HOMES WITH PURPOSE Dwell Oxford (Trading as Homes wlth Purpose) Annual Report & Financial Statements for the year ended 30 September 2024 Company limiled by guarantee and not havlng Share capital Company No. 12908182 Charity No. 1193610 (England and Wales) Dwell Oxford Truste08 Report and Flnanclal Statements 2024 CONTENTS REPORT OF THE TRUSTEES INDEPENDENT REVIEWER8 REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET 10 CASH FLOW STATEMENT 11 NOTES TO THE FINANCIAL STATEMENTS 12 REPORT OF DWELL OXFORD'S BOARD (Incorporating the Trustees, Rgport) For the Perlod ended 301h September 2024 OBJECTIVES & ACTIVITIES We Started with a Small church wsth a blg dream. Barton Communlty Church, on an estate In Oxford, had g vislon to have their own house. Which for a church of a fèw dozen people seemed an extravagant dream. Bul when property came up for auctlon in the estate in the middle of the Govld-19 pandemlc, they fall18d to pur6ue IL It wa8 a k)ng shot- but it was worth a Shot. withln lust one week. over £400,000 wag offered In loans and donations from ordlnary Chrlstian1gndor8, lending from £5,000 up. And 80 Dwell Oxford (known as Homes wlth Purpose) was set up a6 a charity, buying two hou8e8 in Barton ono rented to the church as a manse for the minlster lo live in the estate. and (yne that's lea8ed to Edge Houslng to provlde a home for men who woukl olheThvlse be homeless. Irs a model thaf8 ￿alab￿, 80 when In August 2021 the Tallban stomied acro88 Afgh8ni8tsn, more than SO18nder8 stepped fcpward to lend the funds needed to buy iwo more hou8e8 for Afghan refugee families fleeing tha conflict. Our ml8slon Is simple. We're here lo.. Acqulra and manage propety for Chrl$tlan worker8 to live and work in strateglc locatlons. Provide 8afe homes for vulnerable p80ple In establishing Dwell Oxford, the orvJinal Trustee8 intended. wlthln the broader oblect8 of the charSty, to provKle Barton Community Church wMh a propety suitable for use as a manse or accommodation for other Chrl$llan worker{sl. Thls was achleved wlthin the first year through purchasing a property and leasing it lo the church at below-rnarket rent. The long-lenn intention is for the church to own the property. This should bg possible when Dwell Oxford no longer has significanl liabilities for the property. The il is aGhieved will be dependent on regulations at the time around capital asset transférs and related matters. publ￿ benefit is achieved through PToviding accommodatlon to people In housing need, and indirectly through th8 widor bgneffts to society that Ihls provide5. The Tiustees are mindful of the Charity Commission's guidan￿ on 'Charilies and Public Benefit. and hava considered this when developing the strategy empbyed to fvlfill our objectbves. pg.1 Dwell Oxford Trustees Report and Flnanclal Slalements 2024 Th• Model The Homes wlth PufPO8e model ￿ straighffowmrd. We accept loans and donatlons from ordinary pèople and use those funds to make an extraordlnary differ8n¢o for people In houslng need by buylng proportles as places Ihat they can call home. Lenders Gommit to lending at least £5,000 for a minimum of 5 yèars, and select an interest rate. OUT lenders are attracted by the prospect ol a modest financrdl retUTn plus a 50Gial return. Low-interost loan8 alty)w U8 to buy houses and rent them to tenants at below-mark8t rate8, provldlng homes for peopk In housing need. After five years, lenders have the opilon to renew thelr loans or be repald. Loans are repald using capital accrued frorn rents durlng the fve yeaTS along vjlth new18ndlng. To date, 78 lenders have joined in, ￿ndIng an average of £12,000 with a total of £1.Sm raised in loans and donations to purchase four houses to b8 US8d for the charity'8 oblective8- currenty for horne￿88 people. a church on an èstate, and forAfghan refugee famllles. ACHIEVEMENTS AND PERFORMANCE The Barton Project One housa Is leased to Barton Communlty Church as a manse. Through havlng manse. the church 18 able to house Its mSnister In the estate, a6 an expression of Its commttm8nt to an Sncamatlonal mlsslon model. The other house is a six*edToom propety leased to Edge Housing and used to provrdo a homa for slx men who woukl otherwise be horneless. The Afghan Project Two families who fled the Taliban in Afghan181an have now Ilved In tsvo properti88 in East Oxlord for two year8. 80th families are 8UPPOrted by Asylum WelcA)m8, an Oxford-ba8ed charity who support refugees in thelr tlme of trauma and transition. We are really pleased to se& both famll58S Settling w￿11 In Oxford. thelr chlldren thrlvlng In local schools, and the parents buldlng thelr Ilve8. Overall We welGom8d Andrew John80n to the Board a6 John Coyle stepped down. We are hugely grateful for the rol& that John played in astabllshing the charity and buying the firBt properties We look steps to improve our data protectlon and also to better Invest the capital that has been buikling before Ihe first loan repayments are due in 2026. Dwell oxford Trusteos Raport and Flnanclal Statements 2024 FINANCIAL REVIEW We are d88pty thankful to Ihose who have prcvided loans and donations, entrusting u3 to steward their funds lo provide homes for people in housing need. Income and Expendlture Total income for the year was £126.043 including.. £46,603 In donallons, whlch included £45,000 in loans being conv8rtèd into donations £79.420 through rental income Total expenditure spent on charltable activi118s for the year was £49,044, Including: £8,321 property repalr$ and maintenanc• . • £34,567 ￿$1 of 8etvicing loans. Properties were revalued at year and to their estimated rna￿at value, Totgl valuatlon of prop8rtie8 increased by an estlmatèd £100,000 Oyty of expendlture (£0) was u88d to raise fundg. Balance Sheet The balance sheet ended the year with nét assets of £540,848 comprising of £1,601.672 fixed assets relating to 4 houses, Tha$9 wgre revalued to markel value at year end. £92,848 current assets con8181ing malnly of cash and rént owed at year end. £12,900 currènt Ilabilitles conslsllng mainly of Interest ow6d to Inve8tor8. Thls Inter88t via8 8ucce8sfully paid in November and January. £1,140.772 Creditors.. Amounts falling due after more than one year relates to mortgage 8nd loang from Indlvldua15 rèquired to buy the hou895. R•gerve8 Pollcy The Trustees have a reserve policy lo he￿ manage the charity's key risks. In dolng so, Homes with Purpose differentiate between short and medium risks as follow5. 1. Short Temi: Mitigating for.. Unbudgeted repairs and maintenance. #et at the cost of replaclng a boilgr In each propety, and b. Voids, s8t at the level of 2 months, Income on each property Reserves h8ld to Mil￿ate these $hort-term rlsks must be held In cash to allow immediate access 8$ needed. 2. fbfjadium Term.. Mitigating for.. a. The risk that some loans Gan not be renewed or replaced when they fall due. set at Ihe level of being able to repay 10°h of Ihe orrginal non- commercial loans every 5 years on each propertylproject. This ￿qUiTe5 Dwell Oxford Trustees Report and Flnanclal Ststements 2024 achieving a reserve on each propetylproject of 2% of the orljlnal non- commercial toans every 12 m¢nths which can be used lo repay loans. Reserves hald to mIt￿ate these medium temi rlsks can be held in long le￿ cash deposits as drawdown can be planned over a longer perfod of tlme. As at 30 September 2024 the reserve FM)licy requSred a rèserve of £66,000. £18,000 to be hèld to Gover Short term risks. and £48,800 to be held to cover medium temi ri8kG. AI y8ar 8nd the charity held £83.095 in unr•slricted reserves. We seek to mainlaln our raserves in line with our r6serve8 pollcy to add reslllenco durlng a tlme of èconomlc unc8rtalnty and interest rate rises. The Board of Truslees will review the level of reserves Set agaln8t each ri8k catsgory regularty as part of the annual budgeting cycb. FUTURE PLANS As a charity, we hav8 no ¢urTent plans to scale the number of houses, instead ch¢x*sing to focus at present on Tunning four houses well. As Trustees we are conlinuousty reviewin9 OUT financas and risk arKI are 8ati$fied that our model is re8ili?nt to change8 ahead and will contlnue to revlew regularty. Durlng 2024-25, the charity alms to contlnue lo be a good landlord in pursuit of our mi88lon and to build up resepie8 to enabl8 redeeming of18nder8 loans In 2028 STRUCTURE, GOVERNANCE & MANAGEMENT Govemlng Documents Dwell Oxford is a company lknited by guarantee, and govarned by Ils Memorandum of Assoclation and Artlclès of Association. It is r8gi8lered as a charity with the Charity Commis$lon In England and Waleg. Oryanisational Structure The charity ts entirely volunteer run, managed by a board of trustees. Trustees meel at least quarterty. Dwell Oxtord Trust•e$ Report and FinanGial Slat•ments 2024 Risk Management The trustee8 have a duty to Klentify 8nd review the risks to which the charity is exposed and to ensure appropriate controls ara in place to provKle reasonable assurance against fraud and error. Durlng the year. we were victims of a sophisticated traud attempt invofving a Cloned website. Swlft action was taken and the funds We￿ reCo￿red. We reported the incident to Action Fraud the Charty Commission, and have amended our poliryes and pro¢edure8 to protect ourselveg further. No lender or donor data was ¢ompromi8ed. Prlnclpal Rlsk8 The princlpal risks are those which coukl affect our financial position and ability lo 6ervlce loans, these risks Include Rising Inteiest rates Damage to properties and large repair costs Loss of rent resulting In th• Inablllty to pay Inl8re8t on mortgage and loans Inabillty to renew or find replacement fundlng al the end of current landlng period The Trusl808' assessment 18 that adequate control measures are In place for the Identlfied r18k8 and that the ongolng monitorlng proce88 and revlew by the trust board18 8ufficlent to ensure that any new risks are identified. CORPORATE DIRECTORY Dwell Oxlord operates under th8 name of Homes with Purpose. Charity r8gistratlon 1193610 {En9land and Wal88) Company reglstratlon Llmited by guarantee, number 11908182 Trugto08 Robert Martln Peake lain Stuart Waddington Dr Danlel Colin Farley Andrew Johnson Appointed 7 March 2024 Jonathan Jamès Andrew Rowlands Treasurer Chalr Resignations Durlng th8 year 1 October 2023 to 30 September 2024 John Coyle Resigned 7 March 2024 Bankorn The Co-operative bank, P.0. Box, Skeknersdale, WN8 6wr Dwell Oxford Trustees Report and Financial Statements 2024 Soll¢ltor3 Anthony Colllns Solic￿Or$ LLP, 134 Edmund Street, Blrmlngham. B3 2ES Indop•ndent Examinorn John Caladine FCCA CTA FCIE, of Caladine Ltd, Chantry House. 22 Upperton Road, E8$ibourne, East Sussex, BN211 BF Regl8tornd offlce 11 Bernwood Road, Oxford, OX3 9LG STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responslbl8 for preparlng the annual report and the flnanclal Statements in accordance wllh appllcabl8 law and Unlt8d Klngdi)rn Accounling Standard8 (United Kingdom Generally Accepted Accounllng Practlce>. Company law applicable to charlties Sn England and Wales requlres the Tru8lee8 to prepare financial staternents for each financlal year that give 8 true and fair view of Ihe ¢hartty'8 financlal activili88 during the year and ol It8 financial po6lllon at the end of the year. In preparlng the financlal $latement8, giwng a true and fair vtew, the Trustees $hould follow best pradice and: S8k8cl suilabL9 accountlng policies and apply them con815tenty. Make judgements and egtlmates that are reasonable and prudent. Slate whether applicable accountlng standard8 and statements of recommended practice have been followed, 8ubject to any materlal departures disclosed and èxplaingd in the financial statements. Prepare the financlal statements on the golng concern basis unless It SJ Inappropriate to prèsume that the charty viill continue in operation. The Truste88 are re8pon31ble for keeping proper accounting records whlch dlsch)s8. wlth reasonable accuraGy. the financial posrtion of the charlty and which enab18s them lo ascertain the financial position of the Gharity and ensure that Ihe financlal statements comply wlth applicable law. They are 81so respOnS￿le for safeguardlng the assets of the charity and hence for taking reasonable stepg for the detection and prevention of fraud and other Irregularltles. D￿11 Oxford Trustees Rèport and FlnanGial Slaternents 2024 OTHER INFORMATION Thlg report has been prepared In accordan￿ v￿th thé Statement of Recomrnended Practlce and Accounling by Charilies (revised 20191. So far a8 the Trustaes are aware. ihere Is no relevant infomiatlon of whlch Ihe company'8 independent reviewor IB unaware, and they have taken all the Step8 that they ought to have laken as Trustees in order to make themse￿8& aware of any relevant informatlon and lo establish thgt tho company's independent réviewer Is avrnre of that Information, and they have rnade such enqulries of their fellow Truslee8 and of the ¢ornpany's independent révlewer for that purp08e, and taken 8uch olher steps {if any) for that purpose. as were required by thelr duty as Truste6s of the company lo gxeTGi8e due caro. 8klll and dillgen¢e. Tho T￿￿￿08 R•port wa• approvad by the Board on and •lgn•d on fts bohalf by: Robort Poak• CHAIR ot TRUST 80ARD Dal•: DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" CONTENTS Ind￿8n￿￿t •xamin•f8 r•port statemwrt offin4ndal •clvNI•s Bd•rK• •h••l 10 st•t•mwrt of ctsh 11 Not88to th• flMrrA•l Jt•t•m•rt• 12-20 DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DWELL OXFORD I report lo the tNBlw& on my exarninatvjn rf the financlal $tatements of 0￿11 Oxford (th8 charity) for thè y•ar end•d 30 Septern￿r 2024. R•sponslblltl•• and ba81s of report A¥ the Iru81ees of th* ch?rfty Ig4nd alao N¥ dr•ctor8 lor thts pwpo801 of ￿mpAnY law) WJU ar• r•spornI￿O for th• p￿Par￿lon Of the Ilnandal 8t*•ments In *ccordanco wNh requlrern•nt8 of Companies Acl 20(fj Ithe 2006 H•￿Ing satisfied myi•ir tllat the Inandal st•t•ments of th• are nol r•qulr•d to te audtted under P*t 18 of th• 2008 Act and aro eli9lbJe for independeni examinalion, I rèport in re8Poel ol rny examination ol lh$ charfty, fin8nrl8131atemeftl$ e8rrled out under s*rllon 14S of the Charllte8 Act 2011 Ilhe 2011 Act). In eorrylrw out my oxamln*ion I have lolltswed all lh• applleablo Direthns 9ivon by the Charity cornm1s￿on undar s*¢tSon 145{$llbl th• 2011 Act. Ind•p•nd•nt •xamln•rfJ •t•t•m•nt I hw? completed my gKamln8llon. I confirm IhAt no rnatt•r& how corn• to my •tt•ntion In eonnothn wllh th& eX￿)In#t10n glvlng rno lo believe that In any mat•rlal rasp•d'. xcounts'n9 f•cord8 w•r• not kept T•8P•rt ofth? C￿rmY •• r•wlr•d by 8•Ctlon 388 01 thg 20￿ Ad., or the flnanc6&18tatemenls ￿ not accord *llh Iho8o r¢¢oTd¥', or the fl)￿¢1￿1 8talemant8 do nDt COr￿lY the acccunllng rnqulfarnnt• of sertlon 398 ol Ihe 2008 Act oth•T than ary requlrem8nt that th• account• glv• A true and falr vl•w wNch Is not • matt•r considered a8 Part ol an Ind•p•nd•nl •x8Min￿on,. ar Ihg flnaneld ii*•rn•nls hav8 not béen prewad In accordanc¢ vlth th• rnelhod• ond prtn¢l￿t• of Ihb Statement of Roornmendod Practire for 4ceountlny and 1•W￿n9 ty charllle8 appllcatl• to tharttb•8 prepadng Ihelr accountj sn •¢¢ord•nce vAth the Flnanckql Repothng Standard applleable In the UK Ar Republk ol ITOJand IFRS 102}. I hwo no conc•rns and h•vo come aerosg no other rn•tt8r8 In ccnnectkn wth th• ox•miMb'on to ￿1¢h ¥ttontion •hDuld be drovm In th1• raport In order to enable • proper und•r•t4ndhw ol thèffinandd statemenls to b• r¢ach•d. John Calodlne FGCA CTA FCIE Coladln8 LJmlt•d Cn8nlry Hous8 22 Upparton Road Easlbrwne Ea$t Su$•?x BN2113F DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" STATEMENT OF FINANCIAL ACTNITIES INCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 UnrMtrlct•d Unrn•trlcted fvnd• nd• 2024 2023 Incom• from: t)onèttons and Wl81 Charllabl& actfv*le8 Inv•8th•nt 48,803 79,42Q 20 5,128 79,320 Totsl Incomo 126.043 84,446 Exp•ndllur• on: 49,044 8,377 Totsl •xp•ndltur• 49.om Ce,377 Nel g•In￿{k>s8￿l on In￿•tments 11 100,CUI 74,808 N•t Incom• Ind mov•m•nt In fund8 176.998 102.87S R•conclll*llon offvndi.. Fund b*nc•• •11 OGtob8r 2023 363,849 280.974 Fund bal•ne8• •t 30 8•pt•rnb•r 2024 540.848 363,849 Th¢ 8talem•nt of financlal 8e1lvkn￿ Ir￿￿de¥ all geh• and loaaaa f•cognl$ed kn th• y•ar. Irxome •nd •YPWKllbJr• d8rlv• from conunulng actfvI￿•8. DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 F5x•d as••ts T•rtglN• ass•ta Inv•strMnt prop•ty 13 14 1,872 1,8OD,iTh)O 468 1,500.000 1.801,672 1.500.488 Currffit al￿￿ D•btorg Cash at bank and tn hand 9.824 83,024 5,B56 $3,399 92,848 59,255 Cr•d*orn.' amoun1• I￿nn9 du• wlth on• y•af 17 112,9001 112,4151 N•tcurMnt aM•ts 79,948 46,840 Totsl ourr•nt Il•blllO 1.681.620 1,647,308 Cr•dttorn: •mDunt• f•lllng du• aft•f mor• than on• y•ar 11,140,772) 11.183,4S91 N•t $40,848 363,B49 Tr• lund• of th• chlrlty Unrastrlcttd lund• 19 $40,848 383,849 540,84B 363,B49 Th? comp8ny l• oTrtli•d to th• •xemplon Irc￿ Ilw wnt4lr•d In B•don 477 ofth• Companl•iAct 2008, for tho y•ar w)ded 30 SePt￿ber 2024. Th• dlroctor ackn￿Od9e8 h1• rèsp0rvJl￿*tio8 fty ¢omplykng Wlh lh• req￿reMenta of Ihg Companl•s A¢i 2008 r•ip8et to xcounlng r•c4>ids and Iho pr•paraUon of fv•ncld $l•thmant8. The mmbers have not requir•d the ¢rynp8ftyto obtaln an audm of its •tatgrn¥nl8 ftyth¢ y¢Of In qu09Icffl In •W•3rd•nc• vAth Bodon 47fj. Those finarKiaF $taternentJ hovo b••n pr8par8d In accord￿ce wfth the prOw￿on5 8ppllcabl• to compar4aJ 3ubj•¢i to thè 8mall compan*B reglme. Th• Ilnandal #tat•M￿t￿ ww• opprov•d ty th• tNJt••s on .........,............... Mr R Peakè IChairm8nl Thi$t•• Mr J RO￿and# fft•88urer} Twsl Company r99htrakn￿ rmmbor 12908182 IEngSand and IA*l831 10_ DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Not•• CaBh flow• from op•rntlng acthilll8• Cath generat•d from ¢)pèr•ts'on8 21 74.103 27.724 Inv•sllNJ acll¥lll Purcha8? of langlble ffix•d aqwt8 Inva8tmont Ineom• r•c•fv•d 11,4621 N•t u••d In Inv•Jtln9 *Ctlvltl 11,432) Flnanclng •cdvltl•# Ropaym•nt of bOrro￿n91 Rapayment of b¥nk lo￿• 139,¢XQ} 14,C>461 13,000) 14,026) N•t ca•h w••d In Iln•Delng •ctlvltl 143,0481 (7,0281 N•t ID¢rw• lfi exh and cash •qulval•nt• 29.825 20.698 C•*) c*•h ￿5v4¢ntI at btylMlrvJ ofy••r 53,399 32,701 C••h and ¢••h •qufvil•nl• •t •nd ol y••i 83.024 63,399 11 DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng polkl CompAlly Inforniillon Lknll Oxfc(d is a private rompany Ilnrfted by guarantoe In￿porat•d In England and Wal•i. Tho regbtsr•d office 16 83 o￿V￿r Road, Oyford, Oxfords￿(•. OX4 2JH, 1.1 Accountlng eonv•ntlon The financial $latem•nts havg t•?n propar•d In accordan¢e wth the charfV$ gov•rnlng 4D￿Me￿ the Corrp8nle8 Act 20D6, FRS 102 Yhe Flnanclal ReporNng Standard appllcabla In Ihe UK 8nd Republk of Ir•land' I'FRS 1D2'1 and the Chari11￿ SORP "A￿Ountry and Reporting by Chprfle8.' Stat8ment ot Recomm￿ded P¥aclKa applcable to charitie8 p￿parIng th￿r a￿oUnt8 In accordan￿ wth the Fhiancial Repoth'ng Sthndard applicabl? in the UK and R¢publlc of lrnland IFRS 1021" l•ffeLl.￿ 1 JanLWry 20191. Th h￿ltyle a Put41¢ B•r*fll Entity a8 defined ty FRS 102. The finanu•l slatementi aré pr•par•d In 8t•rfirtg. which 18 the ¢Lmncy of t￿ GhArlty. Mon•tary Amounts In th98• flMnd?l Statemonts are rounded io Ihts neere8t t. The fin￿cIal stat•m•nts hAva b••n prepw•d undw Ihe hlotorfcal co8t conv•nlton. Th• pilnc4pal 4ruunllng pollrlvB ad¢)pted are set out b•fv. 12 Golng ¢onc•rn Al the time of Hpprovlng the financ(918tal8m•ni8, the trustoeq ho￿ a r•a8onaba0 expeclatbn that tho ehwty h98 Adfjquat• re•vurcg8 to cOn￿￿U• In eporallw81 existenc• for the f)rw•eatAe futur•, Thu$ th• Irw1￿8 ¢ontlr4J8 to adopt th• going conc•m basfrs of acccunting In preparing tho In•no•l slalement8. 1.3 Ghlrltsbh fund• Unre31rietsd kn48 avlihble for at lh• dlKrelk>n ol th• INst•88 in fvrlherarKe of thelr charl¢•bl• ot4ecfjv•8. R•thct•d fund• are wJbSect to gp¢ufic ¢ondttlon* by donor$ or gr#nlor8 as to hcw th•y may be u￿. Th• purpo￿5 and u868 ol the r•ith¢t•d fund8 are •el out h tho not*¥ to the flnanclal 8tal•m•nt8. 1A In¢orn• Income l# r•cognlsed when th• chorlty I$189al￿ enlM8d to it Aft•r any port￿ance ¢onOIUons h•v• boon met, the amounts b? mgasur￿l r•liably. •nd k ll probat1• that Incornb w￿1 be rec•l￿d. C4$h donauons arts rncognii•d on rncelpL Other donat1¢418 arè recowtl$ed once th• has been notffiod of fv donatlon, uNe$g p•rfoTrnance CC#KIftI¢xg defeThal ol th• amount. Incom? lax recoverablg In relalknn lo don8lon• rn¢thvéd und•r GIftAd or d•8d• ol covonant l• r•co9￿&•d at tho lkne of Iho dono11on. Legaries are rewo￿88d on recelpl or olh•NA8e rf the C￿ority ha8 boen notffied af on Imp•ndlry dlrfrfbullon, th• arnounl Ss knrNm, rocelpt l• •xpethd. 11 the amount 18 not known. the Jegocy l• tr••t•J a$ 8 conttrig•nt as8•L 1.6 Expfrndlturn Expendrturg 18 r•coynk%ed on¢0 there i¥ a kngal or tcfistructiv• obfigaThon io transfar eerffiom￿ benefit to thlrd paty, it 16 probabl8 #lat a transfgr of econenlc benoffts hyll te required In settbrnent, and th? amourt of Ihe obliqathon can be mea*vr?d reliably. Expwk1i￿r8 Is clas*fied by adivity. Th• ¢9sts ol •ach activty are m•d• up of lh¢ totsl of dI￿t and shÈred ¢08ts, indudlw support Co￿8 invdved In undertaklng actwty. Dlrect costs artn￿ta￿a lo a &ngle 8dlvlty are allocalod dI￿GuY to that activity Shar&J cosls which Contribute to mor8 Ihan one actiwty and support ￿81$ which are not attrlt￿rtabJ8 to a gngle actwity are oppurtiongd betsyeen those aLthvitps on a basls COnSi5tent the use ol resourcè& Cenlral staff o)$ts are allocated on the ba$l8 of time ￿p￿t, dewecbattcffi chaf988 •r& •lk)cated on the porti￿ of ihe assefs use. 12- DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" NOTES TO THE FINANCIAL STATEMENTS {cowllNUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢¢ounting pollcloJ Icontlnu•dl 1.6 TaThglbl• tlx•d *s1•ts T￿gI)￿ fixed asgets 8n initi•lty al fOBt and Bubsequenttry rn•asur•d at t￿1 or ¥8￿&￿0n. nÈt of d8pr8cIatic￿ and any Impalmianl lo$$e DopredatlJn18 re¢￿gni8ed $0 a8 lo ￿ta off th• ¢o•t or VAluatbn of a•80181088 Ih8ir rnwdual v*luvo ovwth•lr UBeful Ilvo8 on lh8 10kn￿n9 basiA'. Flxtur•8 8nd flllkngs 5 ￿ra gtr0Sght In¢ Th• galn or1080 •n•lw on lh8 d6po881 dAn 1$ (bt•rfned •• tho dMer•nce betwean th• procè•d# d tho value of the a6set, and18 recogntsod In lh• 8t&t•m•tst of financlal actfvmlas. 1.7 Inv•*tm•nl prop•ity InveBlmonl prop8rty, *thSch 18 proporty h•kl lo rgntsli andlcrf for cap1181 appr•duttDn, IS Inltlally r￿C￿lI•d •t cost, which tha purd)•M ¢ofyl Ind ¥ny direclty altrlbutable expendrtura. Subsequont 11 1$ measured ot hlr value •t th• repotlng ond dat•. Th• iurplui ¢f defi￿ on r•vakMtlon Is r•tr)gnI￿ In profit orlo86. 1.8 Imp4lmi•nt of f(x•d I•￿￿ At r•wtlng dale. the cherily r8¥howa th• carrying *moLnts of th tangible as8et$ lo detern)In• wh•th•r is wy Indlcalkjn that those aB80t• have 8uffw¢4 on Impalrmnt Io6B. 118ny SIK* Indb&tlon •xl8tB. th• re¢ovorat4e amount of Iht a8•et l• •8lm•t•d h csrty Repelrs Ond mthtenanc• Flnance Cost8 Cornpullng •nd w•belt• Ullliti•s Sunlty expen809 248 8.321 34.567 691 228 119 17,675 33.414 568 238 978 45,041 52,992 sharn of•upport •nd gov•m•nc• co•ts IM• note 8) 1,618 2.367 1,148 2,237 G¢)vwnanco 49,044 56,377 AnaTrnl• by fund Unrestrictad fvnda 49.044 56,377 15- DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Not mov•m•nt In fvndl 2024 2023 Th• nel movement in frJnd6 is Statsd aft•r charglwllcr•drtJn91.' O•pwiabon of owned tangi'bh fixed 248 119 support co•ts 8upport Gov•mance costs TotalSupFQrt (yJ8ts G*wom4nce 2024 Tthl 2023 IMur8nc• Adrnln Supp 1,411 205 1,411 205 1,148 1.148 A¢¢ountancy LtrJ•l and prolembnal 2,040 347 2.040 347 2.184 2,184 53 1.616 2,387 4,003 1,148 2.237 3,385 Chaiitable acllvlUeB 1,816 2.387 4.003 1,148 2,237 3,385 Accountancy f•u Inthdèl p•ymwts to th Ind•p•nd8nt Exarnlner of £1,260 12023.. £1,4041 hr accoLmtancy u•M¢•s #nd £780 (2023.. £7801 lor Indep￿d￿nI Ex8mirtathin 8•Mcos. TrL4•h Nono of th• tru•te•¥ lor any p•rnon• ccfin•ctsd wth them} rK¢fv•d any rwnun•ralb)n or ben•fft• from lh• tharity during th• year. Ttrn• tru•t•o* hw outatandlng to tho ch•rttyw)rth • total of £80.000 at lh• end oftho ye•r12ty23.' t Irustees hava loans to the ¢harty £40.000 ot tho •nd of1h yaor). Intor•8t of £1,080 pdd to of 1h• tru8tw on Ihe89 loan balance$. Aggragat• donatMJn¥ to thè ¢h#rfiy thrfn9 ts yo•rfrom trnMt••8 ond rnL•tèd p8rtre$ ware £rll12023.' £nWp. Tn*tew w•r• not relmburmd •ny F•r•onal •xpgn801 durtng ihg y•9r. 10 Employts# Tho averagts rmnthly numbor ofemkloyeeg dwtng yearwu.. 2024 NUm￿r 2023 Numbor Tolal wEre no employee8 wttoaè anrwAI remunttrntion w48 rnore than £80.OQO. 18. DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" NOTES TO THE FINANCIAL STATEMENTS ICONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2024 11 0&ln• and lts•Mo on Inv••tsn•nts Unr••trl¢t•d Unr••trkted fundi 2023 Galn*lOou•81 artsing on.. R•v4hmtkJn Df investm•nt propwU•$ 100,000 74,808 12 T•x•llon The charify IB •x•mpt from tthxqlon on tt8 xllvttles b•¢•u8• tl Its Incom•18 applèd for ¢h•rfl•bJ• pwpog08. 13 Tanolbl• ￿•d aM•t• Al l Odob•r 2023 AddlU¢)ns 597 1,462 At 30 S•pt•mb•r 2024 2.049 D•pr•tl•tlon •nd lfflpalmwnt At 1 Ortcb8r 2023 D•yrft•tion ch•rg•d h th• y•ar 129 240 At 30 S•ptwnb•r 2024 377 Carrylng anv>unt Al >) Sept•mb* 2¢Y24 1.672 At 30 S&pt￿bOr 2023 468 14 Inv••tm•nt propgrty 24 Al 1 Octo￿12￿23 Not gdn• or108800 tlyough hlr Va￿ adlutherts 1,600,000 100.000 At 30 S•ptwnb•r2024 1.600,000 17- DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 30 SEpfEAIBER 2024 14 Inv•*tm•nt prop•rty Icontjnuod Inv88trnent woperty r￿MprIseS foLf r•SId￿tial Pro￿rIb•S ownod by thè chadty rellt•d out tu achl8v• th• charitable otye¢t8. Tho valuakngn wa? made on an open market valw ba¥18 by reference to market ewd•ntt• of transaction prices lor sirnlL8r proyrbes. Tho valuatlffi wa5 carri8d out ty a Inmtee. who has ra18vanl Industry 8xp•rl¢nce. It 1$ nol conltdored that h16 po*llon ai a ￿ste8 create8 any £1)nfl￿t ol Inl•reit as far a8 provkilng theBe property valuab"on6. A tharg• l? ￿k1 over the froehold proparty at Ba8attt Road by Kkngdom Bank Ltd tOW4fd• lh• outskndng mortgag• bI￿nCe. 111 D•btorn 2024 202) Amounts f•Nlng du• vAthln ¢th• Y￿r. Trado d•btor Othvdebtor• Pr8p8ym•At• ond •¢cn￿d Sncom• 4.110 4,500 1.214 4,299 500 1,057 9,824 S,856 16 Loan• and •v•rdr•fts 2023 Bw* loan8 ot￿r loanB 282,419 881,SOO 288,485 900,500 1,143.919 1.186,985 Payabk ￿thIn one ￿r P•y•bl• •ft•r on• yoar 3,147 1.14D.772 3,506 1.183.459 17 Cf•dliorn: amount• f•lllnq due wlthln on• y•ar 2024 2023 Bank ban$ Other taxation 8ado1 Trado crgdilor$ Other credrtors Acerua15 ond defwred incrffle 16 3.147 792 337 6,584 2,040 245 8.624 2,040 12.900 12,415 18_ DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 18 Cr•dltorn: •mount8 f•lllng du• aft•r mov• th•n on• y•or 2024 2023 Bank Other borrowng8 279,272 861.500 282,9S9 900.500 1,140,772 1,183,459 The ¢harlty took out a £298.DOO mortgag• vAth Klngdurn B￿k In Au9U812021. Tho M￿9•9• i• due lo be rnptld over a 30 year term to July 2050. At the end ol tho ￿ar th& mort4ag? loan outstandlng am¢Junt•J io 82,41912023.. £288,466 }. o• Th•8¢ loan8 are granted ￿ term4 of &10 y••r¥. Inlw•*18 belng paid on the Maiorty of th••a I￿8, and h•• ba•n accrued up to tho end olthe y•ar. Th•e• Bupportw• loan8 ar8 not 88￿(ed •nd WOU￿ rank &mor4 ¢th•r uns8curad rxeditor8, Ifth• chArfty lo wlnd up, At thg of th• y8•r th• th•rlty hld 4upp￿￿r5 lo•n¥ £871.SOO (2023.. £900.6QO l out8t•ndlno ncrn of vthlch are ropayabbo In the Comlng year The redv¢tion In the bal•n￿ on the w8viou$ year 1$ due to ol the lo•n¥ wwe lorgiv•n by inv•slorn I￿j eonv8rt•d trtr 19 Unr••trl¢tsd ftsnd• Th• unrwtrlcted lundi of the charlty Compri￿ the un•xp•ndèd b4lan¢¢s ofdon•lon4 and grants which •re not 8ubl8Ct to ¥ecifl¢ ￿ndItIOnS by donorn and gr•ntoryJ 85 lo how thty rn•y be usod. Tkese Ir￿lude de•lgn8ted fvndq whlch hav• been sat 8&ld• out ol unA$trW•d fvndB by thè Irust••s fry 8pacIflc P￿pOlO8. Al l Octob•r 2023 Ineomln9 Rwouvc ourM• wp•nd•d Galn• and Atjo loMe• 8•pt•mbev 2024 G•noral fiJnd• 383,849 126.043 149.0441 1CKI,000 $40,848 Pr•vlou¥ y••r: At l O¢tob•r 2022 Inet)mlng R￿QUIt•• r••ourc•B •yp•nd•d O•ln• •nd 1061 At30 8•pt•mbor 2023 Gonernl ￿nds 280.974 84.446 {58.3771 74,808 363.849 20 Related party tr4nsactlons Therè were no disck)sabte related party Irt4W¢bonJ dLthg the period cther th￿ &at•d In Not• 7 - Trwke%12023'. no dlsdosablo tr8nstttTr)n•l. DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE- NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEAIBER 2024 21 Ca•h g•n4rated frnm op•rntion• 2024 2023 forthe ￿¥T 176,999 102,87S Ad￿StMen1$ lor. InvKtmgTII In¢om& r•cogrfs•d In 8tat•m•nt of ffnand41 •clvlUo8 Falr valu• galni and I￿Ge8 on Irwestrnent propwtieB D¢pro¢ialon arKI ImpolmipA oltanglblfr ffix•d 1201 1100,000) 248 174.8081 119 Mov•m•nts In Wo￿n9 C*Ptl•l'. Ilncre88•1 In debtorn Increa￿ In ¢r4dltor$ 13,9681 644 11.83B} 1,174 C*h g•n•r•t•d from op•r•tlon• 74,103 27.724 22 Anaty•l• of ¢hATrgM In n•t Id•btVfund• At 1 Othb•r 202J ¢••h lID￿ At 10 g•Ftsmb•r 2024 Calh al bunk and In hund 53,399 29,826 83,024 Loan• falNng ¢kn wlthln one ye L￿nI f*llng duo after rnor• thon ontr y￿r 13.5081 11.183,4591 359 42,087 {3,147} 11.140,7721 11.133,S881 72,671 {1,060.8951 -20-