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2020-09-30-accounts

REGISTERED COMPANY NUMBER: 1186851 (England and Wales) REGISTERED CHARITY NUMBER: 1186851

Report of the Trustees and

Financial Statements for the Period 9 December 2019 to 30 September 2020

for OODIL

OODIL

Contents of the Financial Statements

for the Period 9 December 2019 to 30 September 2020

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 15
Detailed Statement of Financial Activities 16

OODIL

Report of the Trustees for the Period 9 December 2019 to 30 September 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 9 December 2019 to 30 September 2020. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives, Activities and Outcomes

OODIL wishes to address some of the housing issues facing vulnerable families and individuals in the Chelmsford and Colchester areas by offering them a suitable and affordable home to rent which gives tenants stability and dignity. Our aim is to be understanding and empathetic to the needs and concerns of our beneficiaries and to enable them to build a positive and fruitful future for themselves and their families eliminating the worry of eviction or poor housing standards.

The vision is to secure a housing stock and to ensure that before it is offered for rental, each property is renovated to a good standard and all services and amenities are checked and functioning safely and properly. The overseeing of the renovations is carried out by the trustees.

A tenancy will be offered to individuals or families who have experienced difficulties in their lives and who need the stability and security of a good home and a good ethical landlord to enable them to put down or further develop roots. They will be people of limited means and in particular circumstances who will fully benefit from being an OODIL beneficiary. They will be people who have the capacity to manage running a house and a home without extra-ordinary support. Critically we prove to them that they are worthy and entitled to a full place within society to be treated with respect, dignity and to be given the opportunities that so often simply their backgrounds have prevented them from accessing.

Homes that will be made available will be:

We support our tenants where necessary to help them integrate into their new surroundings. We assist with moving, furnishings, setting up services and other ad-hoc support, signposting and supporting them to get to the right resources to assist with benefits, education, building a social network etc.

We inform our tenants of the facilities in their home and the amenities and support in the local area by means of a new home pack in their property. Tenants are expected to maintain good standards and we expect and ensure our tenants treat their home and neighbourhood with respect and pride.

We ensure that our properties gain a reasonable return so that the charity can grow and be self-sufficient eliminating the need for further funds.

2019 Achievements

To date we have secured an initial set of properties all within the Chelmsford area which are all fully tenanted. The properties have been purchased, renovated and tenants have been assisted to move in and then assisted to settle and integrate into the community.

These properties varied in state of repair when purchased. Work varied from full refurbishment such as kitchen, bathrooms, rewiring, complete redecoration and flooring as well as external improvements to the garden areas etc. to moderate amounts of work -such as a new bathroom and redecoration being required to bring the property up to good standard. Work was commissioned according to the policies of the charity, and all necessary approvals and safety certificates were secured.

In the coming year we will:

c. Remain focused on the property market to ensure that we find the right property at the right price which will enable us to help another family

Page 1

OODIL

Report of the Trustees for the Period 9 December 2019 to 30 September 2020

OBJECTIVES AND ACTIVITIES

Public benefit

It has been shown that by offering people a dignified and secure home the whole family will flourish within the community. They can lead fulfilling lives with opportunities for the individuals, parents and their children that may not have been available to them before.

The tenants who have been housed to date support this philosophy and have made significant steps forward already within the short time they have been housed with OODIL. Feedback from all tenants has been excellent with each seeing their property as a platform and catalyst for wider life progression for themselves and their families.

We feel a particular achievement is having been able to provide secure and safe accommodation during the COVID-19 pandemic including to those who had underlying conditions that would have made them more vulnerable in alternative accommodation.

Beneficiaries to date include:

Single mothers fleeing domestic abuse. These individuals could not reasonably afford to rent in the private sector and the state could not provide adequate accommodation in the area where roots had been established and children had finally settled at school.

Families living in overcrowded accommodation provided by the state where adults had to sleep on floors or sofas to enable children to use the bedrooms. Again, these families could not afford the necessary accommodation in the private sector and the state could not provide adequate housing in the area where they have an established support network of schools and medical care etc.

Our beneficiaries would require significant additional public support if they were not assisted by OODIL.

STRATEGIC REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, Management and Control

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

OODIL is an acronym for Out Of Darkness Into Light, reflecting our desire to bring hope into people's lives when they are struggling with difficult circumstances. OODIL was created by means of a charitable benefaction in the form of properties and capital to the value of circa £1.07m from Canonesses CIO 1167869. It is noteworthy that Sister Moira O'Sullivan is a trustee of both Canonesses and OODIL.

The charity's strategy and overall management control is set and completed by the trustees. The trustees are made up of the original founders who are experienced personnel within varying sectors and all of whom have the ability to add value to the charity.

To date the complete operational running of the charity is also undertaken by the trustees. Control is via formal discussion and decisions at Trustee meetings as well as day to day operational communication and information sharing.

This structure allows the charity to evolve and develop at the required pace. It has been agreed that if and when the operational control of the charity becomes too much for the trustees to manage alone an employee may be sought to ensure the beneficiaries fully receive the support required. This will be reviewed on an ongoing basis.

Polices are in place to ensure the charity operates effectively, safely and conforms to required legalisation. Polices also ensure the trustees and the beneficiaries are protected from any detriment. All of the trustees have undertaken a Disclosure and Barring Service Check as some of our beneficiaries may be deemed vulnerable.

In terms of formal training two of the trustees have undergone Charity Trustee training, the training content was shared with all of the trustees after the event. It is expected that more courses will be undertaken, and more trustees will undertake training across the next year. The Trustees feel they are fully informed and equipped to effectively operate the charity. The Board of trustees have had regard to the guidance issued by the Charity Commission on public benefit.

Page 2

OODIL

Report of the Trustees for the Period 9 December 2019 to 30 September 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Reserves Policy

OODIL's Reserve policy is to hold enough free cash to operate for 12 months. This also takes into account the situation of any unforeseen circumstances causing the properties remain unoccupied for sustained periods. Such free cash is in place.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

1186851 (England and Wales)

Registered Charity number 1186851

Registered office

Buzzacott LLP St Peters House 130 Wood Street London EC2V 6DL

Trustees

K A Amato (appointed 9.12.19) K W Barrett (appointed 9.12.19) S M B Barrett (appointed 9.12.19) Sister T M B Lenahan (appointed 9.12.19) Sister M J F O'Sullivan (appointed 9.12.19) T J Tully (appointed 9.12.19) M C Webb (appointed 9.12.19)

Auditors

Fisher Michael The Old Grange Warren Estate Lordship Road Writtle CM1 3WT

COMMENCEMENT OF ACTIVITIES

The charity was incorporated on 9th December 2019 and commenced activities immediately.

Years in successful operation to date: 1

Page 3

OODIL

Report of the Trustees

for the Period 9 December 2019 to 30 September 2020

THIRD PARTY INVOLVEMENT

Dyre and Crowe, Conveyancing, Dyer and Crowe Limited, Registered No: 5176731, 22 Duke Street, Chelmsford, CM1 1HL.

Mark Klesel, Surveying, Mark Klesel & Co Limited, Registered No: 3900682, Trelawney House, Park Lane, Earls Colne, Colchester, CO6 2RH.

Nuvest Limited, T/A Belvoir Chelmsford, Property Managers Registration No: 5224544, 19 Duke Street, Chelmsford, Essex, CM1 1HL. John Barnes FCA, Chartered Accountants, Registration Number: 8482789, Handel House, Roselawn Fields, Broomfield, Chelmsford, CM1 7GB. Andrea Kaley, Statutory Auditor, Fisher Michael, The Old Grange, Warren Estate, Lordship Road, Writtle, CM1 3WT.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of OODIL for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 4

OODIL

Report of the Trustees for the Period 9 December 2019 to 30 September 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Fisher Michael, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 16 April 2021 and signed on the board's behalf by:

K A Amato - Trustee

Page 5

Report of the Independent Auditors to the Trustees of OODIL

Opinion

We have audited the financial statements of OODIL (the 'charitable company') for the period ended 30 September 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 6

Report of the Independent Auditors to the Trustees of OODIL

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Andrea Kaley (Senior Statutory Auditor) for and on behalf of Fisher Michael Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 The Old Grange Warren Estate Lordship Road Writtle CM1 3WT

16 April 2021

Page 7

OODIL

Statement of Financial Activities for the Period 9 December 2019 to 30 September 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Charitable activities
4
Property running costs
Other
Total
NET INCOME
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
2,023,143
169
2,023,312
4,895
765
5,660
2,017,652
2,017,652

The notes form part of these financial statements

Page 8

OODIL

Balance Sheet 30 September 2020

Notes
FIXED ASSETS
Investment property
8
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
933,818
1,131
1,083,453
1,084,584
(750)
1,083,834
2,017,652
2,017,652
2,017,652
2,017,652

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2020.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The financial statements were approved by the Board of Trustees and authorised for issue on 16 April 2021 and were signed on its behalf by:

K A Amato - Trustee

M J F O'Sullivan - Trustee

The notes form part of these financial statements

Page 10

OODIL

Cash Flow Statement
for the Period 9 December 2019 to 30 September 2020
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of investment property
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 £
2,017,102
2,017,102
(933,818)
169
(933,649)
1,083,453
-
1,083,453

The notes form part of these financial statements

Page 11

OODIL

Notes to the Cash Flow Statement

for the Period 9 December 2019 to 30 September 2020

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
£
Net income for the reporting period (as per the Statement of Financial
Activities) 2,017,652
Adjustments for:
Interest received (169)
Increase in debtors (1,131)
Increase in creditors 750
Net cash provided by operations 2,017,102
  1. ANALYSIS OF CHANGES IN NET FUNDS
Net cash
Cash at bank
Total		 At 9.12.19
£
-
-
-		 Cash flow
£
1,083,453
1,083,453
1,083,453		 At 30.9.20
£
1,083,453
1,083,453
1,083,453

The notes form part of these financial statements

Page 12

OODIL

Notes to the Financial Statements for the Period 9 December 2019 to 30 September 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.

Investment property

Investment property is shown at cost which is not considered to be materially different from fair value.

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.

There are no restricted funds.

2. DONATIONS AND LEGACIES

Rent receivable
Donations
3.
INVESTMENT INCOME
Deposit account interest		 £
23,143
2,000,000		 £
23,143
2,000,000
2,023,143
£
169

continued...

Page 13

OODIL

Notes to the Financial Statements - continued for the Period 9 December 2019 to 30 September 2020

4.
CHARITABLE ACTIVITIES COSTS
Property running costs
5.
SUPPORT COSTS
Governance
Finance
costs
£
£
Other resources expended
15
750
6.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
7.
TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 30 September 2020.
Trustees' expenses
There were no trustees' expenses paid for the period ended 30 September 2020.
8.
INVESTMENT PROPERTY
FAIR VALUE
Additions
Improvements
At 30 September 2020
NET BOOK VALUE
At 30 September 2020
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors		 Direct
Costs
£
4,895
Totals
£
765
£
250
£
872,107
61,711
933,818
933,818
£
1,131

continued...

Page 14

OODIL

Notes to the Financial Statements - continued for the Period 9 December 2019 to 30 September 2020

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
11.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
2,023,312
2,023,312		 Net
movement
in funds
£
2,017,652
2,017,652
Resources
expended
£
(5,660)
(5,660)		 £
750
At
30.9.20
£
2,017,652
2,017,652
Movement
in funds
£
2,017,652
2,017,652

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the period ended 30 September 2020.

Page 15