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 2022
FOR
OMNOM GROUP LIMITED (A COMPANY LIMITED BY GUARANTEE)
Arithma Accountants Limited
2nd Floor 15 - 19 Cavendish Place London W1G 0DD
OMNOM GROUP LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 19 |
OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
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 2022. 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.
STRATEGIC REPORT
Achievement and performance Charitable activities
During the year we were able to sponsor over 18,500 meals for those in need. With each meal we were able to give healthy eating initiatives and promoted the well-being space upstairs.
We continued to push its goals by offering free hot meals to the local people in need during winter. We also ran a series of mental well-being workshops on a weekly basis which have been growing well allowing an up-sell opportunity into the restaurant. There has been strong positive feedback for those who have joined these programs and have remained loyal customers. We also launched a new ayurveda healthy eating workshop to understand the benefits of good nutrition.
In order to focus on the core charitable objectives, we have brought in an experienced management team to operate the restaurant. They have brought their expertise and resources to boost the restaurant growth leaving the core Omnom management team to focus on the well-being space and the wider charitable activities.
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.
Page 1
OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
STRATEGIC REPORT Financial review
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.
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.
Principal risks and uncertainties
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees regularly monitor the charity's functions to assess any risks that may arise and take steps to mitigate them.
The Board of Trustees recognise the financial instability will negatively impact the settings and are closely monitoring the project to ensure continuity of services.
Future plans
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
Page 2
OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
Registered office
116n Upper St Islington London N1 1QP
Trustees
A Kumar N N Madhavji Y Rana
Independent Examiner
Arithma Accountants Limited 2nd Floor 15 - 19 Cavendish Place London W1G 0DD
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 26 May 2023 and signed on the board's behalf by:
Y Rana - Trustee
Page 3
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 2022.
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 member of the Institute of Chartered Accountants in England and Wales, 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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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
Arithma Accountants Limited 2nd Floor 15 - 19 Cavendish Place London W1G 0DD
26 May 2023
Page 4
OMNOM GROUP LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 222,353 Charitable activities 4 Restaurant 252,817 Fundraising events 27,897 Other income 5 18,000 Total 521,067 EXPENDITURE ON Charitable activities 6 General 229,269 Restaurant 324,120 Fundraising events 1,750 Total 555,139 NET INCOME/(EXPENDITURE) (34,072) RECONCILIATION OF FUNDS Total funds brought forward 287,634 TOTAL FUNDS CARRIED FORWARD 253,562 |
Restricted fund £ - - - - - - - - - - - - |
2022 Total funds £ 222,353 252,817 27,897 18,000 521,067 229,269 324,120 1,750 555,139 (34,072) 287,634 253,562 |
2021 Total funds £ 73,294 116,445 5,944 94,136 289,819 241,280 89,072 - 330,352 (40,533) 328,167 287,634 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
BALANCE SHEET 31 AUGUST 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 12 | 511,935 | - | 511,935 | 566,164 |
| CURRENT ASSETS | |||||
| Debtors | 13 | 96,342 | - | 96,342 | 81,997 |
| Cash at bank and in hand | 36,308 | - | 36,308 | 109,894 | |
| 132,650 | - | 132,650 | 191,891 | ||
| CREDITORS | |||||
| Amounts falling due within one year | 14 | (238,437) | - | (238,437) | (200,786) |
| NET CURRENT ASSETS | (105,787) | - | (105,787) | (8,895) | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 406,148 | - | 406,148 | 557,269 | |
| CREDITORS | |||||
| Amounts falling due after more than one year 15 | (152,586) | - | (152,586) | (269,635) | |
| NET ASSETS | 253,562 | - | 253,562 | 287,634 | |
| FUNDS | 18 | ||||
| Unrestricted funds | 253,562 | 287,634 | |||
| TOTAL FUNDS | 253,562 | 287,634 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(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 financial statements were approved by the Board of Trustees and authorised for issue on 26 May 2023 and were signed on its behalf by:
Y Rana - Trustee
The notes form part of these financial statements
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continued...
OMNOM GROUP LIMITED (REGISTERED NUMBER: 10769708)
BALANCE SHEET - continued 31 AUGUST 2022
The notes form part of these financial statements
Page 7
OMNOM GROUP LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Sale of tangible fixed assets Net cash provided by investing activities Cash flows from financing activities Loan repayments in year Capital repayments in year Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 59,665 (12,784) 46,881 - - (60,000) (60,467) (120,467) (73,586) 109,894 36,308 |
2021 £ 47,867 (12,756) 35,111 366 366 (2,500) 12,756 10,256 45,733 64,161 109,894 |
|---|---|---|
The notes form part of these financial statements
Page 8
OMNOM GROUP LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022
1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid (Increase)/decrease in debtors Increase in creditors Net cash provided by operations |
2022 £ (34,072) 54,229 12,784 (14,345) 41,069 59,665 |
2021 £ (40,533) 54,229 12,756 4,088 17,327 47,867 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| At 1.9.21 | Cash flow | At 31.8.22 | At 31.8.22 | |
|---|---|---|---|---|
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank and in hand | 109,894 | (73,586) | 36,308 | |
| 109,894 | (73,586) | 36,308 | ||
| Debt | ||||
| Finance leases | (227,389) | 60,467 | (166,922) | |
| Debts falling due within 1 year | (60,000) | 25,000 | (35,000) | |
| Debts falling due after 1 year | (62,500) | 35,000 | (27,500) | |
| (349,889) | 120,467 | (229,422) | ||
| Total | (239,995) | 46,881 | (193,114) |
The notes form part of these financial statements
Page 9
OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
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.
-
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.
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
Page 10
continued...
OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
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 2022
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 12)
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. DONATIONS AND LEGACIES
4.
| Donations INCOME FROM CHARITABLE ACTIVITIES Activity Restaurant income Restaurant Events income Fundraising events |
2022 £ 222,353 2022 £ 252,817 27,897 280,714 |
2021 £ 73,294 |
|---|---|---|
| 2021 £ 116,445 5,944 |
||
| 122,389 |
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
5. OTHER INCOME
Government grants
| 2022 | 2021 |
|---|---|
| £ | £ |
| 18,000 | 94,136 |
Government grants received, relate to the Coronavirus Job Retention Scheme and local authority grants.
6. CHARITABLE ACTIVITIES COSTS
| Direct costs |
Support costs (see note 7) |
Total 2022 |
Total 2021 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| General | 210,512 | 18,757 | 229,269 | 241,280 |
| Restaurant | 324,120 | - | 324,120 | 89,072 |
| Fundraising events | 1,750 | - | 1,750 | - |
| 536,382 | 18,757 | 555,139 | 330,352 | |
7. SUPPORT COSTS
| Finance | Governance costs |
Total 2022 |
Total 2021 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| General | 17,257 | 1,500 | 18,757 | 15,514 |
| 17,257 | 1,500 | 18,757 | 15,514 | |
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 54,229 | 54,229 |
| Other operating leases | 60,944 | 27,333 |
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
9. 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 were £NIL (2021: £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.
10. STAFF COSTS
11.
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: 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 73,294 Charitable activities Restaurant 116,445 Fundraising events 5,944 Other income 94,136 Total 289,819 EXPENDITURE ON Charitable activities General 241,280 Restaurant 89,072 Total 330,352 NET INCOME/(EXPENDITURE) (40,533) |
2022 £ 217,341 17,519 3,232 238,092 2022 12 Restricted fund £ - - - - - - - - - |
2021 £ 136,982 1,732 2,602 141,316 2021 8 Total funds £ 73,294 116,445 5,944 94,136 289,819 241,280 89,072 330,352 (40,533) |
|---|---|---|
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continued...
OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
| 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds fund £ £ RECONCILIATION OF FUNDS Total funds brought forward 328,167 - TOTAL FUNDS CARRIED FORWARD 287,634 - 12. TANGIBLE FIXED ASSETS Fixtures Short Plant and and leasehold machinery fittings £ £ £ COST At 1 September 2021 and 31 August 2022 517,429 17,629 126,167 DEPRECIATION At 1 September 2021 44,052 2,645 48,364 Charge for year 27,233 1,763 25,233 At 31 August 2022 71,285 4,408 73,597 NET BOOK VALUE At 31 August 2022 446,144 13,221 52,570 At 31 August 2021 473,377 14,984 77,803 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade debtors 24,776 Other debtors 57,125 Prepayments and accrued income 14,441 96,342 |
Total funds £ 328,167 287,634 Totals £ 661,225 95,061 54,229 149,290 511,935 566,164 2021 £ 4,412 68,127 9,458 81,997 |
Total funds £ 328,167 |
|---|---|---|
| 287,634 | ||
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Bank loans and overdrafts (see note 16) Other loans (see note 16) Finance leases (see note 17) Trade creditors Amounts owed to group undertakings Social security and other taxes Other creditors Accrued expenses |
2022 £ 10,000 25,000 41,836 140,266 22 162 1,939 19,212 238,437 |
2021 £ 10,000 50,000 20,254 106,204 - 4,462 5,695 4,171 |
| 200,786 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Bank loans (see note 16) | 27,500 | 37,500 | |
| Other loans (see note 16) | - | 25,000 | |
| Finance leases (see note 17) | 125,086 | 207,135 | |
| 152,586 | 269,635 | ||
| 16. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Bank loans | 10,000 | 10,000 | |
| Other loans | 25,000 | 50,000 | |
| 35,000 | 60,000 | ||
| Amounts falling between one and two years: | |||
| Bank loans - 1-2 years | 10,000 | 10,000 | |
| Amounts falling due between two and five years: | |||
| Bank loans - 2-5 years | 17,500 | 27,500 | |
| Amounts falling due in more than five years: | |||
| Repayable otherwise than by instalments: | |||
| Other loans more 5yrs non-inst | - | 25,000 |
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 £25,000 (2021: £75,000). There is no rate of interest applicable to the loans.
Page 16
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
17. LEASING AGREEMENTS
Minimum lease payments under finance leases fall due as follows:
18.
| Gross obligations repayable: Within one year Between one and five years Finance charges repayable: Within one year Between one and five years Net obligations repayable: Within one year Between one and five years MOVEMENT IN FUNDS Net movement At 1.9.21 in funds £ £ Unrestricted funds General fund 286,347 (34,072) Designated fund 1,287 - 287,634 (34,072) TOTAL FUNDS 287,634 (34,072) Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 521,067 TOTAL FUNDS 521,067 |
Finance leases 2022 2021 £ £ 54,592 33,010 163,354 258,159 217,946 291,169 12,756 12,756 38,268 51,024 51,024 63,780 41,836 20,254 125,086 207,135 166,922 227,389 Transfers between At funds 31.8.22 £ £ 1,287 253,562 (1,287) - - 253,562 - 253,562 Resources Movement expended in funds £ £ (555,139) (34,072) (555,139) (34,072) |
|---|---|
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OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Designated fund TOTAL FUNDS |
At 1.9.20 £ 326,132 2,035 328,167 328,167 |
Net movement in funds £ (40,533) - (40,533) (40,533) |
Transfers between funds £ 748 (748) - - |
At 31.8.21 £ 286,347 1,287 |
|---|---|---|---|---|
| 287,634 | ||||
| 287,634 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 289,819 289,819 |
Resources Movement expended in funds £ £ (330,352) (40,533) (330,352) (40,533) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated fund TOTAL FUNDS |
At 1.9.20 £ 326,132 2,035 328,167 328,167 |
Net movement in funds £ (74,605) - (74,605) (74,605) |
Transfers between funds £ 2,035 (2,035) - - |
At 31.8.22 £ 253,562 - |
|---|---|---|---|---|
| 253,562 | ||||
| 253,562 |
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 £ 810,886 810,886 |
Resources Movement expended in funds £ £ (885,491) (74,605) (885,491) (74,605) |
|---|---|---|
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continued...
OMNOM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
18. 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.
19. RELATED PARTY DISCLOSURES
At the year end the charitable company owed £22 (2021: £NIL) to it's parent company, Avanti Foundation Limited.
In the year, the charitable company received donations of £144,000 (2021: £NIL) from it's parent company, Avanti Foundation Limited.
There were no other related party transactions for the year ended 31 August 2022.
20. ULTIMATE CONTROLLING PARTY
The Ultimate Controlling Party is Avanti Foundation Limited.
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