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2021-03-31-accounts

COMPANY REGISTRATION NUMBER 04640278

OLMEC

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2021

Charity Number 1100007

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4; o) ANCSL Accountants Linited
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Chartered Certified Accountants

Address: 1st Floor, North Westgate House, Harlow, Essex, CM20 1YS E-mail: info@aacsl.co,uk Tel: 01279 429 485, Fax: 01279 944 726

OLMEC COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

CONTENTS PAGE
TrusteesAnnual Report 3
Independent examiner's report to the members 10
Statementoffinancial activities (incorporating the
income and expenditure account) 11
Balance sheet 12
Notestothefinancialstatements 13-19

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OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Olmec

Charity registration number 1100007 Company registration number 04640278 Registered office The People’s Place, 80-92 High Street, Stratford, London, E15 2NE

THE TRUSTEES

The trustees serving the charity during the year and since the year-end were as follows:

Mr O. Hanif Khan Mr B. Nobrega Miss E. Campbell Ms A. Aladerun Mr J. Bowen Ms A. lroajanma Ms R. Richards

Secretary MrJ.Mayford

Independent Examiner Mr S. P. F. Howell, FCCA TC Group The Granary Hones Yard 1 Waverley Lane Farnham Surrey GUS 8BB Accountants AACSL Accountants Limited First Floor, North West Gate House Harlow, Essex CM20 1YS Bankers Barclays Bank PLC 1 Churchill Place London E14 5HP

As at the date of this report, there are no custodian Trustees or Nominees and no Trustee of the charity is holding the title to any property belonging to the charity.

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OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2021

The Trustees (who are also directors of the charitable company for the purposes of the Companies Act 2006), submit their annual report and examined financial statements for the year ended 31 March 2021. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS102) issued in October 2019. The Charity is a charitable company limited by guarantee and was incorporated on 17 January 2003. It is governed by a Memorandum and Articles of Association, which were last amended on 28 May 2010.

Principal Activities, Objectives and activities of the Charity

The Charity was established to create lasting positive social change by challenging injustice, disadvantage and discrimination and to develop race equality through economic and social justice. Olmec’s vision and mission are as follows:

The principal areas of the Charity’s work are:

We have referred to the guidance in the Charity Commission general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.

Olmec launched as an independent charitable social enterprise. Olmec celebrated the work of Black on Board and First Steps at a Graduation Ceremony at the House of Commons, and launched the Inspire Change research at the Broadgate Tower in November 2010.

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OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2021

The services were repackaged and branded to ensure that we are able to take them to a market place where we are able to attract income through service level agreements and other ways of generating income.

Achievements and Performance of the organisation during the period were:

The charity has continued to achieve significant levels of success in its sixteenth year. Olmec has achieved high profile landmark projects that are well recognised in the sector. It has brought significant benefits to its client groups and has brought them opportunities in employment, training and enterprise.

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OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2021

It has continued to work in partnership and has worked across several sectors. We received national recognition for our Black on Board programme in centra! government and the housing sector.

Financial Review

The Charity generated £204,296 in grants, training income and donations during the year generating a £6,000 surplus. The income represents a decrease of £118,871 on the £323,167 received during the year ended 2020.

The Charity’s income streams for the year ended 31 March 2021

£15,000 from the Fore for development of Black on Board online training resource. £6,474 from the Paul Hamlyn Foundation to support migrants and refugees into employment. £9,722 from Segro to support migrants and refugees into employment. £30,600 from Metropolitan Thames Valley Housing to support staff and residents into governance positions through our Black on Board programme.

£50,000 from Lambeth Council to train, mentor and support council into governance positions and promotions through our Black on Board programme,

£25,000 from Peabody housing to train, mentor and support council into governance positions and promotions through our Black on Board programme

£65,000 from ARHAG housing to provide employment services to residents of the housing association into living wage employment through our Rise Into Employment programme.

£2,000 from IKWRO to support migrants and refugees into employment.

£500 generated in donations for the work of Olmec.

Against the backdrop of limited resources, the charity, with the aid of sound financial management and the support of both its staff and volunteers, generated a very positive financial outcome for the period with a reserve position, now at £76,000 remains strong and this provides us with the platform to be able to fund further essential programme in the future and continue with initiatives and programmes that are already in development. This will give us the stability to continue investing in our infrastructure as well as developing sustainable income streams.

Reserves policy

The Charity requires a sufficient level of unrestricted reserves because it has no endowment funding and is entirely dependent for income upon donor funding from year to year which is subject to fluctuation. It also requires protection against unforeseen events. The trustees believe that the desired level of the reserves should be the equivalent of two months’ operating costs, which is calculated and reviewed annually and believe that the reserves should be built up to the desired level in stages consistent with the charity's overall financial position and its need to maintain and develop its charitable activities.

Risks

The factors that may affect the Charity’s delivery of its objectives include level and quality of staffing, beneficiary take-up of services, funding received by the Charity, government policies, reputation of the Charity and the relationship within partnerships and the ability of partners to deliver programmes they have been committed to. Olmec produces an annual plan for delivering against its objectives. This plan sets out the targets for the year and is then broken down to a work plan for each staff member. Olmec has developed a five-year strategy which specifies how it will deliver the key programmes of work over the three years in the current economic conditions. The strategy also identifies targets and performance indicators.

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OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2021

Going Concerns

As at the date of approving the report and accounts, there are no uncertainties about the charity's ability to continue as a going concern.

Plans for the Future

Olmec continued to deliver on our mission of race equality through economic and social justice in a highly challenging environment for the race equality and charitable sectors in 2020/21. We remain fully aware of the challenges facing us in a competitive and often short-term grant environment

We have built a partnership relationship with ARHAG, Praxis, Doctors of the World, RAMFEL, Iranian Kurdish Woman’s Rights Organisation and Migration Works to develop a Migrant and Refugee Hub at the People’s Place in Stratford.

Having stepped out as an independent organisation at a competitive time in a difficult economic climate in 2010, Olmec developed a business plan to deal with these challenges develop sophisticated strategies to meet the tasks ahead which is continuously reviewed and developed.

Through the generation of income through grants and revenue in support of our objects, Olmec seeks to build on its work and proud history as an innovator developing dynamic solutions to empower communities.

Structure, governance and management

Charity Organisation Structure

The Olmec Charitable Company was formed in 2003 to champion race equality through economic and social justice. The company was established under a MemorandumofAssociation which established the objects and powers of the charitable company and is governed under its Articles of Association. Olmec Charity operates Olmec’s funded programme and is governed by a board of Trustees. It is also made-up hard-working Staff team who deliver a professional service to communities in London. To supplement the Staff Team, Olmec has assembled a number of Associates upon whom it can call when extra capacity or specialisms are required. Decision Making Process The Board may delegate any of their power to sub committees consisting of one or more Trustees. They may also delegate to any Managing Director or any Director holding any other executive office such of their power as they consider desirable to be exercised. Any such delegation may be made subject to any conditions the Director may impose and, either collaterally with or to the exclusion of their own powers and may be revoked or altered. Subject to any conditions, the proceedings of a committee with two or more members shall be governed by articles regulating the proceedings of Trustees so far as they are capable of applying.

The policies and procedures for the induction and training of Trustees

A Board of Trustees governs the Charity. The trust Deed provides a minimum of two trustees and maximum of seven individuals. New Trustees are selected by the Board of Trustees and are subject to re-election every five years. At March 2021, the Board had a membership of seven people.

The Board meets four times a year to agree key policy decisions, set the strategy for the charity and oversee its performance.

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OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2021

The policies and procedures for the induction and training of Trustees (continued)

At present the Board has committee members who are responsible for the day-to-day activities of the charity. None of the committee members is being remunerated.

All Trustees receive the handbook for Trustees’ provided through the Charity Commission. Each Trustee will have an induction programme by other Trustees and receive an information pack on the Charity and its finances. Beyond this, the Charity follows the code of practice for governance produced by the Governance Hub.

Responsibilities of the Trustees

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

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

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

In so far as the Trustees are aware:

The arrangements for setting the pay and remuneration

The arrangements for setting the pay and remuneration of the charity's key management personnel and any benchmarks, parameters or criteria used in setting their pay are determined by the trustees as the boards may think fit and appropriate.

Wider Network

The charity is not part of any umbrella group or affiliated to any umbrella

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OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2021

OUR CLIENTS AND PARTNERS

The charity vision is to create positive social change.

In pursuit of charitable objectives, we work with client and partners and these include:

Independent Examiner

Simon Howell, FCCA, of TC Group continues as the company’s Independent Examiner and a resolution proposing their re-appointment will be put to the Annual General Meeting.

Registered office:

Signed by order of the trustees

The People's Place 80-92 High Street, Stratford,

London,

E15 2NE

MR. J. MAYFORD Charity Secretary

Dated 14th December 2021

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INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF OLMEC

YEAR ENDED 31 MARCH 2021

| report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 March 2021 which are set out on pages 11 to 19.

RESPONSIBILITIES AND BASIS OF REPORT

As the charity’s trustees of the company {and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. The accounts do not accord with those records; or The accounts do not comply with the requirement of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  3. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

| 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.

Simon Howell FCCA, of TC Group

Independent examiner The Granary Hones Yard 1 Waverley Lane Farnham GU9 8BB Dated

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OLMEC COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2021

Unrestricted Restricted Total Funds Totai
Funds Funds Funds
2021 2021 2021 2020
Note £000 £000 £000 £000
Incomeand endowments from:
Donations and legacies 2 173 31 204 323
Total 173 31 204 323
Expenditure on:
Charitable activities 3 (141) (57) (198) (305)
TOTAL (141) (57) (198) (305)
NETINCOME/(EXPENDITURE) 32 {26) 6 18
Total Funds brought forward 34 36 70 52
TOTAL FUNDS CARRIED
FORWARD 66 10 76 70

All of the above amounts relate to continuing activities.

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OLMEC

COMPANY LIMITED BY GUARANTEE BALANCE SHEET

YEAR ENDED 31 MARCH 2021

2021 2020
Notes £000 £000
Fixed Assets
Tangible assets 9 1 1
Total Fixed Asset 1 1
Current Assets
Debtors 10 20 Al
Cash at bank and in Hand 70 23
Total Current Assets 90 74
Liabilities
Creditors amounts falling duewithin one year 11 (15) (5)
Net Current assets or liabilities 75 69
Creditors amounts falling due afterone year - -
Total Net Asset or Liabilities 76 70
Funds 13
Restricted Funds 10 36
Unrestricted Funds 66 34
TotalFunds 76 70

For the year ended 31st March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2016 relating to small companies.

Directors’ responsibilities:

These financial statements were approved by the members of the committee on the 14th December 2021 and are signed on their behaif by:

Mr O. Hanif Khan Chairman

Company Registration Number: 04640278

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OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

  1. ACCOUNTING POLICIES

Basis of accounting

Olmec is a charitable company limited by guarantee incorporated in England and Wales. In the event of winding up, each member may be required to contribute an amount, not exceeding £1, towards the settlement of the charitable company’s liabilities. The registered office is The People’s Place, 80-92 High Street, Stratford, London, E15 2NE.

The financial statements 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 UK and Republic of Ireland (FRS 102)(issued in October 2019) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charitable company and rounded to the nearest £.

Olmec meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The trustees have assessed the charity’s ability to continue as a going concern and there are no material uncertainties.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund are set out in the notes. {investment income and gains are allocated to the appropriate fund.

Incoming resources

All incoming resources are included in the statement of Financial Activities when the Charity is legally entitied to the income and the amount can be quantified with reasonable accuracy.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources:

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OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1. Accounting policies (Continued)

The basis of allocation for support costs and governance costs has been explained in the notes.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

The fixed assets are written down over their useful economic lives at the following rates Office equipment - 25% on cost

Pensions

Olmec has an existing pension scheme for all employees and the pension is in accordance with the rules for mandatory occupational pensions. The pension scheme is funded and managed through an insurance company. The company currently contribute 6% towards the employee pension.

These contributions are accrued and charged to the income statement in the corresponding financial year. No liability is therefore recognized in the accompanying balance sheets for this purpose.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with.

Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company’s balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts recognised in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1. Accounting policies (Continued)

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2. Income from Donations and Legacies

Unrestricted Restricted Total
Funds Funds Funds Total Funds
2021 2021 2021 2020
£000 £000 £000 £000
Donations:
Metropolitan Housing: Solid
Foundations - - - 40
Chalkhill CommunityTrust Fund - - - 1
Miscellaneous 2 - 2 9
Arhag: Rise into Employment 65 - 65 69
Metropolitan: Black on Board 31 - 31 25
Lambeth Council: Blackon Board 50 - 50 50
Peabody: Black on Board 25 - 25 23
Paul Hamlyn Foundation 6 6 -
Segro 10 10 -
The Fore 15 15 -
Department ofCulture, Media &
Sport - - - 104
Tamil Community Housing
Association {TCHA) - - - 2
173 31 204 323
Expenditure on Charitable activities
Unrestricted Restricted Total
Funds Funds Funds Total Funds
2021 2021 2021 2020
£000 £000 £000 £000
Staff 92 57 149 221
Community project costs 1 - 1 3
Managementand administration
costs 44 - 44 77
Governance cost (see note4) 4 - 4 4
141 57 198 305
  1. Expenditure on Charitable activities

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OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

  1. Governance cost

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Total| |Funds|Funds|Total|Funds| |2021|2021|2020| |£000|£000|£000| |Accountancy|fees &|Legal|2|2|2| |Governance|cost|(see|note|4)|2|2|2| |4|4|4| |5.|Net|(Outgoing)/Incoming|resources|for the year| |This|is|stated|after|charging:|2021|2020| |£000|£000| |Staff|pension|contributions|4|5| |Independent|examination|fees|2|2| |6|7| |6.|Staff|costs|and|emoluments| |2021|2020| |£000|£000| |Contracted|Employees:| |Wages|and|salaries|67|139| |Employer|NIC|4|7| |Other|pension|costs|4|5| |75|151| |Other|staff|related|costs:| |Temporary|staff|45|42| |Social|Enterprise|Staff|29|39| |74|81| |Total|Staff costs|149|232|

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Particulars|of employees:| |The|average|number|of employees|during the|year,|calculated|on|the|basis|of full-time|equivalent,| |was|as|follows:| |2021|2020| |No.|No.| |Community|Projects|1|3| |Management|and|Administration|1|1| |2|4|

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No employee received remuneration of more than £60,000 during the year (2020 — nil).

No Trustee received any remuneration during the year (2020 — nil) and no out of pocket expenses were reimbursed (2020 — nil).

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OLMEC

COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

7. Related Party Transactions

There were no transactions with related parties during the year (2020 — nil).

8. Corporation Tax

The charity is exempt from tax on income and gains falling within section 5050 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are Applied to its charitable objects.

9. TANGIBLE FIXED ASSETS

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Office| |Equipment| |£000| |COST| |As|at|1|April|2020 and|at|31|March|2021|15| |DEPRECIATION| |As|at|1|April|2020 and|at|31|March|2021|14| |NET|BOOK VALUE| |At 31|March|2021|ali| |At|31|March|2020|1| |DEBTORS| |2021|2020| |£000|£000| |Trade|debtors|20|41|

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10. DEBTORS

  1. CREDITORS: amounts falling due within one year

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||||| |---|---|---|---| |2021|2020| |£000|£000| |Other|creditors|15|5|

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12. ANALYSIS OF CHARITABLE FUNDS

ANALYSIS OF MOVEMENTS IN UNRESTRICTED FUNDS

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|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|as|at|Incoming|Outgoing|Balance|as|at| |1|Apr|2020|resources|resources|Transfers|31|Mar|2021| |£000|£000|£000|£000|£000| |General|Funds|34|173|(141)|-|66|

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OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

12. ANALYSIS OF CHARITABLE FUNDS (continued)

ANALYSIS OF MOVEMENTS IN UNRESTRICTED FUNDS — previous year

Balance as at Incoming Outgoing Balance as at
1 Apr2019 resources resources Transfers 31 Mar 2020
£000 £000 £000 £000 £000
General Funds 52 209 (227) - 34
ANALYSIS OFMOVEMENTS IN RESTRICTED FUNDS
Balance as at Incoming Outgoing Balance as at
1Apr 2020 resources resources Transfers 31 Mar2021
£000 £000 £000 £000 £000
Department
of		 Culture,
Media & Sport 36 - (36) - -
Segro - 10 - - 10
The Fore 15 (15) -
Paul Hamlyn Foundation - 6 (6) - -
36 31 (57) - 10
ANALYSIS OFMOVEMENTS IN RESTRICTED FUNDS— previous year
Balance as at Incoming Outgoing Balance as at
1 Apr2019 resources resources Transfers 31 Mar2020
£000 £000 £000 £000 £000
Department of Culture,
Media& Sport - 104 (68) - 36
Chalkhill Trust Fund - 1 (1) - -
Miscellaneous . 9 (9) - -
- 114 (78) - 36
  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted
Funds Funds Total
£000 £000 £000
Tangible fixed assets 1 - 1
Current assets 10 10 20
Cash at bank and in hand 70 - 70
Current liabilities (15) - (15)
66 10 76

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OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

ANALYSIS OF NET ASSETS BETWEENS FUNDS — previous year

Unrestricted Restricted
Funds Funds Total
£000 £000 £000
Tangible fixed assets 1 - 1
Current assets 5 36 41
Cash at bankand in hand 33 = 34
Current liabilities (5) - (5)
34 36 70

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