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**
**----- Start of picture text -----**
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
**----- End of picture text -----**
**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.
1
**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**
2
**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:
- (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:
- (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
- (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
3
**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;
- observe the methods and principles in the Charity SORP;
- 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.
4
**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)**
4
- 4
6
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)**
7
**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:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management's controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
- 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.
8
**REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658)**
John Lee
6 May 2025
9
**AVANTI FOUNDATION LIMITED (REGISTERED NUMBER: 09127658) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 31 AUGUST 2024**
**----- Start of picture text -----**
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
**----- End of picture text -----**
10
## **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**
**----- Start of picture text -----**
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
**----- End of picture text -----**
3
**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:
- 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.
- 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.
- Other expenditure represents those items not falling into any other heading.
Page 15
**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.
Page 16
**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.
Page 17
**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**
Page 18
**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|
|---|---|---|---|
Page 19
**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