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 2022
Odyssey Project Limited
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
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 2022
Trustees
Jennifer Lynn Clark Simon James McCalla Janette Ann Hannon Clare Jane Evans David Edward Scott George Chandler (appointed 15 May 2023)
Company registered number
03031503
Charity registered number
1045259
Registered office
37 St Margaret's Street Canterbury England CT1 2TU
Accountants
Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT1 2TU
Bankers
CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Page 1
Odyssey Project Limited
(A company limited by guarantee)
Trustees' report for the year ended 31 December 2022
The Trustees present their annual report together with the financial statements of the Company for the year from 1 January 2022 to 31 December 2022. 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 2022 a full programme of 5 residential courses was run, the first courses since the COVID-19 pandemic. 2 were in Kent (April and September), 2 in Wales (May and September) and 1 in Oxford (June) directly benefiting 47 participants. The home Programme developed during the Covid Pandemic also ran for a second time in January in which 4 people attended.
A successful fundraising trip was also completed canoeing the Great Glen Trail across Scotland in September with 6 participants.
All programmes were extremely well received with excellent feedback. While not officially measured we recognise the significant secondary impact that the psychological wellbeing of participants has on their families, friends, work colleagues and their local communities.
In October, Emma Thomas was inducted by Robin Clark into an Operations Manager role and Robin stepped down as caretaker.
We would like to give thanks to all the Trusts and Foundations who have been generous enough to give a gift in the form of a grant in the year 2022.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they 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.
Page 2
Odyssey Project Limited
(A company limited by guarantee)
Trustees' report (continued) for the year ended 31 December 2022
b. Reserves policy
The aim of the charity is to hold funding for all courses planned during the year ahead. Having examined the requirement for free reserves, those unrestricted funds not invested in fixed assets, designated for specific purposes or otherwise committed, the Trustees consider that the current level of unrestricted funds is sufficient to fulfil the obligations of the charity.
The Trustees consider that the minimum level of reserves that the charity should hold at any time is £24,535.
c. Financial review of the year
Income for the year amounted to £25,243 (2021 - £57,031) and expenditure totalled £94,021 (2021 - £20,389) leaving a net deficit of £68,778 (2021 - surplus of £36,642). Closing funds amount to £82,455 (2021 - £15,123).
The significant deficit in 2022 and the increase in expenditure this year was planned after funds had built up over the previous years during the COVID-19 pandemic during which we were unable to run our usual course program. Our position in 2023 is looking much more favourable.
Structure, governance and management
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.
Page 3
Odyssey Project Limited (A company limited by guarantee)
Trustees' report (continued) for the year ended 31 December 2022
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;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 on 21 September 2023 and signed on their behalf by:
Clare Jane Evans
Page 4
Odyssey Project Limited
(A company limited by guarantee)
Independent examiner's report
for the year ended 31 December 2022
Independent examiner's report to the Trustees of Odyssey Project Limited ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
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
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
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: 21 September 2023 S M Rouse FCCA DChA
Kreston Reeves LLP
Chartered Accountants Canterbury
Page 5
Odyssey Project Limited
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) for the year ended 31 December 2022
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ 1,110 - - 1,110 36,783 36,783 (35,673) 39,777 (35,673) 4,104 |
Unrestricted funds 2022 £ 18,294 5,473 366 24,133 57,238 57,238 (33,105) 111,456 (33,105) 78,351 |
Total funds 2022 £ 19,404 5,473 366 25,243 94,021 94,021 (68,778) 151,233 (68,778) 82,455 |
Total funds 2021 £ 56,236 783 12 57,031 |
|---|---|---|---|---|
| 20,389 20,389 |
||||
| 36,642 | ||||
| 114,591 36,642 151,233 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 6
Odyssey Project Limited (A company limited by guarantee) Registered number: 03031503
Balance sheet as at 31 December 2022
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
344 80,317 80,661 (1,200) |
2022 £ 2,994 2,994 79,461 82,455 4,104 78,351 82,455 |
50 147,596 147,646 (900) |
2021 £ 4,487 |
|---|---|---|---|---|
| 4,487 146,746 |
||||
| 151,233 | ||||
| 39,777 111,456 |
||||
| 151,233 |
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 on 21 September 2023 and signed on their behalf by:
Clare Jane Evans
The notes on pages 8 to 15 form part of these financial statements.
Page 7
Odyssey Project Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
1. General information
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
2.1 Basis of preparation of financial statements
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.
2.2 Going concern
The charity relies upon donations and grants to fund the courses that it runs. The COVID-19 pandemic resulted in the charity postponing all of its planned courses during both 2020 and 2021. However, the charity’s courses resumed in April 2022 with operations and funding now having returned to pre-pandemic levels. This resulted in a planned deficit in 2022 where funds that had built up during the pandemic were spent. 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.
2.3 Income
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.
2.4 Expenditure
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.
Page 8
Odyssey Project Limited
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
2. Accounting policies (continued)
2.4 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
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.
2.6 Tangible fixed assets and depreciation
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:
- Office equipment 20% straight line - Course equipment 20% straight line
2.7 Debtors
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.
2.8 Cash at bank and in hand
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.
2.9 Liabilities and provisions
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.
2.10 Financial instruments
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.
Page 9
Odyssey Project Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
2. Accounting policies (continued)
2.11 Fund accounting
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.
3. Income from donations and legacies
| Donations Grants Total 2021 |
Restricted funds 2022 £ - 1,110 1,110 11,484 |
Unrestricted funds 2022 £ 18,261 33 18,294 44,752 |
Total funds 2022 £ 18,261 1,143 19,404 56,236 |
Total funds 2021 £ 38,252 17,984 56,236 |
|---|---|---|---|---|
4. Income from other trading activities
Income from fundraising events
| Odyssey organised fundraising events Total 2021 |
Unrestricted funds 2022 £ 5,473 783 |
Total funds 2022 £ 5,473 783 |
Total funds 2021 £ 783 |
|---|---|---|---|
Page 10
Odyssey Project Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
5. Investment income
| Bank interest Total 2021 6. Independent examiner's remuneration Fees payable to the Company's independent examiner for the examination of the Company's annual accounts |
Unrestricted funds 2022 £ 366 12 independent |
Total funds 2022 £ 366 12 2022 £ 1,000 |
Total funds 2021 £ 12 |
|---|---|---|---|
| 2021 £ 900 |
7. Staff costs
| Wages and salaries | 2022 £ 3,251 3,251 |
2021 £ - |
|---|---|---|
| - |
The average number of persons employed by the Company during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| Staff | 1 | - |
No employee received remuneration amounting to more than £60,000 in either year.
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 11
Odyssey Project Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
9. Tangible fixed assets
| Cost or valuation At 1 January 2022 At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 10. Debtors Due within one year Prepayments and accrued income 11. Creditors: Amounts falling due within one year Accruals and deferred income |
Office equipment £ 271 271 108 54 162 109 163 |
Course equipment £ 14,650 14,650 10,326 1,439 11,765 2,885 4,324 2022 £ 344 344 2022 £ 1,200 |
Total £ 14,921 14,921 |
|---|---|---|---|
| 10,434 1,493 11,927 |
|||
| 2,994 | |||
| 4,487 | |||
| 2021 £ 50 50 2021 £ 900 |
Page 12
Odyssey Project Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Fund Restricted funds Kent Fund Wales Fund Oxford Fund Capital Equipment Fund Oxford Food Fund Canterbury Fund Total of funds |
Balance at 1 January 2022 £ 111,456 2,500 8,000 22,484 5,993 800 - 39,777 151,233 |
Income £ 24,133 - - - - - 1,110 1,110 25,243 |
Expenditure £ (57,238) (2,500) (8,000) (22,484) (2,999) (800) - (36,783) (94,021) |
Balance at 31 December 2022 £ 78,351 |
|---|---|---|---|---|
| - - - 2,994 - 1,110 4,104 |
||||
| 82,455 |
Page 13
Odyssey Project Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Fund Restricted funds Kent Fund Wales Fund Oxford Fund Capital Equipment Fund Oxford Food Fund Total of funds |
Balance at 1 January 2021 £ 84,805 2,500 8,000 11,000 7,486 800 29,786 114,591 |
Income £ 45,547 - - 11,484 - - 11,484 57,031 |
Expenditure £ (18,896) - - - (1,493) - (1,493) (20,389) |
Balance at 31 December 2021 £ 111,456 |
|---|---|---|---|---|
| 2,500 8,000 22,484 5,993 800 39,777 |
||||
| 151,233 |
The Kent Fund represents money provided to run courses in Kent.
The Wales Fund represents money provided to run a course in Wales.
The Oxford Fund represents money provided for an Oxfordshire course.
The Capital Equipment Fund represents money provided to replace activity equipment.
The Oxford Food Fund represents money provided for the food budget for an Oxfordshire course.
The Canterbury Fund represents money provided to fund a participant on a course from Canterbury.
Page 14
Odyssey Project Limited (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2022 £ 2,994 1,110 - 4,104 |
Unrestricted funds 2022 £ - 79,551 (1,200) 78,351 |
Total funds 2022 £ 2,994 80,661 (1,200) 82,455 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2021 £ 4,487 35,290 - 39,777 |
Unrestricted funds 2021 £ - 112,356 (900) 111,456 |
Total funds 2021 £ 4,487 147,646 (900) 151,233 |
|---|---|---|---|
14. Related party transactions
There were no transactions with related parties during the year (2021 - none).
Page 15