COMPANY REGIRATION NUMBER 04640278 OLMEC COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charlty Number IllJ)007 AICSL Accouth Limthj Chartered Certified A{contts Address: 1st Floor. North Westgate House. Harbw. Esse& CM20 IYS E-mail.. info@aacsl.cc.ukTel= 01279 429 485, Fax- 01279 944 726
OLMEC COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Trustees Annual Report Independent examiner's report to the members io ststement of financial 3CtNlties (incorporating the income and expendilure accountl li Balance sheet 12 Notes to the flnancial statements 13-19
OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Olmec Charlty registration number 11(K)007 Company registratlon number 04640278 Reglstered offlce 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 B. Nobrega Dr C. Asante Mrj. Bowen Ms R. Richards Secretary Mrj. MayFord Independent Examlner Mr S. P. F. Howell, FCCA TC Group The Granary. Hones Yard, I, Waverley Lane, Farnham, Surrey GU9 8BB Accountsnts AACSL Accountants Limited First Floor, North West Gate House Harlow, Essex CM20 IYS Banker5 Barclays Bank PLC I Churchill Place London E14 5HP As at the date of this report, there are no custodian Trustees or Nomlnees and no Trustee of the charity is holding the title to any property belonging to the charity.
OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Trustees, who are also director5 of the charitable company for the purFM)5e5 of the Companies Act. submit their annual report and examined financial statements for the year ended 31 March 2024. 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,. FRS 1021 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 Memordndum and Article5 of Association. which were last amended on 28 May 2010. Prlncipal Artivities, Objectives, and activltles of the Charity The Charity was establlshed to create lasting positive social change by challenging injustice, disadvantage, and discrimination and to champion race equality through economic and social justice. Olmeds vision and mlssion are as follows.. To play a leadinB role in creating a fairtr just, and equitable society in which each individual can fulfil and detemiine their aspirations to reach their maximum potential. To empower communities through economic and social justice programmes and projects. To foster and develop a people centred approach in creating the best social and economlc outcomes for individuals and communities. To build communities by investing in the strengths of individuals $0 that they can play their full part in benefiting their communities and wider society. To create social change through innovative programmes. The princlpal areas of the Charitvs work are: Supporting people of colour and minoritised communities into board. governance. and community leadership positions. Developin8 the capacity and sustainability of community-based organisations and social enterprises. Promoting community led initiative5. Brokering busine55 5UPPOrt and investment into local neighbourhoods and communities. Delivering employment, training, and work placement opportunities. Enabling local people to develop appropriate skills to influence change,. and Facilitating the sharing of best prattice. We have referred to the guidance in the Charity Commission general guidance on public benefit when viewing 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 in 2010. 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. The services were repackaged and branded to ensure that we are able to take them to a marketplace where we are able to attrdct income through seNice level agreements and other ways of generating income.
OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Black on Board: a governance training prograrnme that irains, mentors and supports people of colour in governance, community leadership position. Inspire Change: a progressive set of programmes for social enterprises including the First Steps in Social Enterprise, Ready to Grow. Step Ahead and Step Change initiatives. Solid Foundations and Rise into Employment- employment support. work experience positions. advice and guidance, job brokerage. job fairs, meet the employer days and a programme of training course5. Step Change relieving poverty through pathw3VS to employment and enterprise Black on Board Online: an online platform designed to enable Black Racialised and Minoritised individuals and communities to access governance training across Eng13nd and Wales. Midnimo- Equality, diver51ty and inclusion and anti-racist training. Eye and l- Research and Consultancy. Bronze Woman and IIX)O Great Black Women Speak. Achievements and Perfomiance of the organisation during the period were; Launched the Step Change programme funded by London Community Foundation to run a programme alleviating poverty in Brent, Barking and Dagenham by supporting people of colour into sustainable employment, social enterprise business, governance positions and training. Continued our partnership with City Bridge Trust to support our core activities. Joined the Windrush steering committee to celebrate the Windrush generatlon contribution to Britain. Developed a bespoke Black on Board programme to train, mentor 65 staff and residents for consortium of councils including Westminster, Islington, Richmond and Wandsworth and Southwark into board and community leadership wsitions and promotion5. Developed a bespoke Black on Board programme to train, mentor a further 20 staff for NHS Health Education England and community le?dership positions and promotions. Developed new Black on Board programme to train, mentor 2- Lambeth Council stsff and residents for board and community leadership positions. Developed a bespoke Black on Board programme to train. mentor 20 Peabody staff into board and community leadership positions. Facilitated the growth of the Black on Board Community, ft)unded by graduates of the 2018119 MTVH programme as a subsidiary unincorporated association. The Black on Board Community grew with membership arising from our partnerships with MTVH, Peat>)dy, Lambeth. Enfield. Islington, Richmond and Wandsworth and Southwark Councils Developed a programme to work wlth arts and heritage organisation in the borough of Southwark to diversify their boards ané develop race equality strategies. Celebrated 17 years of Bronze Woman Monument Programme through the organisation of annual poetry celebrations, the promotion of the Bronze Woman film which has been viewed by over 15CM) people, and through ambassadorial work in the community. Celebrated our 21, anniversary at a keynote event at the Natwest headquarters building on 250 Bishopsgate near Liverpool Street Station. At an event attended by over 2C(J people, we celebrated achievements including 5UPPOrtin8 1000 people into employment, over 450 social businesses, over 650 people into boards and community leadership positions, anti-racist training programmes and Bronze Woman, the first statue to a Black Women in England.
OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The charity has continued to Jchieve significant levels of success in its nineteenth year. Olmec ha5 achieved high profile landmark projects that a well recogni5ed in the sector. It has brought significant benefits to its client groups and has brought them opportunities in employmenL training, and enterprise. It has continued to work in partnership and has worked across several sectors. We received national recognition for our Black On-Board programme in central government and the housing sector. Flnanclal Review The Churity genert7ted £318 341 in grants, tmining income ond donotions during the yeor generutin9 0 £2.956 surplus. The Ancome represents 0 £30.280 Increase in incomefrom the previous £288,061. The Charitrfs Income stream5 for the year ended 31 March 2024 £15,OIN) from City Bridge Trust to fund core costs of Olmec to deliver on our charitable aims and mission of race equality though economic and social justice £34,576 from London Community Foundation to fund our Step Change project relieving poverty and facilitating pathways to enterprise and employment in the boroughs of Barking and Dagenham, Brent and Newham. £108,000 from Croydon Council to provide governan training for 60 members of staff through the Black on Board programme in order to train, mentor and support those staff into governance. board and community leadership positions and promotions £20,000 from Lambeth Council to provide governance training for IS member5 of staff through the Black on Board programme in order to train, mentor and support those staff into governance, board and community leadership positions and promotions £102,500 from London Borough Plu5 to provide govemance training for 65 members of staff and resident5 through the Black on Board programme in order to train, mentor and SUPEMlrt those staff into governance, board and community leadership positions and promotions £30,oixI from Camden Council to provide governance training for 20 members of staff and residents through the Black on Board programme in order to train, mentor and support those staff into governance. board and community leadership positions and pmmotions £3,000 from NHS HEE to provide anti-racist training for members of staff in order to ft)ster a Psychologically safe workplace and environment £5.267 from individuals committing to education. self-advancement and collegiate race equality through the Black on Board online programme 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 positlve fSnancial outcome for the period wlth a re5eNe position, now at £125.923 remain5 Strong and this provides u5 Wlth the platform to be able to fund further essential programme in th8 future and continue with initiatives and programmes that are already in development. This will glve us the stability to continue investi& in our infrastructure as well as developing sustainable income streams.
OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Reserves policy The Charity requires a sufficient level of unrestricted resee5 because it has no endowment fundin8 and is entirely dependent for income upon (ionor 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 to six months operatin8 Costs, which 15 calculated and reviewed annually and believe that the reseNes should be built up to the desired level in stages consistent wlth the charity's overall financial position and its need to maintain and develop its charitable activities. Rlsks The fattors that may affect the Charitws delivery of its objectives include the impact of the pandernic. political. e(0miC, social, technological environment, the level and quality of staffin& beneficiary take- up of seNices. funding received by the Charity, government policies. reputation of the Charity and the relationship withln partnerships and the ability of partners to deliver programmes they have been committed to. Olmec produces an annual plan for delNering against its objectives. This plan sets out tl targets for the year and is then broken down to 3 work plan foreach 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 condition5. The strategy also identifies tar8ets and performance indicators. Going Concerns A5 at the date of approvingthe report and accounts, there are uncertainties about the chariws ability to continue as a going concern. Plans forthe Futu 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 2023124 exacerbated by the impact of cost of living crisis and imparts of the post pandemic environment. We remain fully aware of the challenges facing us in a competitive and often short-term grant environment. We have developed Black On-Board online platform and a range of partnerships with local authorities and continue to research and maintain a narrative with potential partners through primary and secondary market research. We continue to assess and develop our business modelling and work to dlversify income. Having stepped out as an independent organisation èt a competitive time in a difficult economic cllmate 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 ¢Jeveloping dynamic solutions to empower communities.
OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Strurturel governance. and management Charity Organisation Strurture The Olmec Charitable Company was formed in 21X)3 to champion race equality through economic and social justice. The company was established under a Memorandum of Association 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 supp5ement the Staff Team, Olmec ha5 assembled a number of associates upon whom it can call when extra capacity or speciallsms are required. Declsion Making Process The Board may delegate any of their power to sub committees consisting of one or more Trustees. They may also delegate to the Chief Executive or any senior manager or 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 condttions, the proceedings of a committee wfch two or more members shall be governed by articles regulating the proceedings of Trustees so far as they are capable of applying. The policles and procedures for the inductlon and training of Trustees A Board of Trustees governs the Charity. The trust Deed provides a mlnimum of two trustees and a maximum of 12. NewTrustees are selected by the Board of Trustees and are subject to re*lection every five years. In March 2024, the Board had o membership of 4 people. The Board meets four time5 a year to agree key policy decisions, set the strategy for the charity and oversee its performance. At present the Board has committee member5 who support key staff in running for the day-to-day actlvltles of the charity. None of the committee members is being remunerated. All Trustees receive the update to summaries of Trustee and Company Dlrector statutory duties as part of an induction process the Olmec handbook including summary of our policy and procedure portfolio. links to the Trustees, Guidebook provided through the Charity Commission. Each Trustee will have an induction programme by other Trustees and receive an infomiation pack on the Charity and its finances. Beyond thi5, the Charity follows the code of practice for governance produced by the Govemance Hub and access to regular training.
OLfvIEC COMPANY LIMITED BY GUARAf+lTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Responsibilitie5 of the Trustees The trustees (who are also directors of Olmec for the purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial 5tatement5 in accordance with applicable law and United Kifigdoni Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel. Company law requires the trustees to prepore 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: Select suitable accounting policies and then apply them con515tently, Obserne the methods and principles in the Charities SORP 2019 IFRS 1021. Make judgements and estimate5 that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 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 detertion of fraud and other irregularitie5. In so far as the Trustees are aware-. There is no relevant information of which the charitable company's examiner is unaware,. and The Trustees have taken all step5 that they ought to have taken to make them5efves aware of any relevant infomiation and to establish that the examiner is aware of that information The arrangements for settlng the pay and remuneration. The arrangements for setting the pay and remuneration of the charitls key managemeETrt personnel and any benchmarks, parameters or criteria used in setting thelr pay are determined by the trustee5 as the boards may think fit and appropriate. Wider Nets¥ork The charity is not part of any umbrella group or affiliated to any umbrella group. OUR CLIENT5 AND PARTNERS The charity vision is to create positive social change. In pursuit of charitable objectives, we work with client and partner5 and these in¢lude.' Individuals IBMCI Corporate Organisations Social Enterprises (start-ups and established) Housing Associations (Registered Providers) Public Sector ILocal Authorities, Health. Social Carel Third Sector Icharities, Communities and Voluntary Groups)
OLMEC COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Independent Examiner Simon Howell, FCCA. of TC Group contlnues as the companvs Independent Examiner and a resolution proposin£ their re-appointment will be put to the Annual General Meeting. Registered office- The People's Place 80-92 High Street, Stratford, London. E15 2NE Signed by order of the trustees MR. J. MAYFORD Charity Secretary ,I,(I
OLMEC COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF OLMEC YEAR ENDED 31 MARCH 2024 I report to the charity trustees on my examination of the accounts of the charttable company for the vear ended 31 March 2024 which are set out on pages 11 to 19. RESPONSIBILITIES AND BASIS OF REPORT As the chariws trustees of the company land also Its dlrectors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satlsfied 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. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charitie5 Act 20111'the 2011 ACVI. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Since the charitvs gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Att. I can confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me taU5e to believe-. l. 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 accountin8 and reporting by Charities (applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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 io be reached. Simon Howell FCCA, ofTC Group Independent examlner The Granary, Hones Yard, I Waverley Lane, Farnham, Surrey GU9 8BB li
OLMEC COMPANY LIMITED BY GUARAt+JTEE STATEMENT OF FII4ANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024 UnrestrictedTotal Restricted Funds Funds 224 3)24 Totsi FUNIS 24 Trtal FUNIS 3)23 Note Income aNI endofftntsfr(Xh: Donations and leleS 318 258 Totsl 318 ExpeNlityre on.. Charitable attivities 12651 150} 13151 1219) TOTAL {31SI Ill9) NEf NCOMVIEXPENDrruRE) Totsl Funds brought foard 123 TOTALFUNDS CARRIEDFOINfARD All of the above amounts relate to continuing activities. 12
OLMEC COMPANY LIMITED BY GUARANTEE BALANCE SHEET YEAR ENDED 31 MARCH 2024 2024 £000 2023 Notes Foxed Assets Tangible assets Totsl Fixed Asset Current Assets Debtors Cash at bank and in Hand Total Current Assets io 86 50 136 86 68 154 Liabilities Creditors amnts fallin8 due within one year Net Current assets or liabilities li li 120 Net Asset 126 123 Fund5 Restiicted Funds Unrestricted Funds Total Funds 13 13 126 126 123 123 For the year ended 31st March 2024 the company was entltled to exemptlon fmm audlt under sectlon 477 of the Companies Act 2016 relatlng to small companies Dlrectorf responslbilitles: The members have not required the company to obtain an audit of its accounts for the year in question in accordance wlth section 476. and The directors acknowledge their responsibility for complying with the requirements of the Act with respe¢t to occounting cOrdS and the pRparation of the a¢¢ounts. financial statements were approved by the member5 of the committee on the 2oWand a signed on their behalf by.. Dr Curtls Asante Chalr Company Re8lstratlon 14umber: 04640278
OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 I. 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 companvs liabilitie5. 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 IFRS 1021 li55ued in October 20191- (Charitie5 SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 Curren of the charitable company and rounded to the nearest £. Olmec meets the definition of 8 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 notelsl. Golng concern The trustees have asse55ed the charity's ability to continue as a going concern and there are no material uncertainties. Fund accountlng 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 entitled to the income and the amount can be quantified with reanable accuracy. Reswrces 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: Premises overheads have been allocated on a floor basis and other overhead5 have been allocated on the basis of head count. 14
OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) Community project costs are those costs incurred directly in support of the objects of the charity. The community project costs include other 5UPPOrt costs incurred in 5UPPOrt of the charitws objettive5. Governance costs are those costs incurred in connection with the governance ?rrangement of the charity, which relate to the general running of the Charity and compliance with constitutional and statutory requirements. The basis of allocation for support costs and governance costs has been explained in the note5. Fixed ?ssets All fixed assets are initially recorded at cost. Depreciation The fixed asset5 are written down over their useful economic lives at the following rates Office equipment- 20Yo on cost Pensions Olmec has an existing pension scheme for all employees and the pension is in accordance with the rules for mandatory occupational pension5. 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 equlvalents Cash and cash equivalents include cash in hand and deposits held at call with. Flnancial instruments The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instrument5. Financial instruments are recognised in the charitable companvs balance sheet when the charitable company becomes party to the contrartual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts recognised in the financial statements, when there is a le8ally enforceable right to set off the recognised amounts and there is an intention to Sett on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial a55ets, which include debtors and cash and bank balances, are initially measured at transaction price including transartion costs and are subsequently carried at amortlsed cost using the effettive 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 recewable within one year are not amortised. 15
OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANaAL STATEMENTS YEAR ENDED 31 MARCH 2024 Accounting pollcies (Continued) 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. Finala4 liabilities classified as payable within one year are not amortised. Debt instruments are subsequently cafried at amortised cost, using the effective interest rate method. Employee beneffts The cost of any unused holiday entitlement is recognised in the period in which Ihe employee's Se1£eS are received. Temiination benefits are reco8nised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefit5. Income from Donatlons and Legacles Unrestrfcted Total Funds ZOZ4 Restslrted Funds Total Funds 2024 Total Funds 2023 Donattons: L B CarThlÈn 30 Riverside Group BOB- Lambeth Council 20 102 20 102 London Borough Plus Croydon Council Metropolitan T Westminsier CC RichmorLd & Wands Bristol Pride Council 14 Metropolitart- 80B NHS HEE. Bo8 & ART 30 32 Ori81 Houslng City BridBe TnJst- core costs london Community Foundation Teachablè Payment Southwark Council Oiversifyi n8 Arts Isli n8lon Council Peabody Housi rvd Association BOB B(fj Online & other 15 35 io 14 15 31 318 258 16
OLMEC COMPANY UMITED BY GUARAf+rrEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 3 Expendlture on Charltable artivities Unrestricted Restricted Total Funds Funds 2024 2024 Total Funds 2024 Total Fuftds 2023 Staff Comunity woject C05ts GovemarKe Cost (See Note 41 50 236 70 191 21 265 315 219 4 GOVWnan Cost UnrestrICt R•stricted Totsl Funds Funds 2024 2024 £000" £000 Total Funds 2024 Total Funds 2023 ACcjntancY fees & Legal IndependEnt exarrrination fees 5 Net {Outgoing)/lncomlng Resources forThe Year This is stated after tharging: 2024 2023 Staff pension contributions Independent examinatlon fees Depreciation 6 Staff Costs and Emoluments 2024 2023 Contratted Employees: Wages and salaries Employer NIC Employer Pension 137 97 149 other staff relat•d Cost5.. Associate cost Soclal Enterprlse Staff 16 38 71 47 Total Staff Costs 191 17
OLMEC COMPANY IIMITED BY GUARANTEE NOTES TO THE FINANaAL STATEMEwrs YEAR ENDED 31 MARCH 2024 Staff costsand emoluments (continued Particulars of eMplOe$. The average number of employees during the year. (alculated on the basis of full-time equivalent. was as follows.. 2023 No. Community Projects Mana8ementand Administration No èmployee reewved remunttation of ffre than £60,IJ)O durlng theyear12023- Nill. No Trusioe recelved any remuneraiion durtn8 theyear and no out of pocket expenses were pald Q023_ NIII 7 Related pa Tran&ions There were no transxtions wlth related parties during the year {2023-nil). 8 Corporntlon Tax The tharity isexempt from tax on income and gains falling withinsection 505oftheTJxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992to the extent thatthese are applied to its charitable objects. 9 Tan8lble Flxed Assets OFFKE EQUPMENT co As at l Aprfl 2023 ditions 18 At 31 Marth Z024 18 Deprerlatlon At l Nprll 2023 harge for tlte year Al 31 Mth 2024 16 17 Net book At 31 Marth 2024 At 31 March 2023 10 Debtols 2023 Trade debto 86
OLMEC COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMErirs YEAR ENDED 31 MARCH 2024 11 CREDITORS: •nounts falllng due wlthln one year 2024 2023 Attruals/Other creditors li 12 ANALYS150FCIIARITABiE FUNDS ANALYSISOF MOVEMENTIN UNRESTrICTED FUNDS BalaKe as at l Awll 2023 £000 123 Incomlng Resources Expendlture JI M¥ch 2024 General Funds 318 13151 126 ANALYSIS OF MOVEMENTIN UNRESTrICFX) FUNOS- Prevlou5 year Balan asat IAwll 2022 Incomlng Rewur¢es Expenthture 31 March 2021 £000 EOOO General Funds 84 258 12191 123 ANALYSIS OF MOVEMENTIN RESTRICTED FUNDS-llOfesirf¢ted Income Wa$te1ved dtkeYe> 13 ANALYSISOF HAssE[s BEtWEEN FUNDS Unre5tilded Income funts Total £000 Tangiblefixed assets Cash at bank andin hand Current35sets Current liabllittes Total Fund5 50 so 86 li ANALYSJS OF NAssE[s BWEEN FIJNDS- Pre¥low year Lknrestrlrted Sneome fun& £000 Total TaD&blefW assets Cash atbank and in hand Currentassets Current liabilfftes Yrtal FuRd5 68 86 68 86 123 123 19