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Registered number: 03031503
Charity number: 1045259
Odyssey Project Limited
(A company limited by guarantee)
Unaudited
Trustees' report and financial statements
for the year ended 31 December 2024
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Odyssey Project Limited
(A company limited by guarantee)
Contents
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Reference and administrative details of the Company, its Trustees and advisers
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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Odyssey Project Limited
(A company limited by guarantee)
Reference and administrative details of the Company, its Trustees and advisers
for the year ended 31 December 2024
Trustees
Company registered number
03031503
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Charity registered number
1045259
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Registered office
37 St Margaret's Street
Canterbury
England
CT1 2TU
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Accountants
Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
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Bankers
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
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Page 1
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Odyssey Project Limited
(A company limited by guarantee)
Trustees' report
for the year ended 31 December 2024
The Trustees present their annual report together with the financial statements of the Company for the year from 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects for which the company is established are for the relief of persons with cancer in particular by providing and assisting in the provision of outdoor and indoor activities designed to relieve the emotional and psychological trauma of such persons.
In planning our objectives for the year, the Trustees have ensured that they have complied with the duty in s17 of the Charities Act 2011 and kept in mind the Charity Commission’s guidance on public benefit.
Achievements and performance
a. Review of activities
In 2024, Odyssey delivered two residential courses, one in Kent and one in Wales, supporting 25 participants affected by cancer. Both programmes were highly successful, with post-course evaluations showing an average improvement of 16% across wellbeing measures. Notable gains were observed in:
• Dealing with problems: +33%
• Dealing with uncertainty: +28%
• Optimism: +23%
These improvements reflect individual progress and the wider benefits for participants’ families, friends, workplaces, and communities.
In September, six participants completed a fundraising canoe expedition across Sweden, raising additional funds to support future programmes.
The Trustees extend sincere thanks to all Trusts, Foundations, and individual donors whose support made these programmes possible.
Page 2
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Odyssey Project Limited
(A company limited by guarantee)
Financial review
a. Going concern
The charity relies on donations and grants to fund its courses.
The Trustees have reviewed the charity’s financial position, including reserves, expected income, and cash flow forecasts. They have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements.
Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Funding Risks and Mitigations
The charity’s income is largely dependent on voluntary donations, grants, and fundraising activities, which can be variable due to changing donor priorities, competition for grants, and wider economic conditions.
To mitigate these risks, the Trustees:
• Maintain a reserves policy to ensure sufficient unrestricted funds are available to support operations in the event of short-term income fluctuations.
• Diversify income streams across grants, individual giving, and fundraising events.
• Monitor cash flow and expenditure closely.
• Prepare contingency plans to scale activities in line with available resources without compromising service quality.
• Foster strong relationships with funders and provide timely reporting to encourage ongoing support.
These measures provide a robust framework for managing financial risks and support the charity’s sustainability.
b. Reserves policy
The charity aims to maintain sufficient unrestricted reserves to fund planned courses and ensure financial stability. Free reserves are defined as unrestricted funds not invested in fixed assets, designated for specific purposes, or otherwise committed.
The Trustees consider the current level of unrestricted funds sufficient to meet the charity’s obligations. For 2025, the minimum reserves target is set at £24,500, representing approximately six months of core operating costs, including provisions for future courses. Reserves are reviewed annually in light of planned activity, operational risks, and funding forecasts.
Risks to Reserves and Mitigations
Principal risks to maintaining adequate reserves include:
• Funding volatility (delays or reductions in grant income, or lower-than-expected donations).
• Cost increases (inflationary pressures on course delivery, accommodation, and travel).
• Unexpected events (cancellation of courses or fundraising activities).
The Trustees mitigate these risks by:
• Diversifying income sources.
• Closely monitoring cash flow and expenditure against budget.
• Maintaining reserves at or above the minimum target to allow time to adjust operations if funding changes.
c. Financial review of the year
Income for the year amounted to £55,937 (2023 - £78,635) and expenditure totalled £69,636 (2023 - £88,982) leaving a net deficit of £13,699 (2023 - £10,347). Closing funds amount to £58,409 (2023 - £72,108).
Structure, governance and management
Page 3
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Odyssey Project Limited
(A company limited by guarantee)
Structure, governance and management (continued)
a. Constitution
Odyssey Project Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 6 March 1995.
The company is constituted under a Memorandum of Association dated 6 March 1995 and is a registered charity number 1045259.
The liability of the members is limited. In the event of the company being wound up the amount required from each member shall not exceed £10.
b. Methods of appointment or election of Trustees
Trustees are appointed:
a) by a members ordinary resolution at a general meeting or,
b) by the Trustees to fill a vacancy or to act as an additional Trustee.
There is no retirement by rotation.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
Page 4
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Odyssey Project Limited
(A company limited by guarantee)
Statement of Trustees' responsibilities (continued)
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Clare Jane Evans
(Trustee)
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Page 5
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Odyssey Project Limited
(A company limited by guarantee)
Independent examiner's report
for the year ended 31 December 2024
Independent examiner's report to the Trustees of Odyssey Project Limited ('the Company')
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I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
Responsibilities and basis of report
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As the Trustees of the Company (and 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 the Company's accounts 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
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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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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)].
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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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 15 September 2025
S M Rouse FCCA DChA
Kreston Reeves LLP
Chartered Accountants
Canterbury
Page 6
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Odyssey Project Limited
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account)
for the year ended 31 December 2024
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 9 to 16 form part of these financial statements.
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Page 7
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Odyssey Project Limited
(A company limited by guarantee)
Registered number: 03031503
Balance sheet
as at 31 December 2024
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Creditors: amounts falling due within one year
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The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Clare Jane Evans
(Trustee)
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The notes on pages 9 to 16 form part of these financial statements.
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Page 8
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Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2024
Odyssey Project Limited is a private company limited by guarantee incorporated in England and Wales.
The address of the registered office is 37 St Margaret's Street, Canterbury, Kent CT1 2TU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Odyssey Project Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in pounds sterling and are rounded to the nearest pound.
The charity relies upon donations and grants to fund the courses that it runs.
Considering the charity's current level of reserves and the income expected to be received, the Trustees have a reasonable expectation that the charity is able to continue in operational existence for the foreseeable future so continue to adopt the going concern basis in preparing the financial statements.
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 9
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Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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Tangible fixed assets and depreciation
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Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 10
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Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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Income from donations and legacies
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Page 11
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Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2024
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Income from other trading activities
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Income from fundraising events
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Odyssey organised fundraising events
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Independent examiner's remuneration
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Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts
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Contribution to defined contribution pension schemes
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The average number of persons employed by the Company during the year was as follows:
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Page 12
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Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2024
7.Staff costs (continued)
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No employee received remuneration amounting to more than £60,000 in either year.
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
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During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).
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Prepayments and accrued income
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Page 13
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Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Statement of funds - current year
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Balance at 1 January 2024
£
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Balance at 31 December 2024
£
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Page 14
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Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2024
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Statement of funds (continued)
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Statement of funds - prior year
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Balance at
1 January 2023
£
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Balance at
31 December 2023
£
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The Kent Places Fund represents money provided to run courses in Kent.
The Wales Fund represents money provided to run a course in Wales.
The Capital Equipment Fund represents money provided to replace activity equipment.
The Canterbury Fund represents money provided to fund a participant on a course from Canterbury.
The Oxford Places Fund represents money provided for people in Oxford to attend courses.
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Page 15
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Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2024
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Analysis of net assets between funds
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Analysis of net assets between funds - current period
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Creditors due within one year
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Analysis of net assets between funds - prior period
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Creditors due within one year
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The Company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £883 (2023 - £1,345).
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Related party transactions
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There were no transactions with related parties during the year (2023 - none).
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Page 16
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