## ANNUAL REPORT ## 2023-2024 Registered Company Number 10371450 Registered Charity Number: 1170810 ## **CHAIRMAN’S REPORT** We started April 2023 with the Odell Players putting on a really good show at the Elizabeth Mills Centre in Stourport. Thank you to them for the use of the stage and facilities. The Trustees are having regular meetings to discuss buying the building and plans for the development of our service. I was very honoured to represent the Odell at the Kings Garden Party at Buckingham Palace in May. Yes I did see Kate and William but not to speak too. Once again we had a good day at Drayton Manor thanks to Stourport Rotary Club. We had a full coach of 71 to Weston for the day. A big thank you to all the staff for making sure all the members had a really memorable day and the chips were an added bonus. Christmas Dinner had to be cancelled due to unforeseen circumstances. The members didn’t lose out with some having 5 Christmas Dinners. I would like to thank all the Trustees for their input, views and support. **Ann Masters Chairman** ## **MANAGER’S REPORT** We commenced this reporting period (April 2023) with an increase of two attending members compared to the same time 12 months prior, up from 84 to 86. During the course of this financial year, we peaked at 91 attending members, which translated into a weekly increase of income by £1,500. An annual uplift of our day rate fees for this period was negotiated with Worcestershire County Council, increasing day rate fees from £54.56 to £60.00 (fullday rate) and from £27.28 to £30.00 (half-day rate), equating to a much larger than usual 10.00% uplift on our fees. This was much needed, due to the cost-of-living crisis, causing the inflation rate to spiral upwards, meaning Odell’s financial overheads increased significantly during this period. As our menu of timetabled activities continues to evolve to appeal to a younger client group, this has had the desired positive impact of increasing the numbers of attending members within the 18 -30 and the 31 – 40 categories. This is in no small part due to the links we have forged with the Wyre Forest School. Our one remaining founding trustee – Trevor Burgess had the title of Honorary President bestowed upon him. This was in recognition of the longstanding and significant contribution that Trevor had made to the Odell cause over some near 40 years. Thank-you Trevor. All members attended their annual Personal Development Plan (PDP) meeting review. These are important meetings that determine individual outcome achievement from the previous 12 months, whilst setting achievement goals for the 12 months ahead. Staff members Pete Casterton, Mark Wiffen and Donna Leonard resigned their posts and were replaced respectively by Neil Jones, Dave Lewis and Amanda Wills. Gail Harding, Sue Kitson and Kate Wood have been promoted to the roles of Project Lead for Odell projects: Earth Craft, The Odell Players and Art Club respectively. After many years of discussions, we have finally negotiated Heads of Terms with Worcestershire County Council with regards to the agreed sale of the Odell Centre building to us. We are now in the process of submitting capital grant funding applications to relevant funding bodies, in order to secure the finance to purchase the building. As a forward-thinking organisation, we continue to invest in technology whenever finances allow. We have upgraded and indeed extended our telecommunication system throughout the building and we have also upgraded to Ultrafast broadband. Our longstanding external HR Consultant Helen Astill who was a “one person company” has retired and we have signed up to Business HR Solutions who are a much larger HR organisation. Likewise, Mike Smith, our longstanding external Health & Safety Consultant who was also a “one person company” has also retired and we are presently sourcing replacement cover. ## **Day Service Projects** We deliver 5 core projects at Odell, both onsite within the Centre and out and about within the local community. ## **Green Shoots** We continue to operate our 4 allotment plots across Habberley and Franch allotment sites. Springtime was a very busy time for us as we were planting the seedlings cultivated in the polytunnels. All harvest was brought back to the Odell kitchen and kitchen staff utilised the produce in meals for members and staff. Fruit was used to make jams and desserts. We have continued to assist the Three Roses care home at Clent with the maintenance of their raised beds and general horticulture area. During the winter period, essential maintenance work has been carried out. Jobs undertaken have included washing down the polytunnels, preparing a new seated area for members and staff to have lunch, realigning uneven slabbed paths and laying additional MOT based paths, implementing new weed control measures, and preparing the plots for next spring by digging in manure and covering over. ## **Earth Craft** Earth Craft encompasses a wide range of activities. During this reporting period a willow hedge has been planted, a fire pit made so as to cook on an open fire in the woods – bacon, homemade sausages and bread. Wild nettle soup has been made, as has homemade butter. Wooden kitchen utensils have been made using a shave horse. Christmas wreaths have been made using home grown willow. Other achievements include making three-legged stools using silver birch and oak logs by using the shave horse and draw knife. We have engaged in leather work – making key fobs and coasters using a metal stamp and hammer. We have made felt and created slippers, small bags and flowers. We continue to attend Wyre Community Land Trust on Thursdays. ## **Splinters** Members have worked on a variety of different individual projects. These include a wooden garden bench, bird feeders, insect houses, bedside table, model fishing boat, cuckoo clock and a picture frame. A garden table has been made for Franche Allotment. A wooden throne has been made for activities related to King Charles III coronation We have, at significant expense, had a dust extraction unit fitted in the woodwork room. The resin casted post box bird box has been re-designed and we are now selling these boxes on Etsy, with any money made being ploughed back into the Splinters project for the purchase of materials and additional equipment. The Police Box bird box prototype has been completed and about to enter production. ## **The Odell Players** Performance of Wild West meets Star Wars dramatic production took place on 5[th] April at the Elizabeth Mills Centre, Stourport. Odell Tik Tok account has been set up and members dance routines posted. Signalong song “The Lion Sleeps Tonight” has been learnt and performed in tandem with a Safari drumming project. Ribbon dancing and singing has been taking place on Mondays New drama production commenced called “Monkey Mayhem”. Themed singing sessions taken place using Makaton, including Christmas songs. Musical chants created accompanied by percussion instruments. Leading up to Halloween, there have been Halloween themed song rehearsals taking place, leading to a performance at the Odell Centre. Performances of Odell’s Christmas drama production “Scrooge Alone” took place at both the Odell Centre and the Elizabeth Mills Centre. Two performances carried out of a smaller Christmas Production of “Snowmen”. Makaton Christmas songs were performed after the Odell Christmas lunch. Towards the end of this reporting period, rehearsals for two new drama productions have commenced – “Kung Fu Panda” and “Interstellar Odeller”. ## **Art Club** The main focus during the early part of the reporting period was King Charles III Coronation, with coronation themed art & craft activities. Members have been experimenting with different painting techniques using watercolours. Following a visit to the Safari Park, members undertook a project entitled “On Safari”, which involved animal heads made out of papier- mâché being made. Animal prints have been created and displayed around the Centre. Props, scenery boards and masks have been created for “The Odell Players” drama productions. Halloween art – painting and stencilling on canvas to create scary masks. Poppies made for Remembrance display. Autumn arts display. Christmas tree decorations made for Odell Tree displayed at Worcester Cathedral. Chinese New Year lanterns made. Making and painting hearts for Valentine display. Other craft related activities participated in include textile hanging, making bags, key rings, pom poms and granny squares using needle crafts. Glass coasters made using newly acquired glass kiln. ## **General Activities & Trips** Throughout the year, members have participated in a number of other activities, some of which have taken place away from the Centre. Coach trips to Drayton Manor and Weston-super-Mare have taken place, as well as trips to Christmas Panto’s. As per usual, we put on an action-packed Christmas timetable, with extra special trips and seasonal related activities taking place, including visits to Cotswold Reindeer Park, Webbs Enchanted Garden and trips on the Severn Valley Railway and to the Safari Park. We had visits to the Centre by the “Animal Man”, “Elvis” tribute act and a magician. These are just a selection of some of the Christmas time special activities put on for our members to enjoy and participate in. Our annual members photography and fishing competitions have taken place. ## **Craig Darby General Manager** ## **Donations** The Board would like to offer their grateful thanks to all those who continue to support the Odell Trust through donations and grants. Joyce Coley Estate £ 1,610.04 Sportsman £ 200.00 Provincial Grand Chappel £ 500.00 Monday Night Group £ 600.00 Kidderminster Golf Club £ 3,000.00 Breathe HR £ 241.20 In memory of Anne Whittall £ 124.00 Sue Forester-Morgan £ 100.00 Severn Lodge £ 150.00 In memory of Paul Rollings £ 102.03 Elizabeth Mills £ 82.39 Mrs Buttery £ 25.00 Jenny Perry £ 25.00 Wyre Forest Lottery £ 74.50 Newfield Masonic Lodge £ 220.00 S Bove £ 10.00 In memory of John Watkins £ 54.42 M Farley £ 60.00 Individual Small Donations £ 555.75 Ref: J Coley’s Estate -£ 4949.00 **Grants** Turner Trust £ 3,000.00 Margaret Westwood Memorial Charity £ 5,000.00 Previous Grant Money Spend this year £ 1,804.00 ## **FINANCE REPORT** |**INCOME**
**EXPENDITURE**|**INCOME**
**EXPENDITURE**|**INCOME**
**EXPENDITURE**|**INCOME**
**EXPENDITURE**| |---|---|---|---| ||**Year to**
**31/3/2024**||**Year to**
**31/3/2024**| ||**£**||**£**| |WCC Personal budgets|654,475|Staff Costs|478,960| |Donations|2,785|Activities|78,876| |Grants|9,804|Support Costs|130,924| |Other Income|2,364|Governance/Investment exps|3,466| |Investment Income|6,672|Equipment Hire|6,124| |**TOTAL**|
**676,100**|
**TOTAL**|
**698,350**| ## **OVERALL ANNUAL DEFICIT = £22,250** Trustees are not too surprised that the 2023/24 accounts show an overall deficit, they are well aware of the increases in expenditures over the year. This is particularly true for energy and staffing expenditure. However, trustees are pleased to report that the Trust remains in a strong financial position. Trustees have also been pleased to note that a gradual recovery in the investment market has led to a more stable situation with regards to the value of the trust’s investments. Due to an increase in demand from members to engage in activities away from the main Odell building Trustees are pleased that the trust can afford to purchase a new minibus to enable a positive response to this situation. In addition, the trustees have continued through the year with preparation to pursue the purchase of the first-floor part of the current Odell Centre. The acquisition of this part of the building will enable the Trust to offer a wider range of activities for members. ## **Reserves Policy** The Trustees have agreed a Reserves Policy based on 6 months running costs, plus an allowance for redundancy pay and other closure liabilities. For 2024 this figure has been set at £480,445. As trustees we are still awaiting the delivery of the new minibus, this figures still includes an allowance to enable this purchase to be made. There are also planned increases in expenditures relating to the varying activities offered to members. A full set of accounts can be viewed on request. ## **Alan Wardle Treasurer** ## **Governance Structure** The Trust became a Company Limited by Guarantee on 12[th] September 2016 and is governed by Articles of Association which established the objects and powers of the charitable company. ## **Charity Name** The Odell Trust ## **Charity Number** 1170810 ## **Company Number** 10371450 ## **Registered Address** The Odell Centre, Plimsoll Street, Kidderminster DY11 6TZ ## **Trustees** Mrs Ann Masters – Chairman Mrs Sue Moreve – Vice Chairman (Resigned 07.05.24) Mr Alan Wardle - Treasurer Mr Trevor Burgess Mrs Sue Cowen (Resigned 06.05.24) Mrs Jenny Perry Mr Alex Roberts Mrs Sue Nicholl (Resigned 06.05.24) Mr Keith Slater – Appointed Interim Vice Chairman 06.06.24 Mr Roger Smith Mrs D S Madeley (Appointed 11.07.24) ## **Independent Examiners** Cutter & Co Ltd Lyttleton Court 3 Birmingham Street Halesowen **Bankers** CAF Bank Ltd **REGISTERED COMPANY NUMBER: 10371450 (England and Wales) REGISTERED CHARITY NUMBER: 1170810** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31ST MARCH 2024** ## **FOR** ## **THE ODELL TRUST** CUTTER & CO LTD CHARTERED ACCOUNTANTS 3 Lyttleton Court Birmingham Street Halesowen West Midlands B63 3HN **THE ODELL TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024** ||**Page**| |---|---| |**Report of the Trustees**|1 to 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6 to 7| |**Notes to the Financial Statements**|8 to 14| |**Detailed Statement of Financial Activities**|15 to 16| **THE ODELL TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objective for which this charity is established is to provide a Recreational Day Centre to support individuals who live in Worcestershire or the surrounding area in recreation or other leisure time occupation. This provision sets out to improve the conditions of life for those who have need of such facilities through disability, age, youth, infirmity, financial hardship or social circumstances. The objectives, aims and activities are reviewed each year. The review looks at what has been achieved and the outcome in the previous twelve months. The review looks at the success of each key activity and benefits they have brought those people the charity was set up to help. The review also helps to ensure that the objectives, aims and activities remain focused on the charity's stated purpose. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the objectives and aims, and in planning activities. The Odell Trust continues to meet its aims and objectives by providing facilities such as equipment, buildings and access to various community venues at which it provides social, recreational and leisure resources for people with disabilities and other disadvantages. To do so it employs a team of staff and manages volunteers. ## **Significant activities** To achieve its objectives the charity provides social and recreational activities at a day centre called the Odell Centre and outside in the wider community. ## **Volunteers** The charity is grateful for the unstinting efforts of its volunteers, who are involved in service provision and fund raising. Page 1 **THE ODELL TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024** ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** This reporting period has proved to be a major challenge in keeping expenditure down due to the cost-of-living crisis encountered, with inflation running at very high levels for an extended period of time. It has been a balancing act to ensure we continued to provide a vibrant and stimulating day service provision, whilst at the same time trying to keep a lid on financial outgoings as much as has been feasibly possible. To ensure we maintain high professional standards in a very competitive field, we have invested in new technology, such as a bespoke customer records management system (CRM), a new telecommunication system and have upgraded to ultrafast full fibre broadband to the premises. We have continued to be a contracted external day service provider for Worcestershire County Council, adhering to their Positive Days day service specification. Although the Odell Centre is our base, we deliver many activities off-site out and about within the local community. Links forged with a local special school continue to prosper, with increased interaction between the two establishments, which has proved to have been beneficial to both parties. This has led to an increase in younger referrals to our day service provision, when pupils leave the sixth form at special school to enter adult services. Our core day service delivery continues to revolve around 5 main projects: 1. Green Shoots - horticulture 2. Earth Craft - bushcrafts & green woodworking 3. The Odell Players - performing arts 4. Art Club - arts & crafts 5. Splinters - traditional woodwork in a workshop In addition to these 5 projects, our weekly timetable is supplemented with a range of general activities, some of which take place onsite at the Centre and are delivered by external instructors - such as zumba, yoga, kick-boxing, dance and music. Other activities undertaken during this period have included trips to the leisure centre, bowls, golf, needlecrafts, pamper sessions, pub visits, flower arranging, photography, fishing, cooking and day trips. ## **FINANCIAL REVIEW** ## Finance This year trustees have again been pleased to see that the total amount of income within the trust has stayed at a healthy level. This is particularly pleasing given the significant increases in expenditures during the year, particularly energy costs. Trustees were also pleased to see that the investment market was more stable than the previous year, which in turn has led to more acceptable interest rates being applied to the investment portfolio. This stability has been particularly welcome as trustees continue to complete the purchase of the upper floor of the building. This process is complicated, but financial stability is certainly enabling the Trust to fund the various expenditures associated with the preparation of the upper floor prior to final purchase, hopefully next year. ## Reserves Policy The Trustees have agreed a Reserves Policy based on 6 months running costs plus an allowance for redundancy pay and other closure liabilities. For 2024 this figure has been set at £480,445. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is a charitable company limited by guarantee, incorporated on 12th September 2016 and registered as a charity on 19th December 2016. The company was established, and is governed, under its Memorandum and Articles of Association which establishes the objects and powers of the charitable company. In the event of the company being wound up, members are required to contribute an amount not exceeding £10. ## **Recruitment and appointment of new trustees** Where there is a requirement for new trustees, these would be identified and appointed by the remaining trustees. Page 2 **THE ODELL TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 10371450 (England and Wales) **Registered Charity number** 1170810 ## **Registered office** The Odell Centre Plimsoll Street Kidderminster Worcestershire DY11 6TZ ## **Trustees** T Burgess Mrs A Masters Mrs S A Moreve (resigned 7.5.24) Mrs S Nicholl (resigned 6.5.24) A Roberts Mrs J D Perry Retired Mrs S Cowen Retired (resigned 7.5.24) A P Wardle Retired K M Slater Retired Mr R A Smith Retired Mrs D S Madeley (appointed 11.7.24) ## **Independent Examiner** Michael Toone CUTTER & CO LTD CHARTERED ACCOUNTANTS 3 Lyttleton Court Birmingham Street Halesowen West Midlands B63 3HN Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ Mrs A Masters - Trustee Page 3 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ODELL TRUST** ## **Independent examiner's report to the trustees of The Odell Trust ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Michael Toone CUTTER & CO LTD CHARTERED ACCOUNTANTS 3 Lyttleton Court Birmingham Street Halesowen West Midlands B63 3HN Date: ............................................. Page 4 **THE ODELL TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024** |Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
2,785
**Charitable activities**
5
Income from charitable activities
662,976
Other trading activities
3
2,364
Investment income
4
6,672
**Total**
674,797
**EXPENDITURE ON**
**Charitable activities**
6
Charitable expenditure
692,226
Other
6,124
**Total**
698,350
Net gains/(losses) on investments
-
**NET INCOME/(EXPENDITURE)**
(23,553)
**RECONCILIATION OF FUNDS**
Total funds brought forward
515,299
**TOTAL FUNDS CARRIED FORWARD**
491,746|Restricted
funds
£
-
1,303
-
-
1,303
-
-
-
-
1,303
-
1,303|2024
Total
funds
£
2,785
664,279
2,364
6,672
676,100
692,226
6,124
698,350
-
(22,250)
515,299
493,049|2023
Total
funds
£
28,735
611,633
493
109
640,970
638,346
3,952
642,298
(11,433)
(12,761)
528,060
515,299| |---|---|---|---| The notes form part of these financial statements Page 5 **THE ODELL TRUST** ## **BALANCE SHEET 31ST MARCH 2024** |Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
12
45,753
**CURRENT ASSETS**
Debtors
13
36,018
Investments
14
358,575
Cash at bank and in hand
78,965
473,558
**CREDITORS**
Amounts falling due within one year
15
(27,565)
**NET CURRENT ASSETS**
445,993
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
491,746
**NET ASSETS**
491,746
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
7,345
-
(6,042)
-
(6,042)
-
(6,042)
1,303
1,303|2024
Total
funds
£
53,098
36,018
352,533
78,965
467,516
(27,565)
439,951
493,049
493,049
491,746
1,303
493,049|2023
Total
funds
£
62,823
36,477
412,088
36,353
484,918
(32,442)
452,476
515,299
515,299
515,299
-
515,299| |---|---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements continued... Page 6 **THE ODELL TRUST** ## **BALANCE SHEET - continued 31ST MARCH 2024** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. A Masters - Trustee The notes form part of these financial statements Page 7 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities Sorp (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, ## **Financial reporting standard 102 - reduced disclosure exemptions** The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': - the requirements of Section 7 Statement of Cash Flows. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 15% on reducing balance Motor vehicles - 20% on reducing balance ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. continued... Page 8 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** ## **1. ACCOUNTING POLICIES - continued** ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Financial reporting standard 102 - reduced disclosure exemptions** The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': - the requirements of Section 7 Statement of Cash Flows. ## **2. DONATIONS AND LEGACIES** |Donations
**3.**
**OTHER TRADING ACTIVITIES**
Odell generated income
**4.**
**INVESTMENT INCOME**
Deposit account interest
Curr asset inv income
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Attendance income
Income from charitable activities
Grants
Income from charitable activities
Grants received, included in the above, are as follows:
Eveson Charitable Trust
Lottery IT Grant|| |---|---| continued... Page 9 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** ## **6. CHARITABLE ACTIVITIES COSTS** |**6.**
**CHARITABLE ACTIVITIES COSTS**||| |---|---|---| |Charitable expenditure
**7.**
**SUPPORT COSTS**
Management
£
Charitable expenditure
130,924
**8.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):|Support
Direct
costs (see
Costs
note 7)
£
£
557,836
134,390
Governance
Finance
costs
£
£
526
2,940|Totals
£
692,226| |||Totals
£
134,390| |||| |Depreciation - owned assets
Hire of plant and machinery|2024
£
9,725
6,124|2023
£
11,530
3,952| |---|---|---| ## **9. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. ## **10. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Day Centre
Administration||2024
£
434,934
35,457
8,569
478,960
2024
17
3
20||2023
£
359,313
25,859
7,390| |---|---|---|---|---| |||||392,562| |||||2023
17
3
20| No employees received emoluments in excess of £60,000. continued... Page 10 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** |**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
28,735
**Charitable activities**
Income from charitable activities
611,633
Other trading activities
493
Investment income
109
**Total**
640,970
**EXPENDITURE ON**
**Charitable activities**
Charitable expenditure
638,346
Other
3,952
**Total**
642,298
Net gains/(losses) on investments
(11,433)
**NET INCOME/(EXPENDITURE)**
(12,761)
**RECONCILIATION OF FUNDS**
Total funds brought forward
528,060
**TOTAL FUNDS CARRIED FORWARD**
515,299
**12.**
**TANGIBLE FIXED ASSETS**
Fixtures
and
fittings
£
**COST**
At 1st April 2023 and 31st March 2024
102,895
**DEPRECIATION**
At 1st April 2023
46,112
Charge for year
8,517
At 31st March 2024
54,629
**NET BOOK VALUE**
At 31st March 2024
48,266
At 31st March 2023
56,783|
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
Motor
vehicles
£
23,374
17,334
1,208
18,542
4,832
6,040|Total
funds
£
28,735
611,633
493
109
640,970
638,346
3,952
642,298
(11,433)
(12,761)
528,060
515,299
Totals
£
126,269
63,446
9,725
73,171
53,098
62,823| |---|---|---| continued... Page 11 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** |**13.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments
**14.**
**CURRENT ASSET INVESTMENTS**
Investment accounts
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
Accrued expenses
**16.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.23
in funds
£
£
**Unrestricted funds**
General fund
20,649
(23,553)
Designated fund
494,650
-
515,299
(23,553)
**TOTAL FUNDS**
515,299
(23,553)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
668,282
(698,350)
**TOTAL FUNDS**
668,282
(698,350)||| |---|---|---| ||

|| continued... Page 12 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** ## **16. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.4.22
£
**Unrestricted funds**
General fund
Designated fund
67,538
460,522
**TOTAL FUNDS**
528,060
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
639,437
**Restricted funds**
Eveson Charitable Trust
626
Lottery IT Grant
907
1,533
**TOTAL FUNDS**
640,970|Net
movement
At
in funds
31.3.23
£
£
(46,889)
34,128
20,649
494,650
(12,761)
515,299
Resources
Movement
expended
in funds
£
£
(652,198)
(12,761)
(626)
-
(907)
-
(1,533)
-
(653,198)
(12,761)| |---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
Designated fund
**TOTAL FUNDS**|At 1.4.22
£
67,538
460,522
528,060|Net
movement
in funds
£
(54,934)
19,923
(35,011)|At
31.3.24
£
12,604
480,445| |---|---|---|---| ||||493,049| continued... Page 13 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** ## **16. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
1,305,915
(1,337,311)
**Restricted funds**
Eveson Charitable Trust
1,363
(1,363)
Lottery IT Grant
1,974
(1,974)
3,337
(3,337)
**TOTAL FUNDS**
1,309,252
(1,340,648)|Gains and
Movement
losses
in funds
£
£
(4,918)
(36,314)
-
-
-
-
-
-
(4,918)
(36,314)| |---|---| ## **17. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2024. ## **18. DEFERRED INCOME** Deferred income is the balance of the Eveson charitable trust grant, and Lottery funding for IT equipment, which are both being released as income at the same rate as the assets they were intended for - 15% reducing balance. ## **19. GOING CONCERN** The trustees have prepared the accounts on a going concern basis. Page 14 **THE ODELL TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Odell generated income
**Investment income**
Deposit account interest
Curr asset inv income
**Charitable activities**
Attendance income
Grants
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Food and consumables
Trips, outings, activities
Minibus running costs
**Other**
Hire of plant and machinery
**Support costs**
**Management**
Rent, rates and water
Insurance
Light and heat
Telephone
Advertising
General and office expenses
Repairs and renewals
HR, DBS and recruitment costs
Fixtures and fittings
Carried forward|2024
£
2,785
2,364
157
6,515
6,672
654,475
9,804
664,279
676,100
434,934
35,457
8,569
29,440
41,926
7,510
557,836
6,124
22,150
4,598
22,314
6,235
7,609
19,594
26,840
11,859
8,517
129,716|2023
£
28,735
493
109
-
109
539,950
71,683
611,633
640,970
359,313
25,859
7,390
25,979
53,837
5,605
477,983
3,952
18,757
3,961
11,405
6,152
14,361
15,247
52,883
23,566
10,021
156,353| |---|---|---| This page does not form part of the statutory financial statements Page 15 **THE ODELL TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024** |**Management**
Brought forward
Motor vehicles
**Finance**
Investments service charges
Bank charges
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net expenditure before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net expenditure**|2024
£
129,716
1,208
130,924
365
161
526
2,940
698,350
(22,250)
-
(22,250)|2023
£
156,353
1,510
157,863
825
133
958
1,542
642,298
(1,328)
(11,433)
(12,761)| |---|---|---| This page does not form part of the statutory financial statements Page 16 **REGISTERED COMPANY NUMBER: 10371450 (England and Wales) REGISTERED CHARITY NUMBER: 1170810** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31ST MARCH 2024** ## **FOR** ## **THE ODELL TRUST** CUTTER & CO LTD CHARTERED ACCOUNTANTS 3 Lyttleton Court Birmingham Street Halesowen West Midlands B63 3HN **THE ODELL TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024** ||**Page**| |---|---| |**Report of the Trustees**|1 to 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6 to 7| |**Notes to the Financial Statements**|8 to 14| |**Detailed Statement of Financial Activities**|15 to 16| **THE ODELL TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objective for which this charity is established is to provide a Recreational Day Centre to support individuals who live in Worcestershire or the surrounding area in recreation or other leisure time occupation. This provision sets out to improve the conditions of life for those who have need of such facilities through disability, age, youth, infirmity, financial hardship or social circumstances. The objectives, aims and activities are reviewed each year. The review looks at what has been achieved and the outcome in the previous twelve months. The review looks at the success of each key activity and benefits they have brought those people the charity was set up to help. The review also helps to ensure that the objectives, aims and activities remain focused on the charity's stated purpose. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the objectives and aims, and in planning activities. The Odell Trust continues to meet its aims and objectives by providing facilities such as equipment, buildings and access to various community venues at which it provides social, recreational and leisure resources for people with disabilities and other disadvantages. To do so it employs a team of staff and manages volunteers. ## **Significant activities** To achieve its objectives the charity provides social and recreational activities at a day centre called the Odell Centre and outside in the wider community. ## **Volunteers** The charity is grateful for the unstinting efforts of its volunteers, who are involved in service provision and fund raising. Page 1 **THE ODELL TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024** ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** This reporting period has proved to be a major challenge in keeping expenditure down due to the cost-of-living crisis encountered, with inflation running at very high levels for an extended period of time. It has been a balancing act to ensure we continued to provide a vibrant and stimulating day service provision, whilst at the same time trying to keep a lid on financial outgoings as much as has been feasibly possible. To ensure we maintain high professional standards in a very competitive field, we have invested in new technology, such as a bespoke customer records management system (CRM), a new telecommunication system and have upgraded to ultrafast full fibre broadband to the premises. We have continued to be a contracted external day service provider for Worcestershire County Council, adhering to their Positive Days day service specification. Although the Odell Centre is our base, we deliver many activities off-site out and about within the local community. Links forged with a local special school continue to prosper, with increased interaction between the two establishments, which has proved to have been beneficial to both parties. This has led to an increase in younger referrals to our day service provision, when pupils leave the sixth form at special school to enter adult services. Our core day service delivery continues to revolve around 5 main projects: 1. Green Shoots - horticulture 2. Earth Craft - bushcrafts & green woodworking 3. The Odell Players - performing arts 4. Art Club - arts & crafts 5. Splinters - traditional woodwork in a workshop In addition to these 5 projects, our weekly timetable is supplemented with a range of general activities, some of which take place onsite at the Centre and are delivered by external instructors - such as zumba, yoga, kick-boxing, dance and music. Other activities undertaken during this period have included trips to the leisure centre, bowls, golf, needlecrafts, pamper sessions, pub visits, flower arranging, photography, fishing, cooking and day trips. ## **FINANCIAL REVIEW** ## Finance This year trustees have again been pleased to see that the total amount of income within the trust has stayed at a healthy level. This is particularly pleasing given the significant increases in expenditures during the year, particularly energy costs. Trustees were also pleased to see that the investment market was more stable than the previous year, which in turn has led to more acceptable interest rates being applied to the investment portfolio. This stability has been particularly welcome as trustees continue to complete the purchase of the upper floor of the building. This process is complicated, but financial stability is certainly enabling the Trust to fund the various expenditures associated with the preparation of the upper floor prior to final purchase, hopefully next year. ## Reserves Policy The Trustees have agreed a Reserves Policy based on 6 months running costs plus an allowance for redundancy pay and other closure liabilities. For 2024 this figure has been set at £480,445. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is a charitable company limited by guarantee, incorporated on 12th September 2016 and registered as a charity on 19th December 2016. The company was established, and is governed, under its Memorandum and Articles of Association which establishes the objects and powers of the charitable company. In the event of the company being wound up, members are required to contribute an amount not exceeding £10. ## **Recruitment and appointment of new trustees** Where there is a requirement for new trustees, these would be identified and appointed by the remaining trustees. Page 2 **THE ODELL TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 10371450 (England and Wales) **Registered Charity number** 1170810 ## **Registered office** The Odell Centre Plimsoll Street Kidderminster Worcestershire DY11 6TZ ## **Trustees** T Burgess Mrs A Masters Mrs S A Moreve (resigned 7.5.24) Mrs S Nicholl (resigned 6.5.24) A Roberts Mrs J D Perry Retired Mrs S Cowen Retired (resigned 7.5.24) A P Wardle Retired K M Slater Retired Mr R A Smith Retired Mrs D S Madeley (appointed 11.7.24) ## **Independent Examiner** Michael Toone CUTTER & CO LTD CHARTERED ACCOUNTANTS 3 Lyttleton Court Birmingham Street Halesowen West Midlands B63 3HN Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................ Mrs A Masters - Trustee Page 3 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ODELL TRUST** ## **Independent examiner's report to the trustees of The Odell Trust ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Michael Toone CUTTER & CO LTD CHARTERED ACCOUNTANTS 3 Lyttleton Court Birmingham Street Halesowen West Midlands B63 3HN Date: ............................................. Page 4 **THE ODELL TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024** |Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
2,785
**Charitable activities**
5
Income from charitable activities
662,976
Other trading activities
3
2,364
Investment income
4
6,672
**Total**
674,797
**EXPENDITURE ON**
**Charitable activities**
6
Charitable expenditure
692,226
Other
6,124
**Total**
698,350
Net gains/(losses) on investments
-
**NET INCOME/(EXPENDITURE)**
(23,553)
**RECONCILIATION OF FUNDS**
Total funds brought forward
515,299
**TOTAL FUNDS CARRIED FORWARD**
491,746|Restricted
funds
£
-
1,303
-
-
1,303
-
-
-
-
1,303
-
1,303|2024
Total
funds
£
2,785
664,279
2,364
6,672
676,100
692,226
6,124
698,350
-
(22,250)
515,299
493,049|2023
Total
funds
£
28,735
611,633
493
109
640,970
638,346
3,952
642,298
(11,433)
(12,761)
528,060
515,299| |---|---|---|---| The notes form part of these financial statements Page 5 **THE ODELL TRUST** ## **BALANCE SHEET 31ST MARCH 2024** |Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
12
45,753
**CURRENT ASSETS**
Debtors
13
36,018
Investments
14
358,575
Cash at bank and in hand
78,965
473,558
**CREDITORS**
Amounts falling due within one year
15
(27,565)
**NET CURRENT ASSETS**
445,993
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
491,746
**NET ASSETS**
491,746
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
7,345
-
(6,042)
-
(6,042)
-
(6,042)
1,303
1,303|2024
Total
funds
£
53,098
36,018
352,533
78,965
467,516
(27,565)
439,951
493,049
493,049
491,746
1,303
493,049|2023
Total
funds
£
62,823
36,477
412,088
36,353
484,918
(32,442)
452,476
515,299
515,299
515,299
-
515,299| |---|---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements continued... Page 6 **THE ODELL TRUST** ## **BALANCE SHEET - continued 31ST MARCH 2024** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. A Masters - Trustee The notes form part of these financial statements Page 7 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities Sorp (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, ## **Financial reporting standard 102 - reduced disclosure exemptions** The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': - the requirements of Section 7 Statement of Cash Flows. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 15% on reducing balance Motor vehicles - 20% on reducing balance ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. continued... Page 8 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** ## **1. ACCOUNTING POLICIES - continued** ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Financial reporting standard 102 - reduced disclosure exemptions** The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': - the requirements of Section 7 Statement of Cash Flows. ## **2. DONATIONS AND LEGACIES** |Donations
**3.**
**OTHER TRADING ACTIVITIES**
Odell generated income
**4.**
**INVESTMENT INCOME**
Deposit account interest
Curr asset inv income
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Attendance income
Income from charitable activities
Grants
Income from charitable activities
Grants received, included in the above, are as follows:
Eveson Charitable Trust
Lottery IT Grant|| |---|---| continued... Page 9 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** ## **6. CHARITABLE ACTIVITIES COSTS** |**6.**
**CHARITABLE ACTIVITIES COSTS**||| |---|---|---| |Charitable expenditure
**7.**
**SUPPORT COSTS**
Management
£
Charitable expenditure
130,924
**8.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):|Support
Direct
costs (see
Costs
note 7)
£
£
557,836
134,390
Governance
Finance
costs
£
£
526
2,940|Totals
£
692,226| |||Totals
£
134,390| |||| |Depreciation - owned assets
Hire of plant and machinery|2024
£
9,725
6,124|2023
£
11,530
3,952| |---|---|---| ## **9. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. ## **10. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Day Centre
Administration||2024
£
434,934
35,457
8,569
478,960
2024
17
3
20||2023
£
359,313
25,859
7,390| |---|---|---|---|---| |||||392,562| |||||2023
17
3
20| No employees received emoluments in excess of £60,000. continued... Page 10 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** |**11.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
28,735
**Charitable activities**
Income from charitable activities
611,633
Other trading activities
493
Investment income
109
**Total**
640,970
**EXPENDITURE ON**
**Charitable activities**
Charitable expenditure
638,346
Other
3,952
**Total**
642,298
Net gains/(losses) on investments
(11,433)
**NET INCOME/(EXPENDITURE)**
(12,761)
**RECONCILIATION OF FUNDS**
Total funds brought forward
528,060
**TOTAL FUNDS CARRIED FORWARD**
515,299
**12.**
**TANGIBLE FIXED ASSETS**
Fixtures
and
fittings
£
**COST**
At 1st April 2023 and 31st March 2024
102,895
**DEPRECIATION**
At 1st April 2023
46,112
Charge for year
8,517
At 31st March 2024
54,629
**NET BOOK VALUE**
At 31st March 2024
48,266
At 31st March 2023
56,783|
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
Motor
vehicles
£
23,374
17,334
1,208
18,542
4,832
6,040|Total
funds
£
28,735
611,633
493
109
640,970
638,346
3,952
642,298
(11,433)
(12,761)
528,060
515,299
Totals
£
126,269
63,446
9,725
73,171
53,098
62,823| |---|---|---| continued... Page 11 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** |**13.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments
**14.**
**CURRENT ASSET INVESTMENTS**
Investment accounts
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
Accrued expenses
**16.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.23
in funds
£
£
**Unrestricted funds**
General fund
20,649
(23,553)
Designated fund
494,650
-
515,299
(23,553)
**TOTAL FUNDS**
515,299
(23,553)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
668,282
(698,350)
**TOTAL FUNDS**
668,282
(698,350)||| |---|---|---| ||

|| continued... Page 12 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** ## **16. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.4.22
£
**Unrestricted funds**
General fund
Designated fund
67,538
460,522
**TOTAL FUNDS**
528,060
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
639,437
**Restricted funds**
Eveson Charitable Trust
626
Lottery IT Grant
907
1,533
**TOTAL FUNDS**
640,970|Net
movement
At
in funds
31.3.23
£
£
(46,889)
34,128
20,649
494,650
(12,761)
515,299
Resources
Movement
expended
in funds
£
£
(652,198)
(12,761)
(626)
-
(907)
-
(1,533)
-
(653,198)
(12,761)| |---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
Designated fund
**TOTAL FUNDS**|At 1.4.22
£
67,538
460,522
528,060|Net
movement
in funds
£
(54,934)
19,923
(35,011)|At
31.3.24
£
12,604
480,445| |---|---|---|---| ||||493,049| continued... Page 13 **THE ODELL TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2024** ## **16. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
1,305,915
(1,337,311)
**Restricted funds**
Eveson Charitable Trust
1,363
(1,363)
Lottery IT Grant
1,974
(1,974)
3,337
(3,337)
**TOTAL FUNDS**
1,309,252
(1,340,648)|Gains and
Movement
losses
in funds
£
£
(4,918)
(36,314)
-
-
-
-
-
-
(4,918)
(36,314)| |---|---| ## **17. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2024. ## **18. DEFERRED INCOME** Deferred income is the balance of the Eveson charitable trust grant, and Lottery funding for IT equipment, which are both being released as income at the same rate as the assets they were intended for - 15% reducing balance. ## **19. GOING CONCERN** The trustees have prepared the accounts on a going concern basis. Page 14 **THE ODELL TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Odell generated income
**Investment income**
Deposit account interest
Curr asset inv income
**Charitable activities**
Attendance income
Grants
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Food and consumables
Trips, outings, activities
Minibus running costs
**Other**
Hire of plant and machinery
**Support costs**
**Management**
Rent, rates and water
Insurance
Light and heat
Telephone
Advertising
General and office expenses
Repairs and renewals
HR, DBS and recruitment costs
Fixtures and fittings
Carried forward|2024
£
2,785
2,364
157
6,515
6,672
654,475
9,804
664,279
676,100
434,934
35,457
8,569
29,440
41,926
7,510
557,836
6,124
22,150
4,598
22,314
6,235
7,609
19,594
26,840
11,859
8,517
129,716|2023
£
28,735
493
109
-
109
539,950
71,683
611,633
640,970
359,313
25,859
7,390
25,979
53,837
5,605
477,983
3,952
18,757
3,961
11,405
6,152
14,361
15,247
52,883
23,566
10,021
156,353| |---|---|---| This page does not form part of the statutory financial statements Page 15 **THE ODELL TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024** |**Management**
Brought forward
Motor vehicles
**Finance**
Investments service charges
Bank charges
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net expenditure before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net expenditure**|2024
£
129,716
1,208
130,924
365
161
526
2,940
698,350
(22,250)
-
(22,250)|2023
£
156,353
1,510
157,863
825
133
958
1,542
642,298
(1,328)
(11,433)
(12,761)| |---|---|---| This page does not form part of the statutory financial statements Page 16