REGISTERED COMPANY NUMBER: 09127658 (England and Wales} REGISTERED CHARITY NUMBER: 1161879 REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR AVANTI FOUNDATION LIMITED IA COMPANY LIMITED BY GUARANTEEI Xeinadin Audit Limited 8th Floor Becket House 36 Old Jewry London EC2R 8DD
CONSOLIDATED FOR THE YEAR ENDED 31 AUGUST 2024
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Page
Group strategic report 1 to 2
Report of the Trustees 3 to 5
Report of the Independent Auditors 6 to 9
Consolidated Statement of Financial Activities 10
Consolidated Balance Sheet 11
Individual Charity Balance Sheet 12
Group Cash Flow Statement 13
Notes to the Group Cash Flow Statement 14
Notes to the Consolidated Financial Statements 15 to 24
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AVANTI FOUNDATION LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024
The trustees present their strategic report for the year ended 31 August 2024.
Achievements and performance
The group has continued to provide educational, financial, and administrative support to its subsidiaries and investments which have objectives in line with its own.
In addition, trading subsidiary, The Vedanta Way Limited which runs a retreat centre has grown significantly over the last year, and well on its way to becoming a sustainable project.
Avanti Education Limited, has operated one site in the year and that remains a healthy and sustainable project.
Subsidiary company Omnom Group Ltd (Omnom), continues to grow in strength under the support of management from Namaste and is expected to reach sustainability within the next two years.
REVIEW OF BUSINESS
Reserves policy
The charities reserve policy continues to be that of ensuring that the total unrestricted funds held within the general and designated reserves are equal to three months of budgeted unrestricted expenditure, thus ensuring that the organisation would be allowed to wind up its affairs efficiently if faced with financial difficulties. At the year end, the free reserves for Avanti Foundation Limited group exceeded three months operating costs. At the year end, the group had free reserves of £854k (2023: £725k) for operating costs.
Going concern
We have adequate financial resources and have the structures in place to manage the business risks. In addition, our annual budgeting and forecasting processes have taken into consideration the current economic climate and its potential impact on both our various sources of income and expenditure.
We have reasonable expectation that we have adequate resources and control mechanisms to continue in operational existence for the foreseeable future. Further, we believe that there are no material uncertainties that may cast doubt on the charities group ability to continue as a going concern.
Future plans
The Charities group main aspiration is to continue to push and venture forward with development plans for each of the projects.
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AVANTI FOUNDATION LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024
PRINCIPAL RISKS AND UNCERTAINTIES
The trustees have a duty to identify and review the risks to which the charity and the group is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees regularl to mitigate them.
The principal risks are associated with overspending, however, this risk can be mitigated with regular cash flow reporting and reducing expenditure where there is unmatched income.
Other risks faced are related to ineffective investments. These risks are managed by the trustees increasing their research, considering multiple scenarios beforehand and also having more direct involvement and reporting structures in place once investments are in place. The trustees have reviewed their risk position and are increasing procedures to ensure further safeguarding of the charities group assets.
Approved by order of the board of trustees on 6 May 2025 and signed on its behalf by:
.................................................................
V H Hi ~~ran~~ i - T ~~rus~~ tee
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AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the consolidated financial statements of the charity and its subsidiaries for the year ended 31 August 2024.
The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity group will carry out activities to fulfil the objectives as follows:
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(a) to advance education for the public benefit in the United Kingdom, and such other areas of the world as the trustees shall from time to time determine, in particular by; providing day care and learning-orientated activities for pre-school infants and children, including through the establishment of OFSTED registered pre-school centres/nurseries;
-
(b) supporting and promoting training in the area of childcare and education; and making grants of financial assistance to (i) help establish (and to support existing) OFSTED registered pre-school centres/nurseries and/or (ii) support and promote training in the area of child care and education:
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(c) the prevention or relief of poverty in the UK, and such other areas of the world as the trustees shall from time to time determine though the provision of grants, financial support, items and services to individuals in need and/or charities, or other organisations working to prevent and/or relieve poverty; and
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(d) the promotion of nutrition and well-being, including through the provision of grants, financial support, items and services to individuals in need and/or charities, or other organisations working to promote nutrition and/or well-being.
The charity provides financial, advisory and management support to entities and projects that help it fulfil the above criteria.
Public Benefit
general guidance on Public Benefit when reviewing the groups aim and o bjectives and in planning future activities. The trustees consider that the groups main aims are de monstrably to the public benefit.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The company is a charitable company limited by guarantee and was incorporated on 11 July 2014. It has no share capital, but each member undertakes in the event of winding up to contribute £10 towards the cost and expenses of winding up. Avanti Foundation L governing document is the Memorandum and Articles of Association.
Decision making
The charity has a Board of Trustees formed by votes which are based on experience and 'value add'. All Board members consequently work together to ensure the objectives of the are met, in order to better meet the respective purposes of the charity.
The Board of Trustees work together to make decisions in line with the charity's objectives. Both existing and potential trustees need to demonstrate understanding and ability to meet needs and demands of the organisation and are voted on to the Board accordingly. Day to day activities are undertaken by a
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AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 202 3
mixture of volunteers and employees who report to the trustees regularly. All major decisions are considered and undertaken by the trustees collaboratively. The trustees are unpaid, give their time freely and have no significant contracts in which they have a material interest.
Related parties
The Charity is a sole member of the following subsidiaries:
Avanti Education Limited Omnom Group Limited The Vedanta Way Limited Krishna Avanti Private Limited (India)
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 09127658 (England and Wales)
Registered Charity number
1161879
Registered office
21 Brinkburn Gardens Edgware HA8 5PL
Trustees
S Agarwal (resigned 12.12.23) V H Hirani D Patel K Chawla (appointed 12.12.23) Company Secretary V H Hirani
Auditors
Xeinadin Audit Limited 8th Floor Becket House 36 Old Jewry London EC2R 8DD
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Avanti Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the group for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
-
state whether applicable 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 and the group will continue in business.
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AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 6 M ay 2025 and signed on its behalf by:
................................................................. V H Hirani - Trustee
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)
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6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)
Based on our understanding of the charitable group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries or the manipulation of accounting estimates.
Audit procedures performed by the engagement team included:
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Inspecting correspondence with regulators and tax authorities;
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Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Evaluating management's controls designed to prevent and detect irregularities;
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Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
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Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)
John Lee
6 May 2025
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AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024
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2024 2023
Unrestricted Restricted Total Total
Funds Funds Funds Funds
Note £ £ £ £
INCOME AND ENDOWMENTS FROM 3
Income from:
Donations and legacies 1,267,222 - 1,267,222 482,812
Retreat income 907,411 - 907,411 774,966
Charitable activities 5
-
Fundraising events 5,389 5,389 43,719
Education 391,689 - 391,689 425,326
Restaurant 140,417 - 140,417 78,784
Investment income 4 - - - 1
Total 2,712,128 - 2,712,128 1,805,608
EXPENDITURE ON
Charitable activities 7
Fundraising events 7,792 - 7,792 22,499
Development and promoting 81,163 67,142 148,305 185,741
nutrition and well-being
Development of education 412,130 - 412,130 323,111
General 1,182,001 - 1,182,001 965,966
Restaurant 53 - 53 21,121
Total 1,683,139 67,142 1,750,281 1,518,438
NET INCOME/(EXPENDITURE) 1,028,989 (67,142) 961,847 287,170
RECONCILIATION OF FUNDS
Total funds brought forward 914,539 3,811,616 4,726,155 4,438,985
TOTAL FUNDS CARRIED FORWARD 1,943,528 3,744,474 5,688,002 4,726,155
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AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658) CONSOLIDATED BALANCE SHEET 31 AUGUST 2024
6 May
2025
11
INDIVIDUAL CHARITY
4
The financial statements were approved by the Board of Trustees and authorised for issue on 6 May 2025 and were signed on its behalf by:
V H Hirani - Trustee
The notes form part of these financial statements
1 2
4
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2024 2023
991,932 512,667
Interest paid (31,886) (36,528)
960,046 476,139
(899,688) -
Interest received - 1
(899,688) 1
Capital repayments in year (39,890) (39,163)
Loan repayments in year (38,000) (38,000)
(77,890) (77,163)
(17,532) 398,977
1,041,665 642,688
2 1,024,133 1,041,665
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4
| 1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING of Financial Activities) ACTIVITIES 2024 £ Net expenditure for the reporting period (as per the Statement 961,847 Adjustments for: Depreciation charges 145,353 Interest paid 31,886 Interest received - (Increase)/decrease in debtors(174,033) Increase in creditors 26,879 |
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING of Financial Activities) ACTIVITIES 2024 £ Net expenditure for the reporting period (as per the Statement 961,847 Adjustments for: Depreciation charges 145,353 Interest paid 31,886 Interest received - (Increase)/decrease in debtors(174,033) Increase in creditors 26,879 |
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING of Financial Activities) ACTIVITIES 2024 £ Net expenditure for the reporting period (as per the Statement 961,847 Adjustments for: Depreciation charges 145,353 Interest paid 31,886 Interest received - (Increase)/decrease in debtors(174,033) Increase in creditors 26,879 |
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING of Financial Activities) ACTIVITIES 2024 £ Net expenditure for the reporting period (as per the Statement 961,847 Adjustments for: Depreciation charges 145,353 Interest paid 31,886 Interest received - (Increase)/decrease in debtors(174,033) Increase in creditors 26,879 |
2023 £ 287,170 145,353 36,528 (1) 16,247 27,370 |
|---|---|---|---|---|
| Net cash provided by operations | 991,932 | 642,974 | ||
| 2. ANALYSIS OF CHANGES IN NET DEBT Net cash Cash at bank and in hand |
At 1.9.23 £ 1,041,665 |
Cash flow £ (17,532) |
At 31.8.24 £ 1,024,133 |
|
| 1,041,665 | (17,532) | 1,024,133 | ||
| Debt Finance leases Debts falling due within 1 year Debts falling due after 1 year |
(127,759) (63,000) (480,748) |
36,490 - 41,400 |
(91,269) (63,000) (439,348) |
|
| (671,507) | 77,890 | (593,617) | ||
| Total | 370,158 | 60,358 | 430,516 |
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AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE CONSOLIDATED FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their group accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The consolidated financial statements have been prepared under the historical cost convention.
GROUP FINANCIAL STATEMENTS
The financial statements consolidate the results of the charity and its subsidiaries on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented, because the charitable company has taken advantage of exemption afforded by the Companies Act 2006, s. 408.
INCOME
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Subscription income is recognised in the period for which the subscription relates to.
Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the group that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised.
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid or payable by the bank.
EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
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Costs of raising funds comprise of trading Costs and the Costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
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Expenditure on charitable activities includes the costs of delivering services, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs.
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Other expenditure represents those items not falling into any other heading.
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AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES - continued
ALLOCATION OF SUPPORT COSTS
Support costs are those functions that assist the work of the charities but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity activities. These costs have been allocated between the direct activities of the charity on the basis of staff time.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 50 years on cost of building. No depreciation is provided on the cost of freehold land.
Short leasehold - 20 years straight line basis Plant and machinery - 10 years straight line basis
- Fixtures and fittings 5 years straight line basis
Computer equipment - 3 years straight line basis
HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
TAXATION
The charity is exempt from corporation tax, as all it's income is charitable and is applied for charitable purposes.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The charity operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
INVESTMENTS
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
1. ACCOUNTING POLICIES - continued
FINANCIAL INSTRUMENTS
The charity principal financial instruments comprise cash, short term deposits and trade creditors that arise directly from its operation. The main purpose of these financial instruments is to fund the charity's operation as well as working capital, liquidity and invest surplus funds.
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost. Where contractual obligations of financial instruments are equivalent similar to debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In preparing these financial statements, the directors have had to make the following judgements:
Determine whether leases entered into by the charity as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determine whether there are indications of impairment of the charity's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Tangible fixed assets (see note 13)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3. DONATIONS AND LEGACIES
| Donations Retreat income Interest receivable Fundraising events Education Restaurant Government grants INVESTMENT INCOME INCOME FROM CHARITABLE ACTIVITIES OTHER INCOME |
2024 £ 1,267,222 907,411 2,174,633 2024 £ - 2024 £ 5,389 391,689 140,417 537,495 2024 £ - |
2023 £ 482,812 774,966 |
2023 £ 482,812 774,966 |
|
|---|---|---|---|---|
| 1,257,778 | ||||
| 2023 £ 1 |
||||
| 2023 £ 43,719 425,326 78,784 |
||||
| 547,829 | ||||
| 2023 £ - |
4. INVESTMENT INCOME
5. INCOME FROM CHARITABLE ACTIVITIES
6. OTHER INCOME
Government grants received, relate to the Coronavirus Job Retention Scheme and local authority grants.
7. CHARITABLE ACTIVITIES COSTS
| Fundraising events Development and promoting nutrition and well-being Development of education General Restaurant Finance 2024 £ 102 Development of education 595 General 36,431 37,128 SUPPORT COSTS Development and promoting nutrition and well-being |
Direct Costs 2024 £ 7,792 147,167 400,042 1,138,333 53 1,693,387 Other 2024 £ - - - - |
Support costs (see note 8) 2024 £ - 1,138 12,088 43,668 - 56,894 Governance costs 2024 £ 1,036 11,493 7,237 19,766 |
Totals 2024 £ 7,792 148,305 412,130 1,182,001 53 1,750,281 Totals 2024 £ 1,138 12,088 43,668 56,894 |
Totals 2023 £ 22,499 185,741 323,111 965,966 21,121 |
Totals 2023 £ 22,499 185,741 323,111 965,966 21,121 |
|---|---|---|---|---|---|
| 1,518,438 | |||||
| Totals 2023 £ 1,544 11,925 41,813 55,282 |
|||||
| 55,282 |
8. SUPPORT COSTS
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AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Auditors' remuneration Depreciation - owned assets |
2024 2023 £ £ 7,405 7,260 145,353 145,353 152,758 152,613 |
2024 2023 £ £ 7,405 7,260 145,353 145,353 152,758 152,613 |
|---|---|---|
| 152,613 |
10. TRUSTEES' REMUNERATION AND BENEFITS
The key management personnel of the Charity comprise the trustees ("Directors" for the purposes of the Companies Act) and Senior Management Team. The total amounts paid in respect of the key management personnel of the Charity was £NIL (2023: NIL)
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
TRUSTEES' EXPENSES
No trustees were reimbursed any expenses in the year or the previous year.
11. STAFF COSTS
| STAFF COSTS | |||
|---|---|---|---|
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Admin staff Education staff Restaurant and events staff |
2024 £ 536,171 35,850 6,588 578,609 2024 8 9 1 18 |
2023 £ 286,992 11,339 4,900 |
|
| 303,231 | |||
| 2023 8 7 1 16 |
The average number of employees by undertakings that were proportionately consolidated during the year was 18 (2023 - 16).
No employees received emoluments in excess of £60,000.
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Retreat income Charitable activities Fundraising events Education Restaurant Investment income Other income Total |
Unrestricted fund £ 482,812 774,966 43,719 425,326 78,784 1 - 1,805,608 |
Restricted funds £ - - - - - - - - |
Total Other funds £ £ - 482,812 - 774,966 - 43,719 - 425,326 - 78,784 - 1 - - - 1,805,608 |
|---|---|---|---|
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AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued EXPENDITURE ON Charitable activities
| Fundraising events Development and promoting nutrition and Development of education General Restaurant Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD TANGIBLE FIXED ASSETS Group COST At 1 September 2023 Additions Disposals At 31 August 2024 DEPRECIATION At 1 September 2023 Charge for the year Eliminated on disposal At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 TANGIBLE FIXED ASSETS Company |
well-being Freehold property £ 3,957,090 - - |
22,499 118,599 323,111 965,966 21,121 |
22,499 118,599 323,111 965,966 21,121 |
- - 67,142 - - - - - - - 67,142 - - - (67,142) - - - (67,142) - Plant and Fixtures and machinery fittings £ £ 356,570 126,167 899,688 - - - 1,256,258 126,167 40,145 98,830 25,745 25,233 - - 65,890 124,063 1,190,368 2,104 316,425 27,337 |
22,499 185,741 323,111 965,966 21,121 |
|
|---|---|---|---|---|---|---|
| 1,451,296 - |
1,518,438 - |
|||||
| 354,312 4,438,985 |
287,170 4,438,985 |
|||||
| 4,793,297 Short leasehold £ 517,429 - - 517,429 98,518 27,233 - 125,751 391,678 418,911 |
4,726,155 | |||||
| Totals £ 4,957,256 899,688 - |
||||||
| 3,957,090 | 517,429 | 5,856,944 | ||||
| 145,474 67,142 - |
98,518 27,233 - |
382,967 145,353 - |
||||
| 212,616 | 125,751 | 528,320 | ||||
| 3,744,474 | 391,678 | 5,328,624 | ||||
| 3,811,616 | 418,911 | 4,574,289 | ||||
| COST At 1 September 2023 Additions Disposals At 31 August 2024 DEPRECIATION At 1 September 2023 Charge for the year Eliminated on disposal At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 |
Freehold property £ 3,957,090 - 3,957,090 145,474 67,142 - 212,616 3,744,474 3,811,616 |
Totals £ 3,957,090 - - |
||||
| 3,957,090 145,474 67,142 - |
||||||
| 212,616 3,744,474 3,811,616 |
13. TANGIBLE FIXED ASSETS
| Freehold | ||
|---|---|---|
| property | Totals | |
| £ | £ | |
| COST | ||
| At 1 September 2023 | 3,957,090 | 3,957,090 |
| Additions | - | |
| Disposals | - | - |
| At 31 August 2024 | 3,957,090 | 3,957,090 |
| DEPRECIATION | ||
| At 1 September 2023 | 145,474 | 145,474 |
| Charge for the year | 67,142 | 67,142 |
| Eliminated on disposal | - | - |
| At 31 August 2024 | 212,616 | 212,616 |
| NET BOOK VALUE | ||
| At 31 August 2024 | 3,744,474 | 3,744,474 |
| At 31 August 2023 | 3,811,616 | 3,811,616 |
Included in cost or valuation of land and buildings is freehold land of £600,000 which is not depreciated.
Page 20
AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
14. FIXED ASSET INVESTMENTS Company
| COST At 1 September 2023 Additions Disposals At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 |
Shares in group undertakings £ 1,112 - - |
|---|---|
| 1,112 | |
| 1,112 1,112 |
Avanti Foundation Limited acquired 100% of the 10,000 Issued share capital of Krishna Avanti Private Limited in 2021, a charitable company based in India.
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income |
2024 2023 £ £ 119,497 50,391 - - 34,617 11,532 166,089 84,247 320,203 146,170 Group |
2024 2023 £ £ - - 2,057,192 1,091,164 248 64 143,614 55,781 2,201,054 1,147,009 Company |
2024 2023 £ £ - - 2,057,192 1,091,164 248 64 143,614 55,781 2,201,054 1,147,009 Company |
|---|---|---|---|
| 1,147,009 |
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts Other loans Finance leases Trade creditors Social security and other taxes Other creditors Accrued expenses |
2024 2023 £ £ 38,000 38,000 25,000 25,000 36,489 35,756 120,958 247,066 46,786 7,471 75,502 6,603 148,095 103,322 490,830 463,218 Group |
2024 2023 £ £ 10,000 10,000 - - - - - 180 - - 198 1,320 9,629 9,407 19,827 20,907 Company |
2024 2023 £ £ 10,000 10,000 - - - - - 180 - - 198 1,320 9,629 9,407 19,827 20,907 Company |
|---|---|---|---|
| 20,907 |
17. CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR
| Bank loans and overdrafts Other loans Finance leases |
2024 £ 28,933 410,415 54,780 494,128 Group |
2023 £ 70,333 410,415 92,003 572,751 |
2024 2023 £ £ 8,333 18,333 - - - - 8,333 18,333 Company |
|---|---|---|---|
Page 21
AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
18. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Bank loans Other loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years Amounts falling due in more than five years: Repayble otherwise than by installments: Other loans more 5yrs non-inst |
2024 2023 £ £ 38,000 38,000 25,000 25,000 63,000 63,000 28,933 38,000 32,333 410,415 410,415 Group |
2024 2023 £ £ 10,000 10,000 - - 10,000 10,000 8,333 10,000 - 8,333 - - Company |
2024 2023 £ £ 10,000 10,000 - - 10,000 10,000 8,333 10,000 - 8,333 - - Company |
|---|---|---|---|
| 10,000 10,000 8,333 - |
Bank loans consist of a government backed bounce-back loan, on which 2.5% interest is payable from the anniversary of the receipt of the loan.
The charitable group has received loans from individuals and a company of £410,415 (2023: £410,415). The loans are repayable after 5 years, not by installments. There is no rate of interest applicable to the loans.
19. LEASING AGREEMENTS
Minimum lease payments under finance leases fall due as follows:
| Gross obligations repayable Within one year Between one and five years In more than five years Finance charges repayable Within one year Between one and five years Net obligations repayable Within one year Between one and five years In more than five years |
2024 2023 £ £ 47,780 47,780 57,711 105,491 - - 105,491 153,271 11,291 12,024 2,931 13,488 14,222 25,512 36,489 35,756 54,780 92,003 - - 91,269 127,759 Group Finance |
2024 2023 £ £ - - - - - - - - - - - - - - - - - - - - - - Company leases |
2024 2023 £ £ - - - - - - - - - - - - - - - - - - - - - - Company leases |
|---|---|---|---|
| - | |||
| - - |
|||
| - | |||
| - - - |
|||
| - |
Page 22
AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
20. MOVEMENT IN FUNDS
| Net Transfers movement between At 1.9.23 in funds funds £ £ £ Unrestricted funds General fund 914,539 1,028,989 - Designated fund - - - Restricted funds Property 3,811,616 (67,142) - TOTAL FUNDS 4,726,155 961,847 - Net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 2,712,128 (1,683,139) - Restricted funds Property - (67,142) - TOTAL FUNDS 2,712,128 (1,750,281) - Comparatives for movement in funds Net Transfers movement between At 1.9.22 in funds funds £ £ £ Unrestricted funds General fund 560,227 354,312 - Designated fund - - - Restricted funds Property 3,878,758 (67,142) - TOTAL FUNDS 4,438,985 287,170 - Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 1,805,608 (1,451,296) - Restricted funds Property - (67,142) - Endowment - - - TOTAL FUNDS 1,805,608 (1,518,438) - A current year 12 months and prior year 12 months combined position is as follows: Net Transfers movement between At 1.9.22 in funds funds £ £ £ Unrestricted funds General fund 560,227 1,383,301 - Designated fund - - - Restricted funds Property 3,878,758 (134,284) - TOTAL FUNDS 4,438,985 1,249,017 - |
At 31.8.24 £ 1,943,528 - 3,744,474 |
|---|---|
| 5,688,002 Movement in funds £ 1,028,989 (67,142) |
|
| 961,847 At 31.8.23 £ 914,539 - 3,811,616 |
|
| 4,726,155 Movement in funds £ 354,312 (67,142) - |
|
| 287,170 At 31.8.24 £ 1,943,528 - 3,744,474 |
|
| 5,688,002 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Page 23
AVANTI FOUNDATION LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
20. MOVEMENT IN FUNDS - continued
| MOVEMENT IN FUNDS - continued | ||||
|---|---|---|---|---|
| Unrestricted funds General fund Restricted funds Property Endowment TOTAL FUNDS |
Incoming resources £ 4,517,736 - - 4,517,736 |
Resources expended £ (3,134,435) (134,284) - (3,268,719) |
Gains and losses £ - - - - |
Movement in funds £ 1,383,301 (134,284) - |
| 1,249,017 |
22.[RELATED PARTY DISCLOSURES]
In the year, the charitable company gave donations of £75,000 (2023: £110,000) to fellow group charitable company, Omnon Group Limited.
At the year end the charitable company was owed £18 (2023: £1,035) by it's fellow group charitable company, Avanti Education Limited.
At the year end the charitable company was owed £2,057,174 (2023: £1,090,129) by it's fellow group company, The Vedanta Way Limited.
The charitable company received £30,000 (2023: £40,000) as management charges from it's fellow group charitable company, Avanti Education Limited.
There were no other related party transactions for the year ended 31 August 2024.
The Ultimate Controlling Party is the Trustees, by virtue of their ownership.
Page 24