OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-09-30-accounts

OODIL

Annual Report and Accounts

30 September 2022

Charity Registration Number 1186851

Contents

Reports

Reports Reports
Reference and administrative details of the
charity, its trustees and advisers 1
Trustees’ report 2
Independent examiner’s report 11
Accounts
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Principal accounting policies 15
Notes to the accounts 19

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
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
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
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 1

Trustees’ report Year ended 30 September 2022

The trustees present the annual report and accounts of OODIL (the “charity”) for the year ended 30 September 2022.

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 15 to 18 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 objects are 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 2

Trustees’ report Year ended 30 September 2022

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 3

Trustees’ report Year ended 30 September 2022

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.

One further family was housed into a property which had undergone a refurbishment. The family, Afghan refugees, have settled into their home well with schooling and work secured.

One further property has been purchased by OODIL in this past year. This house is under refurbishment and the OODIL trustees are considering its use. We will select the best fit beneficiary as we get closer to the property being in a habitable state.

During the year there was also agreement to purchase a further property, and this was completed in December 2022. Necessary work is being undertaken and the Trustees are considering options for a new beneficiary.

OODIL 4

Trustees’ report Year ended 30 September 2022

Objects, aims, activities and relevant policies (continued)

Volunteers

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

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.

Fundraising policy

The charity benefited from major donations from CRSS in 2020 and 2021. 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, four of which are tenanted. A fifth is undergoing refurbishment with a view to tenants moving in during the first quarter of 2023, a sixth was purchased in December 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.

OODIL 5

Trustees’ report Year ended 30 September 2022

Objects, aims, activities and relevant policies (continued)

Achievements and performance (continued)

The tenants who have been housed to date support this 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.

We worked with another charity, Essex Integration, to find tenants for our most recently occupied home. We feel the approach of working with third party charities is a positive one which we will explore further in the coming year.

It is felt this year that a particular achievement is having been able to provide secure and safe accommodation for Afghan refugees who were living in cramped hotel accommodation with no cooking facilities. This family of five now have a safe and secure home from which they can begin to rebuild their lives after the trauma they faced when fleeing their homeland.

Financial review

Results for the year

A summary of the results of the year ended 30 September 2022 can be found on page 12 of this annual report and accounts.

Total income for the year amounted to £48,516 (2021 – £342,397). Of this income, £2,000 (2021 – £300,000) was received from The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord. The donation in 2021 was received by way of a donation of property. Income from charitable activities for the year totalled £39,256 (2021 - £36,913). Interest receivable totalled £7,189 (2021 – £5,484).

Expenditure totalled £83,806 (2021 – £53,833). Expenditure on charitable activities includes the cost of maintaining properties which amounted to £77,016 (2021 – £46,572) and support costs of £4,860 (2021 – £4,875). The cost of raising funds comprises the fees payable to Flagstone Investment Management Limited who manage the charity’s short term cash deposits.

Net expenditure for the year and the net decrease in funds was £35,290 (2021 – net income and net increase in funds of £288,564).

OODIL 6

Trustees’ report Year ended 30 September 2022

Financial review (continued)

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. In particular, at the current time, the reserves need to be sufficient to enable the charity to operate in the exceptional circumstances created by the cost of living and economic crisis.

The balance sheet shows total funds of £2,254,491 (2021 – £2,289,781). Of these funds, £1,547,500 (2021 – £1,184,773) 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.

Funds totalling £580,057 (2020 – £1,000,000) have been designated, or set aside, by the trustees for specific purposes. Further details of these funds are given in note 14 to the accounts.

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 £126,934 (2021 – £105,008). The trustees believe that these free reserves are adequate but not excessive and consistent with the charity’s reserves policy outlined above.

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 of a one bedroomed flat may be made within the next period to enable us to broaden our offering of a home to a single person. If this materialises, it would mean a further three houses were available bringing the total to seven.

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.

OODIL 7

Trustees’ report Year ended 30 September 2022

Future plans (continued)

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

  2. Explore ideas and routes to housing the correct beneficiaries for the additional properties including through building further relationships with 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 a letting agent. 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 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 legislation. 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.

OODIL 8

Trustees’ report Year ended 30 September 2022

Structure, governance and management (continued)

Risk management

The high levels of inflation and high energy bills have 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.

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

We note above the financial and operational effects of the cost-of-living crisis. Over and above these, 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:

Timeframes exist for the annual monitoring of the risk assessments.

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

OODIL 9

Trustees' Report Year ended 30 September 2022

----- Start of picture text -----
4/4/2023
----- End of picture text -----

Independent examiner’s report Year ended 30 September 2022

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 2022.

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 4 April 2023 Independent Examiner Buzzacott LLP 130 Wood Street London EC2V 6DL

OODIL 11

Statement of financial activities Year ended 30 September 2022

Notes 2022
£		 2021
£
Income from:
Donations
2
Income from charitable activities
3
Investments and interest receivable
4
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
. Upkeep of the charity’s properties
5
. Support costs
6
Total expenditure
Net (expenditure) income and net movement in funds
7
Reconciliation of funds:
Total funds brought forward at 1 October 2021
Total funds carried forward at 30 September 2022		 2,000
39,256
7,189
71		 300,000
36,913
5,484
—
48,516 342,397
1,934
77,012
4,860		 2,386
46,572
4,875
83,806 53,833
(35,290)
2,289,781		 288,564
2,001,217
2,254,491 2,289,781

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 12

Trustees. Report Year ended 30 September 2022 2022 2022 2021 2021 Not&s Flxed ass•ts Tangible assets 10 1,547,500 1,184.773 C￿rr•Tht a888ts Debtors Short term deposits Cash at bank and in hand 11 6,214 500,782 208,184 713,180 4,270 1,049.108 56,624 1,110,002 Curront IlabSlltSos Creditors.. amounts falling du within one year Net curr•nt assets 12 16,1891 14.9941 706.991 1,105.008 Total n•t ass•ts 2.254,491 2,289,781 Th• funds of th• ¢hArfty: Unrestricted Income fijnds . General funds Tangible fixed assets lund Dgsignatod fun4 126,934 1,547,$00 580,057 105,CX)8 1.184,773 1.000,000 13 14 2,254,491 2.289,781 Approved by the trustees .signed on their behalf by.. Trustee Approved on.. L1kn123 OODIL 13

Statement of cash flows Year ended 30 September 2022

Notes 2022
£
2021
£
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 withdrawn from (invested in) short term deposits
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 30 September 2021
Cash and cash equivalents at 30 September 2022
B		 18,894
24,874
8,622
(426,282)
548,326
3,689

(6,284)

(99,108)
130,666
(101,703)
149,560
56,624
(76,829)

133,453
206,184
56,624

Notes to the statement of cash flows for the year to 30 September 2022

2022
£
2021
£
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 cash provided by operating activities		 (35,290)
(7,189)
—
63,555
(3,377)
1,195		 288,564
(5,484)
(300,000)
38,894
(1,344)
4,244
18,894 24,874

B Analysis of changes in net debt

nalysis of changes in net debt
As at 1 As at 30
October September
2021 Cash flows 2022
£ £ £
Total cash and cash equivalents:
Cash at bank and in hand 56,624 149,560 206,184

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 14

Principal accounting policies 30 September 2022

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 2022, with comparative information given in respect to the year ended 30 September 2021.

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 macroeconomic climate and the current cost of living crisis. The trustees have concluded that the charity will have sufficient resources to meet its liabilities as they fall due.

OODIL 15

Principal accounting policies 30 September 2022

Assessment of going concern (continued)

With regard to the next accounting period, the year ending 31 September 2023, 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 16

Principal accounting policies 30 September 2022

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.

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.

OODIL 17

Principal accounting policies 30 September 2022

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 18

Notes to the accounts Year ended 30 September 2022

1 Income from: Donations

Income from: Donations
2022
£		 2021
£
Donations from The Charity of the Regular Canonesses of the Order
of the Holy Sepulchre of Our Lord (note 16)
. Cash
. Freehold land and buildings		 2,000
—		 —
300,000
2,000 300,000

The £2,000 represents restricted donations received from The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord from a restricted donation received by that charity for OODIL. This money was used for refurbishing a property as per the request of the donor.

2 Income from: Charitable activities

Income from: Charitable activities
2022
£		 2021
£
Rental income 39,256 36,913
3
Income from: Investments and interest receivable
Interest on short term deposits		 3
Income from: Investments and interest receivable
Interest on short term deposits		 2022
£		 2021
£
Interest on short term deposits 7,189 5,484

4 Expenditure on: Upkeep of the charity’s properties

4 Expenditure on: Upkeep of the charity’s properties
5
6		 2022
£		 2021
£
Property running costs
Depreciation of tangible fixed assets		 13,457
63,555		 7,678
38,894
77,012 46,572
Support costs 2022
£		 2021
£
Bank charges
Legal and professional fees
Governance costs (note 6)		 60
2,400
2,400		 25
2,450
2,400
4,860 4,875
Governance costs 2022
£		 2021
£
Legal andprofessional services 2,400 2,400

OODIL 19

Notes to the accounts Year ended 30 September 2022

7 Net (expenditure) income and net movement in funds

This is stated after charging:

2022
£		 2021
£
Depreciation
Independent examiner’s (Buzzacott LLP’s) remuneration
(excluding VAT)
. Independent examination services – current year
. Accountspreparation – currentyear		 63,555

2,400
2,400		 38,894
2,400
2,400

8 Staff costs, key management personnel and transactions with trustees

The charity did not employ staff during the year (2021 – none).

No employee earned £60,000 per annum or more (including taxable benefits) during the year (2021 – 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 (2021 – 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.

10 Tangible fixed assets

Tangible fixed assets
Freehold
properties
£
Property
improvements
£		 Fixtures
and
fittings
£
Total
£
Cost
At 1 October 2021
Additions
At 30 September 2022
Depreciation
At 1 October 2021
Charge for the year
At 30 September 2022
Net book values
At 30 September 2022
At 30 September 2021		 1,172,107
351,946		 66,021

67,997
1,974

6,339		 1,240,102

426,282
1,524,053 134,018
8,313		 1,666,384
26,163
23,442
28,771

38,450
395

1,663
55,329

63,555
49,605
67,221
2,058
118,884
1,474,448
66,797
6,255
1,547,500
1,145,944
37,250
1,579
1,184,773

OODIL 20

Notes to the accounts Year ended 30 September 2022

11 Debtors

Debtors
2022
£		 2021
£
Rental income receivable
Investment income and interest receivable
Prepayments		 4,862
362
990		 2,475
1,795
—
6,214 4,270

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022
£		 2021
£
Expense creditors
Rental deposits
Accruals		 407
982
4,800		 194
—
4,800
6,189 4,994

13 Tangible fixed assets fund

Tangible fixed assets fund
2022
£		 2021
£
At 1 October 2021
Net movement in the year
At 30 September 2022		 1,184,773
362,727		 917,383
267,390
1,547,500 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.

14 Designated fund

Designated fund
2022
£		 2021
£
At 1 October 2021
Net movement in the year
At 30 September 2022		 1,000,000
(419,943)		 —
1,000,000
580,057 1,000,000

During the previous year the charity’s trustees 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. At 30 September 2022, £580,057 remained set aside. Since the year end, the charity has purchased one further residential property for an aggregate cost of £454,000.

OODIL 21

Notes to the accounts Year ended 30 September 2022

15 Analysis of net assets between funds

Fund balances at 30 September 2022 are represented by:

General
fund
£		 Designated
fund
£		 Tangible
fixed assets
funds
£		 Total
2022
£
Tangible fixed assets
Net current assets
Total net assets		 —
126,934		 —
580,057
1,547,500

—		 1,547,500
706,991
126,934 580,057
1,547,500		 2,254,491
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

16 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 £2,000 (2021 - £300,000 to OODIL CIO (note 1)).

There were no other related party transactions requiring disclosure (2021 – none).

17 Post balance sheet events

Since the year end, the charity has purchased one further residential property for an aggregate cost of £454,000.

18 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 22