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2023-09-30-accounts

OODIL

Annual Report and Accounts

30 September 2023

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 2023

The trustees present the annual report and accounts of OODIL (the “charity”) for the year ended 30 September 2023.

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 2023

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.

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.

OODIL 3

Trustees’ report Year ended 30 September 2023

Objects, aims, activities and relevant policies (continued)

Public benefit (continued)

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 Charity 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.

The refurbishment was completed on the property purchased during our last financial year and it was rented to a third party charity. Many individuals and sometimes their children have been housed in this property during the year, helping support each individual to regain their rightful place in society.

OODIL 4

Trustees’ report Year ended 30 September 2023

Objects, aims, activities and relevant policies (continued)

Principal activities during the year (continued)

In December 2022 we completed the purchase of our sixth property. The large four bedroomed property required some refurbishment to bring it up to standard for any new beneficiary. In light of all Afghan refugees having to leave their hotel accommodation by August 2023, it was decided to provide this property to a large family from a local hotel who had already forged a support network of schools etc in the local area.

During our trustee meeting in February 2023, it was agreed to increase the level of management offered by Belvoir to a fully managed agreement. This means that Belvoir will move to collecting our rent, deducting our fees and any maintenance costs before paying OODIL the remaining of the rental funds owed. This will alleviate OODIL of the administrative tasks such as managing rents and tenancy agreements.

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.

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. 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.

OODIL 5

Trustees’ report Year ended 30 September 2023

Objects, aims, activities and relevant policies (continued)

Achievements and performance

To date the charity has secured six properties within the Chelmsford area, all of which are tenanted. 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 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 a local charity helping vulnerable people and agreed to rent one of our properties directly to them. As before, again this year, we worked with Essex Integration, a charity that helps house refugees in the Essex area, 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 continue to explore going forward.

It is felt this year that a particular achievement is having been able to provide secure and safe accommodation for another Afghan refugee family who were living in cramped hotel accommodation with no cooking facilities. This family of seven now has 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 2023 can be found on page 12 of this annual report and accounts.

Total income for the year amounted to £59,490 (2022 – £48,516). Income from charitable activities for the year totalled £55,268 (2022 – £39,256). Interest receivable totalled £4,222 (2022 – £7,189). In 2022, a donation of £2,000 was received from The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord.

Expenditure totalled £105,980 (2022 – £83,806). Expenditure on charitable activities includes the cost of maintaining properties which amounted to £99,764 (2022 – £77,012) and support costs of £5,700 (2022 – £4,860). 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 £46,490 (2022 – £35,290).

OODIL 6

Trustees’ report Year ended 30 September 2023

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 £2,208,001 (2022 – £2,254,491). Of these funds, £1,995,808 (2022 – £1,547,500) 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 £57,068 (2022 – £580,057) 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 £155,125 (2022 – £126,934). 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 no prospective house purchases currently in the pipeline. We are allowing our rental income to accumulate funds and are keeping a watchful eye on the market. It is possible 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. This decision will be made based on the need and the housing market position as the year progresses.

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

  4. Explore ideas and routes to housing the correct beneficiaries so we can expand our knowledge and understanding for future beneficiaries.

OODIL 7

Trustees’ report Year ended 30 September 2023

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. The training sessions taken this year were 'Trustee Training: What Every Trustee Should Know' and a Trustee workshop and a Charity Commission Day session on Essential Trustee Information. 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 2023

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 2023

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.

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:

Moira O'Sullivan

Approved by the trustees on: 25/03/24

OODIL 10

Independent examiner’s report Year ended 30 September 2023

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 2023.

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 26 March 2024 Independent Examiner Buzzacott LLP 130 Wood Street London EC2V 6DL

OODIL 11

Statement of financial activities Year ended 30 September 2023

Notes 2023
£		 2022
£
Income from:
Donations
1
Charitable activities
2
Investments and interest receivable
3
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
. Upkeep of the charity’s properties
4
. Support costs
5
Total expenditure
Net expenditure and net movement in funds
7
Reconciliation of funds:
Total funds brought forward at 1 October 2022
Total funds carried forward at 30 September 2023		 —
55,268
4,222
—		 2,000
39,256
7,189
71
59,490 48,516
516
99,764
5,700		 1,934
77,012
4,860
105,980 83,806
(46,490)
2,254,491		 (35,290)
2,289,781
2,208,001 2,254,491

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

Balance sheet 30 September 2023

Notes
2023
£		 2023
£		 2022
£		 2022
£
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Short term deposits
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
The funds of the charity:
Unrestricted income funds
. General funds
. Tangible fixed assets fund
13
. Designated fund
14

—
176,239
42,373		 1,995,808
212,193		 6,214
500,782
206,184		 1,547,500
706,991
218,612

(6,419)		 713,180
(6,189)

2,208,001 2,254,491
155,125
1,995,808
57,068		 126,934
1,547,500
580,057
2,208,001 2,254,491

Approved by the trustees and signed on their behalf by:

Moira O'Sullivan

Trustee

Approved on: 25/03/24

OODIL 13

Statement of cash flows Year ended 30 September 2023

Notes 2023
£		 2022
£
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 short term deposits
Net cash (used in) provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 October 2022
Cash and cash equivalents at 30 September 2023
B		 30,051 18,894
4,584
(522,989)
324,543		 8,622
(426,282)
548,326
(193,862) 130,666
(163,811)
206,184		 149,560
56,624
42,373 206,184

Notes to the statement of cash flows for the year to 30 September 2023

activities
2023
£		 2022
£
Net movement in funds (as per the statement of financial
activities)
Adjustments for:
Interest receivable
Depreciation
Decrease (increase) in debtors
Increase in creditors
Net cash provided by operating activities		 (46,490)
(4,222)
74,681
5,852
230		 (35,290)
(7,189)
63,555
(3,377)
1,195
30,051 18,894

B Analysis of changes in net debt

Analysis of changes in net debt
As at 1
October
2022
£		 Cash flows
£
(163,811)		 As at 30
September
2023
£
Total cash and cash equivalents:
Cash at bank and in hand		 206,184 42,373

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 2023

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 2023, with comparative information given in respect to the year ended 30 September 2022.

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.

With regard to the next accounting period, the year ending 31 September 2024, 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.

OODIL 15

Principal accounting policies 30 September 2023

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 any 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.

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.

OODIL 16

Principal accounting policies 30 September 2023

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.

Furniture and fittings are capitalised and depreciated at 20% per annum on cost in order to write off each asset over its estimated useful life.

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 2023

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 2023

1 Income from: Donations

Income from: Donations
2023
£		 2022
£
Donations from The Charity of the Regular Canonesses of the Order of
the HolySepulchre of Our Lord(note 16)		 — 2,000

The £2,000 received in the year to 30 September 2022 represented 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
2023
£		 2022
£
Rental income 55,268 39,256
3 Income from: Investments and interest receivable 2023
£		 2022
£
Interest on short term deposits
Bank interest		 3,686
536		 7,118
71
4,222 7,189

4 Expenditure on: Upkeep of the charity’s properties

Expenditure on: Upkeep of the charity’s properties
2023
£		 2022
£
Property running costs
Depreciation of tangible fixed assets		 25,083
74,681		 13,457
63,555
99,764 77,012

5 Support costs

6 2023
£		 2022
£
Bank charges
Legal and professional fees
Governance costs (note 6)		 60
2,800
2,840		 60
2,400
2,400
5,700 4,860
Governance costs 2023
£		 2022
£
Legal andprofessional services 2,840 2,400

OODIL 19

Notes to the accounts Year ended 30 September 2023

7 Net expenditure and net movement in funds

This is stated after charging:

2023
£		 2022
£
Depreciation
Independent examiner’s (Buzzacott LLP’s) remuneration
(excluding VAT)
. Independent examination services – current year
. Independent examination services – previous year
. Accountspreparation – currentyear		 74,681

2,600
240
2,800		 63,555
2,400
—
2,400

8 Staff costs, key management personnel and transactions with trustees

The charity did not employ staff during the year (2022 – none).

No employee earned £60,000 per annum or more (including taxable benefits) during the year (2022 – 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 (2022 – 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 2022
Additions
At 30 September 2023
Depreciation
At 1 October 2022
Charge for the year
At 30 September 2023
Net book values
At 30 September 2023
At 30 September 2022		 1,524,053
454,613		 134,018

68,376
8,313

—		 1,666,384

522,989
1,978,666 202,394
8,313		 2,189,373
49,605
29,235
67,221

43,783
2,058

1,663
118,884

74,681
78,840
111,004
3,721
193,565
1,899,826
91,390
4,592
1,995,808
1,474,448
66,797
6,255
1,547,500

OODIL 20

Notes to the accounts Year ended 30 September 2023

11 Debtors

Debtors
2023
£		 2022
£
Rental income receivable
Investment income and interest receivable
Prepayments		 —
—
—		 4,862
362
990
— 6,214

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023
£		 2022
£
Expense creditors
Rental deposits
Rent received in advance
Accruals		 —
—
1,019
5,400		 407
982
—
4,800
6,419 6,189

13 Tangible fixed assets fund

Tangible fixed assets fund
2023
£		 2022
£
At 1 October 2022
Net movement in the year
At 30 September 2023		 1,547,500
448,308		 1,184,773
362,727
1,995,808 1,547,500

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
2023
£		 2022
£
At 1 October 2022
Net movement in the year
At 30 September 2023		 580,057
(522,989)		 1,000,000
(419,943)
57,068 580,057

During an earlier 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. During the year to 30 September 2023, the charity has purchased one further residential property and incurred expenditure on refurbishments for an aggregate cost of £522,989, leaving the remaining designated funds at £57,068 at 30 September 2023.

OODIL 21

Notes to the accounts Year ended 30 September 2023

15 Analysis of net assets between funds

Fund balances at 30 September 2023 are represented by:

General
fund
£		 Designated
fund
£		 Tangible
fixed assets
funds
£		 Total
2023
£
Tangible fixed assets
Net current assets
Total net assets		 —
155,125		 —
57,068
1,995,808

—		 1,995,808
212,193
155,125 57,068
1,995,808		 2,208,001
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

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. In 2022, the Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord donated £2,000 to OODIL CIO (note 1). There were no such donations in the current year.

There were no other related party transactions requiring disclosure (2022 – none).

17 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