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## **REGISTERED CHARITY NUMBER: 1185732**
## **OLDP CIO**
**Unaudited Annual Report and Financial Statements Year Ended 31 March 2022**
## **CONTENTS**
||**Page**|
|---|---|
|Reference and administrative information|2|
|Report of the Trustees|3 to 5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 to 13|
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered office**
10 Byron Croft Sutton Coldfield B74 4YF
## **Trustees**
B Quarless (Chair) C Gilkes B Brown Co-opted F Pearson
## **Registered Charity number**
1185732
## **Independent Examiner**
P Bowater ACA BVSC Accountancy Services First Floor Livery Place 35 Livery Street Birmingham B3 2PB
## **Bankers**
CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ
## **TRUSTEES REPORT YEAR ENDED 31 MARCH 2022**
The trustees present their report and unaudited financial statements of the charity for the year ending 31 March 2022.
## **TRUSTEES**
The trustees who served during the year and up to the date of signature of the unaudited financial statements were:
B Quarless (Chair)
C Gilkes
B Brown
Co-opted
F Pearson
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Memorandum and Articles of Association govern the charity together with the policies made by the trustees.
The charity is constituted as a Charitable Interest Company limited by guarantee. The members of the company are the trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
We have a registered constitution which states that we are governed by a structure of volunteer trustees (also known as Board members) Board members are legally responsible for the charity and meet a minimum of 4 times a year (including committee meetings).
The Board members are supported by co-opted board members. Co-opted board members are asked to join as co-optee’s by Board members for their particular skills. Co-optee’s have no legal responsibilities and are not registered with the charities commission, they may however, vote on non-legal matters where invited to do so by the board members.
We are striving to make committee membership a community currency and an integral part of who we are as a charity. We believe in the ethics of community currency, which is not just about money but about supporting and helping SMEs support each other financially by lending and receiving credit, goods and services within the currency network.
Committee members are compassionate about the work of the charity, they support the charity and advise the Charity's Board members about the communities in which it works. Committee members are unencumbered invitees with no legal responsibilities or obligations nor any voting rights, they attend 2 committee meetings a year (includes the AGM) and pay an annual membership fee of £10.
Board members are also automatically committee members, all members have written job role’s
## **TRUSTEES REPORT YEAR ENDED 31 MARCH 2022**
In addition, from time to time our governance and management is strengthened by commissioning external independent advisors and consultants who are not connected to the Charity. It is a prerequisite, however, that individuals and organisations who are commissioned by OLDP be compassionate about the work of the charity and be committed to the ethics of community currency.
## Introduction
Whilst Covid-19 effectively wiped out this financial year’s economic turnover, we were able to offer support and comfort to some 100 Women a week in the Quayside Women’s hub and other initiative’s.
We stayed open throughout, enabling activities such as cycling and introductory workshops to be delivered and women led social enterprises to continue to function.
## We continue to build relationships with Women’s groups and enterprise which have a common aim of **Empowering, Capacity building and Upskilling Women and Girls for careers in the Built Environment**
Whilst OLDP’s medium term aim is to be financially independent of grant funding for everyday income needs, we recognise that during this financial year the charity was supported by 40% grant income and we are humbled by the support of our monetary and social supporters.
## **FINANCIAL REVIEW**
## **Performance during the year**
During the year the charity has sustained its income with grants donations and sales from its three chief sources. giving the charity an income of £43,600 (2021 - £55,307).
Expenditure has been spread over the charity’s direct spending on projects and support costs. All of these activities were accommodated within an expenditure of £32,857 (2021 - £34,817).
## **Reserves policy**
OLDP
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OLDP
Ti)
## **TRUSTEES REPORT YEAR ENDED 31 MARCH 2022**
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
Law applicable to Charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing those financial statements, the trustees follow best practice and:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **ON BEHALF OF THE BOARD** :
## **Barbara Quarless (** Chair)
OLDP a charitable incorporated organisation (CIO)
2022
## **INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF OLDP CIO**
I report to the trustees on my examination of the financial statements of OLDP CIO for the year ending 31 March 2022, which are set out on pages 14 to 20.
This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity'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 Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.
## **Respective Responsibilities of the Trustees and Examiner**
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of Independent Examiner's Report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent Examiner's Statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act; have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
P Bowater ACA BVSC Accountancy Services First Floor Livery Place 35 Livery Street Birmingham B3 2PB
**STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022**
||**Note**
**Income from;**
Charitable activities
Grants
Income from trading
activities
3
**Total income**
**Expenditure on;**
Charitable activities
Other charitable
expenditure
5
**Total charitable**
**expenditure**
**Net income for the**
**year/Net movement in**
**funds**
**Fund balances**
**transferred on**
**conversion to CIO**
**Opening fund balance**
**Closing fund balances**|**Unrestrict**
**ed funds**
**2022**
**£**
18,432
25,168
43,600
32,857
32,857
10,743
-
22,242
32,985|**Restricte**
**d**
**funds**
**2022**
**£**
-
-
-
-
-
-
-
-
-|**Total**
**2022**
**£**
18,432
25,168
43,600
32,857
32,857
10,743
-
22,242
32,985|**Total**
**2021**
**£**
37,712
17,595|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
||||||55,307|
||||||34,817|
|||||||
|||||||
|||||||
|||||||
||||||34,817|
||||||20,490
1,852
-|
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
||||||22,242|
## **BALANCE SHEET AS AT 31 MARCH 2022**
||**2022**
**£**
1,967
15,737
24,753
40,490
(9,472)
31,018
32,985
32,985
-
32,985|**2021**|
|---|---|---|
|||**£**|
|**Notes**|||
|**FIXED ASSETS**|||
|Tangible fxed assets
7||4,217|
||||
|**CURRENT ASSETS**|||
|Debtors
8||8,087|
|Cash at bank and in hand||18,664|
|||26,751|
||||
|**CREDITORS: AMOUNTS FALLING DUE**
**WITHIN ONE YEAR**
9||(8,626)|
||||
|**NET CURRENT ASSETS**||18,125|
||||
|**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**||22,342|
||||
|**FUNDS**
12|||
|Unrestricted funds||22,342|
|Restricted||-|
|**TOTAL FUNDS**||22,342|
||||
The financial statements were approved by the Board of Trustees on , and were signed on its behalf by:
B Quarless (Chair)
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022**
## **1. ACCOUNTING POLICIES**
## **Accounting convention**
The financial statements have been prepared under the historical cost convention and in accordance with the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
## **Incoming resources**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Goods donated are recognised when the sale of these items occurs.
## **Resources expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values their useful lives on the following bases:
Motor vehicles – straight line over 3 years Office equipment – straight line over 2 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022**
## **2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3. OTHER TRADING INCOME**
|**3. OTHER TRADING INCOME**|||
|---|---|---|
|Rent income
Sales of donated goods
Fees for painting and decorating
Donations
Room hire
Other income
`|**2022**
**£**
12,451
-
8,362
1,075
1,440
1,840
25,168|**2021**|
|||**£**|
||||
|||-|
|||14,691|
|||1,065|
|||-|
|||-|
|||1,839|
|||17,595|
Sales of donated goods are recognised when the sale occurs. As at 31 March 2022, the charity is holding goods, which are valued by the Trustees to have an estimated net realisable value of Nil (2021£15,000)
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022**
## **4. EXPENDITURE ON CHARITABLE ACTIVITIES**
|Expenditure on
charitable
activities
**Support costs**
Occupation costs
General ofce
Accounting and
other professional
fees
Bank charges
Insurance
Meeting expenses
LTA expenses
Volunteer
expenses
Motor expenses
Depreciation of
fxed assets
Travel expenses
**Governance**
**costs**
Independent
examination
Board expenses
Total 2021|**Direct**
**costs**
**£**
11,545
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,057|**Suppor**
**t costs**
**£**
17,426
4,438
5,262
1,959
96
789
-
-
-
1,558
2,250
1,074
17,426
-
-
-
20,363|**Governanc**
**e costs**
**£**
3,886
-
-
-
-
-
-
-
-
-
-
-
-
360
3,526
3,886
4,397|**2022**
**Total**
**£**
32,857
4,438
5,262
1,959
96
789
-
-
-
1,558
2,250
1,074
17,426
360
3,526
3,886|**2021**
**Total**
**£**
34,817|
|---|---|---|---|---|---|
||||||5,830
2,674
1,113
161
2,410
338
1,470
2,210
46
4,088
23|
||||||20,363|
||||||360
4,037|
||||||4,397|
||||||34,817|
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022**
## **5. TRUSTEES**
## **Remuneration and benefits**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2021 – None).
## **Expenses**
The trustees (or any persons connected with them) received £3,366 (2021- £4,037) in expenses from the charity during the year. These relate principally to the reimbursement of costs for attendance at Board meetings.
## **6. EMPLOYEES**
The charity did not employ any staff during the period.
There is a volume of willing volunteers who help the charity in its activities. It Is not possible to estimate their total numbers.
## **7. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 April 2021
Additions
At 31 March 2022
**Depreciation and**
**impairment**
At 1 April 2021
Depreciation charge
At 31 March 2022
**Carrying amount**
At 31 March 2022
At 31 March 2021|**Ofce**
**equipme**
**nt**
**£**
4,244
-
4,244
3,960
284
4,244
-
284|**Motor**
**vehicle**
**£**
5,899
-
5,899
1,966
1,966
3,932
1,967
3,933|**Total**
**£**
10,143
-|
|---|---|---|---|
||||10,143|
||||5,926
2,250|
||||8,176|
||||1,967|
||||4,217|
## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022**
## **8. DEBTORS**
|**8. DEBTORS**|||
|---|---|---|
||**2022**
**£**
15,737
-
15,737|**2021**|
|||**£**|
|Trade Debtors||8,087|
|Other Debtors||-|
|||8,087|
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
||**2022**
**£**
7,912
1,560
-
9,472|**2021**|
|---|---|---|
|||**£**|
|Trade Creditors||4,056|
|Accruals||600|
|Deferred income||3,970|
|||8,626|
## **10. RELATED PARTY TRANSACTIONS**
There were no related party transactions during the year (2021 – None).
**OLDP CIO**
**INDEPENDENT EXAMINERS REPORT**
## **TO THE TRUSTEES OF OLDP CIO**
I report to the trustees on my examination of the financial statements of OLDP CIO for the year ending 31 March 2022, which are set out on pages 7 to 13.
This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity'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 Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.
Respective Responsibilities of the Trustees and Examiner The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of Independent Examiner's Report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent Examiner's Statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act; have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
P Bowater ACA
BVSC Accountancy Services First Floor Livery Place 35 Livery Street Birmingham B3 2PB
15 November 2022