funds, rather than funding a specific project.

We often provide further grants to charities which we have supported previously, typically following a review of a short report from the charity around the anniversary of our previous grant. Going forward, we intend to provide selected charities, where we have high conviction, with improved visibility of future funding by providing commitments of up to 5 years grants, subject to limited conditions.

We aim to stay mindful of the power dynamics involved in foundation funding. We are also committed to considering ways to address the potential risks in supporting charities active in developing countries and we encourage the involvement of local communities in charities’ operational activities and their governance and strategic decision making.

Achievements and performance

During the year we supported 19 charities with donations totalling £376,026. This is an increase on the prior period and is in line with our aims. We anticipate that we shall continue to make donations in the region of £300,000 to £500,000 per annum. The following summarises our grants during the year:

Community and wellbeing Environment and conservation Global poverty Refugees Yorkshire

2

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2023

Achievements and performance (continued)

Environment and Conservation

We continue to identify and support a select group of environmental and conservation charities, which together received 45% of the funding we provided during the year. Their activities range from supporting wildlife and habitat conservation, including marine wildlife and habitats, and addressing the demand for products of trade in wildlife, to improving agricultural land and water availability for communities in parts of Africa.

Whilst this remains the largest area we support, we increased our funding to each of our other areas of focus.

Community and Wellbeing

We provided grants to three UK charities which support individuals in their local communities who are facing challenges arising from deprivation or poor mental health.

Refugees

We also provided grants to three charities which provide support to refugees either in Europe or across the world.

Global Poverty

We provided grants to three charities which provide training or resources to communities where income levels are very low, particularly in Africa. The work of two of the Environment and Conservation charities which we support also have a material focus on improving the prospects of the local communities where they operate.

Yorkshire

Finally, we provided more modest grants to two Yorkshire based charities. We would also note that two of the charities we supported in the area of Community and Wellbeing are Yorkshire based.

Of the 19 grants provided during the year, 13 were to charities which we had previously supported (11 of these in the prior financial year).

Financial Review

The Foundation’s income during the year was a receipt of shares in Admiral Group PLC with a value of £780,271 and dividend and interest income totalling £157,758.

Total expenditure was £384,922, of which 98% was spent on charitable activities and 2% on support costs.

During the year, the value of investments held by the Foundation reduced by £327,777. At the end of the year the Foundation held unrestricted funds totalling £2,367,528.

Reserves policy

It is the policy of the trustees to maintain unrestricted funds at a level sufficient both to maintain an active ongoing grant-making programme, as well as to fund future commitments which might be entertained or entered into. The reserves policy is reviewed annually.

Plans for the future

The Trustees will be investing the trust capital in order to generate a regular return of income.

3

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2023

Trustees’ responsibilities in relation to the financial statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records which 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 and 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 the Trustees on 16 January 2024 and signed on their behalf by:

Owen J Clarke Trustee

Jacqueline P Clarke Trustee

4

Independent Examiner’s Report to the Trustees of The Dashlight Foundation

I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 March 2023.

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s 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, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

  1. accounting records were not kept in accordance with section 130 of the Charities Act; or 2. the accounts did not accord with the accounting records; or

  2. the accounts did 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.

Adrian Rodaway, BA, FCA, BFP, DChA HPH, Chartered Accountants 54 Bootham YORK YO30 7XZ

16 January 2024

5

The Dashlight Foundation

Statement of Financial Activities for the Year Ended 31 March 2023

Income from:
Note
Donations and legacies
2a
Investment income
2b
Other income
2b
Total income
Expenditure on:
Charitable activities
3
Total expenditure
Net (losses) on investments
Net income / (expenditure) and net movement in
funds
Funds brought forward 1 April 2022
Funds carried forward 31 March 2023
Net income/(expenditure) and net movement in funds before
gains on investments		 2023
£
780,271
149,914
7,844
938,029
384,922
384,922
553,107
(327,777)
225,330
2,142,198
£2,367,528		 2022
£
1,064,295
56,833
227
1,121,355
355,587
355,587
765,768
(158,929)
606,839
1,535,359
£2,142,198

All funds are unrestricted and derive from continuing activities.

The notes on pages 9 to 14 form part of these accounts.

6

The Dashlight Foundation Balance Sheet at 31 March 2023

Note
Fixed assets
Investments
8
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
Creditors and accruals
9
Funds of the charity
Unrestricted
Total net assets
Net current assets		 £
£
1,907,860
462,500
2,832
459,668
£2,367,528
£2,367,528
2023		 £
£
955,366
1,456,306
269,474
1,186,832
£2,142,198
£2,142,198
2022		 £
£
955,366
1,456,306
269,474
1,186,832
£2,142,198
£2,142,198
2022
£2,142,198
£2,142,198

Approved by the Board of Trustees on 16 January 2024 and signed on their behalf by:

Owen J Clarke Jacqueline P Clarke Trustee Trustee

The notes on pages 9 to 14 form part of these accounts.

7

The Dashlight Foundation Statement of Cash Flows for the year ended 31 March 2023

£
£
£
£
Cash flows from operating activities:
Net cash used in operating activities (see below)
128,707
976,009
Cash flows from investing activities:
Dividends, interest and rents from investments
157,758
56,833
Purchase of investments
(1,280,271)
(1,114,295)
Net cash used in investing activities
(1,122,513)
(1,057,462)
(993,806)
(81,453)
1,456,306
1,537,759
£462,500
£1,456,306
Reconciliation of net income to net cash flow from operating activities
2023
2022
£
£
Net income / (expenditure) for the reporting period
225,330
606,839
Adjustments for:
Losses on investments
327,777
158,929
Dividends, interest and rents from investments
(157,758)
(56,833)
Increase / (decrease) in creditors
(266,642)
267,074
Net cash used in operating activities
£128,707
£976,009
Analysis of cash and cash equivalents
2023
2022
£
£
Cash in hand
462,500
1,456,306
Total cash and cash equivalents
£462,500
£1,456,306
At
At
01/04/2022 Cash-flows
31/03/2023
£
£
£
Cash
1,456,306
(993,806)
462,500
1,456,306
(993,806)
462,500
Analysis of changes in net debt
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
2023
2022		 £
£
£
£
Cash flows from operating activities:
Net cash used in operating activities (see below)
128,707
976,009
Cash flows from investing activities:
Dividends, interest and rents from investments
157,758
56,833
Purchase of investments
(1,280,271)
(1,114,295)
Net cash used in investing activities
(1,122,513)
(1,057,462)
(993,806)
(81,453)
1,456,306
1,537,759
£462,500
£1,456,306
Reconciliation of net income to net cash flow from operating activities
2023
2022
£
£
Net income / (expenditure) for the reporting period
225,330
606,839
Adjustments for:
Losses on investments
327,777
158,929
Dividends, interest and rents from investments
(157,758)
(56,833)
Increase / (decrease) in creditors
(266,642)
267,074
Net cash used in operating activities
£128,707
£976,009
Analysis of cash and cash equivalents
2023
2022
£
£
Cash in hand
462,500
1,456,306
Total cash and cash equivalents
£462,500
£1,456,306
At
At
01/04/2022 Cash-flows
31/03/2023
£
£
£
Cash
1,456,306
(993,806)
462,500
1,456,306
(993,806)
462,500
Analysis of changes in net debt
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
2023
2022		 £
£
£
£
Cash flows from operating activities:
Net cash used in operating activities (see below)
128,707
976,009
Cash flows from investing activities:
Dividends, interest and rents from investments
157,758
56,833
Purchase of investments
(1,280,271)
(1,114,295)
Net cash used in investing activities
(1,122,513)
(1,057,462)
(993,806)
(81,453)
1,456,306
1,537,759
£462,500
£1,456,306
Reconciliation of net income to net cash flow from operating activities
2023
2022
£
£
Net income / (expenditure) for the reporting period
225,330
606,839
Adjustments for:
Losses on investments
327,777
158,929
Dividends, interest and rents from investments
(157,758)
(56,833)
Increase / (decrease) in creditors
(266,642)
267,074
Net cash used in operating activities
£128,707
£976,009
Analysis of cash and cash equivalents
2023
2022
£
£
Cash in hand
462,500
1,456,306
Total cash and cash equivalents
£462,500
£1,456,306
At
At
01/04/2022 Cash-flows
31/03/2023
£
£
£
Cash
1,456,306
(993,806)
462,500
1,456,306
(993,806)
462,500
Analysis of changes in net debt
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
2023
2022		 £
£
£
£
Cash flows from operating activities:
Net cash used in operating activities (see below)
128,707
976,009
Cash flows from investing activities:
Dividends, interest and rents from investments
157,758
56,833
Purchase of investments
(1,280,271)
(1,114,295)
Net cash used in investing activities
(1,122,513)
(1,057,462)
(993,806)
(81,453)
1,456,306
1,537,759
£462,500
£1,456,306
Reconciliation of net income to net cash flow from operating activities
2023
2022
£
£
Net income / (expenditure) for the reporting period
225,330
606,839
Adjustments for:
Losses on investments
327,777
158,929
Dividends, interest and rents from investments
(157,758)
(56,833)
Increase / (decrease) in creditors
(266,642)
267,074
Net cash used in operating activities
£128,707
£976,009
Analysis of cash and cash equivalents
2023
2022
£
£
Cash in hand
462,500
1,456,306
Total cash and cash equivalents
£462,500
£1,456,306
At
At
01/04/2022 Cash-flows
31/03/2023
£
£
£
Cash
1,456,306
(993,806)
462,500
1,456,306
(993,806)
462,500
Analysis of changes in net debt
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
2023
2022
£1,456,306
2022
£
606,839
158,929
(56,833)
267,074
£976,009
2022
£
1,456,306
£1,456,306
1,456,306 (993,806)
462,500

8

The Dashlight Foundation Notes to the Accounts for the year ended 31 March 2023

1. Accounting policies

a) Basis of accounting

These accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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), and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The Dashlight Foundation constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Trustees have a reasonable expectation that the Charity has sufficient resources to be able to continue in existence for the forseeable future and that they therefore believe that the going concern basis of accounting is appropriate in the preparation of the accounting statements.

b) Donations, legacies and similar income

Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.

c) Expenditure

All expenses are accounted for on an accruals basis and includes the irrecoverable element of Value Added Tax. Support costs are apportioned on a percentage of the grant activity.

Charitable activities are those activities which are undertaken to meet our charitable objectives. See note 3.

d) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.

e) Cash at bank

Cash at bank and in hand includes cash and any short-term deposit accounts with a maturity of three months or less from the opening date.

9

The Dashlight Foundation Notes to the Accounts - continued for the year ended 31 March 2023

f) Creditors

Creditors are recognised where the Charity 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 are recognised at their settlement amount after allowing for any trade discount due.

g) Funds

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

h) Taxation

The charity is exempt from tax on its charitable activities and is not registered for Value Added Tax. Wherever possible, Gift Aid is recovered on cash donations.

i) Investments

The investments are included in the accounts at fair value at the year end. The SOFA includes the net gains and losses on investments arising on revaluation at the year end and on disposals throughout the year. Realised gains and losses on sales of investments are calculated as the difference between the sale proceeds and opening market value. Unrealised gains and losses represent the movement between market values.

2. Income from:

a) Donations and legacies

a) Donations and legacies
Dividends receivable
Total income
Donation of shares
Interest receivable on interest-bearing accounts
b) Investment income		 2023
£
780,271
149,914
7,844
£938,029		 2022
£
1,064,295
56,833
227
£1,121,355

10

The Dashlight Foundation

Notes to the Accounts - continued for the year ended 31 March 2023

3. Charitable activities

haritable activities
Global poverty
Refugees
Yorkshire
Community and wellbeing
Environment and conservation		 £
74,000
170,000
55,000
67,026
10,000
£376,026
Activities
Undertaken
Directly (see
note 4)		 £
1,750
4,022
1,301
1,586
237
£8,896
Support
Costs (see
note 5)		 Total
£
75,750
174,022
56,301
68,612
10,237
£384,922		 2022
£
49,589
224,160
50,946
30,892
-
£355,587

Note: Two charities previously included under Global poverty have been reclassified under Environment and conservation, and 2022 allocations have been restated to reflect this.

11

The Dashlight Foundation

Notes to the Accounts - continued for the year ended 31 March 2023

4. Grants paid or payable

rants paid or payable
Registered Charity No.
Build It International
1115989
Centro Folce Municipal
Greece
Children on the Edge
1101441
Durrell Wildlife Conservation Trust
1121989
Greenpeace Environmental Trust
284934
Kirkwood Hospice
512987
Legs4Africa
1158697
Lighthouse Relief
Greece
Mustard Tree
1135192
Oceana UK
1119722
Open Country
1107331
Route One to Wellness
1112425
Painted Dog Conservation UK
1074559
PhysCap
512422
Sand Dams Worldwide Ltd
1094478
Saving the Blue
USA
The Exodus Project
1118191
The Honeyguide Foundation
Africa
The Shark Trust
1064185
Tiyeni
1194177
Tools for Self Reliance
280437
Vetlife
224776
WildAid
USA
The Woodland Trust
294344
Yorkshire Wildlife Trust
210807		 2023
£
30,000
20,000
25,000
-
10,000
5,000
15,000
22,026
30,000
-
-
24,000
20,000
5,000
30,000
10,000
20,000
20,000
25,000
30,000
10,000
-
25,000
-
-
£376,026		 2022
£
30,000
-
-
15,000
-
-
20,000
30,319
-
20,000
5,000
23,669
20,000
-
30,000
10,000
-
20,000
20,000
20,000
-
25,000
25,000
15,000
20,000
£348,988

12

The Dashlight Foundation

Notes to the Accounts - continued for the year ended 31 March 2023

5. Support costs

5. Support costs
Governance costs
Accountancy fees
Independent examiner's fees
Auditor's fees
Other costs
Bank charges
Subscriptions
Investment fees
Other
Total expenditure on support costs		 2023
£
2,250
752
-
3,002
197
-
1,997
3,700
5,894
£8,896		 2022
£
1,900
-
1,500
3,400
171
120
1,833
1,075
3,199
£6,599

6. Payments to Trustees

6.1 Trustees' remuneration and benefits

None of the Trustees have been paid any remuneration or received any other benefits from the Charity.

6.2 Trustees' expenses

No Trustees' expenses were reimbursed in the year ended 31 March 2023 (2022 - £nil).

7. Related party transactions

There have been no transactions with persons or entities that are closely connected to the charity or its trustees.

13

The Dashlight Foundation

Notes to the Accounts - continued

for the year ended 31 March 2023

8. Investments
. Investments
Market value as 1 April 2022
Additions
Revaluation
Market value at 31 March 2023
All investments are UK listed assets
. Creditors and accruals
Gift aid
Accruals		 2023
£
955,366
1,280,271
(327,777)
£1,907,860
2023
£
-
2,832
£2,832		 2022
£
-
1,114,295
(158,929)
£955,366
2022
£
266,074
3,400
£269,474

9. Creditors and accruals

14