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2022-03-31-accounts

Charity registration number 800248 (England and Wales) Charity registration number SC043878 (Scotland) Company registration number 02301610 (England and Wales)

DREAMS COME TRUE CHARITY

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

DREAMS COME TRUE CHARITY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees L Gerhardt (Appointed 24 September
2021)
Dr M Quallo-Wright (Appointed 23 November
2021)
A D Challis
R L Humphrey
N Smith
P W E Leoni Sceti
A M C Vaughan
A Post
N Taqi-Eddin
A Linares
S A Foster
Secretary J Stevens
Charity number (England and Wales) 800248
Charity number (Scotland) SC043878
Company number (England and Wales) 02301610
Auditor Azets Audit Services Limited
Ashcombe Court
Woolsack Way
Godalming
Surrey
United Kingdom
GU7 1LQ
Bankers Lloyds Bank Plc
5 The Square
Petersfield
Hampshire
United Kingdom
GU32 3HL
Solicitors Bates Wells & Braithwaite LLP
2-6 Cannon Street
London
United Kingdom
EC4M 6YH

DREAMS COME TRUE CHARITY

CONTENTS

Page
Chairman's Foreword 1
Trustees' report 2 - 18
Statement of Trustees' responsibilities 19
Independent auditor's report 20 - 22
Statement of financial activities 23
Balance sheet 24
Statement of cash flows 25
Notes to the financial statements 26 - 36

DREAMS COME TRUE CHARITY CHAIRMAN'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2022 FOR THE YEAR ENDED 31 MARCH 2022 The last financial year was one of gocMJ progres5. de5pf(e conts"nuiro to OFerate during the second year of the COVID-19 pandemic. Over the year, as the only UK chaTity sUpp￿rtirE thihlren and young people who have serious and lif&limitsng conditions in the mc6t deprived areas of the UFI we were able to F(6rtNely impact more ildren and young people in 2021r22 than have ever athieved ￿f0￿. Highlights indude the amazing Dream team VA)[￿￿ hard to bjild more than a hundred of new refetral networks with social care. heafih and educational professionals to ensure we are able to find the chiklren most in need. An eXpa￿On of our geLYJraphical reach. An enhancement to our Dreams delNery model which now supports group Dreams rather than only indmdual dreams helping LE to IM￿ even more children and young people. The year has had rts challeNJes too- our furmjraisiro plans were again b1￿￿ted by the pandemic. mainly due to the cancellation of many of our challenge and communty events. That saKJ, by the year erbj V￿ wwe ased to see levels of Se￿-generaled income beginning lo recover trom the previous year. I would like to Ihank the team at Drea￿ts Come True. our gjpwrters and fuThleTS and the Board of Trustees. Together we have positively ended a challenging year and worl(ed tovrdrds our vision to support yet more children and young people who need us. As we look to the year ahead. we are acutely avrare that the numbe￿ of children and yourg people who will need the support of our charty wll tr greater than ever. The hardshiFts caused by the pandemic wll be fe actOSS the country foi years to ¢x)me and these wll sadly now be Compounded by the c¢)st-of-living crisis, which affects disabled children and their families even more acutety that rt does others. Thanks to pjsrtwe changes we have made duriThJ this finanaal year, Drearrts Come True in a stror¥J posth'on to drive the charty forward into the next finanual year and sur¥K>rt even mrxe chibjren have rt tough and deserve our attention. A E Linare5 Chair of Trustees Date". 26 September 2022

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022

Dreams Come True, despite continuing to experience the continued challenges of the pandemic, continued to deliver dreams to some of the most in need and economically disadvantaged children (2-21 years) across the UK. The achievements delivered this financial year 2021/22 are testament to the commitment of our funders, staff, board of trustees and the many supporters and volunteers, to whom we owe recognition and thanks.

Objectives and activities

Our Mission

Dreams Come True enriches the lives of children and young people (CYP) with a disability, serious illness or lifelimiting conditions. We are the only national wish granting charity that focuses solely on supporting children living in the highest areas of deprivation in the UK.

What We Do and Who We Support

We are passionate about delivering moments of magic and having a lasting impact on those who might not even consider having a dream come true. We believe every child has the right to dream, no matter who they are or where they live.

To ensure we reach those who deserve our attention the most, we work with children who are living in the highest areas of deprivation in the country, and are living with a disability, serious illness, or life-limiting conditions.

What is a Dream?

Our dreams create moments of magic with lasting impact, personal to each child with whom we work. Whether that is a specially adapted trike for a child with cerebral palsy, a tablet to help an autistic teenager develop their communication skills, or a seriously ill child’s room makeover.

No matter the dream, our team of dream makers work closely with our dreamers and their family/carers to deliver a unique experience, that will provide moments of magic and have a lasting impact long after the dream has come true for children who face lifelong challenges exacerbated by poverty.

We offer four types of dreams. Every dream is unique:

Our Experience Days and Small change, Big impact dreams can be delivered to individuals, or as part of a community dream to benefit many young people.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

How it works

Once a Dream referral is received from a social care, education or health professional it is reviewed and approved by our panel of dream experts. From that point forth our dream makers work hard to connect with the family to make sure that the dream being suggested remains suitable and has the maximum impact on the life of the child.

For example, during the year we worked closely with family members and healthcare professionals to build a bespoke adapted trike, including specific dimensions for the child, which included a unique fitted handlebar for parental safety.

We arrange everything that is needed to make a child’s dream come true; building the bespoke equipment requests, transporting the item to them, working with builders on specific home and garden requests, safety checks across all dreams we physically build and more. We work hard to ensure we deliver all of our dreams from start to finish but do so in close partnership with the child, family and other professionals to ensure all needs are understood and met.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF PUBLIC BENEFIT

The Trustees confirm that we have acted in accordance with the public benefit guidance published by the Charity Commission.

Principle 1: There must be an identifiable benefit or benefits

Our purpose is to improve the wellbeing of children and young people with serious and life-limiting conditions, and their families, through the realisation of a dream. We receive hundreds of testimonies from the children, parents, other family members and carers involved in the dream who benefit from the morale boost, improved sense of self-esteem, joy and excitement that this experience provides.

The benefit that we provide is something that is not available other than through charitable means. We are not duplicating a service that is available on the NHS or through any other public sector body. Without us, these dreams simply would not come true. For many of our children and young people we are the only source of support available, as we are the only charity in the dreams and wishes sector meeting the needs of children as young as 2 through to young people as old as 21. And our criteria mean we serve the needs of children with lifelimiting, not just terminal, illnesses. For many of these children, the criteria of other charities mean that they are deemed “not ill enough” to warrant an intervention.

Principle 2: Benefit must be to the public, or section of the public

In 202 1/ 2 2 the service that we provided was available to all children and young adults with serious and lifelimiting illness, aged 2 to 21 (at the time of application) from across the whole of the UK. A unique aspect of the charity is its work with the 18-21 age range - a population which other charities in our sector are not able to reach and which is a growing cohort in palliative care. This means that we accept children and families who otherwise simply have nowhere else to go.

We further extended our reach and impact by working with various agencies to assist those who would not normally apply for a dream. Our Hidden Communities programme, which is the only one of its kind in the United Kingdom, is now fully operational in the hardest to reach, most deprived areas of the Midlands, Northwest, and Scotland.

In this financial year we have fulfilled dreams for children from all nine of the English regions, Scotland, Wales and Northern Ireland.

Our charitable activities do not result in private benefits, except where incidental to those activities - for example, the purchase of goods and services essential to the fulfilment of a dream.

Charity Fundraising

At Dreams Come True we ensure that our values are reflected in our fundraising activities. We are registered with the Fundraising Regulator and are committed to adherence to the Code of Fundraising Practice. 33 % of our income comes from legacies, the remainder comes from events/challenges, donations , trusts and foundations , and other fundraising activities.

Our fundraising efforts involves donations, grant applications from Trusts and Foundations, gifts in wills, running and other challenges and events and operating a lottery.

Our website outlines our complaints procedure for the public, and clearly explains how an individual can complain. We received 6 complaints in 202 1 /2 2 which we responded to within 10 days. Complaints are dealt with in-line with our fundraising complaints procedure.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

IMPROVEMENT TO DREAM DELIVERY PROCESS

In February 2021, when our ability to deliver dreams to our children was much reduced due to COVID, we used our time to review and improve our referral process. To ensure we found and supported the UK’s most in need children we spent our time building relationships and developing referral pathways with social care, health and educational professionals who could help us find the children who need us the most. Previously referrals came to us via parents and carers – but by strategically changing our process we have been able to work with professionals who know the children and their families better than anyone else and know more about their challenges and dreams after spending long periods of time caring and supporting them.

Thanks to our efforts during this financial year, we can now boast a referral network of 140 professionals across the UK. With these fabulous contacts in place, when we now open our referral portal to receive applications for our dreams we are awash with strong applications and can deliver our dreams much more quickly and effectively.

We would like to thank our inspiring team of dream makers for their tireless efforts and creative thinking during what was an incredibly challenging year – but one which we ended stronger than ever when it comes to finding the children who need us most.

MAKING DREAMS COME TRUE

In 2021/2022 were able to deliver 163 dreams, which include Community Dreams, impacting 706 children.

Below are some examples of the dreams we delivered in 2021/22.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Simon’s Gaming PC- SMALL CHANGE, BIG IMPACT

The Dream

Simon is 14 years old. He loves all things anime and attending the boy’s brigade. He is the eldest in his brigade section, so everyone looks up to him. Simon’s mum says that he has a great sense of humour and is often funny without even trying.

Simon has cystic fibrosis and requires regular chest therapy and medication morning and night. He loves to be active but can get very tired and wheezy. Simon has said to his mum that he wishes he could just be normal.

Simon’s dream was inspired by his love for anime. He dreamed of a new gaming PC that he can use to socialise with friends, watch YouTube, do homework, and of course do his anime gaming.

The Impact

This dream will have a lasting impact on Simon providing him with:

The Moment of Magic

Simon’s mum says; “Since Dreams Come True gave Simon his new PC, he has spent all his free time over Christmas on it. He loves it so much.”

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Halton Lodge - REIMAGINED COMMUNITY SPACES

The Dream

This dream request was for a sensory room revamp which included a new bubble tube, sequin panels, fibreoptics lights, a UV carpet, and a variety of interactive technology including a wave table and touch responsive lights. These specialist features provide ongoing benefits for improved cognitive function, sensory stimulation, accessible play, hand-eye coordination and so much more. The room can be set up to each child’s preferences, whether they need a calming environment with soft lights, or engaging bright colours.

There are over 1,000 children across Halton who have been identified as needing extra provision, who can now access this updated sensory room for free. This will be a lifeline in the community all year round and will be a great help to children with learning and physical disabilities.

The Impact

This dream will have a big impact on many families providing: ​

The Moment of Magic

Mum Rachel says a room like this will “make the world of difference”.

Amy is 9 years old, and she joined Dreams Come True for the opening of the sensory room. Amy is living with autism and a sensory processing disorder, with her seizures triggered by stress. Halton Lodge sensory room can now provide a sanctuary for Amy, which will help calm her down and manage her seizures. After using the new facility in Halton Lodge, Amy had a full night’s sleep for the first time in months.*

*Name changed for safeguarding purposes.

The updated sensory room also provides a hub for families of children with serious illness or disabilities and can be used as a space to meet other families with similar needs. This will be a lifeline in the community all year round and will be a great help to children like Noah who is 7 years old.

Noah is non-verbal and living with autism and global development delay, and whilst he accesses special provision at school, his family struggles to find suitable places for him to spend time during school holidays. The sensory room at Halton Lodge now meets his needs and provides access to toys and equipment the family are unable to provide at home.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Alana’s Peppa Pig Dream – HOME MAKEOVER

The Dream

Alana loves people, school, and all things Peppa Pig. Alana has Cerebral Palsy, Epilepsy and Global Developmental Delay and is unable to walk on her own.

Her Dream was to have a Peppa Pig Bedroom Makeover, where she can invite her friends over to play.

For Alana and her family, the added costs of living with a disability, mean this is something Alana's parents wouldn't be able to give her without our help.

The Impact

This dream has given Alana a magical space that will have a lasting impact on Alana, providing her with: ​

The Moment of Magic

This moment of magic is one that can be heard by Alana’s squeals of excitement when her parents showed Alana her room for the first time, you can hear happiness as she lists all the new things she can see "A house, a Kitchen and Peppa Piggggg".

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Jacob’s Mickey Mouse Dream – HOME MAKEOVER

The Dream

Jacob, 8, is non-verbal and his autism results in severe impairment in his social interactions and social communication. When Jacob came to Dreams Come True, he didn’t want to play or sleep in his bedroom. Jacob is a real Disney Mickey Mouse fan and his dream was to have his very own Mickey Mouse themed bedroom.

The Impact

This dream has given Jacob a magical space that will have a lasting impact on Jacob, providing him with: ​

The Moment of Magic

Complete with Mickey-themed mural, calming nightlight projector and new wall-mounted television to watch his favourite programmes and, last but certainly not least, his very own ball pit. You can see the excitement on Jacob’s face the moment he saw his new room for the first time.

Jacob’s mum is over the moon with his new bedroom, she said “Jacob was so excited to see it. The mural is amazing. Jacob’s favourite part is the ball pit, he loves soft play and goes in it every day. I find him just lying in it, it’s now his calm place. He’s a very happy boy”.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Zahra’s Lion Enclosure Dream – GETAWAYS

The Dream

Zahra lives in the highest area of deprivation in the country and is living with several medical conditions, her scoliosis causes a lot of pain and affects her mobility. ​Zahra has an important operation soon, so her mum wanted her to have an amazing lion experience in March, while she was well enough.

Zahra loves lions, so an experience to get up close with lions was the perfect dream for her but wasn’t something Zahra had ever had the opportunity to do.

As well as feeding the lions the experience included: admission into the animal reserves, Discovery Trail and African Village, a return ticket to visit the park again this year, a refreshment break in Dino Diner, a guidebook, a box of animal food to use in the animal reserves and a memory stick with the photos taken during the experience.

The Impact

This dream gave Zahra a lasting memory that she and her mum will have for years to come. Providing her with:​

The Moment of Magic

Mum said: “It was amazing, we all loved the experience. Zahra loved the fish and the penguins too. The look on her little face when she saw the lions was something else.”

Zahra’s support worker also reiterated “I just wanted to say thank you so much for organising such an amazing day for Zahra and her family. Zahra absolutely loved meeting the lions, and her little face when she saw them close up brought tears to my eyes, it was amazing.

There are some amazing photos that I’m sure mum has shared with you. You really did make Zahra’s dream come true so thank you.”

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

CHARITY FUNDRAISING

We are registered with the Fundraising Regulator and commit to our fundraising being legal, open, honest and respectful, meeting the standards set in the Fundraising Code of Practice.

Principal Funding Sources

21% of our income is sourced from trusts and foundations, with a further 31% delivered from legacies, the remainder comes from corporate supporters, individual giving, fundraising events, individual and group challenge activities and community fundraising. With the ambition to deliver more dreams we plan to develop and grow our self-sustained income and diversify our portfolio of voluntary funding initiatives.

Key highlights

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Strategic report

RISK MANAGEMENT

The Board of Trustees has delegated responsibility for risk management to the Finance and Risk Committee. The full board reviews the highest standing risks, at every board meeting, along with all strategic risks. The Chief Executive and Director of Resources review monthly all financial, operational, regulatory, and reputational risks, in detail.

The Board of Trustees have appointed a trustee with oversight for child and vulnerable adult protection and data protection.

Key risks and our plans for mitigation are:

Data Protection

The charity holds data from a number of different sources and has implemented a detailed plan so as to ensure full compliance with GDPR. There is a data officer who , on all matters pertaining to personal information (collection, use and storage) , reports directly to a nominated Trustee who has oversight of all activity.

Dreams Delivery

It is important that a balance is struck by actively seeking those who wish to have a dream fulfilled and the number of recipients waiting to have their dream fulfilled. Responsibility for the operation and delivery of dreams is divested to the Chief Executive, with reporting of progress at each board meeting. The type and value of dreams offered are reviewed by Trustees annually.

Safeguarding

Our work with children and young people suffering from serious and life-limited conditions places on us a particular burden of care to ensure that they are safeguarded through their experience of dream fulfilment. We mitigate risk through: having a Safeguarding Policy (along with other supporting policies) which is reviewed and presented to the board for approval annually; risk assessing all applications to ensure that dreams can be fulfilled safely; Designated Safeguarding Lead and Deputy in place and using only trained professional staff to work with children and families in organising and delivering dreams; along with DBS checking all staff and Trustees.

Reputational risk

Risks associated with adverse publicity involving a service provider, supplier or supporter are ongoing. All our activities and partnerships undergo risk assessment and, where necessary to protect the charity’s good name, relationships are terminated. The Trustees have in place a Crisis Management Plan to ensure that, should a reputational issue arise, our response is timely and appropriate.

Financial risk

Successfully growing our income in order to increase the number of dreams we fulfil is a key part of our strategy both now and in the future. At the same time, it is necessary to increase our reserves to achieve six months’ core expenditure cover, to mitigate the risk of financial insolvency.

The Finance and Risk Committee scrutinise our financial performance at quarterly meetings to ensure that progress against income and expenditure targets is being met. It makes recommendations to the full Board at their meetings regarding the allocation of surpluses to ensure that the twin targets of financial stability through adequate reserves and charitable impact through increasing our dream delivery are met.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Financial review

Dreams Come True ended the year with an operating deficit of £10,263 (202 1 : deficit £24,169) . T he charity has continued to focus on improving the proportion of expenditure spent on delivering its charitable activities, spend on charitable activities increased in 2022 to £901,724 compared to £ 590,112 in 202 1 .

Key points to note:

Income

▪ Income from donations and legacies increased by £ 213,820 to £ 619,158 (202 1 : £405,338 ) this was in large part due to a substantial legacy accrued in the year.

▪ Income from fundraising campaigns increased by £ 45,528 to £461,423 (202 1 : £415,894).

▪ Fundraising events income increased by £ 21,369 to £ 106,930 (202 1 : £85,561).

▪ The Charity continue d to see substantial restricted income of £ 351,065 in 202 2 (202 1 : £350,644). This has been in the main due to a large grant from Kentown Wizard Foundation.

Expenditure

▪ Expenditure on raising funds decreased by £ 76,144 year on year to £ 296,235 (202 1 : £372,379) of which the allocation of support costs has fallen to £ 141,731 (202 1 : £163,923).

▪ Direct fundraising costs were £ 154,471 (202 1 : £208,456) and £ 53,985 ( 25 %) lower than the prior year, which is a reflection of the ability to fundraise again after a difficult previous year due to the pandemic.

▪ Expenditure on charitable activities increased to £ 646,944 (202 1 : £ 308,460 ) .

▪ Support costs allocated to charitable activities reduced by £ 26,872 to £ 254,780 (202 1 : £ 281,652 ). We have continued to reduce staffing and overhead costs in a drive to improve efficiency and re-deploy resources,

whilst looking to the future and implementing new systems and initiating other projects to support the plans for future growth.

▪ Total support costs decreased to £396,511 from £445,575 as the charity continued to reduce overheads.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Reserves

Reasons reserves are held:

The Board of Trustees, Chief Executive and Director of Resources will identify the need for access to reserve funds and confirm that their use is consistent with the purpose of the reserve, as described within the reserves policy. This step requires analysis of the reason for any shortfall, the availability of any other sources before using reserves, and evaluation of the time period over which the funds will be required and replenished.

Use of reserves can include, but is not limited to the following:

▪ The risk of unforeseen emergency or other unexpected need for funds, e.g. an unexpected large repair bill or finding ‘seed-funding’ for an urgent project.

▪ Covering unforeseen day-to-day operational costs, e.g. employing temporary staff to cover a long-term sick absence.

▪ A source of income, e.g. a grant, not being renewed. Funds might be needed to give the Board of Trustees time to act if income falls below expectations.

▪ Planned commitments, or designations, that cannot be met by future income alone, e.g. plans for a major asset purchase or to a significant project that requires the charity to provide ‘matched funding’. ▪ The need to fund short-term deficits in a cash.

Target range of reserves for the financial year

The level of reserves target has been set to a minimum of six month’s core operational costs (to include salary and running costs of the charity). This is to be reviewed on an annual basis as part of the budget setting plan, alongside cashflow requirements and is regarded as part of ongoing management of the charity.

Where the reserves level is below target, consideration is given to whether this is due to short-term circumstance or longer-term reasons which might trigger a broader review of finances and reserves. This will form part of a wider discussion by the Finance Committee and be reported to the Board of Trustees.

Level of Reserves at year end

The Charity continues to see a shift in its reserves which reflects the movement in its income from restricted to un restricted reserves, including the grant from Kentown Wizard Foundation. The Charity has the aim of maintaining unrestricted reserves equivalent to at least six month’s core operational costs; the change in nature of its income during the year has meant that unrestricted reserves stood at £ 525,647 (202 1 : £336,556) and restricted reserves at £ 60,246 (202 1 : £ 259,600 ).

In the next financial year 2022/23 Dreams Come True intends to build to a minimal level reserves of £250,000 of unrestricted reserves, by increasing fundraising activities and seeks to create new corporate partners and major donors particularly those who are willing to provide unrestricted funds, whilst continuing to decrease operational overheads.

The Reserves policy is reviewed by the Finance Committee every two years or sooner if warranted by internal or external events or changes . This is to ensure that the reserves policy continues to be relevant, as the charity develops or changes its strategy and activities. Changes to the policy will be recommended by the Finance Committee to the Board of Trustees.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate that exposure.

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

Governing documents

The charitable company was incorporated on 3 October 1988 and is governed by its Memorandum and Articles of Association. The charitable company is limited by guarantee and has no share capital.

Our Trustees

The Trustees who served the Charity during the period were (served for the entire year unless indicated):

L Gerhardt (Appointed 24 September 2021) Dr M Quallo-Wright (Appointed 23 November 2021) D F Weeks (Resigned 24 September 2021) A D Challis R L Humphrey N McArthur (Resigned 23 September 2021) N Smith P W E Leoni Sceti A M C Vaughan A Post N Taqi-Eddin A Linares S A Foster L Govus (Resigned 11 March 2022)

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

The Board of Trustees meets at least four times a year and its main purpose and activity is focused on the setting of policy, strategic direction and ensuring good stewardship of resources. The work of the Board was supported by the following Board Committees and Sub-groups:

Attendance Out of possible
A Linares 4 4
D Weeks 2 2
M Kennett 3 4
A McCulloch 2 4
A Challis 3 4
S Foster 3 4
R Humphrey 2 4
P Leoni-Sceti 4 4
N Smith 3 4
N Taqi-Eddin 4 4
A Vaughan 3 4
L Gerhardt 2 2
M Quallo-Wright 2 2

Finance and Risk Committee

First line oversight of finance and risk is delegated to the Finance and Risk Committee which meets at least quarterly. Its quarterly meetings are held in advance of the main Board meetings to which it reports its findings and recommendations. The Finance and Risk Committee also has oversight of Audit, Investments, Governance and Remuneration.

Trustees who serve on the Finance and Risk committee and their attendance is as follows:

Attendance Out of possible
A Challis 4 4
N Smith ( Chair )
4		 4
A McCulloch 3 4
P Leoni-Sceti 1 2
N Taqi-Eddin 1 2

Nominations Sub Committee

The Nominations sub-committee is established for the purpose of leading the process of CEO recruitment, appointments and election to the Board of Trustees and independent members and advisors to its committees. The Committee meet s in the reporting cycle as required. Membership consists of the following Trustees:

Attendance Out of possible
A Challis (Chair)
6		 6
L Gerhardt 6 6
S Linares 6 6

DREAMS COME TRUE CHARITY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Organisational structure and decision making

The Charity operates throughout the UK from its office based in Liphook, Hampshire along with regionalised staff based in Manchester. The Charity’s work is carried out by a Chief Executive and 11 staff. They are responsible for good utilisation of resources and the achievement of objectives across the operational areas of:

▪ marketing and communications

The members of the Leadership and Management Team who served the Charity during the period and reported to the Board of Trustees at regular meetings were:

Chief Executive:

Richard Ashton - left July 2022 Lisa King - started July 2022

Director of Resources :

Lynne Govus - left March 2022 Jean Stevens - started March 2022

Head of Dreams:

Siobhan McGowan - left June 2021 Clare Messenger - started August 2021

Head of Events and Community Fundraising:

Jessica Gloak

Head of Bespoke Fundraising:

Shelley Thompson - started September 2021

Induction and Training of Trustees

A Trustee skills matrix is maintained to ensure that the Board is aware of skills gaps that might exist and to enable particular skills to be targeted when recruiting new Trustees.

Candidates undergo an appointment process involving:

▪ submission of their details and a review of experience in relation to the Trustee skills matrix.

▪ meetings with the Chair, Chief Executive, and other Trustees.

▪ a visit to the charity office.

Once this process is concluded, successful candidates will be invited to join the Board of Trustees.

Induction for new Trustees includes:

▪ Visiting the charity office, meeting and being briefed by staff

▪ Meetings with other Trustees

The Charity has a 100% owned subsidiary, Dreams Come True Services Ltd, which is dormant.

DREAMS COME TRUE CHARITY TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2022 The Trustees. rewrt, indudiTrJ the strategic repJrt, was approved by the Board of Trustees of the charrty on 26 Septèmber 20 nd signed its behalf by.. A E Linares Chair of Trustees 18-

DREAMS COME TRUE CHARITY

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees, who are also the directors of Dreams Come True Charity for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Charity to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

▪ select suitable accounting policies and then apply them consistently;

▪ observe the methods and principles in the Charities SORP;

▪ make judgements and estimates that are reasonable and prudent;

▪ state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

▪ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DREAMS COME TRUE CHARITY

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES' OF DREAMS COME TRUE CHARITY

Opinion

We have audited the financial statements of Dreams Come True Charity (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees' with respect to going concern are described in the relevant sections of this report.

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 we do not express any form of assurance conclusion thereon. Our responsibility is to 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 misstatements, we are required to determine whether this gives rise to a material misstatement 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 to report that fact.

We have nothing to report in this regard.

DREAMS COME TRUE CHARITY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES' OF DREAMS COME TRUE CHARITY

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees'

As explained more fully in the s tatement of Trustees' r esponsibilities, the Trustees', who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees' determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees' are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees' either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DREAMS COME TRUE CHARITY

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES' OF DREAMS COME TRUE CHARITY

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Temlett CA ACA CTA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Limited

26 September 2022

Chartered Accountants Statutory Auditor

Ashcombe Court Woolsack Way Godalming Surrey United Kingdom GU7 1LQ

DREAMS COME TRUE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Donations and legacies
2
619,158
-
Trading activities
3
106,930
-
Fundraising Campaign
Income
4
110,358
351,065
Other income
5
185
-
Total income
836,631
351,065
Expenditure on:
Raising funds
6
296,235
-
Charitable Activities -
Fulfilling dreams
7
351,305
550,419
Total expenditure
647,540
550,419
Gross transfers
between funds
-
-
Net income/(expenditure)
for the year/
Net movement in funds
189,091
(199,354)
Fund balances at 1 April 2020
and 2021
336,556
259,600
Fund balances at 31 March
2021 and 2022
525,647
60,246		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
619,158
405,338
-
106,930
85,561
-
461,423
65,250
350,644
185
31,529
-
1,187,696
587,678
350,644
296,235
327,792
44,587
901,724
298,528
291,584
1,197,959
626,320
336,171
-
(3,755)
3,755
(10,263)
(42,397)
18,228
596,156
378,953
241,372
585,893
336,556
259,600		 Total
2021
£
405,338
85,561
415,894
31,529
938,322
372,379
590,112
962,491
-
(24,169)
620,325
596,156
Donations and legacies
2
Trading activities
3
Fundraising Campaign
Income
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable Activities -
Fulfilling dreams
7
Total expenditure
Gross transfers
between funds
Net income/(expenditure)
for the year/
Net movement in funds
Fund balances at 1 April 2020
and 2021
Fund balances at 31 March
2021 and 2022

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

DREAMS COME TRUE CHARITY BALANCE SHEET AS AT 31 MARCH 2022 2022 Noles Fixed assets Tangible assets Investments 12 13 16,541 8,173 16,543 8,175 Current a55ets Debtors Cash al bank and in hand 14 356,331 319.(fA 248.414 497,371 675,395 745.785 Craditors.. amounts falling due ￿thin one year 15 I1￿,045) 1157,8041 Net current assets 9,350 587,981 Total a55ets less current liabilities 585.893 s￿,156 Income fund$ Restricted furtds Unrestricted funds 17 60,246 525,647 259,600 336,556 585.893 5,156 The notes on pages 26 to % fomi part ofthese finar￿la1 statemènts. The company is entitled to the exemption from the audrt requirement contained in seCt￿n 477 of the Companies Act 20(￿, for the year e￿Ied 31 March 21Y22, although an audrt has ￿en carried out under sect.on 144 of the Charities Ad 2011. These financ4al statements have been ￿epar￿ in aC￿rdan￿ wth the provI￿onS appliCa￿e to compan subject to the Small companies iegime. The financial statements re approved by the Tnjslees on 26 Septwntr 2022 A E ￿nareS Chair of Trustees Company registration number 02301610 -24-

DREAMS COME TRUE CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash absorbed by operations
22
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets
Net cash used in investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
(164,694)
(13,998)
385
(13,613)
-
(178,307)
497,371
319,064		 2021
£
(1,430)
697		 £
(88,183)
(733)
-
(88,916)
586,287
497,371

DREAMS COME TRUE CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Dreams Come True is a charitable company limited by guarantee (not having any share capital) incorporated in England and Wales. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The registered and principal office address is Exchange House, 33 Station Road, Liphook, GU30 7DW.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

1.2 Going concern

The Charity and the nature of work it undertakes has been adversely impacted by the coronavirus pandemic during part of the year due to forced lockdowns and reduced activities. Restrictions were lifted during the year, therefore a t 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. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Summary of significant judgments and key accounting estimates

No judgement and estimates applied by management have had a significant impact on the financial statements.

1.4 Income and endowments

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy income is recognised on a receivable basis to the extent that it is probable that the legacy will be received, and the value of the legacy can be measured with sufficient reliability. No provision is made in the accounts for any legacy where there is any doubt over the entitlement, certainty of receipt or measurability.

Gifts in kind are recognised when received and recorded based on an estimated value of a similar good or service available to buy.

Grant income (other income) is recognised on a receivables basis.

DREAMS COME TRUE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Investment income is accounted for when received. Tax recoverable on investment income is accounted for on a receivable basis.

Gift aid

Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.

1.5 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, the outflow of funds is probable, and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading to aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of assets use. Other support costs are allocated based on the spread of staff costs.

Costs are categorised under the following headings:

  1. Raising funds are those costs incurred in attracting voluntary income,

  2. Expenditure on charitable activities include expenditure associated with the organisation and fulfilment of dreams.

1.6 Tangible fixed assets

Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Fixtures and fittings

25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

At each reporting end date, the Charity reviews the carrying amount of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7 Fixed asset investments

Investments in shares in group undertakings are stated at cost less any permanent diminution in value.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DREAMS COME TRUE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.10 Taxation

The Charity is exempt from corporation tax.

The Charity is not registered for VAT and therefore irrecoverable VAT is charged against the expenditure heading for which it is incurred.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

DREAMS COME TRUE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.14 Fund Structure

Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

1.15 Consolidation

In the opinion of the Trustees, the Charity and its subsidiary undertaking comprise a small group. The Charity has applied the exemption provided by S.398 of the Companies Act 2006 and has not prepared consolidated financial statements.

The Charity has also applied the exemption conferred by FRS102 paragraph 9 on the grounds that the subsidiary undertaking, Dreams Come True Services Limited is not material to the group.

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Corporate donations 182,405 43,772
Legacies 366,347 311,612
Gifts in kind 8,510 12,000
Other donations 61,896 37,954
619,158 405,338

3 Trading activities

Trading Trading
activities activities
2022 2021
£ £
Running and endurance events 58,869 59,404
Walking events 41,621 13,360
Skydives 467 75
Silicon Cup 4,971 8,593
Ice Hockey Events 320 1,593
Dreams Come True London 682 2,536
106,930 85,561

DREAMS COME TRUE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Fundraising Campaign Income

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fundraising income 110,358 351,065 461,423 65,250 350,644 415,894

5 Other income

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Interest receivable from investment income 185 14
CJRS grant income - 31,515
185 31,529
Raising funds
Total Total
2022 2021
£ £
Fundraising and publicity
Direct event costs 35,201 26,398
Direct fundraising salary costs 77,067 129,433
Direct Corporate partnerships 42,236 52,625
Allocated support costs 141,731 163,923
Fundraising and publicity 296,235 372,379

6 Raising funds

DREAMS COME TRUE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

7 Charitable Activities - Fulfilling dreams

Staff costs
UK holidays
Europe holidays
Worldwide holidays
Equipment dreams
Celebrity meetings and other dreams
Garden and bedroom makers
Community dreams
Event Tickets
Package Deposits
Hidden Communities cost of fulfilling dreams
Share of support costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds		 Total
2022
£
189,660
72,107
-
-
164,726
16,169
24,487
75,994
1,668
2,131
100,002
646,944
254,780
901,724
351,305
550,419
901,724		 Total
2021
£
164,262
3,654
325
8,968
107,441
1,243
21,332
1,235
-
-
-
308,460
281,652
590,112
298,528
291,584
590,112

DREAMS COME TRUE CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2022

8
Support costs
Fundraising
Dreams
£
£
Staff Costs
34,944
170,609
Insurance
7,037
7,038
Rent
18,313
18,313
Computer Support
16,281
10,132
Depreciation
3,147
2,098
Loss on disposal of fixed
assets
-
-
Marketing
14,053
14,052
Other costs
46,648
31,229
Governance costs
1,308
1,309
141,731
254,780
9
Auditor's remuneration
Fees payable to the charity's auditor and associates:
Audit of the charity's annual accounts		 2022Fundraising
Dreams
£
£
£
205,553
37,105
181,450
14,075
7,112
7,112
36,626
11,129
11,129
26,413
16,975
11,316
5,245
2,421
1,615
-
699
-
28,105
30,035
28,852
77,877
57,264
38,995
2,617
1,183
1,183
396,511
163,923
281,652
2022
£
18,000		 2021
£
218,555
14,224
22,258
28,291
4,036
699
58,887
96,259
2,366
445,575
2021
£
9,900

10 Trustees'

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

11 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Management, admin, Fundraising & Dreams 13 12

DREAMS COME TRUE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than
£60,000 is as follows:
£90,001 to £100,000
£80,001 to £90,000
£60,000 to £70,000
12
Tangible fixed assets
Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation and impairment
At 1 April 2021
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 (Continued)
2022
2021
£
£
411,649
445,980
41,808
47,805
18,823
20,149
472,280
513,934
2022
2021
Number
Number
1
-
-
1
-
1
Fixtures and fittings
£
35,737
13,998
(11,310)
38,425
27,564
5,245
(10,925)
21,884
16,541
8,173

Fixed assets are for charity use. Depreciation is treated as direct charitable expenditure other than a small proportion that is allocated to costs of generating voluntary income as appropriate.

DREAMS COME TRUE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13 Fixed asset investments

Cost or valuation
At 1 April 2021 & 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021
Other investments comprise:
Notes
Investments in subsidiaries
21
14
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 Other
investments
2
2
2
2022
2021
£
£
2
2
2022
2021
£
£
184
187,834
356,147
60,580
356,331
248,414
2022
2021
£
£
14,318
14,776
72,437
112,323
19,290
30,705
106,045
157,804

16 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £18,823 (2021 - £20,149).

DREAMS COME TRUE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 April 2021 resources expended
31		 March 2022
£ £ £ £
Kentown Wizard Foundation 183,471 351,065 (499,867) 34,669
Other restricted funds 76,129 - (50,552) 26,176
259,600 351,065 550,419 60,246

The purpose for each significant restricted fund is as follows:

Kentown Wizard Foundation - to fund dreams north of Birmingham and to fund a regional volunteer programme North of Birmingham.

The other funds relate to a number of smaller restricted funds.

18 Analysis of net assets between funds

Unrestricted
funds
Restricted funds
2022
2022
£
£
Fund balances at 31 March 2022 are
represented by:
Tangible assets
16,541
-
Investments
2
-
Current assets/(liabilities)
509,104
60,246
525,647
60,246		 Total
2022
£
16,541
2
569,350
585,893		 Total
2021
£
8,173
2
587,981
596,156

19 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022
£
45,996
61,751
107,747		 2021
£
43,862
117,020
160,882

The Charity has given notice on the lease of the office after the year end which represents the majority of the lease commitment.

DREAMS COME TRUE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

19 Operating lease commitments

(Continued)

20 Related party transactions

There were no disclosable related party transactions during the year (2021 - none) .

21 Subsidiaries

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital at 31st March 2022 are as follows:

Name of undertaking
Registered		 Nature of business Class of % Held
office shares held
Direct Indirect
Dreams Come True
UK		 Dormant Ordinary
100.00
Services Ltd (02496422)
22 Cash generated from operations 2022 2021
£ £
Deficit for the year (10,263) (24,169)
Adjustments for:
Depreciation and impairment of tangible fixed assets 5,245 4,035
Movements in working capital:
(Increase) in debtors (107,917) (90,312)
(Decrease)/increase in creditors (51,759) 22,263
Cash absorbed by operations (164,694) (88,183)