Company registration number: 04961486 Charity registration number: 1112617
Omega Community Living Limited
Trustees' report and financial statements
for the year ended 30 November 2023
Omega Community Living Limited
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees report | 2-3 |
| Independent examiners' report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of Cash flows | 7 |
| Notes to the financial statements | 8-12 |
Omega Community Living Limited
Legal and administrative information
| Charity number | 1112617 |
|---|---|
| Company Number | 04961486 |
| Registered office | 19 Randolph Approach |
| Custom House | |
| London | |
| E16 3HU | |
| Trustees | Ade Awosika |
| Yvonne Hines | |
| Irene Legusen | |
| Accountants | PPS Accountants |
| 11 Farnes Court | |
| Worksop | |
| Nottinghamshire | |
| S81 0LZ | |
| Bankers | Bank of Scotland |
Page 1
Omega Community Living Limited
Report of the trustees for the year ended 30 November 2023
The trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual reports and the financial statements of the charity for the year end 30 November 2023. The trustees have adopted the provisions of the 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 (FRS102).
Structure, governance and management
Omega Community Living is a company limited by guarantee and a registered charity.
Objectives and activities
To provide high quality accommodation, housing management and support vulnerable adults with Mental health and learning difficulties.
To promote greater independence for service users through practical assistance, emotional support, skills training and poverty reducing interventions;
To increase access to information and community services;
To Deliver a highly professional and flexible service that takes account of service- users' racial and cultural background and respect individual dignity and privacy.
Provide a package of care and support that is empowering to the service user and is responsive to their individual needs;
To promote social inclusion and participation and raise awareness of good mental health.
Achievements and performance
In the wake of the Covid-19 pandemic and in the post-Covid period, OCL has encountered numerous challenges. One of the most significant issues has been the difficulty in filling placement voids, which has led to a considerable loss of income for the organisation. This financial strain has been further compounded by ongoing funding challenges. Cuts to social care budgets and a general lack of funding have resulted in compromises, particularly due to staffing level issues and the broader implications of the current cost of living crisis.
The impact of the cost of living crisis has been profound, affecting both our organisation and the individuals we support. Inflation and rising costs have significantly increased the expense of providing quality care. Everyday essentials such as food, utilities, and transport have become more expensive, not only for our service users but also for our operations. This has led to a situation where we have had to stretch our resources further than ever before to maintain the level of support and care that our service users require.
Local authorities, who commission social care services, have been attempting to limit how much they are willing to pay for these services. This has placed additional financial pressure on us, particularly in light of the rising costs associated with staffing. While the increase in the minimum wage is a necessary and welcome change, it has significantly increased our operational costs. This has compounded by the overall increase in the cost of living, which affects everything from the wages we need to offer to retain skilled staff, to the costs of maintaining our facilities and providing daily support to our users.
Moreover, the rising cost of living has directly impacted our service users, many of whom are already on limited incomes. They are facing increased financial pressures, which in turn can exacerbate their mental health and well-being issues. The need for more intensive support is greater than ever, yet we are facing a situation where the resources available to provide this support are increasingly constrained.These financial pressures have created a challenging environment in which to maintain the high standard of care and support that OCL is known for. We are striving to balance the need to deliver high-quality, person-centred care with the economic realities of the current climate.
Despite these challenges, OCL remains dedicated to its mission of providing high-quality care and support to those with mental health issues, learning disabilities, and those facing homelessness. We are committed to navigating the current financial constraints and operational difficulties while continuing to offer person-centred, culturally sensitive support that aligns with the principles of the Care Act (2014).
Our focus moving forward is on finding innovative solutions to these challenges. This includes seeking alternative funding sources, such as grants and partnerships, and advocating for the critical
Page 2
Omega Community Living Limited
Report of the trustees (incorporating the directors' report) for the year ended 30 November 2023
value of social care services to secure more sustainable funding. We recognise the importance of long-term, stable funding to maintain the quality and safety of care. Additionally, we are exploring cost-effective methods of service delivery without compromising on the quality and integrity of our support. By continuing to build on our established track record and reputation for integrity and quality, we aim to adapt and evolve, ensuring that we can continue to support our service users in leading valued, fulfilling lives within the community. Through resilience, innovation, and a steadfast commitment to excellence, OCL will strive to overcome these obstacles and continue making a positive impact on the lives of those we serve.
Financial review
The gross income of the charity was £759,232 for the financial year with total expenses of £733,241
Public Benefit
The trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding activities undertaken by the charity. The trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirement.
Risk Assessment
The trustees are fully aware of the major risks to which the charity is exposed and have taken steps to manage those risks.
Reserves Policy
The trustees aim to hold a minimum of three months running costs in reserve at any point in time.
Plans for Future Periods
Our goal is to establish sustainable personal goals by providing clients with the necessary practical and emotional support to live valued and fulfilling lives. Our staff are supported through weekly supervision and training to improve accountability, provide a sense of support, develop professional skills, and increase efficiency. We ensure that everyone abides by our current policies and procedures with great care. Our organisation aims to improve employee effectiveness by enhancing access to sector-specific resources and developing their skills for future growth.
Small Company Provision
This report has been prepared in accordance with the special provisions for small companies S419(2) of the Companies Act 2006.
On behalf of the board
ade awosika ................................... Mr Ade Awosika 16th September 2024
Page 3
Omega Community Living Limited
Independent examiner's report to the trustees on the unaudited financial statements of Omega Community Living Limited
I report on the accounts for the year ended 30 November 2023 set out on pages 1 to 12
Respective responsibilities of trustees and examiner
As the trustees of the Company (who are also the directors of the company 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 for this year 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 Charities Act
2011 ("the 2011 Act"). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145 (5)(b) of the 2011 Act.
Basis of the Independent examiner's statement
The company's gross income exceeded £250,000and I am qualified to undertake the examination by being a qualified member of the Certified Public Accountants Association, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
-
the accounts do not accord with such records; or
-
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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
-
the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
thomas ojo
Thomas Ojo ( BA, BSc, FCPA) Independent examiner
Date: 19th September 2024
Page 4
Omega Community Living Limited
Statement of financial activities For the year ended 30 November 2023
| Unrestricted Restricted funds funds Notes £ £ Income and Endowments from: Charitable activities 2 759,232 _ _ Total 759,232 - Expenditure on: Charitable activities 3 733,241 - __ _ Total 733,241 - _ _ Net income/(expenditure) 5 25,991 - Net movement in funds 25,991 - Reconciliation of funds Total funds brought forward 6,862 - Total funds carried forward 32,853 - _ ____ |
2023 Total £ 759,232 __ 759,232 733,241 _ 733,241 _ 25,991 25,991 6,862 32,853 ____ |
2022 Total £ 780,356 __ 780,356 763,111 _ 763,111 ____ |
2022 Total £ 780,356 __ 780,356 763,111 _ 763,111 ____ |
|---|---|---|---|
| _ | 17,245 17,245 20,114 ______ |
||
| 37,359 ______ |
The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
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Omega Community Living Limited
Balance sheet
as at 30 November 2023
| Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year 7 Other bank Loans Net current assets Net assets Funds 8 Unrestricted income funds Total funds |
£ - 84,164 _ 84,164 -900 -50,411 _ |
2023 £ 32,853 _ 32,853 _ 32,853 _ 32,853 _ |
£ - 69,092 _ 69,092 -900 -30,833 _ |
2022 £ - 37,359 _ |
|---|---|---|---|---|
| 37,359 _ |
||||
| 37,359 _ |
||||
| 37,359 _ |
The financial statements were approved by the trustees on 16th September 2024 and signed on its behalf by:
ade awosika ............................................
Trustee
Mr Ade Awosika
Page 6
Omega Community Living Limited
Statement of cash flows
for the year ended 30 November 2023
| Net incoming / (outgoing) resources for the year Depreciation and impairment Decrease/(Increase) in debtors Increase/(Decrease) in creditors Net Cash inflow from operating activities Capital expenditure Increase in cash in the year Reconciliation of net cash flow to movement in net funds Increase in cash in the year Net funds at 01 December 2022 Net funds at 30 November 2023 |
2023 £ 25,991 -10,920 15,071 - 15,071 15,071 69,093 84,164 |
2022 £ 17,245 - -16,161 |
|---|---|---|
| 1,084 | ||
| - 1,084 1,084 68,009 |
||
| 69,093 |
Page 7
Omega Community Living Limited
Notes to financial statements for the year ended 30 November 2023
1 Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding period.
1.1.Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities' SORP 2015 and the Companies Act 2006.
1.2.Cashflow
The charity has produced a cashflow report in accordance with FRS 102.
1.3.Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Income received by way of grants, donations and gifts are included in full in
the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.
1.4 Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
1.5.Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
- Fixtures, fittings and equipment 25% straight line
Page 8
Omega Community Living Limited
Notes to financial statements for the year ended 30 November 2023
2 Income from Charitable Activities
| Period Period ended ended Restricted Unrestricted £ Total Charitable income - 759,232 _ _ - 759,232 _ _ 3 Costs of charitable activities - by fund type Period Period ended ended Restricted Unrestricted funds £ Charitable Activities - 733,241 _ _ - 733,241 _ _ 4 Costs of charitable activities - by activity Period Period Activities Grant undertaken funding directly activities £ £ Charitable Activities 733,241 - _ _ 733,241 - _ _ |
Period ended 2023 Total £ 759,232 _ 759,232 _ Period ended 2022 Total £ 733,241 _ 733,241 _ ended 2022 Total £ 733,241 _ 733,241 _ |
2022 Total £ 780,356 _ |
|---|---|---|
| 780,356 _ |
||
| Period ended 2022 Total £ 763,111 _ |
||
| 763,111 _ |
||
| ended 2022 Total £ 763,111 _ |
||
| 763,111 _ |
Page 9
Omega Community Living Limited
Notes to financial statements for the year ended 30 November 2023
5 Employees
| Employment costs | Period | Period |
|---|---|---|
| ended | ended | |
| 2023 | 2022 | |
| £ | £ | |
| Wages and salaries | 369,772 | 360,440 |
| Social security costs | 27,445 | 25,101 |
| Other costs | 6,570 _ |
6,664 _ |
| 403,787 _ |
392,205 _ |
No employee received emoluments of more than £60,000 (2022 : None).
Number of employees
The average monthly numbers of employees during the year, calculated on the basis of full time equivalents, was as follows:
| 2023 Number 11 _ 11 _ |
2022 Number 11 _ |
|
|---|---|---|
| 11 _ |
Page 10
Omega Community Living Limited
6 Comparative Statement of Financial Activities
Statement of financial activities For the year ended 30 November 2022
| Unrestricted funds Notes £ Income and Endowments from: Charitable activities 2 721,282 _ Total 721,282 Expenditure on: Charitable activities 3 759,715 __ Total 759,715 _ Net income/(expenditure) 5 -38,433 Net movement in funds -38,433 Reconciliation of funds Total funds brought forward 58,547 _ Total funds carried forward 20,114 ____ |
2022 Total £ 721,282 __ 721,282 759,715 _ 759,715 _ -38,433 -38,433 58,547 20,114 ____ |
2021 Total £ 721,282 __ 721,282 759,715 _ 759,715 ____ |
2021 Total £ 721,282 __ 721,282 759,715 _ 759,715 ____ |
|---|---|---|---|
| _ | -38,433 -38,433 58,547 ______ |
||
| 20,114 ______ |
Page 11
Omega Community Living Limited
Notes to financial statements for the year ended 30 November 2023
| 7 Creditors: amounts falling due within one year Other creditors Accruals and deferred income Other bank loan - |
2023 £ - -900 50,411 _ -51,311 _ |
2022 £ - 900 30,833 _ |
|---|---|---|
| 31,733 _ |
8 Analysis of net assets between funds
| Unrestricted funds £ Tangible fixed assets Current assets 84,164 Current liabilities -900 Long term liabilities -50,411 _ Total Funds 32,853 _ |
Total funds £ - 84,164 -900 -50,411 _ |
|---|---|
| 32,853 _ |
| 9 Unrestricted funds Unrestricted funds 10 Restricted funds Restricted funds |
At Incoming Outgoing 2022 resources resources £ £ £ 6,862 759,232 733,241 _ _ _ At Incoming Outgoing 2022 resources resources £ £ £ - - - _ _ _ |
At 2023 £ 32,853 _ |
|---|---|---|
| At 2023 £ - _ |
11 Going concern
There is not reason to suggest the charity will not continue as a going concern over the next twelve months.
Page 12