HOMES WITH PURPOSE Dwell Oxford (Trading as Homes with Purpose) Annual Report & Financial Statements for the year ended 30 September 2025 Company limited by guarantee and not having share capital Company No. 12908182 Charity No. 1193610 (England and Wales) Dwall Oxford Trustges Roport and Flnanclal Ststèments 2025 CONTENTS REPORT OF THE TRUSTEES INDEPENDENT EXAMINER'S 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, Report) For thé Year ended 30th September 2025 OBJECTIVES & ACTIVITIES We started with a small church with a big dr88m. Barton Communlly Church. on an estate in Oxford, had 8 vlslon to have their own house. Which for 8 church of a few dozen people seemed an exlravaganl dream. But when a property came up for auction In the estsle in the middle of the Covld-19 pandemlc. Ihey fell led to pursue it. It was a long shot- bul it was worth a shot. Within just one w8ek, over £400,000 was offered in loans and donations from ordinary christian18nders.18nding from £5,000 up. And so Dwell Oxford (known as Homes with Purposel w8s sel up as 8 charity, buying two houses in Barton one rented lo the church as a manse for the minister lo live in the eslale, and one that's leased lo Edge Housing to provide a home for men who would olherwise be horneless. It's a model that's scalable, so when in August 2021 the Taliban slomed a¢ross Afghanistan, more Ih3n 50 lenders stepped forward to lend the funds needed to buy two more houses for Afghan refugee families fleeing the corslllct. Our mission is simple. We're here to: Acquire and manage property for Christian workers to live and work in strategic localions. Provide safe homes for vulnerable people In establishing Dwell Oxford, the orlginal Trustees Intended, wlthin the broader objectives of the charily, to provide Barton Community Church with a property suitable for use as a manse or accommodation for other Christian workerls}. Thls was achieved wllhln the first year through purchasing a property and le8sing11 lo the church at below-markel rent. The long-term intention is for the church lo own the property. This should be possible when Dwell Oxford no longer has significanl liabilities for the proparty. The w8y il is achieved will be dependent on regulalions al the lime around capital asset transfers and related mallers. Public benefit is achieved through providing accommodalion to people in housing need. and indirectly through Ihe wider benefits to society Ihal this provides. The Trustees are mindful of the Charity Commission's guidance on'charities and Public Benefit" and have onsidered this when developing the strategy employed lo fulfill our objectives. pg.1 Dwell Oxford Trustees Report and Flnanclal Ststgments 2025 The Model The Homes with Purpose model is stralghttorward. We accepl loans and donalions from ordlnary people and use those funds to make an extraordinary difference for people in housing need by buylng properties as plac8S that they can call home. Lenders commit io lending at least £5,000 for a minimum of 5 years, and select en inter8St rate. Our lenders are 8ttra¢ted by the prospect of a modest financial return plus a social r81urn. Low-inleresl loans and donations allow us to buy houses and rent them to tenants at below-mark61 rates. providing homes for people in housing iieed. After five years. lenders have the option lo renew their loans or be repaid. Loans ari> ￿paId using capilal accruèd from rents during the five years along wlth naw lending. To date, 76 lenders have joined In. lending an average of £12,000 with a total of £1.5m raised In loans and donations to purchase four houses lo be used for the charfty. objectives- curTenlly for homeless people, a church on an estate, and for Afghan refuge8 familigs. ACHIEVEMENTS AND PERFORMANCE The Barton Project Onè house15 leased lo Barton community Church as a manse. Through having manse, the church is able lo house ils minister in the estate, as an expression of its commitment lo an incafnalional mission model The other house is a six-bedroom prop8rty leased to Edge Houslng and used to provlde a home for six men who would Othe￿Ise be homeless. Tho Afghan Project Two families who fled the T81iban in Afghanistan now live in propertles in East Oxford. Thanks to generous donations, we were able lo renovate the garden and provide a trampoline, creating a welcoming outdoor space where thè children can play and the family can relax together. We are rea51y pleased lo see both families settllng well In Oxford. their chlldren thrivlng in local schools, and the parents buildlng their lives. Overall We continued to invest the capital that has been buildlng before the flrst loan repaymenls are due in 2026. We have also been preparing the groundwork for the first loan renewals and repayments. which will begin in April 2026. Dwell Oxford Trustees Report and Flnanclal Statement5 2025 FINANCIAL REVIEW We are deeply thankful to those who have provided loans and donations, entrusting us to steward their funds lo provide homes for people in housing need. Income and Expenditure Total income for the year was £109,702 includlng.. £26,845 in donations, which included £15,750 in loans being converted into donallons £80,685 through rental income Tot81 expenditure spent on charitabl& activitie5 for the year was £63,050, Including.. £22,507 property repairs and maint8nance . £34,936 cost of servicing loans. Properties wer8 revalued at year end to th8ir estimated market value. Total valuation of properties decreased by an estimated £60,000 In 2025 0.kn of expenditure (£0) w8s usad to r8ise funds. Balance Sheet The balance sheet ended the ye2r with nel assets of £189,384 comprising of £1,540,000 fixed asset5 rèlating to 4 houses, These were revalued to market value at year end. £122,977 current assets consisting mainly of cash and rent owed al year end. {£315,554} current liabilitiès eonsisling mainly of repayments owed lo lenders. Of the £300k owed lo lenders £215k have indicated thèy will ren6w their lending. (£822,176} Creditors: Amounts falling due after more than one year relates to mortgage and loans fram individuals required to buy the houses. £437,500 of this will be du8 in January 2027, work is being done on securing either new lending or renewals. Reserves Policy The Trustees have a reseN8 policy to help manage the charity s key risks. In doing so, Homes wlth Purpose differ8ntiate between short and medium risks as follows. 1. Short Tam).. Miligaling for.. a. Unbudgeted repairs and maintenance, set at Ihe cost of replacing a boiler in each property, and b. Voids. set at Ihe level of 2 monlhs, income on each propety Reserves held to mitlgate these short-term risks must be held In cash to allow immediate access as needed. Dwell Oxford Trustees Report and Financlal Statement5 2025 2. Medium Term: Mitigatlng for.. a. The risk that some loans can not be renewed or replaced when they fall due, set al the 18vel of being able to repay 100/0 of the original non- commercial 108ns every 5 years on each propertylprojecl. This requires achieving a reserve on each propertylprojeGt of 2 % of the original non- Commercial loans every 12 months which can be used to repay loans. Reserves held to mltigate these medium term risks can be held in long tem cash deposits as drawdown can be planned over a longer period of lime. As at 30 September 2025 the reserve policy requir8d a reserve of £82,000. £18,000 to b6 held lo cover short term risks. and £64,000 to b8 held to cover medium tarm rfsks. At year end the charity held £109,876 In unrestrlcted reseNes. We seek to maintain our reserves in line with our reseNes policy to add resilience during a time of economic uncertainty and interest rate rises. The Board of Truste8s will r8view the level of reserves set against each risk category regularly as part of the Bnnual budgeting cycle. FUTURE PLANS As a charity, we have no current plans lo scale th8 number of houses. Instead choosing to focus at present on running four houses well. As Trust8es we are contlnuously revlewing our flnances and risk and are satisfied that our model Is reslliant to changes ahead and will continue to review regularly. During 2025-26, the Charity aims to continue to be a good landlord in pursuit of our mission and to build up reseNes to enable redeeming of lenders loans in 2026 STRUCTURE, GOVERNANCE & MANAGEMENT Governing Documents Dwell Oxford is a company limil&d by guarantee. and governed by 118 Memorandurn of Association and Articles of Association. It is registered as a charity with the Charity Commission in England and Wales. Organisatlonal Structure The charity is entirely volunteer run, managed by a board of IrLtstees. Trustees meet at least quarterfy. Dwell Oxford Trustees Report and Flnanclal Statements 2025 Rlsk Managemènt The trustees have a duty to identify and review the rlsks to whlch the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Princlpal Rlsks The principal risks are those which could affect our financial posillon and ability to seNice loans, these risks include Lend8r repayrnents in January 2027 Rising Int8rest rates Damage to properties and large repair cosls Loss of rent resulting in the inability to pay interest on mortgage and loan5 Inability to renew or find replacement funding at the end of cu￿ent lending period Th8 Trustees, assessment is that adequate control measures are in pl8C8 for the Identified risks and that the ongoing monitoring process and r8Vk8W by the trust board is sufficient to ensure Ihat any new risks ar8 id8ntified. CORPORATE DIRECTORY Dwell Oxford operatès under the name of Homes wlth Purpose. Charity registration 1193610 (England and Wale5> Company registration Limited by guarantee, number 11908182 Truste88 Robert Martin Peake laln Stuart Waddington Dr Daniol Colin Fariay Andrew Johnson Jonathan James Andrew Rowlands Chair Trèasurer Resignations during the year 1 October 2024 10 30 September 2025 None Bankers The CovoperatlV8 bank, P.0. Box, Skelmersdale, WN8 6wr Solicitors Anthony Collins Solicitors LLP, 134 Edmund Street, Birmingham, B3 2ES Dwell Oxford Trustees Report and Financlal Statements 2025 Independent Examlners Caladlne Ltd, Chantry House, 22 Upperton Road, Easlboume, East Sussex, BN2118F Reglstered offlce 118emwood Road. Oxford, OX3 9LG STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responslble for preparing the annual report and the financial statements in accordance with applicable law and United Klngdom Accounting Standards {Unlted Klngdom Generally Accépted Accounting Practlce). Company law applicable to charities in England and Wales requir8s the Trustees to prepare financial statements for each financial year thai give a true and fair view of th8 charity's financi81 activities during the year and of ils financial position al the end of the year. In preparing the financial statements, giving a true and fair view, the Trustees should follow best practlC8 and.. Selecl suitable accounting pallcies and apply them consistently. Make judgements and 8stlmat8s Ihat are reasonable and prudant. State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in th8 financial slatemenls. Prepare the financial statèments on the going concern basis unless it Is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose, wlth reasonable ac¢LtraGy. the financlal position of the charity and whlch enables them to ascertain the financlal position of the charity and ensure that the financlal statements omply with applicable law. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the detection and preventlon of fraud and other irregularitles. OTHER INFORMATION This report has been prepared in accordance with the Statement of Recommended Practice and Accounting by Charities Irevised 20191. So far as the Trustees are aware, there is no relevant informatlon of which the company's independent reviewer is unaware. and th8y have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant information Dwell Oxford Truslees Report and Financial Slatements 2025 an4J to 8Stabllsh that the company's independent revlewer Is aware of that InfoTmatlon, and they have made such 8nqulrles of their fellow Trustees and of the companvs independenl ￿vieWer for that purpose, and iaken such other steps (if any) for Ihat purpose, as were required by their duty as Trustees of the company to exercise due care, skill and diligence. The Trustses Report was approved by the Board on and slgn•d on Itg b8half by: OE Andrew Johnson CHAIR of TRUST BOARD Dats: DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DWELL OXFORD I report lo the truste85 on my ax8mlnafjon of the fjnancial slalement5 01 chvèll Oxfcid Ith& charflyl for the year ended 30 S8Ptember 2025. R•sponslbilitles and basis of report As the trustee5 01 the charity land also it5 dIrectO￿ for the purpose5 of ￿MpanY lawl. YQU Are responslblè lor the proparatlon of Ihg flnanclal st8temenis In accordance wllh Ihe requ1￿MentS ol the Companieskt 2006. Havln9 satl$fied rnysell that the financiol ststern*nts ol tho charfty ore nol requlr¢d lo be 8udIt￿ under Pan 16 of the Cornpanie5 Act 21)06 and are elSglble IDr Independent examinallon, I report In respect of my examln3tSon ol the chafity's financi81 sl8lem8nts carried oul under section 145 01 the Charftlgs Acl 2011. In carrying oul my examlnalion I have followed th8 Dlreclions given by the Charlty Commls8lon under s¢clion 14515llbl ol the CharilittsA¢t 2011. Ind•p•nd•nt •x•mln•r'B •tatsm•nt I have COTnF4eted my exgmlnallon. I confirm that no matters hava come lo my 3tt•ntlon In eonnectlon wllh the examlna¢ion giving me caustr to bglieve trat In any m8terlal respect.. ac¢ountlng records were nol kept In respect ol Ihe charlty as r•qulrad by sectlon 388 of the Companles Act 2006. the financlal statamanl$ do not a¢¢ord w￿￿ Ihosa records., or the financkql slBtamants do not comply with the 8ccountlng rèqulrèmonts of section 398 of tha Cornpanies Act 2006 other than 8ny rèqulremeni thai th8 flnandol $iatemen16 glve a Inje and falr view. whl¢h Is a matt•r consldèrèd as part of an Indapondont èxamlnallon,. or the financlal slalemenls have nd beèn prepared In 8c¢ordance wlth Ihts mèthods and prlnclples of ihe Slalemenl ol Re￿￿￿ended Pradice for accounling and reportlng by charflles gppIIc8ble lo charitles preparhg th8lr finanu81 staitrmenis ln ¥¢¢o¢donco wllh the Fin8n¢lo1 Ropo￿ng Standard appll¢abl8 h tho UK and Reputsllc of Ireland IFRS 1021. I have no conttrns and have ¢ome across no olFwr matters In conngcllon wrth the •xamlnatlon to whlcb 8tt•nllon should be dr8wn In Ihi5 report In order 10 ènabl8 a proper undersièndlng ol the flnanclgl slalem&nts lo bts rea¢h8d. John Caladln• FCCA CTA FCIE Cal8dine Limitèd Chantry House 22 Upparton Road Easlbourne East Sussex BN21 18F Dale.. DWELL OXFORD OPERATING AS "HOMES WITH PURPOSE- STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unr•strlcted Unr•gtrlcts funds fvnds 2025 2024 Notoo Inctsmo from: Donatlons and leoacles Charitable acllvitte$ Inve8tments 28,845 80,685 2,172 46,603 79,420 20 Total Incorn• 109,702 128,043 Exp•ndlturo on.. Charitabl8 act5vlts.es 63,050 49,lJ44 Totsl •xp•ndSture 63,050 49.044 Net gain8lllos¥esl on inv•8tmanl6 11 I￿.0(￿) 100.000 Net Sn¢omel{èxp•ndltur•l and mov•rnent In fund• 113,3481 176,999 Recon¢lll*tlon ot fund•: Fund b8l¥nces 8t 1 Ociob•r 2024 540.648 363,849 Fund b•lanc•8 at 30 S•pt6mb•r 2025 527,500 540.848 The stst&ment ol fln8nclal activltl08 Includes 811 galn6 gnd10s888 r8cognb¥ed In the yoar. AJI incomè and oxpenditure deriva trom contlnulng acllvlti8s, DWELL OXFORD OPERATING AS "HOMES WITH PURPOSE" BALANCE SHEET ASAT 30 SEPTEMBER 2025 2D25 2024 Not•8 Flxed ass•¢• Tan9ible 8$sels Inwstm•nt property 13 14 2,253 1,540.000 1.672 1.6CQ.000 1,$42.253 1,601.672 Current as8•ts Debtors Cash al bank and in hand 15 7,299 115,678 9,824 83.024 122,977 92,848 Cr•dltor*: amounts falllng du• wlthln on• y•af 17 1315.5541 112.9CQI N•t curr•vrt Illabllltl•sll•ss•ts 1192,5771 79.948 Total •s8ot• I￿* ¢urr•nt Il•bllltl•• 1,349,876 1,881,620 Cr•dltor•: amounti falllng du• aft•r mor• than on• y••r 18 1822,1781 11,140,772) Net 88s•ts 527.500 Th• fund$ of th• charfty Unrestricted funds 19 527,SC 527,500 540,848 Th8 company Is enlilled lo the èxemptbn frorn the 8udll requlromtsnl conlabnèd In sedlon 477 cf tha C¢mpanlo8 Act 2006. lor th& year endèd 30 September 2025. The dlre¢tors acknowledge thelr r•sponsbilili8s for comptying ￿th tho r8qulr•ments of Ihe Companle8 Aet 2006 wllh r&S￿cl to accountin9 r6cor¢ts and the pr•paraYon of flnanclal sl¥t8mgnts. The memb8r5 have n¢t r8quirad thé company to obtsln an audlt of 11$ InancL31 $taiaments lor thg yoai in quostion In occordan¢8 wilh section 476. Thése financi81 statements have boon prepared in accord8ncB with th8 prov[s￿)ft$ appli¢8ble lo companies sub￿Ct lo the small ¢ompanl•s reglme. Th* financial statements v4ere approved by the trustees on . Mr J RO>b￿and5 ITrea¥urerl Trustee MrAMV Trust•e nson Company registration number 12908182 (England and Wales) 10. DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Not•s Cash Ilow8 from OP•fatlb)g activhl•s Cash gener81ed from oper8tion8 21 50,123 74.103 Inv•stlng ¥ctlvitl•• Pur¢has8 ol tsngible fixed 9$88ts Investmenl income received 11,0911 2,172 11,45ZI 20 N•t c¥sh g•n•rat•d fromllu*•d Inl Inv•Btlng actlvltl? 1,081 11.432) Fln•n¢lng •¢tbvltl•• Rapaymont ol borrowing8 RepJymBnl of bank loans 114,lJ)01 14,6SO) 139,0001 {4,0461 N•t cash u••d In fifftan¢lng •¢tlvllS•$ 118,5501 143,0461 N•t In¢r•aB• In ¢•sh and cash •qul¥al•nt$ 32,854 29.625 Cash and cash equivabnts at beginning ol year 83,024 53.399 Cash •nd cash •qulval•nts •t •nd of y•ar 115,678 83,024 DWELL OXFORD OPERATING AS "HOMES WITH PURPOSE" NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEpfEM8ER 2025 Aecountlng pollcl•¥ Company Infolmatlon Dwell Oxford is 8 private company Ilmiled by guarantee inGorporat¢d in Eng18nd and Wales. The regisler•d Offi￿ 43 63 Oliver Road. Oxford. Oxfordshire, OX4 2JH. 1.1 8a$ig of preparation The financial $t8lements have been prepared in accordan¢e with the ¢h8ritls goveming dr%urnonL Ihe Companies Acl 2006, FRS 102 Tha Financial Reporting Standard applicable in th6 UK and Republic of Ireland. I'FRS 102.1 and the Charlties SORP "AGcountlng and Reporting by Charities." Slalement ol Recommended Pr8cII¢g 8pplicable to charities praparing Iheir accounls In aceord8n¢¢ with Ihe Finan¢lg1 Reporting Slan¢Jard applicable in the UK and Republic ol Irel¥nd IFRS 1021. (gffactive 1 January 20191. The charity is a Public Benefit Eniity 8s defin8d by FRS 102. The financial Slalements ara prep8red in slerllng, which Is Ihe lunctlonal currency of the ¢h8rity. Monotary amounls in these Ilnancial stalernents are rounded to the ne8re81 £. Th• flnancial B1918ments havè been prepar•d under the hlstorfcal c051 convention. The princbpal ac¢ounWng poll¢l&s adopted are sel oul b81ow. 1.2 Golng conc•rn At Ihe lime of approving the financial slatemenls, the Iruslees h8va a reasonable expectatlon that thé charity has adequat• resources to Continue In operational existgnce for the loreseeable lulure. Thus the trLSte•s continue io adopl the going concern bO$iS of accounllng In pf•par5ng th• fflnan¢lai st8tsmenls. 1.3 Charitsbl• fund• Unre51riCted fijnds are avallablé for use al the discretlon ol the Iruslees in fUrtherar￿ ol ￿1r Cha￿0b1? obj8¢1ives. Reslricled funds aro subject to sp8¢ific condllion$ by donors Qf gr8ntor8 86 to how thay rn8y bo u8od. Thg purposes and uses of Iha r851rfcl8d funds are sei oul In Ihg nol6$ to the flnand81 slatemenlg. 1.4 In¢omè Income Is reGognis8d when thé charity Is legally enlliled 10 It after #ny parforrn8n¢8 ￿nditIOnS have been mal. the amount$ can be measured fella￿y, and it15 probable IhAt inroma will be le￿iVed. Cash donallons are racognised on rec&lpl, Olhor don8llons are recognl$ed on¢& Ihg ¢harity has been noufied of Ihe donation, vrtloss perforniance cOnd￿lon5 require del•rral ol the amount. In￿rne lax re¢overabtè in ralation to donations received under Glft Aid or deèds of covananl Is recognlsed at lh• Ilme tsf tho donatlon. Legacies are recognis•d on receipl or olhgrwise il Ihe charity has been notified ol an impanding dbtribulion, the amount is known, and receipt is ￿peCted. If the amouni Is nol known, the lega¢y is treaivd as contingent as581. 1.5 Expenditur• Expendilure is recogni5ed once thére 15 0 189al ￿ constnJctive obligauon to Iransler ￿nOmiC benefrt to a thlrd party. il is probable that 8 transfer ol economic benefits wlll be roqulrad In s8W•menl, and the amount of the obligation cen be moasura¢J reliably. Expenditure Is classified by activity. The ¢osts of each acliviiy are rn8d8 up of tha tot81 of dirKI ￿st5 and shared COSt5. includlng suppori costs Involveo in undertaking each activSty. Direct costs attributable to a singlè a¢livily are allocated direcily to that activity. Shared costs which conlribute to more than one aclivity and 5UPPOrt cosls which ara nol allribulable lo 3 single activity are 8pportioned belween those activities on a b051S consistent with th8 Ltse of resources, Central slaff costs are allocated on the basis ol time sp¢nl, and depreciation charges arg allgcaied on Ihè poriion ol the asset's use. 12 DWELL OXFORD OPERATING AS'HOMES WITH PURPOSE" NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng pollel•s IContSnuod) 1.6 Tangibl• fix•d ass•ts Tanglljle fixed assets 8re inilially rneasured at cost and subsequendy m8asurgd al cost or valuat*Jn. n8101 depreciatlon and any ImpalTrnenl lossès. Dèprèclatlon Is r6cognSsed so as lo write off the ctssl or valualSon of a5sels lass Ih8lr residual value8 over thelr Ugelul Ilves or the followlng basis.. Fixture& and fittings 5 years s(ralghl Ilne The galn or loss arlsing on the disposal ol an asset Is d&termlned as the difference b￿￿èen the 841• proc8éds 8nd the cafrying value of ihe asseL and is recognised in the statement Csf financial Bdwlifjs. 1.7 Invgstment property Inv•siment property. whl¢h Is property h•ld lo •arn rentals an¢lor for capit¥l approclatlon. Is Inlualty r8cognised at ¢ost, which includes the purchase cosi and any d*ecUy atlribul8blo exponditure. Sub*qu¢ntly It Is measured al lolr valuè al th$ reportlng ond d318. Tho surplus or d¢ficlt on rev81uo1ion Is reco9nlsed In profit or loss. 1.8 Impalrment of ftxod 188ets At oach reporting end dale. Ihe charity ￿vIewS thè carying amounts of Ils longible assets 10 detormina whether there Is any indi¢ation that thosè ass815 have suffered an irnpairm¢nt 105s. If any such In￿￿a￿'0n exisls, Ihe reccNtr8ble amount of tho 8ssel is •slim81ed sn order lo delermino Ihe 6xlent of the Impaimi¢nt loss lil any). 1.9 Cash and cash equlval•nts Cash and cash equivèlenls Inclu