Registered number: 06070942
Charity number: 1118488
DREAMCHASING
(A company limited by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

DREAMCHASING
IA company limited by guarantee)
CONTENTS
Page
Reference and admlnlstratlve detalls of the charlty, Its Trustees and advlsers
Trustees. report
Independent auditor's report on the financial statements
7-10
ststomont of financial activitlOS
Balance sheet
12
statement of cash flows
13
Notes to the flnanclal statements
14-27

DREAMCHASING
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MAY 2023
Trustees
Sir Ronald Dennis C.B.E
Mr Clive C R Bannister
Sir Nigel M Carringlon
Dr Chadotte H811
Miss Francesca Dennis
Mr Christian Dennis
Charity registered
number
1118488
Registered office
16 Great Queen Street
London
WC2B SAH
Independent auditor
Blick Rolhenberg Audit LLP
Chartered Accounlanls
16 Great Queen Street
Covent Garden
London
WC2B SAH
Bankers
HSBC (Private Bank) Limited
78 Sl James's Street
London
SW1A1JB
Solicitors
Withers LLP
16 Old Bailey
London
EC4M 7EG
Page 1

DREAMCHASING
IA company limited by guarantee)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MAY 2023
The trustees present their annual report together with the audited financial statements of the charity for the year
1 June 2022 to 31 May 2023. The annual report serves the purposes of both a Iruslees, report and a directors,
report under Company law. The Iruslees confirm that the annual report and financial statements of the charitable
company comply with the current statutory requirements, the requirements of the charitable company's
governing document and the provisions of the Statement of Recommended Practi￿ ISORPI applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS1021 leffeclive 1 January 20191.
Since the charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of
medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Reporti
Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The charity's objects are to maintain, support or contribute towards such one or more exclusively charitable
purposes of charitable companies, institutions, associations, trusts or societies in the United Kingdom or
elsewhere in the wodd.
The trustees confirm that they have referred lo the guidance contained in the Charity Commission's general
guidan￿ on public benefit when reviewing the charity's aims and objectives., in planning for the future,. and in
setting the grant making policy for the year.
The charity's objects are focused on providing opportunities lo young people to develop to the best of their ability-
The trustees receive applications for donations from a wide variety of charitable institutions and Individuals. The
Iruslees consider all requests which they receive and make such donations as they feel appropriate.
The trustees request follow-up reports from the institutions and individuals who are awarded grants to ensure the
terms of the award are met.
In setting objectives and planning for activities, the Iruslees have given due consideration to general guidance
published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a
charity IP821'.
Achievements and performance
a. Main achievements of the charity
Dreamchasing is a charity which was formed and funded by Sir Ron Dennis CBE in 2007 to help young people to
achieve their aspirations and, through their successes, lo become inspirational role models for others. The
Iruslees provide guidance and funding for educational and entrepreneurial proposals for young people who could
not otherwise achieve their dreams. Charitsble donations made lo date have taken the form of grants for
education, research or vocational training Inomially In the fields of art, music, science or lechnologyl or for
broader humanitsrian purposes. Where possible, Dreamchasing seeks lo leverage grants by encouraging
matched funding for Ils contributions.
Page 2

DREAMCHASING
IA company limited by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MAY 2023
Achievements and performance lcontinuedl
Dreamchasin
's beneficiaries
During the year ended 31 May 2023, Dreamchasing supported the following initiatives..
Podium Anatytics - a further payment of £3 million was made to Podium Analylics, a charity whose objects are
collecting, researching and applying data lo support the prevention and treatment of sports injuries In children
and young adults. Thi5 brings the total funding by Dreamchasing to £8 million.
Salmon's Brook School
a commitment of £190,000 was made in the prior financial year to support the
development of the school's facilities including equipment for the proposed new design and technology space.
As yet, funds have not been drawn down but we anticipate such funds will be drawn by the end of the next
financial year.
Frank Longford Charitable Trust - Dreamchasing has continued to support the Trust In line with Il's 3 year
commitment entered into In 2021. The trust offers financial and mentoring support lo young serving and ex-
offenders, to enhan￿ rehabilitation and facilitate further education and study at university.
FIDA Intemational - In 2008, Dreamchasing partnered with FIDA International, a Finnish charity which runs
multiple child and humanitsrian programmes across Ethiopia and Uganda. FIDA raises 50'/o of its funding from
the Finnish government If it can raise a minimum of 15'/o from charities such as Dreamchasing.
Action for Happiness- Founded by Lord Layard, Geoff Mulgan and Dr Anthony Seldon, Action for Happiness is
a charity which aims lo encourage and support the move lo a happier society, engaging and Inspiring people lo
make positive changes in their personal lives, homes, schools, workplaTrs and communities and ultimately
trigger cultural change. Dreamchasing initially provided a grant of £100,000 in 2010 to launch the Happiness
Movement and has since entered Into longer term commitments, providing funding of £25.000 per annum since
2014. A new agreement was entered to In January 2024 covering a further 3 years al £50,000 per annum.
Brown Rock Woodland Project- Sin￿ 2019, Dreamchasing has supported Brown Rock in supporting its study
programme for 16 to 19 year olds. The project is a sustainable woodland management project providing an
opportunity for all to benefit from time spent outdoors. Grants are used to create a unique educational
experience, based in nature, covering wellness and conservation.
Orchestra of the Age of Enlightenment l Ackland Buryhley School - Dreamchasing first connected with the
OAE in 2021 and since then has commilled over £40,000 In support. In 2023, it was announced that students
from Acland Burghley School, in North London, will become the 'Dreamchasing Young Producers, as part of the
Orchestra of the Age of Enlightenment's mentoring programme.
The programme, run by the Orchestra of the Age of Enlighlenmenl IOAEI who moved into the school as an
official 'orchestra in residence, during September 2020, has been embedded into the life and rhythms of this
comprehensive school in North London. The OAE has become a pioneering musical group., converting a space
in the middle of the school building into their offices, the school hall into professional rehearsal space, and their
entire operations undertaken in partnership with the school.
Students have participated in a new skills-based development programme, lo train students in artistic planning,
event production, camera craft and sel design. They have the opportunity chance to have real-world 'field' tasks
where they work on lighting, filming, design and production as part of OAE events, in addition lo receiving
secondmenls lo other professional arts organisation for further hands-on experience. The scheme encourages
mentoring amongst the students as new cohorts join each year and the young producers are empowered to
become the teacher once they have qualified through their own experience.
Page 3

DREAMCHASING
IA company limited by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MAY 2023
Achievements and performance lcontinuedl
Tommy's the Baby Charity - since inception, the charity has benefited from a rent reduction subsidised by
Dreamchasing. An agreement Is in place such that whilst Dreamchasing retains the freehold, rent will continue
lo be subsidised. Should the propety be disposed, Dreamchasing will reimburse Tommy's direcuy or Indirectly
via the new freeholder.
In addition to the above commitments made in year, Dreamchasing has a very strong history of supporting a
diverse spectrum of charities, both In the UK and overseas, including..
Lyra in Africa
Emergency Relief Aid
Royal Academy of Arts
Royal National Childrens Foundation
Pay Il Forward
Starlight Childrens Foundation
Disability Rights International
Financial review
. Going concem
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate
resources to continue In operational existence for the foreseeable future. For this reason, they continue lo adopt
the going con￿rn basis in preparing the financial stalemenls. Further details regarding the adoption of the going
COn￿M basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity to maintain free reserves, at a level to provide 5uffi¢ienl funds lo Cover management,
administration costs and donations. Any balances in excess of this are considered to be available for Investment.
The trustees consider an amount of £100,000 should be set as free reserves. Free reserves, being those funds
not tied up in fixed assets, amount to £5,221,48312022.. £4,898,281). The Trustees will continue to lake steps lo
Identify projects so that the reserves can be reduced lo a lower level over the short to medium term. The
restricted reserves of £1,727,636 12022. £1,574,235> have been earmarked for donations for educational
purposes and for the work of Podium Analytics.
c. Financial review
Income amounted lo £822,291 12022.. £312,765), being rental Income of £262,300 12022.. £173,4051, donated
services of £45,13212022.. £88,760), donations of £228,000 12022. £50,600), bank interest of £155,493 12022..
£nill and other operating income of £131,366 12022.. £nill relating to the write off of a liability. After governance
costs, support costs and other resources expended, the charity made donations of £99,59912022.. £4,004,4051.
Following a review, the propety was revalued to £6,000,000. The charity recognised a net decrease in funds of
£909,648 12022.. decrease £3,945,729). At 31 May 2023, the charity had net funds of £12,949,119 12022..
£13,858,768), the unrestricted fund having net funds of £11,221,48312022.. £12,284,532) and the restricted fund
having nel funds of £1,727,63612022.. £1,574,2351-
d. Investment policy
The charity's assets are Invested in accordance with the powers available lo the trustees as sel out In the
Memorandum and Articles of Association. There are no restrictions on the charity's power lo invest. The charity's
principal investment is ils freehold property.
Page 4

DREAMCHASING
IA company limited by guarantee)
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 MAY 2023
e. Future developments
The trustees intend to continue making grants to charitable institutions from the annual income of the charity and
lo identify longer term projects which will ulilise the reserves.
Structure, governance and management
a. Constitution
The charity is consliluled as a company limited by guarantee and was incorporated on 26 January 2007. The
company was established under a Memorandum of Association which estsblished the objects and powers of the
charitable company and Is governed under Ils Articles of Association. In the event of the company being wound
up, members are required lo contribute an amount not exceeding £1 each.
b. Methods of appointment or election of trustees
The current trustees have power lo appoint new trustees, subject lo a maximum number of seven. Vvhere there
is a requirement for additional or new trustees, these would be identified by the remaining trustees.
The current Iruslees are responsible for the Induction of any new trustee5 which involves awareness of a
Iruslee's responsibilities, the governing document, administrative procedures, and the history of the charity. A
new trustee receives a Welcome Pack which includes copies of the previous years, annual report and financial
statements, a brief history of the charity and a copy of the governing document. The pack also includes a copy of
the Charity Commission "Charity Trustee Welcome Pack" published on 30 April 2018.
Oryanisational structure and decision-making policies
The charity's general policy and direction is set by its trustees with routine administration outsourced to a third
party, as it employs no staff.
The Iruslees examine the major risks that the charity faTrs each financial year and have developed systems to
monitor and control those risks lo mitigate any impact they may have on the charity in the future.
The Iruslees have systems in place to Identify any conflicts of interest that may occur. When a conflict of interest
arises, the relevant Iruslee or trustees agree lo withdraw from any discussion and decision.
d. Financial risk management
The Iruslees have assessed the major risks lo which the company is exposed, in particular those related to the
operations and finances of the company, and are satisfied that systems and procedures are In place lo mitigate
exposure to the major risks.
e. Members. liability
The Members of the company guarantee to contribute an amount not exceeding £1 to the assets of the company
in the event of winding up.
Page 5

DREAMCHASING
(A company limltsd by guarants81
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
ststement ol trusteBs' rfj¥yonsibilltl•s
The trustees {who are also the directors of the charity for Ihe purposes of company law) are responsible for
preparing the trustees, report and the financial statements in accordance with applicable L*w and United
Trfjngdom Accounting StandÉrds (Unitsd Kingdom Gonaralty Acceptéd Acrnunting Piactice}.
Company law requiMs the trustees to prepare financial statements for each financial ye8r, Under company law,
the trustees must not approve the finanrial statements unbess they ar¢ sati8fitd that they g￿e a truo and fair view
of the state of affairs of the charty and of its incoming resources and application of resources, including
Incotne and expEiidilure, for that period. In preparing thcse financial gtatomènts, the ttust@es arè required lo..
select suitsble accounting policies and then apply them consistently.,
observe the methods and pnnciples of the Charities SORP IFRS 1021.,
make judgmenls and ac￿untr.nO estim*es Ihat are Teasonable and pwdent.,
stats whethèr applicable UK Ac￿UntIng Standards IFRS 102) have been followed, SU￿4"eCt lo any material
departures disclosed and explained in the financial statements;
Prepare th8 financial ststements on the goin9 concom basi$ unle8S it is inapproprfate to presume that the
charity will continue In business.
The trustees are responsible for keeping adequate acrnunting r¢￿rdts that are sufficient to show and explain the
charity's IransactiDns and disclose wth reasonable accuracy al any time the financial position of the charity and
enable them to ensure that tlie finanGial ststements comply with the Comp¥nios Act 2006. They gré also
responsible for safaguarding the assets of the chanty and hence for taking reasoiiable steps for the prevention
and detection of fraud and other irrogularities.
0i5¢108ure of Infom)alion to audltor
Each of the persons who aro tfustees al the lime wh•n this trustees, report is 8pprov8d has confimed that
so far as Ihat trustee is aware, there w no relevant audit infomiation of which the ¢hariVs auditor is
naware, and
that Iruslee has tsken all the steps that ought io liave boen tsken as a truatee in order lo be awaro of any
relevant audit infomiation and to establish that the charity's auditor is aware of Ihat infomatlon.
Approved by o
members of the board of trustees and 51gned on thelr behaW by".
nald Donni$ C.B.E
Da
29 May 2024
Pag• 6

DREAMCHASING
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DREAMCHASING
Opinion
We have audited the financial slalements of Dreamchasing (the 'charity'l for the year ended 31 May 2023 which
comprise the statement of financial activities, the balan￿ sheet, the statement of cash flows and the related
notes, including a summary of significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United
Kingdom Generally Accepted Accounting Practi￿1.
In our opinion the financial statements..
give a true and fair view of the stale of the charitsble company's affairs as at 31 May 2023 and of ils
incoming resources and application of reSoUr￿s, including its income and expenditure for the year then
ended.,
have been propedy prepared in accordan￿ with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordan￿ with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit
of the financial statements section of our report. We are independent of the charitable company in accordance
with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom,
Including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is
sufficient and appropriate lo provide a basis for our opinion.
Conclusions rglating to going concorn
In auditing the financial stalemenls, we have concluded that the trustees. use of the going COn￿M basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability lo
continue as a going concern for a period of al least ￿e1ve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the
relevant sections of this report.
Page 7

DREAMCHASING
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DREAMCHASING {CONTINUED)
other information
The other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The trustees are responsible for the other information contained within the
annual report. Our opinion on the financial statements does not cover the other information and, except lo the
extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our
responsibility is lo read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misslatemenls, we are required to determine whether this gives rise to a material misslatemenl in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required lo report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, report for the financial year for which the financial statements are
prepared is consistent with the financial statements.
the Trustees, report has been prepared in accordan￿ with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitsble company and its environment obtsined in the
course of the audit, we have not identified material misstalemenls in the Trustees, report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires
us lo report to you if, in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have not been
received from branches not visited by us,. or
the financial slalements are not in agreement with the accounting records and returns., or
certain disclosures of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the trustees were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, report and
from the requirement to prepare a Stmtegic report.
Responsibilities of trustees
As explained more fully in the Iruslees, responsibilities statement, the Iruslees Iwho are also the directors of the
charitable company for the purposes of company lawl are responsible for the preparation of the financial
statements and for being satisfied that they give 8 true and fair view, and for such internal control as the Iruslees
determine is ne￿SSary to enable the preparation of financial statements that are free from material
misstatement, whether due lo fraud or error.
In preparing the financial statements, the Iruslees are responsible for assessing the charitable company's ability
lo continue as a going concem. disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Iruslees either intend lo liquidate the charitable Company or lo cease
operations, or have no realistic alternative but lo do so.
Page 8

DREAMCHASING
IA company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DREAMCHASING {CONTINUED)
Auditorfs responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misslalement, whether due to fraud or error, and lo issue an audilorfs report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always detect a material misslatemenl when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instan￿$ of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, lo delecl material misstalemenls in respect of irregularities,
including fraud. The extent lo which our prO￿dureS are capable of delecling irregularities, including fraud is
detailed below..
the engagement partner ensured that the engagement team collectively had the appropriate competence,
apabililies and skills to identify or recognise non-compliance with applicable laws and regulations.
we focused on specific 18ws and regulations which we considered may have 8 diocl material effect on the
financial ststements or the operations of the charity.
we assessed the exlenl of compliance with the laws and regulations identified above through making
enquiries of management and a review of the appropriate records.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining
an understanding of how fraud might occur by making enquiries of management as to where they considered
there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. To address the risk of
fraud through management bias and override of controls, we".
performed analytical prO￿dureS lo identify any unusual or unexpected relationships.,
tested joumal entries to identify potential management bias.,
carried out a review of cul off procedures for income and expenses.,
reviewed the allocation of income and expenses between reslricled and unreslricled funds.
reviewed the rationale for significant or unusu81 transactions and assessed whether grant and donation
income has been cOr￿cl1Y recognised.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited lo".
agreeing financial statement disclosures to underfying supporting documentation.
enquiring of management as lo actual and potential litigation and claims.
There are inherent limitstions in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely il is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
lo enquiry of the Iruslees and other management and the inspection of regulatory and legal correspondence, if
any.
Material misstatements that arise due lo fraud can be harder lo delecl than those that arise from error as they
may involve deliberate COn￿alment or collusion.
Page 9

DREAMCHASING
IA Gompany liwnitvd by guarante*)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DREAMCHASING ICONTINUED}
A further description of our responsibilities Yor Ihe audlt of the financial 3ts1ements i¥ located on th¢ Flnancial
Repartin9 Coun¢il's w•b5ite at.. www.frc.or
ijklaudito
ities. This d8￿riptiOn forms part of our
au%Yltofs repDrt.
U80 of our r8port
This report is made solety to the charilable o)mpanls members, as a body, in ac¢ord8nc8 With Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertgken so that we tniglil skte lo the Gharitsble
company's members those motters we ¥ra requi￿d to stale to them in an audiloffs report and for no olher
purpose. To the fullest extent pgmiitted by law, we do not accept or assuma responsibility to anyone other than
th8 charitable company and its mèmbers. as a body. for our audit work, for this reporL or for the opinions we
have form8d.
Qi,k LFknI KL'I LLP
Mark Hart FCA CTA Istnlor statutory audltor)
for and on behalf of
BIiGk Rothenb¢ry Audit LLP
Chartered Accountants
Statutory Auditor
16 Great QL￿n Str901
Covent Gardon
London
WC2B SAH
Date.. 29 May 2024
Page1D

DREAMCHASING
IA company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 MAY 2023
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Total
funds
2022
Note
Income from:
Donations and legacies
Investments
228.000
45.132
417,793
131,366
273,132
417,793
131,366
139,360
173,405
Other income
Totsl income
228.000
594.291
822.291
312,765
Expenditure on:
Raising funds
Charitsble activities
6,815
156,606
6,815
231,205
95,189
4,163,305
74,599
Total expenditure
74,599
163,421
238,020
4,258,494
Net movement in funds before other
recognised gainslllossesl
153,401
430,870
584,271
13,945,729)
Other recognlsed galnsl{lossesl'.
Losses on revaluation of fixed assets
1,528,919) 11,528,919)
Net movement in funds
153,401
11.098.049)
{944,6481 13,945,729)
Reconciliation of funds:
Totsl funds brought forward
Nel movement in funds
1,574,235
153,401
12.284,532
1,098,049)
13.858,767
17,804,496
{944,6481 13,945,729)
Total funds carrigd forward
1.727,636
11.186,483
12.914,119
13,858,767
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 27 form part of these financial statements.
Page11

PA-AJq
070qFZ
D14EAMCHASING
(A company Ilmlted by guar&ntee)
BALANCE SHEET -3iw* V202.?
2023
2022
Noto
Flxed assets
Investm8n18
Investment property
12
6,000,000
7,386,250
8,000,000
7,386,251
Current a$8ets
Dèblors
Cash al bank and In hand
14
102.087
7,201,097
183,216
9,683,443
7,303.ie4
9,866.659
Creditors.. a￿auniS falling due wlthln one
year
15
1389,0651
13,394,143)
Net ourr•nt ass¢t8
6,914,119
6,472,616
Total 8886ts198$ current Ilabllltlg8
12,914,119
13,858,767
Total net a889ts
12,914,119
13,858.767
charlty fund8
RÈslricled fund8
Unrestricted funds
16
1,727,636
11,186,483
1,574,235
12,284,632
Total funds
12,914,119
13,858,767
Thg Iruslegs 8cknowlèdg8 Ehèir reswn8ibilille8 for complwrtg with the requlrem8nl8 of the Act with re3p8¢110
arLounting racords and preparallon of flnanclal slalem8nl$.
The financlal st&lemenis have been pr8par8d In accordance with the provlskJn$ appllcable lo entlll&s Sublect lo
tha small companles f8glme.
The flnanclal sla
proved and aulhorl88d for18gué by the tru81eas and slgned ork Ihelr behalf by..
Slr Rona
onrtl8 C.B.E
Dalè..
29 May 2024
Th$ notes on pagas 1410 27 fom part ol Ih&se finanalal slalomenl8.
Page 12

DREAMCHASING
IA company limited by guarantee)
STATEMENT OF CASH FLOWS
Forthe period ended 31 May 2023
2023
2022
Note
Cash flovts from operating activities
Nel cash used in operating activities
19
12.757.470} 12,132,783)
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
417.793
1142,669}
173,405
Net cash provided by investing activities
275,124
173,405
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
12.482.346} 11,959.3781
9,683,443 11,642,821
Cash and cash equivalents at the end of the year
20
7,201,097
9,683,443
Page 13

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
General information
The charity is a company limited by guarantee registered in England and Wales. Ils principal office is
Kings Bourne, Pinewood Road, Virginia Water, Surrey GU25 4PA. The members of the company are the
Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the
guarantee is limited lo £1 per member of the charity.
The financial statements are presented in Sterling (£1.
Accounting policies
2.1 Basis of preparation of financial ststements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities
preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
Dreamchasing meets the definition of a public benefit entity under FRS 102. Assets and liabilities are
initially recognised at historical cost or transaction value unless otherwise ststed in the relevant
accounting policy.
2.2 Going concern
Al the time of approving the financial statements, the Trustees have a reasonable expectation that
the charity has adequate resources to continue in operational existence for the foreseeable future,
being a period of al least twelve months from the dale the financial statements were approved. Thus,
the Trustees continue to adopt the going concern basis of accounting in preparing the financial
stalemenls.
2.3 Income
All income is recognised once the charity has entitlement to the income, it Is probable that the income
will be received and the amount of income receivable can be measured reliably.
Gifts in kind donated for distribution are included at valuation and recognised as income when they
are distributed lo the proiecls. Gifts donated for resale are included as income when they are sold.
Income lax recoverable in relation to Investment income is recognised at the time the investment
income Is re￿1Vable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third paty, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each activity are made up of the total of direct costs and shared costs, Including support costs
inVo￿ed in undertaking each activity. Direct costs attributable lo a single activity are allocated directly
to that activity. Shared costs which contribute to more than one activity and support costs which are
not atlributsble lo a single activity are apportioned between those activities on a basis consistent with
the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation
charges allocated on the portion of the asset's use.
Page 14

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Accounting policies Icontinuedl
2.4 Expenditure {continued)
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for ils
charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the
charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer
is conditional, such grants being recognised as expenditure when the conditions attaching are
fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a
commitment, bul not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised al their
transaction cost and subsequently measured al fair value al the balance sheet date, unless the value
cannot be measured reliably in which case it is measured al cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on
investments, in the statement of financial aclivilies.
Investments in subsidiaries are valued al cost less provision for impairment.
2.6 Investment property
Investment property is carried at fair value determined annually and derived from the current market
rents and investment property yields for comparable real estate, adjusted if necessary for any
difference in the nature, location or condition of the specific asset. No depreciation is provided.
Changes in fair value are recognised in profit or loss.
2.7 Cash at bank and in hand
Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the dale of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation al the balance sheet dale as a result of a past
event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount
of the selllement can be eslimaled reliably.
Liabilities are recognised al the amount that the charity anticipates it will pay lo settle the debt or the
amount il has re￿iVed as advanced payments for the goods or services it musl provide.
Provisions are measured at the best estimate of the amounts required lo sellle the obligation. Where
the effect of the lime value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the statement of financial activities as a finan￿ cost.
Page 15

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Accounting policies Icontinuedl
2.9 Financial instruments
The company has elected lo apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party lo the
contractual provisions of the inslrumenl.
Financial liabilities and equity instruments are classified according lo the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the company after deducting all of ils liabilities.
The company's policies for ils major classes of financial assets and financial liabilities are set out
below.
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially
recognised al transaction price, unless the arrangement conslitules a financing Iransaclion, where
the transaction is measured al the present value of the future receipts discounted al a market rate of
interest for a similar debt instrument. Financing transactions are those in which payment is deferred
beyond normal business terms or is finan￿d al a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any
impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction
pri￿, unless the arrangement conslilules a financing Iransaclion, where the debt instrument is
measured al the present value of the future payments discounted at a market rale of interest for a
similar debt instrument. Financing transactions are those in which payment is deferred beyond
normal business terms or is fInan￿d al a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rale method.
Impairment of financial assets
Financial assets measured al cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective eviden￿ of impaimient is found, an
impairment loss is recognised in the profit and loss account.
For financial assets measured al cost less impaimient, the impairment loss is measured as the
difference be￿een the asset's carrying amount and the best estimate of the amount the company
would re￿1ve for the asset if il were to be sold al the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
be￿een the asset's carrying amount and the present value of estimated cash flows discounted al the
asset's original effective interest rate. If the financial asset has a variable interest rate, the discount
rale for measuring any impairment loss is the current effective interest rate determined under the
contract.
Page 16

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Accounting policies Icontinuedl
If there is a decrease in the impairment loss arising from an event occurring after the impaimient was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does
not exceed what the carrying amount would have been had the impairment not previously been
recognised. The impairment reversal is recognised in profil or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when lal the conlraclual rights to the cash ffows from the asset
expire or are sellled, or Ibl subslanlially all the risks and rewards of the ownership of the asset are
transferred lo another party or Icl despite having retained some significant risks and rewards of
ownership, control of the asset has been transferred to another party who has the practical ability lo
unilaterally sell the asset to an unrelated third paty without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the conlraclual
obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when
there is an enforceable right lo set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in
furtherance of the general objectives of the charity and which have not been designated for other
purposes.
Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by
donors. The costs of raising and administering such funds are charged against the specific fund. The
aim and use of each restricted fund is sel out in the notes lo the financial slalements.
Investment income, gains and losses are allocated to the appropriate fund.
Income from donations and legacies
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Total
funds
2022
Donations
228,000
45,132
273.132
139,360
Total 2022
50,600
88,760
139,360
Page 17

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Investment income
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Rental income re￿1vable
Interest receivable
262,300
155,493
262,300
155,493
168,508
4,897
Total 2023
417,793
417.793
173,405
Total 2022
173,405
173,405
other incoming resources
Unrestricted
funds
2023
Total
funds
2023
Total
funds
2022
Write back of creditor
131,366
131,366
Totsl 2022
Expenditure on raising funds
Fundraising trading expenses
Unrestricted
funds
2023
Total
funds
2023
Totsl
fvjnds
2022
Direct property costs
6,815
6.815
95,189
Page 18

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Analysis of grants
Grants to
Institutions
2023
Total
funds
2023
Total
funds
2022
Grants funding to institutions
134,599
134,599
4,004,405
Totsl 2022
4,004,405
4,004,405
The charity has made the following material grants to institutions during the year..
2023
2022
Name of institution
Podium Analytics
Bell Afghan
Orchestra of the Age of Enlightenment
GOSH
4,000,000
4,405
25.000
38.653
70,946
FIDA International
134,599
4,004,405
134.599
4,004,405
Podium Analylics has a Iruslee in common as Sir Ronald Dennis C.B.E is chairman of that charity.
Page 19

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Analysis of expenditure on charitable activities
Summary by fund type
Restricted Unrestricted
funds
funds
2023
2023
Total
2023
Total
2022
Grant funding to institutions
Bank charges
Foreign exchange
74,599
156,084
200
230,683
200
4,163,068
174
322
322
63
74,599
156,606
231,205
4,163,305
Total 2022
4,000,000
163,305
4,163,305
Anatysls of expendlture by actlvltles
Activities
undertaken
directly
2023
Grant
funding of
activities
2023
Support
costs
2023
Total
funds
2023
Total
funds
2022
Grant funding to institutions
Bank charges
Foreign exchange
45,132
134,599
50,952
200
322
230,683
200
322
4,163,068
174
63
45,132
134,599
51,474
231,205
4,163,305
Totsl 2022
88,760
4,004,405
70,140
4,163,305
Analysis of direct costs
Grant
funding to
institutions
2023
Total
funds
2023
Total
funds
2022
Donations in kind
45,132
45.132
88,760
Page 20

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Analysis of expenditure by activities Icontinuedl
Analysis of direct costs {continued}
During the year the charity received rent of £100,29312022'. £70,000) from Tommy's The Baby Charity.
So long as Dreamchasing is the freeholder of the property the annual rent from 24 June 2017 that
Tommy's will pay is £100,293. If Dreamchasing sells the freehold interest il will either reimburse Tommy's
directly or the new landlord, the difference be￿een the commercial value of the rent under the tenancy
agreement with Tommy's and £100,293. The difference was £45,132 12022.. £88,760) and is shown as
donated serVI￿S within both incoming and outgoing resources.
Analysis of support costs
Grant
funding to
Bank
institutions revaluations
2023
2023
Bank
charges
2023
Total
funds
2023
Total
funds
2022
Professional fees
Advertising
Other
Governance costs
42,756
200
322
43,278
52,002
4,100
196
8,000
196
8.000
14,038
50,952
200
322
51,474
70,140
Totsl 2022
69,903
174
63
70,140
10.
Auditorfs remuneration
2023
2022
Fees payable lo the charitys auditor for the audit of the charitys annual
accounts
10,000
6,338
Fees payable to the charity's auditor in respect of..
All non-audil services not included above
17.600
31,463
Page 21

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
11.
Trustees. remuneration and expenses
During the year, no Iruslees re￿iVed any remuneration or other benefils12022 - £NILI.
During the year ended 31 May 2023, no trustee expenses have been incurred12022 - £NILI.
12. Investment property
Freehold
investment
property
Valuatlon
At 1 June 2022
7,386,250
142,669
11,528.9191
Additions
Loss on revaluation
At 31 May 2023
6,000,000
The historical cost of the investment propety is £5,216,30712022. £5,216,307). The investment property
was valued on an open market basis al 31 May 2023 by the Trustees.
13.
Fixed asset investments
Investments
subsidiary
companies
At 1 June 2022
Disposals
At 31 May 2023
Net book value
At 31 May 2023
At 31 May 2022
Page 22

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
14. Debtors
2023
2022
Due within ong yoar
Trade debtors
Amounts owed by group undertakings
Other debtors
505
963
94,896
5.723
963
176,530
5,723
Prepayments and accrued income
102.087
183,216
15.
Creditors- Amounts falling due within one year
2023
2022
Trade creditors
Other taxation and social security
Other Creditors
Accruals and deferred income
92,764
62,226
36,339
5,363
131,366
9,075
3,212,000
9.075
225,000
Grants accrued - institutional
389,065
3,394,143
2023
2022
Grants accrued at 1 June 2022
Grants approved in the year
Grants paid in the year
3,212,000
1,308,080
4,000,000
13.022.000} 12,096,080)
Grants accrued at 31 May 2023
190.000
3,212,000
Page 23

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
16. Statement of funds
statement of funds - current year
Balance at 1
June 2022
Gainsl Balance at
(Losses) 31 May 2023
Income Expenditure
Unrestricted funds
General Funds - all funds
12.284,532
594.291
{163.4211 11.528.919} 11.186,483
Restrlcted funds
Educational projects
Salute the NHS
GOSH NHS Foundation trust
1.292,671
281,564
135.9461
1,256,725
281,564
189,347
228,000
138,6531
1.574.235
228.000
174.5991
1.727.636
Total of funds
13.858,767
822.291
{238,0201 11.528.919} 12.914,119
Statement of funds - prior year
Balance at
1 June2021
Balance at
Income Expenditure 31 May 2022
Unrestricted funds
General Funds - all funds
12,280,862
262,165
1258,4951 12,284,532
Restricted funds
Educational projects
Salute the NHS
5,292,671
230,964
14,000,000)
1,292,671
281,564
50,600
5,523,635
50,600
14,000,000)
1,574,235
Total of funds
17,804,497
312,765
14,258,495) 13,858,767
Page 24

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
17. Summary offunds
Summary offunds - current year
Balance at 1
June 2022
Gainsl Balance at
(Losses) 31 May 2023
Income Expenditure
General funds
Reslricled funds
12,284,532
1.574.235
594,291
228.000
{163,4211 11,528,919) 11,186,483
174.5991
1.727.636
13,858,767
822,291
{238,0201 11,528,919} 12,914,119
Summary offunds - prior year
BalanTr at
1 June2021
Balance at
Income Expenditure 31 May 2022
General funds
Reslricled funds
12,280,862
5,523,635
262,165
50,600
1258,4951 12,284,532
14,000,000)
1,574,235
17,804,497
312,765
14,258,495) 13,858,767
18. Analysls of net assets between funds
Analysls of net assets between funds - current year
Restricted Unrestricted
funds
funds
2023
2023
Total
funds
2023
Investment property
Current assets
Creditors due within one year
6,000,000
5,575,548
1389,0651
6,000,000
7,303,184
{389.0651
1,727,636
Totsl
1,727,636 11,186,483 12,914,119
Page 25

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
18. Analysis of net assets between funds {continuedl
Analysis of net assets between funds - prior year
Restricted Unreslricled
nds
funds
2022
2022
Total
funds
2022
Fixed asset investments
Investment property
Current assets
Creditors due within one year
7,386,250
7,386,250
8,292,425
9,866,659
13,394,143) 13,394, 1431
1,574,234
Total
1,574,235 12,284,532 13,858,767
19.
Reconciliation of net movement in fvnds to net cash flow from operating activities
2023
2022
Nel incomelexpendilure for the year las per Statement of Financial
Aclivitiesl
584.271
13,945,729)
Adjustments for-
Dividends, interests and rents from investments
Decrease in debtors
IDecreasellincrease in creditors
1417,793)
81.129
13.005,077)
1173,4051
53,221
1,933,130
Net cash used in operating activities
12,757,470) 12,132,783)
20.
Analysis of cash and cash gquivalents
2023
2022
Cash in hand
7,201,097
9,683,443
Total cash and cash equivalents
7,201,097
9,683,443
Page 26

DREAMCHASING
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
21. Analysis of changes in net debt
At 1 June
2022 Cash flows
At 31 May
2023
Cash al bank and in hand
9.683.443
12.482.346} 7.201.097
9,683,443
12,482,346} 7,201,097
22.
Capitsl commitments
2023
2022
Contracted for but not provided in these financial statements
Purchase, construction or development of investment property
7,051
23. Members. liability
Each member of the charitable company undertakes lo contribute to the assets of the company in the
event of it being wound up while helshe is a member, or within one year after helshe ceases lo be a
member, such amount as may be required, not exceeding £NIL for the debts and liabilities contracted
before helshe ceases to be a member.
24. Related party transactions
The company has taken advantsge of the exemption contained in FRS 102 section 33 "Related Party
Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
There are no related party transaction5 to disclose other than grants to related parties as disclosed in
Note 7.
Page 27