2023-03-31-accounts - Elite Supported Employment Agency Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

						Page
Trustees' annual report (incorporating			the	director's	report)
Independent auditor's	report to	the members
Statement offinancial	activities	(including		income and
expenditure account)						12
Statement offinancial	position					13
Statement ofcash flows						14
Notes to the financial	statements					15

Reference	and adm	inistrative	inistrative	details	details
Registered	charity	name		E.L.I.T.E.Supported		Employment		Agency	Limited
Charity registration		number		1049341
Company	registration		number	2931254
Principal office and		registered		8 Magden Park
office				Green Meadow
				Llantrisant
				Rhondda Cynon Taf
				CF72 8XT
The trustees
				Mrs EAustin
				Miss R Baker				(Resigned 12July 2023)
				Mr A Hole
				Mr R Jones
				Mrs G Owens
				Ms M Whelan
Company	secretary			Mrs AP Wayman
Auditor				Walter Hunter	&Co	Limited
				Chartered accountants			& statutory	auditor
				24 Bridge Street
				Newport
				South Wales
				NP20 4SF

					2023		2022
				Unrestricted	Restricted
				funds	funds	Total funds	Total funds
			Note		E	K	E
Income and endowments
Charitable activities			5	913,724	1,505,734	2,419,458	2,307,748
Trading activities			6	701,774		701,774	950,950
Investment income			7	51,292		51,292	14,036
Total income				1,666,790	1,505,734	3,172,524	3,272,734
Expenditure
Expenditure on charitable		activities	8„9	1,682,923	1,709,139	3,392,062	2,648,012
Other expenditure			12	974	—	974
Total expenditure				1,683,897	1,709,139	3,393,036	2,648,012
Net gains on investments			13				22,927
Net (expenditure)/income		and net
movement in funds				(17,107)	(203,405)	(220,512)	647,649
Reconciliation offunds
Total funds brought	forward			730,138	537,600	1,267,738	620,089
Total funds carried	forward			713,031	334,195	1,047,226	1,267,738

Statement of Fi 31 March 2023	nan	cial Position
				2023	2022
			Note	8	F
Fixed assets
Tangible fixed assets Investments			18 19	944,677 165,000	96,562 165,000
				1,109,677	261,562
Current assets
Stocks			20	3,583	3,017
Debtors			21	566,014	382,300
Cash at bank and in	hand			458,810	1,055,391
				1,028,407	1,440,708
Creditors: amounts	falling due within one year		22	290,807	434,532
Net current assets				737,600	1,006,176
Total assets less current liabilities				1,847,277	1,267,738
Creditors: amounts	falling due after more than one year		23	800,051
Net assets				1,047,226	1,267,738
Funds ofthe charity Restricted funds				334,195	537,600
Unrestricted funds:
Revaluation reserve				22,927	22,927
Other unrestricted		income funds		690,104	707,211
Total unrestricted	funds			713,031	730,138
Total charity funds			25	1,047,226	1,267,738

Year ended 31 March	2023
				2023	2022
			Note		F
Cash generated from operations			27	(438,962)	698,688
interest paid				(38,010)	(472)
Interest received				447	36
Net cash (used in)/from operating activities				(476,525)	698,252
Cash flows from investing	activities
Dividends, interest, and rents	from investments			50,845	14,000
Purchase oftangible assets				(930,862)	(123,051)
Net cash used in investing activities				(880,017)	(109,051)
Cash flows from financing	activities
Proceeds from borrowings				821,246	63,795
Repayments of borrowings				(61,285)	(2,510)
Net cash from financing activities				759,961	61,285
Net (decrease)/increase in	cash and cash	equivalents		(596,581)	650,486
Cash and cash equivalents	at beginning	ofyear		1,055,391	404,905
Cash and cash equivalents	at end ofyear			458,810	1,055,391

value, over the useful economic	life ofthat asset as	follows:
Freehold property	2% per annum	straight	line
Plant and machinery	33%per annum	straight	line
Fixtures and fittings	15%per annum	straight	line
Computer equipment	33%per annum	straight	line
Improvements to property	33%per annum	straight	line

Charitable acti	viti	es
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			6	E	5
Local Authority	grants			64,763	64,763
Action on Hearing		(Job Sense East Wales)		15,850	15,850
Welsh Government		(JobSense West Wales &
Valleys)				474,854	474,854
DOE Access to	Work		127,108		127,108
The Big Lottery	Fund (Engage 2 Change)			891,301	891,301
SERCO (Restart)			751,362		751,362
Barclays Bank
DWP Kickstart			32,782		32,782
ITEC Income				18,000	18,000
Other income			2,472	40,966	43,438
			913,724	1,505,734	2,419,458
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			F
Local Authority	grants			66,120	66,120
Action on Hearing		(Job Sense East Wales)		122,740	122,740
Welsh Government		(JobSense West Wales &
Valleys)				153,065	153,065
DOE Access to	Work		59,283		59,283
The Big Lottery	Fund (Engage 2 Change)			1,083,456	1,083,456
SERCO (Restart)			450,000		450,000
Barclays Bank				100,000	100,000
DWP Kickstart			225,721		225,721
ITEC Income
Other income			47,363		47,363
			782,367	1,525,381	2,307,748

Trading	activities
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		6	6	6
Paper Solutions		447,221		447,221
Clothing	Solutions	188,812		188,812
Training	Solutions	65,741		65,741
		701,774		701,774

Trading	activities (continued)
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		E	F	F
Paper Solutions		460,932	72,640	533,572
Clothing	Solutions	149,050	184,973	334,023
Training	Solutions	83,355		83,355
		693,337	257,613	950,950

Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
			F	E	E
Income from investment	properties	50,845	50,845	14,000	14,000
Bank interest receivable		447	447	36	36
		51,292	51,292	14,036	14,036

Expendi	ture on c	haritable acti	vities	by fund type
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2023
					F	E	E
Work Preparation,		Job Matching	and	ln Work Support	750,623	1,448,242	2,198,865
Paper Solutions					535,836	105,692	641,528
Clothing	Solutions				182,056	132,028	314,084
Training	Solutions				50,309		50,309
Support	costs				164,099	23,177	187,276
					1,682,923	1,709,139	3,392,062
					Unrestricted	Restricted	Total Funds
					Funds E	Funds f	2022 F
Work Preparation,		Job Matching	and	In Work Support	278,722	1,415,932	1,694,654
Paper Solutions					505,942	30,955	536,897
Clothing	Solutions				126,965	147,857	274,822
Training	Solutions				45,234		45,234
Support	costs				81,666	14,739	96,405
					1,038,529	1,609,483	2,648,012

Expendit	ure	on c	hari	table activities by acti	table activities by acti	vity typ	e
				Activities
				undertaken Grant		funding		Total funds		Total fund
				directly of activities E E			Support costs f		2023 F	2022
Work Preparation,			Job
Matching	and	In Work
Support Paper Solutions				2,148,996 641,528		49,869		27,272 16,560	2,226,137 658,088	1,711,499 577,203
Clothing	Solutions			314,084				69,200	383,284	304,830
Training	Solutions				50,309			11,070	61,379	46,059
Governance		costs						63,174	63,174	8,421
				3,154,917		49,869		187,276	3,392,062	2,648,012
Analysis	ofsupport			costs
				Employer
			Support &
				Training	Paper	Clothing		Training
				Grants	Solutions	Solutions		Solutions	Total 2023	Total 2022
				F	F	5		8	E	E
Finance	costs			41,636	468		120	105	42,329	5,561
Governance		costs		57,665	2,634	1,500		1,375	63,174	8,421
Depreciation				39,267	35,194	6,774		1,440	82,675	82,423
Internal	recharges			(48,214)	(20,836)	60,900		8,150
				90,354	17,460	69,294		11,070	188,178	96,405

Analysis ofgrants
						2023	2022
						E	E
Employer Support	&Training		Grants			49,869	197,927
Other expenditure
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds E	2023 F	Funds E	2022 f
Loss on disposal oftangible			fixed
assets held for charity's		own	use	974	974

Yea	r ended 31 March 20	23
13.	Net gains on investments
						Unrestricted			Total Funds			Unrestricted	Total Funds
						Funds				2023		Funds	2022
							6			6		E	F
	Gains/(losses) on investment		property									22,927	22,927
14.	Net (expenditure)/income
	Net (expenditure)/income	is stated			after charging/(crediting):							2023 f	2022 2
	Depreciation oftangible fixed assets Loss on disposal oftangible fixed assets Operating lease rentals											81,773 974 64,327	82,423 31,293
15.	Auditors remuneration
												2023	2022
												6	E
	Fees payable for the audit	of	the financial			statements						5,000	5,000
	Fees payable to the charity's Other non-audit services		auditor and			its associates for other					services: 3,500		3,500
16.	Staff costs
	The total staff costs and employee				benefits for the			reporting		period are analysed as 2023			follows: 2022
	Wages and salaries Social security costs Employer contributions to	pension			plans							2,303,343 179,369 71,675	1,694,659 114,381 56,625
												2,554,387	1,865,665
	The average head count	of		employees		during		the	year	was	132	(2022: 118).	The average
	number of full-time equivalent			employees		during	the year is			analysed		as follows:
												2023	2022
												No.	No.
	Administrative 8 Finance	staff										6	6
	Staff employed on Charitable			Activities								91	75
												97	81

Staffcosts (ccntinued)
The number ofemployees	whose remuneration	for the year fell within the following	bands, were:
		2023	2022
		No.	No.
F60,000 to F69,999			1
670,000 to F79,999		1
		1	1

		Investment
		properties
Valuation
At 1 April	2022 and 31 March 2023	165,000
Impairment
At 1 April	2022 and 31 March 2023
Carrying	amount
At 31 March 2023		165,000
At 31 March 2022		165,000

20.	31 March 202 Stocks	3.
				2023 f	2022 f.
	Stocks			3,583	3,017
21.	Debtors
				2023 f	2022 f.
	Trade debtors			525,252	351,878
	Prepayments	and accrued	income	40,762	30,422
				566,014	382,300

Creditors: am	ounts f	alling due within one year
			2023	2022
Bank loan			21,195	61,285
Trade creditors			16,480	13,894
Accruals and deferred		income	19,641	20,943
Social security	and other taxes		72,974	84,319
Wages control	account			232
Pension contributions		unpaid	13,642	11,857
Other creditors			146,875	242,002
			290,807	434,532

Credi	tors: amounts falling due after mo	re than one year
		2023	2022
		6	8
Bank	loan	800,051

Analysis of	charita	ble funds
Unrestricted	funds
		At				Gains and	At
		1 Apr 2022	Income	Expenditure	Transfers	losses 31	Mar 2023
			E	E			F
General funds		232,211	1,666,790	(1,683,897)	475,000		690,104
Revaluation
reserve		22,927					22,927
Capital
Expenditure	Fund	255,000			(255,000)
Project
Development
Fund		140,000			(140,000)
Redundancy
Fund		20,000			(20,000)
Project
Sustainment	Fund	60,000			(60,000)
		730,138	1,666,790	(1,683,897)			713,031
		At				Gains and	At
		1 Apr 2021	Income	Expenditure	Transfers	losses 31	Mar 2022
			F		F	6	5
General funds		256,000	1,489,740	(1,038,529)	(497,927)	22,927	232,211
Revaluation
reserve					22,927		22,927
Capital
Expenditure	Fund				255,000		255,000
Project
Development
Fund					140,000		140,000
Redundancy
Fund					20,000		20,000
Project
Sustainment	Fund				60,000		60,000
		256,000	1,489,740	(1,038,529)		22,927	730,138

Restricted funds
	At				Gains and	At
	1 Apr 2022	income	Expenditure	Transfers	losses 31 Mar 2023
		E	6	6	F	F
Local Authority	44,308	64,763	(68,434)			40,637
ELITE Paper
Solutions	28,807		(28,807)
ELITE Clothing
Solutions	105,000		(105,000)
Engage 2 Change	257,603	891,301	(858,994)			289,910
JobSense West
Wales 8 Valleys	18,548	397,845	(412,745)			3,648
JobSense East
Wales		92,859	(92,859)
Landfill
Communities
Fund		33,333	(33,333)
ITEC		18,000	(18,000)
Merthyr Roots		6,154	(6,154)
WCVA		1,479	(1,479)
Barclays Bank pic	83,334		(83,334)
	537,600	1,505,734	(1,709,139)			334,195

		At				Gains and	At
		1 Apr 2021	Income	Expenditure	Transfers	losses 31 Mar 2022
			E		F
Local Authority		50,224	66,120	(72,036)			44,308
ELITE Paper
Solutions		330	72,640	(44,163)			28,807
ELITE Clothing
Solutions		67,884	184,973	(147,857)			105,000
Engage	2 Change	245,651	1,083,456	(1,071,504)			257,603
JobSense West
Wales &Valleys			275,805	(257,257)			18,548
JobSense East
Wales
Landfill
Communities
Fund
ITEC
Merthyr	Roots
WCVA
Barclays	Bank pic		100,000	(16,666)			83,334
		364,089	1,782,994	(1,609,483)			537,600

Analysis of net as	se	ts between funds
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			F	6	6
Tangible fixed assets			944,677		944,677
Investments			165,000		165,000
Current assets			601,269	427,138	1,028,407
Creditors less than	1	year	(197,864)	(92,943)	(290,807)
Creditors greater than		1 year	(800,051)		(800,051)
Net assets			713,031	334,195	1,047,226
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			F	F	E
Tangible fixed assets			67,919	28,643	96,562
Investments			165,000		165,000
Current assets			747,736	692,972	1,440,708
Creditors less than	1	year	(167,183)	(267,349)	(434,532)
Creditors greater than		1 year
Net assets			813,472	454,266	1,267,738

Cash generated from	operations
		2023	2022
		E	E
Net (expenditure)/income		(220,512)	647,649
Adjustments for:
Depreciation oftangible	fixed assets	81,773	82,423
Net gains on investments			(22,927)
Dividends, interest and	rents from investments	(50,845)	(14,000)
Other interest receivable	and similar income	(447)	(36)
Interest payable and similar charges		38,010	472
Loss on disposal oftangible fixed assets		974
Accrued (income)/expenses		(1,302)	68,816
Changesin:
Stocks		(566)	(3,017)
Trade and other debtors		(183,714)	(87,980)
Trade and other creditors		(102,333)	27,288
		(438,962)	698,688

Analy	sis ofchang	es in net debt
					At
			At 1 Apr 2022	Cash flows	31 Mar 2023
			E	E	E
Cash	at bank and	in hand	1,055,391	(596,581)	458,810
Debt	due within one year		(61,285)	40,090	(21,195)
Debt	due after one	year		(800,051)	(800,051)
			994,106	(1,356,542)	(362,436)

Operating	lease commitments	lease commitments	lease commitments
The total	future	minimum	lease payments	under non-cancellable	operating	leases are	as follows:
						2023	2022
						E	E
Not later than		1 year				45,144	56,995
Later than	1 year and not		later than 5years			70,438	97,852
						115,582	154,847