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2021-09-30-accounts

OODIL

Annual Report and Accounts

30 September 2021

Charity Registration Number 1186851

Contents

Reports

Reports Reports
Reference and administrative details of the
charity, its trustees and advisers 1
Trustees’ report 3
Independent examiner’s report 12
Accounts
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notes to the accounts 20

OODIL

Reference and administrative details of the Charity, its Trustees and advisers

Trustees K A Amato
K W Barrett
S M B Barrett
Sister T M B Lenahan CRSS
Sister M J F O'Sullivan CRSS
T J Tully
M C Webb
Registered address 130 Wood Street
London
EC2V 6DL
Telephone 01245 604 108
Charity (CIO) registration 1186851
number
Independent examiner Amanda Francis
(from January 2022) Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Independent auditor Fisher Michael
(to January 2022) The Old Grange
Warren Estate
Lordship Road
Writtle
CM1 3WT
Property managers Nuvest Limited t/a Belvoir Chelmsford
Registration No: 5224544
19 Duke Street
Chelmsford
Essex
CM1 1HL
Cash managers Flagstone Investment Management Limited
Clareville House
26-27 Oxendon St
London
SW1Y 4EL

OODIL 1

Reference and administrative details of the Charity, its Trustees and advisers

Bankers Reliance Bank Limited Faith House 23-24 Lovat Lane London EC3R 8EB Conveyancers Dyer and Crowe Limited 22 Duke Street Chelmsford Essex CM1 1HL

OODIL 2

Trustees’ report Year to 30 September 2021

The trustees present the annual report and accounts of OODIL (the “charity”) for the year ended 30 September 2021.

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 donation in the form of properties and capital from The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord (Charity Registration Number 1167869) (from here on referenced as “CRSS”) in the year ended 30 September 2020.

The accounts accompanying this report are the accounts of the Charitable Incorporated Organisation (CIO) which is registered with the Charity Commission under Charity Registration Number 1186851.

The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached accounts and comply with the charity’s Constitution, applicable laws, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the requirements 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 United Kingdom and Republic of Ireland (FRS 102).

Objects, aims, activities and relevant policies

Charitable objects and aims

The charity’s objects, as set out in its Constitution, are restricted specifically, in each case only for the public benefit:

  1. To carry on the business of:

  2. a. providing and managing housing;

  3. b. providing assistance to help house people; and

  4. c. associated facilities, amenities and services related to such housing;

for people in necessitous circumstances, people in financial need or for the relief of older, disabled (whether physically or mentally) or chronically sick people in the city of Chelmsford, the town of Colchester and the surrounding areas upon terms appropriate to their means; and

  1. Such other charitable purposes according to the law of England and Wales as the charity trustees shall from time to time determine.

OODIL's exists to provide and manage housing and give assistance to help house people and to provide associated facilities, amenities and services related to such housing for people in necessitous circumstances, people in financial need or for the relief of older, disabled (whether physically or mentally) or chronically sick people in the city of Chelmsford and the town of Colchester.

OODIL 3

Trustees’ report Year to 30 September 2021

Objects, aims, activities and relevant policies (continued)

Charitable objects and aims (continued)

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 extraordinary 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.

OODIL 4

Trustees’ report Year to 30 September 2021

Objects, aims, activities and relevant policies (continued)

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.

Beneficiaries to date include:

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

All the trustees are conversant with the Charity Commission’s guidelines concerning Charities and Public Benefit and have considered them when assessing our activities. We therefore believe that we have complied fully with the duty in Section 4 of Part 1 of the Charities Act 2011 to have due regard to the Public Benefit guidance published by the Commission.

Principal activities during the year

The current tenants are the original tenants of the properties and the benefits of multi-year occupancy in secure and affordable accommodation is apparent.

No further properties have been purchased within the past year, but a further house was gifted to OODIL via an additional donation from CRSS. This house is under refurbishment and the OODIL trustees are considering its use.

There was an agreement to purchase a further property and this completed in February 2022. This house will also need to be refurbished and modernised to meet the needs of any beneficiary. We will select the best fit beneficiary as the we get closer to the property being in a habitable state.

Protection of Children and Vulnerable Adults

The trustees recognise the absolute necessity of ensuring the protection and safety of all those people whom the charity serves. All the trustees have been checked by the Disclosure and Barring Service (DBS).We can confirm that we have a written policy for safeguarding our vulnerable beneficiaries, and that there have been no serious incidents in respect to safeguarding to report during this last year.

OODIL 5

Trustees’ report Year to 30 September 2021

Objects, aims, activities and relevant policies (continued)

Volunteers

There are currently no needs within ODDIL for an ongoing pool of volunteers for activities. The trustees complete the vast majority of activities although for example during a house move additional volunteers may be utilised to assist.

Fundraising policy

The charity benefits from a major donation from CRSS. ODDIL aims to achieve best practice in the way in which it communicates with donors and other supporters including providing a letter of comfort to CRSS each year.

The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers.

The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

Investment policy

There are no restrictions on the charity’s power to invest. The charity’s short term deposits were overseen by one of ODDIL’s trustees, with the authorisation of all other trustees. The primary focus is on gaining interest on retained funds. The charity invests funds with Flagstone Investment Management Limited.

Achievements and performance

To date the charity has secured properties within the Chelmsford area, three of which are tenanted. A fourth is undergoing refurbishment with a view to tenants moving in during the Second quarter of 2022. The properties have been purchased, renovated and tenants have been assisted with their relocation and then assisted to settle and integrate into the community.

These properties initially were in varied states of repair. Work ranged from full refurbishment including 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 a good standard. Work was commissioned according to the policies of the charity, and all necessary approvals and safety certificates were obtained.

The tenants who have been housed to date support the charity’s philosophy and have made significant steps forward already within the time they have been housed with OODIL. Tenants have been able to use the houses as a platform and catalyst to move themselves and their families forward.

It is felt that 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.

OODIL 6

Trustees’ report Year to 30 September 2021

Financial review

Results for the year

A summary of the results of the year ended 30 September 2021 can be found on page 13 of thia annual report and accounts. The comparatives provided below are the restated figures for the period from 9 December 2019 to 30 September 2020. Details of the restatement are given in note 12 to the attached accounts.

Total income for the year amounted to £342,397 (2020 – £2,023,312). Of this income, £300,000 was received by way of a donation of property from The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord (2020 – cash and property £2,000,000). Income from charitable activities for the year totalled £36,913 (2020 - £23,143). Interest receivable totalled £5,484 (2020 – £169).

Expenditure totalled £53,833 (2020 – £22,095). Expenditure on charitable activities includes the cost of maintaining properties which amounted to £46,572 (2020 – £21,330) and support costs of £4,875 (2020 – £765). The cost of raising funds comprises the fees payable to Flagstone Investment Management Limited who manage the charity’s short term cash deposits.

Net income for the year and the net movement in funds was £288,564 (2020 –£2,0018,217).

Reserves policy and financial position

The trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work, the level of free reserves should be approximately equal to two years’ ongoing expenditure. The trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources due to timing differences in income flows, adequate working capital to cover core costs, and will allow the charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented.

The balance sheet shows total funds of £2,289,781 (2020 – £2,001,217). Of these funds, £1,184,773 (2020 – £917,383) are represented by freehold properties and other tangible fixed assets. A decision was made to separate these funds from the general fund in recognition of the fact that assets are used in the day-to-day work of the charity or by organisations for charitable purposes in line with the charity’s objects, and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

£1million has been set aside for the future purchase of properties to meet the needs of vulnerable families and individuals in the Chelmsford and Colchester areas.

Funds which are available to support the work of the charity in the future are those shown on the balance sheet as the general fund and total £105,008 (2020 – £1,083,834). The trustees believe that these free reserves are adequate but not excessive and consistent with the charity’s reserves policy outlined above.

OODIL 7

Trustees’ report Year to 30 September 2021

Future plans

There are currently two houses in the pipeline with one under refurbishment and one in the purchase process. It is anticipated that a further purchase will be made within the next period so this gives a pipeline of making available a further three houses bringing the total to six.

The key objectives for the coming year are therefore:

  1. Continue to maintain the current active properties to a good standard.

  2. Support the housed tenants appropriately as per their individual needs.

  3. Complete the refurbishment and purchase of the additional houses.

  4. Ensure the successful settlement of our new tenants (whomever they may be) into the new properties.

  5. Continue to stay focused and knowledgeable on the property market so appropriate purchases can be made at the correct price.

  6. Explore ideas and routes to housing the correct beneficiaries for the additional properties, including through third party charities.

Structure, governance and management

The charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution dated and agreed by the trustees on 27 September 2019 and registered with the Charity Commission on 9 December 2019

Organisational management

In terms of Civil Law, the trustees of the charity are legally responsible for the overall management and accounting of the charity and for safeguarding the assets of the charity. They receive no remuneration or expenses for their service as trustees. The trustees meet once every six weeks on average to review developments within the charity, and to take decisions. The trustees are supported by professional advisers, such as letting agents. Other professionals, including solicitors are consulted as appropriate.

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 can add value to the charity.

To date the complete operational running of the charity is 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.

OODIL 8

Trustees’ report Year to 30 September 2021

Structure, governance and management (continued)

Organisational management (continued)

Polices are in place to ensure the charity operates effectively, safely and conforms to required legalisation. Policies 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 trustees have had regard to the guidance issued by the Charity Commission on public benefit.

Trustees have delegated responsibilities and try to keep updated within their areas on recommended best practice regarding appropriate policy requirements.

Risk management

The continuation of the Covid-19 pandemic has clearly presented us with challenges and threats to the well-being of our charity and its activities which could not have been foreseen. The trustees recognise their responsibility for the management of risks faced by the charity and its beneficiaries. Whilst there will undoubtedly be challenges ahead, we do not expect material concerns to arise over the charity’s financial position as a result of the pandemic.

We continue to review and update our risks as well as the documents and procedures put in place.

The areas identified for particular attention within our risk management strategy are:

The trustees have continued to operate within the key areas of risk controls which include:

OODIL 9

Trustees’ report Year to 30 September 2021

Structure, governance and management (continued)

Risk management (continued)

Time-frames exist for the annual monitoring of the risk assessments.

The key risks which faced the charity during the year are as follows:

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the charity’s Constitution. 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.

OODIL 10

Trustees’ report Year to 30 September 2021

Structure, governance and management (continued)

Key management personnel

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

None of the trustees receive any remuneration or reimbursement of expenses in connection with their duties as trustees or key management personnel.

Signed on behalf of the trustees:

Sinead Barrett

Approved by the trustees on: 5th April 2022

OODIL 11

Independent examiner’s report Year to 30 September 2021

Independent examiner’s report to the trustees of OODIL

I report to the charity trustees on my examination my examination of the accounts of OODIL (the charity) for the year ended 30 September 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

I have satisfied myself that the accounts of the charity are not required to be audited and are eligible for independent examination. Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:

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.

Amanda Francis, Chartered Accountant 7 April 2022 Independent Examiner Buzzacott LLP 130 Wood Street London EC2V 6DL

OODIL 12

Statement of financial activities Year to 30 September 2021

Notes Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
(As restated)
£
Income from:
Donations
2
Income from charitable activities
3
Investments and interest receivable
4
Total income
Expenditure on:
Raising funds
Charitable activities
. Upkeep of the charity’s properties
5
. Support costs
6
Total expenditure
Net income and net movement in funds
7
Reconciliation of funds:
Funds brought forward at 1 October 2020 (as previously
stated)
Prior period adjustment (note 12)
Total funds as at 1 October 2020 as restated
Total funds carried forward at 30 September 2021		 300,000
36,913
5,484		 2,000,000
23,143
169
342,397 2,023,312
2,386
46,572
4,875		 —
21,330
765
53,833 22,095
288,564 2,001,217
2,017,652
(16,435)		 —
—
2,001,217 —
2,289,781 2,001,217

All recognised gains and losses are included in the above statement of financial activities.

All of the charity’s activities derived from continuing activities in each of the above two financial years.

OODIL 13

Balance sheet 30 September 2021

Notes
2021
£		 2021
£		 As restated As restated
2020
£		 2020
£
Fixed assets
Tangible assets
10
Current assets
Debtors
13
Short term deposits
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
14
Net current assets
Total net assets
The funds of the charity:
Unrestricted income funds
. General funds
. Tangible fixed assets fund
15
. Designated fund
16

4,270
1,049,108
56,624		 1,184,773
1,105,008		 1,131
950,000
133,453		 917,383
1,083,834
1,110,002

(4,994)		 1,084,584
(750)

2,289,781 2,001,217
105,008
1,184,773
1,000,000		 1,083,834
917,383
—
2,289,781 2,001,217

Approved by the trustees and signed on their behalf by:

Trustee Sinead Barrett

Approved on: 5th April 2022

OODIL 14

Statement of cash flows Year to 30 September 2021

Notes
Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
(As restated)
£
Cash flows from operating activities:
Net cash provided by operating activities
A
Cash flows from investing activities:
Interest received
Purchase of tangible fixed assets
Cash invested in short term deposits
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 30 September 2020
Cash and cash equivalents at 30 September 2021
B
24,874		 1,726,004
3,689
(6,284)
(99,108)		 169
(642,720)
(950,000)
(101,703) (1,592,551)
(76,829)
133,453		 133,453
—

56,624		 133,453

Notes to the statement of cash flows for the year to 30 September 2021

A Reconciliation of net movement in funds to net cash provided by operating activities

Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
(As restated)
£
Net movement in funds (as per the statement of financial
activities)
Adjustments for:
Interest receivable
Donation of property received from The Charity of the Regular
Canonesses of the Order of the Holy Sepulchre of Our Lord
Depreciation
Increase in debtors
Increase in creditors
Net cashprovided by operating activities		 288,564
(5,484)
(300,000)
38,894
(1,344)
4,244		 2,001,217
(169)
(291,098)
16,435
(1,131)
750
24,874 1,726,004

B Analysis of changes in net debt

nalysis of changes in net debt
As at 30 As at 30
September September
2020 Cash flows 2021
£ £ £
Total cash and cash equivalents:
Cash at bank and in hand 133,453 (76,829) 56,624

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

OODIL 15

Principal accounting policies 30 September 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 30 September 2021, with comparative information given in respect to the period from 9 December 2019 to 30 September 2020

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity’s financial position or going concern as a result of the continuing Covid-19 pandemic. The trustees have concluded that the charity will have sufficient resources to meet its liabilities as they fall due.

OODIL 16

Principal accounting policies 30 September 2021

Assessment of going concern (continued)

With regard to the next accounting period, the year ending 31 September 2022, there are no significant areas that affect the carrying value of the assets held by the charity and the trustees are therefore content that the charity is, and will remain, a going concern.

The trustees will continue to keep both income and expenditure under review.

Income

Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured reliably and it is probable that the income will be received.

Income comprises donations, rental income from properties, interest receivable and income from other sources, including any surplus on disposal of tangible fixed assets.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations and grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Donations received in kind (including the donation of land and buildings) are recognised at their fair value at the date of the gift, which is deemed to be open market value.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Rental income is recognised when due under the relevant tenancy agreement.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

The surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

All other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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. All expenditure is stated inclusive of irrecoverable VAT.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs.

OODIL 17

Principal accounting policies 30 September 2021

Expenditure (continued)

The costs of raising funds comprise the costs of managing the charity’s short term deposits.

The costs of charitable activities comprise expenditure on the charity’s primary charitable purposes as described in the trustees’ report. Such costs include:the costs of maintaining and operating the charity’s properties.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures including governance costs associated with the governance arrangements of the charity including costs of independent examination and the necessary legal procedures for compliance with statutory requirements.

All expenditure on support and governance is allocated to the charitable activities of providing accommodation to the beneficiaries.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Expenditure in relation to improvements to the buildings is capitalised and depreciated over a three year period on a straight line basis.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

OODIL 18

Principal accounting policies 30 September 2021

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees. The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets.

The designated funds are monies set aside out of general funds and designated for specific purposes by the trustees.

Details of funds are given in the notes to the accounts.

Services provided by the trustees

For the purposes of these accounts, no monetary value has been placed on administrative and other services provided by the trustees.

OODIL 19

Notes to the accounts Year to 30 September 2021

1 Income from: Donations

1 Income from: Donations
2
3		 Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
(As restated)
£
Donations from The Charity of the Regular Canonesses of the Order
of the Holy Sepulchre of Our Lord (note 18)
. Cash
. Freehold land and buildings		 —
300,000		 1,708,902
291,098
300,000 2,000,000
Income from: Charitable activities
Rental income		 Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
(As restated)
£
36,913 23,143
Income from: Investments and interest receivable
Interest on short term deposits Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
£
5,484 169
Expenditure on: Upkeep of the charity’s properties
Property running costs
Depreciation of tangible fixed assets		 Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
(As restated)
£
7,678
38,894		 4,895
16,435
46,572 21,330

4 Expenditure on: Upkeep of the charity’s properties

5 Support costs

Support costs
Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
(As restated)
£
Bank charges
Legal and professional fees
Governance costs (note 6)		 25
2,450
2,400		 15
—
750
4,875 765

OODIL 20

Notes to the accounts Year to 30 September 2021

6

7

 Governance costs Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
£
Legal andprofessional services 2,400 750
Net income and net movement in funds
This is stated after charging:
Net income and net movement in funds
This is stated after charging:
Year to 30
September
2021
£		 9 December
2019 to 30
September
2020
(As restated)
£
Depreciation
Independent examiner’s (Buzzacott LLP’s)
remuneration (excluding VAT)
. Independent examination services – current year
. Accounts preparation – current year
Previous auditor’s fee		 38,894

2,400
2,400
—		 16,435
—
—
250

8 Staff costs, key management personnel and transactions with trustees

The charity did not employ staff during the year (9 December 2019 to 30 September 2020: none)

No employee earned £60,000 per annum or more (including taxable benefits) during the year (9 December 2019 to 30 September 2020 – none).

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charitable company on a day to day basis. They received no remuneration in connection with their duties as trustees or their role as key management personnel during the year (9 December 2019 to 30 September 2020 – none).

9 Taxation

The OODIL is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

OODIL 21

Notes to the accounts Year to 30 September 2021

10 Tangible fixed assets

Tangible fixed assets
Freehold
properties
£
Property
improvements
£		 Fixtures
and
fittings
£
Total
£
Cost
At 1 October 2020 – as previously stated
Prior period adjustment (note 12a)
At 1 October 2020 – as restated
Additions
At 30 September 2021
Depreciation
At 1 October 2020 – as previously stated
Prior period adjustment (note 12b)
At 1 October 2020 – as restated
Charge for the year
At 30 September 2021
Net book values
At 30 September 2021
At 1 October 2020 – as restated
—
872,107		 —

61,711
—

—		 —

933,818
872,107
300,000		 61,711

4,310
—

1,974
933,818

306,284
1,172,107 66,021
1,974		 1,240,102

—
8,721
—

7,714
—

—
—

16,435
8,721
17,442
7,714

21,057
—

395
16,435

38,894
26,163
28,771
395
55,329
1,145,944
37,250
1,579
1,184,773
863,386
53,997
—
917,383

11 Investment properties

Investment properties
2021
£		 2020
£
At 9 December 2019
Additions during the period – freehold properties
Additions during the period – property improvements
At 1 October 2020 – as previously stated
Prior period adjustment (note 12a and note 11)
At 30 September as restated		 933,818
—
—		 —
872,107
61,711
933,818
(933,818)		 933,818
(933,818)
— —

12 Prior period adjustment

OODIL 22

Notes to the accounts Year to 30 September 2021

12 Prior period adjustment (continued)

General
funds
£
Tangible
fixed assets
fund
£
2020
Total
£
Net movements in funds for the period ended 30
September 2020 – as previously stated
Prior period adjustment:
Depreciation for the period to 30 Septemver 2020
Net movement in funds for the period ended 30
Septemebr 2020/total funds – as restated
Funds designated as tangible fixed assets fund:
Cost of investments reclassified as tangible fixed assets
(note 11)
Depreciation on the above
Fund balances as at 30 September 2020 – as restated
2,017,652
(16,435)
—
—
2,017,652

(16,435)
2,001,217
—
2,001,217
(933,818)
16,435
933,818

(16,435)
—
—
(917,383) 917,383
—
1,083,834
917,383
2,001,217
13 Debtors 2021
£		 2020
£
Rental income receivable
Investment income and interest receivable		 2,475
1,795		 1,131
—
4,270 1,131

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021
£		 2020
£
Expense creditors
Accruals		 194
4,800		 —
750
4,994 750

OODIL 23

Notes to the accounts Year to 30 September 2021

15 Tangible fixed assets fund

Tangible fixed assets fund
2021
£		 2020
£
At 1 October 2020
Prior period adjustment (note 12c)
At 1 October 2020
Net movement in the year
At 30 September 2021		 —
917,383		 —
917,383
917,383
267,390		 917,383
—
1,184,773 —

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

16 Designated fund

During the year the charity’s trustees have set aside £1,000,000 out of unrestricted funds for the future purchase of properties to meet the needs of vulnerable families and individuals in the Chelmsford and Colchester areas.

17 Analysis of net assets between funds

Fund balances at 30 September 2021 are represented by:

General
fund
£		 Designated
fund
£		 Tangible
fixed assets
funds
£		 Total
2021
£
Tangible fixed assets
Net current assets
Total net assets		 —
105,008		 —
1,000,000		 1,184,773
—		 1,184,773
1,105,008
105,008 1,000,000 1,184,773 2,289,781
General
fund
(as
restated)
£		 Designated
fund
£		 Tangible
fixed assets
funds
(as restated)
£		 Total
2020
(as
restated)
£
Tangible fixed assets
Net current assets
Total net assets		 —
1,083,834		 —
—		 917,383
—
917,383
1,083,834
1,083,834 — 917,383 2,001,217

OODIL 24

Notes to the accounts Year to 30 September 2021

18 Related party transactions

Sister Moira O'Sullivan, a trustee of the charity, is also a trustee of a Charitable Incorporated Organisation, The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord, Charity Registration Number 1167869. The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord donated £300,000 (2020- £ 2 million) to OODIL CIO (note 1).

There were no other related party transactions requiring disclosure (2020 – none).

19 Post balance sheet events

Since the year end, the charity has purchased one further residential property for an aggregate cost of £350,500.

20 Membership of the CIO and members’ liability

The members of the CIO are its charity trustees for the time being. The only persons eligible to be members of the CIO are its charity trustees. Membership of the CIO cannot be transferred to anyone else.

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

OODIL 25