COMPANY REGI￿RATION 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{co￿nt￿ts
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 rese￿e5 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(0￿miC, 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
2￿24
3)24
Totsi FUNIS
24
Trtal FUNIS
3)23
Note
Income aNI endofftntsfr(Xh:
Donations and le￿leS
318
258
Totsl
318
ExpeNlityre on..
Charitable attivities
12651
150}
13151
1219)
TOTAL
{31SI
Ill9)
NEf NCOMVIEXPENDrruRE)
Totsl Funds brought fo￿ard
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 am￿nts 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 rea￿nable 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. Fina￿la4 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
Se￿1£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
ACc￿jntancY 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 eMplO￿e$.
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 ff￿re 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 M*th 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 d￿￿￿tkeYe>
13 ANALYSISOF H￿AssE[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 N￿AssE[s B￿WEEN 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