REGISTERED COMPANY NUMBER: 10769708 (England and Wales) REGISTERED CHARITY NUMBER: 1175640
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
FOR
OMNOM GROUP LIMITED (A COMPANY LIMITED BY GUARANTEE)
Arithma Accountants Limited 9 Mansfield Street London W1G 9NY
OMNOM GROUP LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Statement of Trustees' Responsibilities | 5 | ||
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | to | 9 |
| Notes to the Financial Statements | 10 | to | 18 |
OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2021. 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 objectives of the charity are as follows:
For the public benefit in the United Kingdom, India and such other areas of the world as the trustees shall from time to time determine:
i) the prevention or relief of poverty, including 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
ii) the promotion of good health, in particular, but not exclusively, through the promotion of nutrition and mental and physical well-being, and 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's main activities are to serve as many customers as possible, to increase the meals provided for those in need. In addition, it holds and promotes well-being to the public via festivals, workshops, social-media content. It also collaborates with a wide variety of organisations in the pursuit of fulfilling its objectives.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commissioner's general guidance on Public Benefit when reviewing the Charity's aim and objectives and in planning future activities. The trustees consider that the Charity's main aims are demonstrably to the public benefit.
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OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, Omnom experienced difficulties meeting its objectives due to negative impacts on operations related directly to the Covid-19 pandemic and restrictions that were imposed. However, the Trustees have been encouraged by the positive support from volunteers, staff, customers, and other sponsors to continue with this project through the difficult times.
Omnom had officially reopened its doors to the public in May 2021 with government restrictions applied. In the first few months after the covid restrictions lifted, we were able to sponsor over 6,000 meals for children in poorer parts of the world. We were unable to run any big festivals, however, we continued to build partnerships with various individuals and organisations to keep the brand going. With each meal we were able to give healthy eating initiatives and promoted the well-being space upstairs.
Omnom continued to push its goals by offering weekly free hot meals to the local homeless people in Islington.
Omnom also ran a series of mental well-being workshops on a weekly basis.
It was one of highlights of the year for many with such positive feedback and so many happy faces who felt nourished from this program. These have been strongly growing week on week.
Omnom also offered discounted meals to those serving in the NHS to support their positive contribution to the society during the pandemic.
The pandemic affected the planned operations, however with the support and volunteers available, the charity was able to adapt its resources to still promote charitable objectives albeit on a smaller scale than hoped for. The feedback from customer reviews have been very positive on respective channels such as Google and Opentable. There are good signs of growing loyal customers who complemented the healthy nutrition and well-being events.
Coronavirus
Financial support from Covid-19 long term loans and Government grant schemes from previous years have provided much needed financial support.
Omnom has directly suffered from the restrictions related to Covid-19 pandemic and therefore has only managed to operate partially and on a smaller scale than had hoped.
FINANCIAL REVIEW
Financial position
The charity's affairs and activities for the period are presented in the financial statement set out on page 7 and the financial position at the end of the period is set out on page 8.
Reserves policy
The unrestricted reserve is for the capital build of the property and this reserve will be used for this purpose. All other designated unrestricted funds will be used to pay for food relief programs in the UK and abroad.
The charity's reserves policy continues to be that of ensuring that the total unrestricted fund held within the general and designated reserves are equal to three months of budgeted unrestricted expenditure, thus ensuring that the organisation would be able to wind up its affairs if faced with financial difficulties. At the year end, the free reserves fell short of the three months operating costs and the trustees will ensure these reserves are increased to meet the policy requirement.
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OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
FINANCIAL REVIEW
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 charity's ability to continue as a going concern.
FUTURE PLANS
In line with the current economic uncertainty, the Charity's main aim in the next year is to consolidate its activities in an economically sound way.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Omnom Group Limited is a charitable company limited by guarantee and was incorporated on 13 May 2017. It became an UK registered charity on 8 November 2017, registration number 1175640. 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. The charitable company's governing document is the Memorandum and Articles of Association. It has a sole member, Avanti Foundation Limited, the parent company.
Decision making
Both new and existing trustees are voted on to the board, based on their experience and value add to the organisation. The Board of Trustees work together to make decisions in line with the charity's objectives. Day to day affairs are undertaken by a managing agent on behalf of the trustees. All major decisions are considered and undertaken by the trustees collaboratively. The trustees are unpaid and give their time freely. Any related party transactions are disclosed as applicable in the notes to the accounts.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
10769708 (England and Wales)
Registered Charity number
1175640
Registered office
116n Upper St Islington London N1 1QP
Trustees
A Kumar N N Madhavji Y Rana
Independent Examiner
Arithma Accountants Limited 9 Mansfield Street London W1G 9NY
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OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 29 August 2022 and signed on its behalf by:
Y Rana - Trustee
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OMNOM GROUP LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021
The trustees (who are also the directors of Omnom Group 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
Independent examiner's report to the trustees of Omnom Group Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors 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 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.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.
Mr Narendrakumar Mistry ICAEW Arithma Accountants Limited 9 Mansfield Street London W1G 9NY
29 August 2022
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OMNOM GROUP LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 73,294 Charitable activities General 5,944 Restaurant 116,225 Yoga 220 Other income 3 94,136 Total 289,819 EXPENDITURE ON Charitable activities General 241,280 Restaurant 85,287 Yoga 3,785 Total 330,352 NET INCOME/(EXPENDITURE) (40,533) RECONCILIATION OF FUNDS Total funds brought forward 328,167 TOTAL FUNDS CARRIED FORWARD 287,634 |
Restricted fund £ - - - - - - - - - - - - - |
2021 Total funds £ 73,294 5,944 116,225 220 94,136 289,819 241,280 85,287 3,785 330,352 (40,533) 328,167 287,634 |
2020 Total funds £ 163,746 9,834 99,285 12,478 41,180 326,523 258,636 126,508 35,922 421,066 (94,543) 422,710 328,167 |
|---|---|---|---|
The notes form part of these financial statements
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OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
BALANCE SHEET 31 AUGUST 2021
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
Unrestricted funds £ 566,164 81,997 109,894 191,891 (200,786) (8,895) 557,269 (269,635) 287,634 |
Restricted fund £ - - - - - - - - - |
2021 Total funds £ 566,164 81,997 109,894 191,891 (200,786) (8,895) 557,269 (269,635) 287,634 287,634 287,634 |
2020 Total funds £ 620,759 86,085 64,161 150,246 (103,205) 47,041 667,800 (339,633) 328,167 328,167 328,167 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
BALANCE SHEET - continued 31 AUGUST 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 August 2022 and were signed on its behalf by:
Y Rana - Trustee
The notes form part of these financial statements
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 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 financial statements have been prepared under the historical cost convention.
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.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ 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.
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.
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 charitable company 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.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Building - 20 years straight line basis Plant and machinery - 10 years straight line basis Fixtures and fittings - 5 years straight line basis
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
1. ACCOUNTING POLICIES - continued
TANGIBLE FIXED ASSETS
Computer equipment - 3 years straight line basis
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.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
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.
HIRE PURCHASE AND LEASING COMMITMENTS
The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The charitable company 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.
FINANCIAL INSTRUMENTS
The charity's 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 company 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.
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
1. ACCOUNTING POLICIES - continued
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 company 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 company'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 8)
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.
3.
OTHER INCOME
| OTHER INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Government grants | 94,136 | 41,180 |
Government grants received, relate to the Coronavirus Job Retention Scheme and local authority grants.
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 54,229 | 40,832 |
| Other operating leases | 27,333 | 5,960 |
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
7.
| Restaurant and events team staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 163,746 Charitable activities General 9,834 Restaurant 99,285 Yoga 12,478 Other income 41,180 Total 326,523 EXPENDITURE ON Charitable activities General 258,636 Restaurant 126,508 Yoga 35,922 Total 421,066 NET INCOME/(EXPENDITURE) (94,543) RECONCILIATION OF FUNDS Total funds brought forward 422,710 TOTAL FUNDS CARRIED FORWARD 328,167 |
2021 8 Restricted fund £ - - - - - - - - - - - - - |
2020 9 Total funds £ 163,746 9,834 99,285 12,478 41,180 326,523 258,636 126,508 35,922 421,066 (94,543) 422,710 328,167 |
|---|---|---|
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
8. TANGIBLE FIXED ASSETS
| Short Plant and leasehold machinery £ £ COST At 1 September 2020 517,429 17,995 Disposals - (366) At 31 August 2021 517,429 17,629 DEPRECIATION At 1 September 2020 16,819 882 Charge for year 27,233 1,763 At 31 August 2021 44,052 2,645 NET BOOK VALUE At 31 August 2021 473,377 14,984 At 31 August 2020 500,610 17,113 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 12) Other loans (see note 12) Finance leases (see note 13) Trade creditors Social security and other taxes Other creditors Accrued expenses |
Fixtures and fittings £ 126,167 - 126,167 23,131 25,233 48,364 77,803 103,036 2021 £ 4,412 68,127 9,458 81,997 2021 £ 10,000 50,000 20,254 106,204 4,462 5,695 4,171 200,786 |
Totals £ 661,591 (366) 661,225 40,832 54,229 95,061 566,164 620,759 2020 £ 1,839 77,381 6,865 86,085 2020 £ - - - 97,622 789 388 4,406 103,205 |
|---|---|---|
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
|---|---|---|
| Bank loans (see note 12) Other loans (see note 12) Finance leases (see note 13) |
2021 £ 37,500 25,000 207,135 269,635 |
2020 £ 50,000 75,000 214,633 |
| 339,633 |
12. 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: Repayable otherwise than by instalments: Other loans more 5yrs non-inst |
2021 £ 10,000 50,000 60,000 10,000 27,500 25,000 |
2020 £ - - |
|---|---|---|
| - | ||
| 10,000 | ||
| 40,000 | ||
| 75,000 |
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 company has received loans from individuals and a company of £75,000 (2020: £75,000). £25,000 (2020: 75,000) is repayable after 5 years, not by installments. There is no rate of interest applicable to the loans.
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
13. 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 14. MOVEMENT IN FUNDS At 1.9.20 £ Unrestricted funds General fund 326,132 Designated fund 2,035 328,167 TOTAL FUNDS 328,167 Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
Net movement in funds £ (40,533) - (40,533) (40,533) Incoming resources £ 289,819 289,819 |
Finance leases 2021 2020 £ £ 33,010 12,756 258,159 231,073 - 34,584 291,169 278,413 12,756 12,756 51,024 51,024 63,780 63,780 20,254 - 207,135 180,049 - 34,584 227,389 214,633 Transfers between At funds 31.8.21 £ £ 748 286,347 (748) 1,287 - 287,634 - 287,634 Resources Movement expended in funds £ £ (330,352) (40,533) (330,352) (40,533) |
|---|---|---|
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Designated fund TOTAL FUNDS |
At 1.9.19 £ 421,710 1,000 422,710 422,710 |
Net movement in funds £ (94,543) - (94,543) (94,543) |
Transfers between funds £ (1,035) 1,035 - - |
At 31.8.20 £ 326,132 2,035 |
|---|---|---|---|---|
| 328,167 | ||||
| 328,167 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 326,523 326,523 |
Resources Movement expended in funds £ £ (421,066) (94,543) (421,066) (94,543) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated fund TOTAL FUNDS |
At 1.9.19 £ 421,710 1,000 422,710 422,710 |
Net movement in funds £ (135,076) - (135,076) (135,076) |
Transfers between funds £ (287) 287 - - |
At 31.8.21 £ 286,347 1,287 |
|---|---|---|---|---|
| 287,634 | ||||
| 287,634 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 616,342 616,342 |
Resources Movement expended in funds £ £ (751,418) (135,076) (751,418) (135,076) |
|---|---|---|
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
14. MOVEMENT IN FUNDS - continued
TRANSFERS BETWEEN FUNDS
The transfer of funds from General to Designated, relates to the project for prevention of property and promotion of good health.
15. RELATED PARTY DISCLOSURES
In the year, the charitable company received donations of £NIL (2020: £96,250) from it's parent company, Avanti Foundation Limited.
There were no other related party transactions for the year ended 31 August 2021.
16. ULTIMATE CONTROLLING PARTY
The Ultimate Controlling Party is Avanti Foundation Limited.
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