Charxty Registration No. 119431Y7 THE BANK OF DREAMS AND NIGHTMARES TRUSTEES, REPORT AND FINANCIAL STATEME￿5 FOR THE YEAR ENDED 30 APRIL 2024 CONTENTS RefereTr￿ and A(Im1ri￿ative DetaL8 Trustees, Report 2to22 Independent Examinerfs Report Statement of Fironcial Activities 24 Balan￿ Sheet Notes to the Finan(ial Statements 26to35 REFERENCE AND ADMINISTRATIVE DETAILS Trnstees Michael Smith Nicola Mccretton Simon Deverell ](￿1 Collins Jessica Thompson {appointed I0/(￿12023) Simon Hawkiw (resigned 10105/2023) Prinapal trustee Michael Smith (Chairman) Charity zegiSt￿ed number I1￿307 PritncApal office BridportLSI 51 Eaststreet Bridport Dorset DT6 3JX Bankers Natwest Wesiern Avenue Waterside Court Chathaln Maritime Chatham ME4 4RT Independent Examiner Mr. M. J. Cridland B.A. (Hons) F.C.A. Seott Vevers Ltd Ch￿tered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB TRUSTEES REPORT FOR THE YEAR ENDED 30 APRIL 2024 The trustees, who are ajso directors of the charity for the purpose5 of the Companies Act¢ present their report accounts for the year ended 30 April 2024. The accounts have been prepared in accordance with the accounting policies set out in note i to the accounts and comply with the clwity's governing d(￿umen¢ the CompaDies Act 21Mh and °Accounting and ReFrf)rting by Charities.. Sfatement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporlins Stand￿d applicable in fhe UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from l January 2016). The charity incorporated on 22 Aprfftl 2021 and registered with the Charity Commi55ion on April 2021. Governin doeun￿lt The charity is controlled by its governing document a deed of tsiTSt, and Constitutes a Ixmited company, liJDited by guarantee, as defined by the Companies Act 2(XJ6. Public benefit The Trustees have complied with the duty in Settion 17(5) of the awities Act 2011 to have due regard to the public benefit guidance pubIished by the Charity Commission on public benefit when reviewing the charity s main aTd o14'ectives and in planning future activities. This reportof theTnLthe5 sets out a summary of the main activities undertakenby the Charity to carry outits diaritable purposes for the public ikneEAt Charitable Ob'ectxves of The Bank of Drearns & Ni l. To advan￿ education for the public benefit in writing and reading in all its fornis. 2. To art as a resoll￿ for young people up to the ase of 18 by providing advice and assistsnce, organising progranunes of education and other activities as a means ofr. (al adva￿cing in life and helping young people by developing their skills, capacities, and capabi]ities to enable them to participate in society as independent, mature and responsible individuaLs, (bl advancins education, (c) ReIieving unemployment, and 3. To promote s￿13[ inclusion for the public benefit by preventing people from being soaally exduded, relieving the needs of those people who are socially exduded and assisting them to integrate into society. LETTER FROM THE CHAIR ThTS pastyear has seen significant progress for The Bank of Dreams and Nighimares and I must start out by congratulating our amazing staff and volunieers for deIivering such an inspirational programme of creative writing activities in ]ine Ivith our chaLitable o14ecttves. Ably led by our founder Nick Goldsmill¥ over course of this year we have worked with 20 primary Sd￿￿15, delivering around 30 individual workshop5 and around 9(M) children to dejiver a host oEcreattve outcomes, Eenefittinghundreds of younspeoplelocally, as well as working with 3 secondary schooIs on longer 10 week projects, Cul￿ting in three anthologies OE Short Stories and poety. All thebook5 areavaiIable inbo0ksl￿pS andon3inevia OUTwebsite. As (hir, l tskegreatpl￿ure from attending the book launches and seeing in real life the positive impact that our cllaritys work has on the young auihors, who (whether or not they dare to read extracLs from thexr OMryL work) are so dearly bouyed by their own creative achievement& Other highlights from our work this year includv. writing sketch COn￿dieS with a ￿0UP of young writers at Colfox secondary school and (with support from BBC Con￿dy) having these sketches professionally lijrned. taking a group of Year ts from BToadwind50r Prmwy *hool to record ￿ album of their Songs. The Re50nate Project whith allowed a group of talented young people to tell theii stories nd their experiences in an unforgettable and deeply moving FErfornwi We ran a workshop with three schools at No.10 Downing Street where, thanks to the creative input of the young people involved the PM now knows how to.. Negotiate withalienvisitors, aEK)liShW￿ around the world, create a dinosaurarniy. solve the cjimate crisis and ]isten to children's OPiDion5.. We were honoured to be presented with a Tecognition award from the High Sheriff of Dorset for OUT work with the l(tal community. The Bank OfDrean￿ and Nighbnares travelled to Edinburgh to meetup wtth otheryoung people'5 writing charities from around the globe. We also now have two fantsstic clubs.. THE WRITERS ACCOUNfon Wednesday afternoons for 1& 18 year old WTiter5, and THE VAULT on Thur5day5 working with 15 young writers between the ages of 8 and I This year brin8s a host of other creative endeavours, one of whith will be a sumllw holiday project to SUPPOrt young people in creating The Country of Bridport. As we go forward into the future I would like to say a huge tlwd(s to all the orga￿ASati0￿ and individu￿$ who have supported us this year. We axe constantly striving to develop botELnew and existing fundxng Telationships with both organisations and jJ￿IlViduals in order to provide the charity with the fuel to allow us to deliver unique and invaluable creative outcomes For young people Iwally. Ifyou, OT Son￿One you know, would Itke to know how to become one of theseijust get in touth. Together we can Jnth amazing things happen! Mick Smith Chair ofTrustees- The BaLth of DreaJns and Nightmares THE LANDSCAPE Why is working with The Bank so important? The world we live in is thdamentslly changing at an ever-increaslng rate. The sooety that our youiig people will inherit is becoming more and more difficult to predict or even envisage. The role of parentin& education and community therefore is becoming equally difficult to deterniine,. the route inevitably les5 clear when the deslination is uncertsin. Trying desperately to adapt, our schools are working on a model designed at the turn of the century to instil a degree of liteTacy and numeracy in an industrialised workfor￿. Today, the education system. essentially unchanged, feels sluggish in respondxng to the changes its pupi15 are living every day. It is a lumbering juggernauL plunging mindlessly on, t￿Ough a 50aety that no longer bears any relation to the one it was constructed to Serve. As a consequen￿. the system continues to dole outan increasingly anachronistic skillset to students who graduate more and more ill*quipped to succeed In the modern world. Changes in p)tential career paths, societal expectations and ecoiiomic pressures are all areas that an education system needs to be p￿paring its youth to deal with. A5 Ken Robinson said, - f young People (Ire to rn￿ke t1￿1r iiiny in the hijentji -first certtury, t1￿J7 7i1ill n£ed L711 fl￿zT i(iits nbout tl*ni. literL7111 Business leader5 of today are keen to recruit those who can think critically and CTeatively. Sharpening wits and encouraging flexibEe thinkTng is what we do here at The BaDk. Sparking and encouraging creativity in children is at the heart of everything and thi5 has the very real potential to chanse a chdd's life and improve our sc(iety ata very basic level. Anxiety and depression in young people aged &24 has increased according to researdi from ciiarxty. Mind, as well as from the &hool for Public HeaIth ResearcK The figllres suggest that l in 6 young people in England (aged 5 to 16) experienced a mental health problem in 2020, up fro l in 9 in 2017. Nearly one-thiTd of 16-24-yeaT olds in the UK131%) reported some evideThce of depression or anxiety in 2020 to 2021 "One of the notable trends we observed was a sharp rise in the rats5 of anxiety, depressio￿ and stress in adolescents and young adults over the past 20 years. Rates increased by more than tw fold for those aged l@24 and understanding what is underlying these pattems ts of critical importance." {NIFlli khool for Pub]ic Health Research, Temporal palterns in the recorded onnual inadence ofcommon mental disordeTS (wer two dec￿deS in the United Kingtlom.. a prim¢rycarecohortstudy - August 2023) THE PROBLEM What are we up against? Young people are fa￿ increased uncertainty and ever Mounting pressure. The benefits of (Yeative WTikng to the mentsl health of anyone, butespecially young people. are well documented as a proven antidote. Coupled with the widely publicised negative effects of anxiety and low mood. which can impair a young peT50n'5 ability to c0Th￿ntrate and learn effectivelyi It seetns extraordinary that the Cllrriculu]n would not prioritise making space for creativity in the school day. A5 the requirements of an a]ready cranuned curriculum demand ￿Ore and more of the teachers de]iveryng it, the focus of government and Ofsted on assessment has become ever more intense. The opportunities kn £Teativity in the dassroom are inevitably reduced as the pressure to hit assessment targets takes on a ￿wing insist￿. Even fhe most creative teacher simply doesn't have time to fit in all that they need to do. The first thing to drop olE the list of priorities is any time diat allows children to explore Iheir imagination on their own terms. At the saThe tirne, the number of children and young people wrikng crealively is falling year on year. Thts potentially impacts the child outside of School. We cannot Tely on a CTeative outlet at home, any more than we can guarantee it in the cIassroom. 'This Survey induded responses from n,351 children and young people aged 5 to 18 across the UK It found that 34.6% ofchildrenand young people aged 8 to 18 eryoywriting in their free ttme, though this figure has de£Teased by 26% since 2010. 19.3% of children and young people write daily in their free tin￿, a sIight increase frojn the Previous year but slill a 28.5% decrease since 2010. Half of the children and youn8 people write to be (yeative, and a sxgnificant proportion write to expre55 their ideas, xmaginatiofy thoughts, and feeluw. Importkntly, 24.5% say that writing makes them feel better, high]ighting its positive impact on mentsl wellbeing., (National Literacy Trusvs lj'feracy SurLEy 2023) In ternis of assessment agaiDSt the national curriculum iargets, at KSI wriiing is consistently the lowest attaining subj'ect. Even pre-pandemici just 80% of pupd5 were reaching their age-related expectation for writing by the lime they got to KS3, and this dropped further tojust 69% ofyoung people achieving a grades A" _ C at GCSE. An assessment of 111000 children'5 writing by No More Marking suggested that new Year 7 students were starting secondary school 22 months behind where they should be. Jon Andrews, fhe head of analysis at the Education Policy InStI￿le IEPII, said.. "Not ODJY has overall attairllnent decIined but some of the countys most vulnerable children are faijing ￿rther Ikhind their Fers. We know that the disadvanfage gap for 11-year- olds is now around the same level as it was in 2012, tsking us back over a decade." Clearly, embedding a love of, and enthustasm for, writÈng is going to help bring these numbers up. What is Missing from these assessments is the enjoyment and enthusiasm that IS generated by the children having oWne￿hlP over their own writing. National Literacy Trnst has found that 'there is a dear link between wriling for enjoyment and writtng attainmenL with thildren who enjoy writing'verymuch" seven times more ]ikely to Trvrite above the expected level., The dedine in attaxnment levels for writing is inextricably and demorLstrably JiDked with dus dedine in enjoyment and enthusiasm. Successive changes to the cuniculum have increased fhe pressure on the timetable wbilst reducing teachern, individual teaching Styles. We no longer have the time to allow the pupils to write simply'for pleasure,, and we are then surprised that children no longer see Writing as an activity that mightbe pleasurable. Every ttme the pupiI picks up their pencil. to be presented with another list of 'SU￿5$ aiteria, to crowbar into ioday's ch￿k11st of o)rrect writtng, it reiD&or￿S what a dull, medwiical, utilitarian artivity wriling ts. li AND THAT IS WHERE WE COME IN! We Eelieve that the act of creative writtngt indeel creativity in generaL ￿ vitally important to a child's growth. Exercising the imagination and Creating stories in particular, helps a child to make sense of the world around helps them question the world aTouThd them aThd helps them to orientate themselves within the world around them. Itimproves life Chan￿ and career outcomes for every youngperson. Ofcourse, noteveryyoung personwhoworkswithThe Bank willbecon a Bookei Prize Winni￿ author, but they will be more confiden¢more CLtriOU5 and more ambitious as a result They'll IE a funkier lawyer, amore satisfied plurn￿r. When ayoungperson recognises that they have achieved something remarkable - ]ike, sayi writing a story good enough to published, we know Ihat it sets up a mindset OF. If I can do that... what else can I do?" To work with the Bank of Dreams and NAghtmares is to given the platform, the stage, the megaphone and the writing team, and yet the Words still YOUT own Your Vol￿ will be diampioned but it remains your voice. We give you tillE, space and support to flnd what yo want to say and to help you say it in the way you want to. Then we amp]ify it, and we get it into the ears ofpeople who, othersViS4 it would neverreath. This is notjust WISE￿1 thinking on our parL What a child gains by tsking part in creative writin& is both tangxble and measurable. A young person's health and acaden)ic success can I￿ directly infiuenced by working in this way. The mental health benefits of creativity, and of wrifing in particular. to young people are well documented. The stories we Pr(KlU￿ are not always going to be the greatest executed strjries in the world (although50metimes they are!). These are tales wrAtten by excitable 10-year olds, or by a relurtant writer who would rather be doing PE or by a cotmrrittee of 12-ye8r olds who all want to get their ideas at the top. None of these are ideal writtng si￿atiOns- there's a rea50n Zadie Smith doesn't write novels surrowLded by 20 otherwriters expressing Ihexr opinions. Whatwe dowithThe Bank is open young minds to the possibilities, we engage their imaginatio￿ their enthusiasm and their curiosity for as long as possible. We are the keepers of the What if...We show them that working without boundari￿ cam be rewarding, is appreaated, celebrated and encouraged, not just by us, but by their teathers their peers. THE SOLUTION What do we offtr and how it can help. We are not school. The Bank is in a unique and Privileged position to be able ts) concentrate on the creative engagement of oux partiapants, without having to worry about whether they will be able to tick a box on the assessment sheet later. The workshops are entirely child-led. The stories go where the individual writers want to take them and that is rarely where we, as workshop leaders and writers. would expect them to go. This is a vital tenet of OUT process if we are tt) free up the young people's voices. What makes our appToach so Suc￿ss£U1 is this unspoken pact with the group that what they want to write is what we will write. Once we have started writing and this trust 15 established, we tend to get a lot more hands up and different ideas flying around. We are not the rnu5icians; we are simply the ampjifiers and the engineers. We, therefore, have a re8pon8ibility to not only make the Jnost of the access and engagement we are grante4L to really fire our participants up. acknowledge and encourage them. but also to demonstrate explicitly that what they are prodlltin& 18 worth our time and their time. Additionally* through publishins what they write, we can give a double bounee to their self-confidence. not only As it worth our time, but ivs even worth publishing. Working with OUT volunteer writing mentors allows us to offer another unique aspect of a Bank WQTkshop - the level of support we offer. Wlth a full complement of volunteers, we can offer at least a ratio of one mentor to every four writers. This suarantees that each child gets l..1 support with their WTiling in every session. IF We work with schools to add value and help elevate the sterling work that they do day in and day OUL Schools time is pressured, directed and allowed very little leeway in tern of what they can and cannot Spend lime on. tf done right workxng with schools towards a mutually benefiaal partnership is only going to benefit the students and improve their academic a￿a life chances. "The stowtvriting and poety workshops prov￿ed by The Bank of D￿arnS & Nightmares have been 47n invaluable purt ofour Tvhole-school approach to improving writingforpupils, portitulfirly those who are disadvantoged this year. Like m(mJi schools. at the stort of the ncademic year we fvund tknt disadvantaged ptwils, outconrs in writsng Tvere well below the standard tkey zuere achieving in reodingAnd ￿￿th5 nnd impnwing their attninnwit in writinghos IEen a whole- school priority. Notonly have the workshops been hlghlyengi7￿ng but the Ivay they}￿Ve been slructured ensures that all groups of pupils, particularly the disodvntttoged, &re able to make Meaningfvl conlributsons. This, in turn, has t1￿1r confidence ond self*steemflourish as they increasingly se£ thernselves fis tvriters" through publication of their ouin book. Being able to take ownetship for their uwiting in this way has ensured they &re motivated to succeed. The pedog0￿j behind this is significant ￿$ by workng collfiborahvely, all groups of pupils hove ac￿SS to high-quality modelling of the metncognition of the writing process high-qunltty diologue. Disadvantaged pupils have L7150 benefittedfvm exposure to a brouder ronge ofmorE sopkn'sticated vocabulary whtch they h14tE begun to internalise and use in their own composièi(ms. The sessions mirror key Aspects of the EEF'S recom7nendationsfor improving literary, mosè notllbly through teaching cotnposition through modElkd toting. By making children fftvapE that what they creafe will be pNblished motivats'on and engagement levels are high. Anecdotal fredback from pupils parents been extremely positiw, with many talking enthusiastically about stones they hove been inspired to write outside of school. Simth￿ly, the tenching staff havefound Ihe sessions volunble L7nd taken nwny strate￿S bAck into the chwnyom with them. Since Septenzber, the alEainmelll of disfidvontoged pupils in tvriting ha5 shown good improvement.. 90% of pupils httve at least made the expected progress. I am ￿aIn tknt the work of The Bank of Dreams & Nightrn￿res has nts7de a Si8￿1￿C￿nt contrilmtion lo this.- I￿lf Overnient Headteacher Salway Ash CE VA Primary School Benefits to the individual. We bebeve that there is a direct Itnk between young people inventtns stories and Improved outcomes for those young people in the real world. They might not choose to an author, but their aspiration for themselves and thelr future becomes broader an order of magnitude once they slart expressing themselves creatively. The part of the brain that needs to open up in order to create a story, remains open when suffiaendy exerased and that openness extends ts) the writerfs experience as well as their characters. Creating stories imagines possibilities for the author as well as for their fiction. Plenty of S￿dieS show that working eatively improves a child's academic perforniance across the board. "Creativity is a core life skill that children should develop from early age. Itsupports academic perfonnance and helps uncoveT children's various tsjents. ' [UNI￿F- 2016) The benefits ts) the child's mental wellbeing simply from having their Mryiting taken seriously and rewarded with atiention from an adult or an organisation outside of theiI day-to-day world, camot be overslated. The boost to a young person's self-confidence has been proven io improve every other aspect 0£ that young person's life. IAlhatwe don't yet have proof of, other than anecdotal, is the longer-term effects of this boost over the course of their childh(iod/teenagerhood; what we have often tslked about as the, "If I can do that... what else can I do7" effecL We belwe that this has long lasting effects far beyond the 6-10 week lifespan of the workshop. This seems likely and would follow previous studies ascribing increased life dwwes from engagement with readin& poetry wriling etc. Some small-scale, forward thinking projects have already used this as the basis for prescribing poety or creative writing classes on the NHS to boost recovery from illness or combat anxiety/low mood/depression- take two BoDaNs and have a bit of a lie down. I cffl41d shL)W you so mnny child￿￿ in the school who your work kns had a huge impact on. You haue tnspired a joyfor wrih'ng in our Year 5 6 pupils. SIrt￿ we have slarted yvorking ivitk you, these pupils are choosing to write,ftyrfvn and in their own tipne. Uean.Paul Draper, Headteacher. Broadwindsor Primary School) io A LEGACY OF RESILIENCE Working the Bank means getting to try stuff out, have a go and see what happens, without a framework or a Jist of criteria to limit the imagination. We give young people perniission see what happens if... If a tharacter was made of cheese, if we lived on a world without water, rf everyone spoke backwards. How often in school are children encouraged to write wAth no expeetation of how they can get it'Tighg or'wronl? We learn to balance and run by tyin& falling over and then tying again. We need to be doing the same with our literacy skills. We need to play with words and stories in the same way we play with bricks, sticks and social skills when young. The trouble is that we learn to nwiipulate wor(ts and construct stories for ourselves later than we learn to move, to build or to talk. Thus, it is seen as'playinl and for some reason we curb our learning through play by the time we get tt) Year l or 2 When young people are leaThing because they umnt to be able to do sornething, the atmosphere indass completely changes. Failure becomesjust a step on the road to success rather than the end of the process. This resilience becomes a way of learning and eventually a way of living. It lasts into adulthood, LTeating ]ife-long learners who keep going until they achieve their goal, whatever that goal might be. Expressing yourself creatively through writing isn't just a rrice tbing to do, it can be genuinely life changing, it might even be lifesaving. You allow chtldren the space to try things out and tofind their voice." (Beth Steward, Year 5&6 Class Teacher, Broadwindsor Primary School) li CONCLUSION If a child, given building blocks, is instructed in the'righy way to build a tower, and then told to repeat and practice the process endlesslyi then playing with bricks becomes a choTe. Building with bricks becomes boTin& dull and the child will never pick up the bricks of their own accord and try constructing anything else They've been told what tri do with bricks and how to do it correctly. If never presented with the OPPQTtunity to build whatever they want, just for fun, a child will never see the fun in buildin& and will miss out on all the associated benefAts to their learning. In addition, 50oiety will never benefit from their expertise or enthusiasm. When those children grow and have children of their OW￿ they won't give their child bricks because, well...because bricks are boTiThg. "I loved writing my story today, Ifvl a lot more c(pnfident with my writing now and I would 100% do it ag&inl- (Harvey, Year 7 studenL Budmouth Academy, Weymouth) The same goes for writin& or any (Teative endeavour. If never presented with the OPPQTtunity to write. purely for the fun of it, children will never discover the fun of writtng. After working with The Bank of Dreall￿ and Nightmares, Sometimes years after working with us, the children we see want to Tvrite. They want to write new stories; they want to write more of the old sioTies, they want to play with the words and create new worlds. solve logistical problems ana get their characters into amd out of diTe consequences. There is a reason for thi&. We make writing exciting. ACHIEVEMENTS AND PERFORMANCE Primary schools Over the course of the year we have worked with 20 primary schools, delivering around 30 individual workshops and aroU￿d 900 children. Towards the end of this year, we developed oul progression model for children in Key Stage 2, where we offer different one off workshops that build on the creative writing journey as the child progresses through each year. This progression model includes the following: Story ll￿An￿ ChaTacter creation, Speech writin& Survival Guides and bespoke anthologies of short stories and pL￿trY. IME IHEEè'l DINB WHATS S70RI A THE VAl￿VIR fRAP i•J DAV£'s W£IRD ' wor18 year olds meet once a quarter to revAew the projects the charity is looking to work orL Accountants ott Vevers Accountants are proud to support the Trustees by assisting them with their End of Year Accounts. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies. 21 STATEMENT OF TRUSTEE'S RESPONSIBLITIES The trustees are responsible for preparing the Tru8tee's Annual Report and the financial staternents in accoTdance WAth applicable law United Kingdom Accounting Standar(Ls (United Kingdom Get￿¥jIY A￿epted Accountins Practice). The law appIicable to charities in England and Wales requires the trustees to prepare Einancial stratements for each financial year which give a tr￿e and fair view of the state of affairs of the charity and of the incoming resources and app]ication of reSoUr￿S of the c[￿lty for that period. In preparing these fir￿￿￿al staiements the trustees are required to.. selett suitsble accounting poIiaes and then apply them consistendyi observe the methods and principles in the Charities ￿RF 2019 IFRS102); make judgements and estimates that are Teasonable and prudent. state whether app]icable accounting sthndards have been followed, subject to any material departures disdosed and explained in the financial statanents,. prepare the financial statements on the going COn￿rn basis unless it is inappTOPTiate to presume that the charity will continue in operatiorL The trustees are resPO￿lbIe for keeping proper accounling records that disdose with reasonable accuracy at any time the financial position of the charity and eThable them to ensure that the financial statements c(rnply with the Charitie5 Act 2011, The ChaJities (Accounts and Report) Regulation5 2008 a￿a the provi5ion5 of the trust deed. They are abo responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irreglllarities. 4th 2024 The annua1reportwasapprovedbythetrust￿of the charityon................................ sI￿d on its behalf ty: Mr. M. Smith Chair of Trustees INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BANK OF DREAMS AND NIGHTMARES I Teportto thecharity trn￿tees onmy examinationofihe accounts ofthe ciwity for Iheyear ended 30 April 2024 which are set out on pages 24 to 35. Respon￿billtles and basis of report As the charitys trnstees you are re5pon5ible for the preparation of the accounts in accordan with the requirements 0£ the Charities Art 2011 ('the ACVI I report in respect of my examination OE the charl￿5 accounts carried out under section 145 of the Act and in carryins out my examination I have followed all the applicable Directxons given by the Charity Comn)tssion under section 145{5)(b) of the Art. Independent exami￿,8 statement I have completed my examination. I confirm that no material matters have come to my attention in eonnectsoTh with the examination giving me cawe to believe that In any matsrial respectr. accounling records were not keptinrespeet of the Ch￿lty as required by section 130 of the Ac¢ or the accounts do not accord with those records; or the accounts do Thot comply with the applicable requirements concerning the fomi 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 faiI 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 whith attention Should be drawn in this report in order tt) enable a proper understanding of the accounts to Ee reached. Mr. M. S. Cridland B.A. (Hons) F.CA Scott Vevers Ltd Chartered Accounlants and Registered Auditors 65 Eaststreet Bridport Dorset DT6 3LB Date.. THE BANK OF DREAMS AND NIGlThfARES STATEMENT OF FINANCIAL ACTIVITIES {XNCOPORATING AN INCOME AND EXPENDITURE ACCOUNf) FOR THE YEAR ENDED 30 APRIL 2024 2023 Total funds Unrestricted Restricted funds Total funds Note$ FROM: Donations and legacAes 124,454 58,191 182,645 63?57 Charitable aciivities 149 149 8,007 Total income 124,603 58,191 182,794 71,364 EXPENDrfuRE ON: Cost of raisins funds 8,292 8￿76 10554 Charitable activities 111876 48,695 1615n 128544 Total expendit¢tre 121,168 49,279 170,447 139,098 Net income 3,435 8.912 12y7 {67,734) Gross transfers betsveen funds (4931 493 Net Movement in Funds for the year 1942 9A05 12y7 {67,734) Total funds.. Brought forward 33569 27,(X)2 60sn 128205 LarTied lorward 3651 All aMo￿ts derive from continuing activities. All gains and losses Tecosnised in the period are included in the statement of financial actiiryties. The notes on pases 26 to 35 form part of these linancial statements 24 THE BANK OF DREAMS AND NicHfMARES BALANCE SHEEf AT 30 APRIL 2024 2024 2023 Notes Fixed assets Tangible a5setS 4,0(K) Cu￿ent assets Debtors Cash at bank and in hand io 4,319 66,363 70,682 53,784 57,732 Creditors: year li (1,764) 11,661) Net curent as$et$ 68.918 56m Net aggets 72,918 60,5n Funds Restricted funds Unrestricted funds Total funds 36A07 36￿11 72,918 27, 33,569 60,5n 12 4thJts￿ 2024 The financial ststements were approved by theTrustees on.................................... Mr. M. Smith. Chair of Trustees The notes on pase5 26 to 35 forni part of these financial statements THE BANK OF DREAMS AND NIGHTMARES NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 30 APRIL 2024 l Generaj information The Bank of Dreams and Nishtmares is a charitable incoryorated organisati¢)n lao) that was registered with the Charity CorLmission on th APLII 2021. Its registered number is 1194307. The Principal office place of operation is at Bridport LSI, 51 East Street. BridpoT¢ DT6 3JX. Its PLincipal ob]'ective is to offer a creative writing centre for children aged between 7 and 18 years old. Working on the principle that creative wiitins can chanse lives, and by CTeating a environment that allows children to explore the p085ibilities can have transfOTll￿tive re5uIt5. 2 Accountin8 poIicAes Statejnent of cornpliance The finanaal statements have been Prepared in accoTdJmee with Accounting amd Reporting by Charities: Statetnent of Recouunended Practiee applicable to tharities preparing their accounts in accordajice with the Financial Reporbns Stand￿d app]icable in the UK and Republic of ITeland issued in October 2019 (Charity SOIRP (FRS 102)), the Financial Reporbng Standard applicable in the United Kinsdom and Republic OE Ireland (FRS 102). the Clwities Act 2011 and UK Generally Aecepted Aeeounting Practice. Basis of preparation of the financial statements The Bank of Dreams and Nightmares meets the defiDition of a public I￿efIt entity under FRS 102. Assets and liabilitie5 initially recO￿lSea at historical eost or transaction value unless otherwise stated in the relevant accountins policy notes. The charity constitutes a public benefit entity as defined by FRS 102. Accounting convention The trustees corLsider that there are no material uncertaintie5 about the CIO'S ability to continue as a going concern. Income and endowments Incomins resources and re50urces expended on acttvities in fvrtheTanee of the charity'$ obj'ectives report the income and expenditure relating to the Eesttval that has been organised in the year. Where income is subject to a Conditio￿ that income will be induded when the trustees are satisfied that the condition has ￿en met. Other incon)ing resources, and other resources expended are recosnised in the year of account to which they relate or according to the date of the leg81 or constructive obligation. THE BANK OF DREAMS AND NIGHTMARES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 2 A¢coNntins pollcles (contlnued) Expenditure Expenditttre 18 recogni5ed once there is a lesal or constructive obligation to tr￿fer 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 Teliably. ExpenditL7re is cla5siIKed by activity. The costs of each activity are made up of diTrct Costs and no costs are shaTed. All expendiknre is inclusive of irrecoverable V.A.T. Expendxture on charltable activities is expenditure incurred on directly undertaking the operations of the col￿PanY together with costs incurred in support 0￿ that expenditure. Where appropriate, support costs are apportioned between charltable expen(littue and govemanee costs. Support costs Support costs include central functions and have been allocated to activity cost catesories on a basis consistent with the use of re80UTces, for example. allocating propety eosts by floor areas, OT per capiK staff costs by the till￿ spent and otheT Costs by their usage. Governance costs These include the costs attributsble to the charitys compliance with CQDStttutionai and statutory requiTements, including audit. strategic management and trustees, meetings and rexmbursed expenses. Taxatlon The charity is considered to pass the tests set out in Parasraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly. the charity is potentially exempt from taxation in respect of ineonie or capital gains received within catesories covered by Chapter 3 Part 11 of the Corporation Tax Art 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such ineome or sains applied exclusively to clwitable puryoses. Tangible fixed assets Tangible fixed assets under the cost model are stated as historical cost less accumulated depreciation and any accumulated impti1ru￿nt losses. Historical cost includes expenditure that is directly athibuted to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by mana8ernenL At each reporting date the charity as5e5ses whether there is any indication of imyairnient. If such indication exists, the Teeoverable amount of the asset is deterniined which is the higher 0£ its fair value le5S COSt5 to sell and its value in use. An ilnpaxrment loss is recognised where the carrying amount exceeds the recoverable amount. 27 THE BANK OF DREAMS AND NIGITfMARES NOTES TO IHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 2 Accountin8 policies (continued) Depreciation and amortisation Depreciation is charsed 50 as to allcKate the cost of assets less their residual value over their estimated useful lives, ussng the straight-line method. Equipment Motor vehicles IO% per annum The assets, residual values, useful lives and depreciation method8 aTr reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant ciwige Sin￿ the last reporting date. Gains and losses on dispos￿8 are determined by comparlng the proceeds with the carrying amount and are reco￿)1$ed in the Statement of Financial Activities. Debtors Short terni debtors a￿ measured at transaction price, less any impairment. Loans receivable are measured initiaIly at fair value, net of transaction eosts, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Prepayments are valued at the amount prepaid net OE any trade discounts due. Cash and cash equivaienls Cash is represented by cash in hand and deposits with financial institutions Tepayable without penalty on notice of not tnore than 24 hours. Cash equivalents are highly liquid inve51ments that mature in no more than three months from the date of acqllisition and that are readily convertible to known amounts of cash with insi8nificant risk OE change in value. Creditors Liabilities are recognised when there is an obligation at the Bajance sheet date as a resuIt of a past event, it is probable that a transfer OE economic benefit will be required in settlement. amd the amount of the settlement Can be estimated reliably. Liabilities &re iecognised at the amount that the charity anticipates itwill pay to settle the debt or the amount it has re￿Ived as advanced payments for the goods or seTvice5 It must PTovide. Fund structure General funds wyestricted fuThds which are available tor the use at the discretion of the Trustees in Eurtherance of the seneTal objectives of the charity and which have not been desi￿ed for other purposes. Restricted funds are funds whith are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity EOT particular purposes. The costs of raising and administering such ￿lld5 are dwged asainst the SpeCi￿le fund. The aim and use of each restrirted Iund is set out in the notes to the financial statellients. THE BANK OF DREAMS AND NIGHTMARES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 2 Accounting policies (continued) Government and local authority 8Tant8 Government 8Tants are recO￿lSed based on the acLTual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relatin8 to revenue are reCo￿lsea in income over the period in whTch the related costs are recognised. GTants relating to assets are reco￿lSed over the expected useful lrfe of the asset. Where part of a grant relatins to an asset is deferred, it is Tecosnised as daerTed income. Investment income InteTe5t income is recosnised in Income, using the effective interest method. Pen$lon8 The charity operates a defftned contrlbution pension scheme. Contributions are ch￿ged to the Statement of Financial Activities a5 they become payable in accordame with the ndes of the Financial instnunents Classification Financial assets and flnancial liabilities are reco￿lsed when the charity becomes a party to the contractual provisions of the instrument. Financial ]iabi]ities and eqwty instn￿ents are classified accordxng to the substance of the contractual arrangement entered into. An equity instrument is a￿Y contract that evidences a residual interest in the assets of the chaTity after deducting all of its liabi]ities. Recognition Lmd measurement All finanaal assets and liabilities initially measured at transaction Price (including transaction costs), except Eor th05e financial assets dassified as at fail value throush profit or loss. which are initially measuTed at fair value (which is normally the tra￿SactIon price excludins transaction costs), uJ)less the arrangement consti￿te$ a financing transactions. If an arrangement ConSti￿teS a financing transaclioTh the financial asset or financial liability is measured at the present value ot the future payments discounted at a market Tate of interest for similar debt instrunwits. only when there exists a legally enforceable risht to set the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the ]iability simultaneously. Finaneial assets are derecosnised when and only when a) the contractllaI rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financ￿ asse¢ or c) the charity, despite having retained some. but not all, Si￿]fICant risks and reward5 of ownership, has transferred control of the asset to anotheT party. Finanoal liabi]ities are derecosnised only when the oblisation specified in the contrnct 15 disch&ged, cancelled OT expires. THE BANK OF DREAMS AND NIGHTMARES NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 30 APRIL 2024 3 Donations and legacie5 Unrestrirted Restricted 2024 Donations for school workshops Ceneral donations GTants received Donations in kind (van) 8,242 8.242 4887 129516 6,4 23,758 28,149 5,0(KJ 63.357 n?25 58,191 124,454 58,191 182,645 4 Income from charltable artivities Unrestricted Restricted 2024 2023 ACti￿ty Sales and newspaper subscriptions Fundraising (Va￿ re5tOTation) 149 149 557 7,450 8,007 149 149 5 Cost of raisins funds Unrestricted RestrACted 2024 Web hosttn8 Advertising and promotion Fundraising consultant 750 142 7,400 8,292 750 9,782 7,400 8,876 10,554 30 THE BANK OF DREAMS AND NIGHTMARES NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 30 APRIL 2024 6 CharAtable activities expenditure UnreBtsACted Restrleted 2024 2023 Staff costs Direct costs Support C05ts Governance costs n,197 37,951 11,959 36,016 720 83,156 73,967 2,942 1506 161,571 71LNJ5 50A12 4,693 1,506 112,876 48,695 128,544 Direct costs lllustratOTS, designers and subcontractors Workshop leadets Gifts for donations Acconun0datio￿ meals and entertaj Rent Office equipment Materials Printin8 Stationery Postage Computer and software Motor expenses Travel CorLsultancy 10,516 6,740 17,09 8,297 27,606 15,037 11,189 8,249 797 5,919 4,998 1,156 1,601 lJ46 962 295 3,815 3W9 7,766 1,658 352 5,632 1,891 6,420 6% 57 1,817 2,996 1,626 193 2,955 1,247 1,682 7,405 50,412 219 4,671 319 3,559 193 37,951 246 4671 1,029 3,768 193 73,967 no 209 36,016 Support Costs Office supplies Sub5cription5 Stall and VOI￿rIteer training 113 232 624 737 232 1589 173 562 795 500 562 891 500 20 1942 Sundries Depreciation Lesal and professional fees 500 2,222 720 4,693 Governance costg Independent examination 1,506 1,506 1,434 1,434 I,￿)6 31 THE BANK OF DREAMS AND NIGHTMARES NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 30 APRIL 2024 7 Trustees remuneration and expenses No trustees, nor any persons connected with have Teceived any remuneration from the charity durins the period. No trustees have received any reimbursed exFenses from the charity during the year. 8 Staff costs The staff costs were: 2024 20 Wages and saIaries Social secuTity costs Pension costs 78,704 68,625 2,242 1,138 71(XJ5 83,156 No employee earned more than £60,000 durins the year. The average time equivalent number of stsff ejnployed by the charity durins the year was as follows.. 2024 No. 2023 No. Averase full time equivalent number of staff employed Average number of employees (headcountl 3.0 The charity operates a defined contiibution pension scheme. The pension cost charge for the period represents contiibutions payable by the charity to the scheme ond &mowited to £1,729 12023.. a,138). THE BANK OF DREAMS AND NIGErrMARES NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 30 APRIL 2024 9 Tamgible fixed as$ets Motor vehkles Total Co At l May 2023 At 30 April 2024 5,INJO 5,000 5,WO 5,WO Depredatlon: At l May 2023 awse for the year At 30 April 2024 500 500 1.000 500 500 1,0 Net amountr. At 30 AprAI 2024 At 30 April 2023 4,0(Xl 4,5 4,000 4500 10 Debtots 2024 20 Debt￿S Other debtOTS Prepayments 1,899 12 1408 4319 2,000 1,925 3.948 11 CreditoTh: amounts falling due wlthln one year 20 Other creditors and accruals 1,764 1,764 1,661 1,661 33 THE BANK OF DREAMS AND NIGirrMARES NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 30 APRIL 2024 12 Funds Balance at 30 April 2024 Balance at I Incomins Resowces May 2023 resources expended Transfers Restricted fund8 Creatkve writtng workshop to eate a newspaper 17.110 U242) 111,9851 30&3 COBE delivery 5mO 3,000 600 25200 5,1)00 4083 6500 10,050 58.191 s￿00 183 11817) i(mi 121,6411 (7,f￿0} 1£576} Summer holiday song writing Story making delivery Sketch comedy workshop Resonate 6,781 4WIO 6,670 493 6500 10,050 36A07 CDROB 27,002 149x19) 493 unreS￿rted funds: General fund 33569 33569 124,603 124,603 {1￿,168) ,168} {4931 {4931 36511 36511 Total fund5 60sn 182,794 70A471 72,918 Balattce qt 30April 2023 BAIANce At I INcomi May 2022 Resources expeNded 2023 resources Trt7nsfers Restrictedfy CreAttDewrtting workshop to crtate Voluntett And staff training Story moling zvorkskop A Guide To Weymouth Sketch cvmedy Workshop VRn restoratio Song u)riting Film vmrkshop 22,939 113 875 (6,704) (978) {592) (3,750) (2.890) (9.439) (882) (3,400) f28.635) 17,110 B65 3,814 3.222 750 9.560 7.450 600 300 25.599 6,67CI 1.989 282 2,752 6,638 348 23,400 27,002 Uttrestrictedfv7ds.' Genernlfvnd 104,905 104,905 45,765 45,765 alO,463) {110,463) (6,638) (6,638) 33,569 33,569 Tot4lfvNds 128,305 71,364 U39,098) 60.571 THE BANK OF DREAMS AND NIGHTMARES NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 30 APRIL 2024 13 Analysts of ttel *￿ets between fuftds Unrestrirted Restrithd fvnds fund> Total fund& Fixed as8ets Current a$5ets cu￿ent ]iabi]ities 4,WO 34,2Y5 P,7641 36￿11 4,000 70.682 11,764 71918 36,407 36A07 Uxr¢stri¢ted Restri¢ts fyyid5 2023 Totolfvxds Fixed osset8 Currrntossets CuTrÉptt ITthlilws 4,500 30,730 (1.661) 33,569 45 57,732 ,661) 60,571 27,002 27,002 14 FinaAcxal instrutnents Catesorisation of kncial inslTrmMt*' Fjnaneial assets thatare debt instrumentmeasured at amortiEedcost 68,274 55,8Q7 Fmancial Jiabilittes measured atamortiBed cost 1,764 61