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|||||||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|
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|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||||||
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||||||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|
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|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|
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|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|
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|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|
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|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|
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|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|
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|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|||
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|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|
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|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|
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|||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|
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|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|
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|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|
##
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|Credi|tors: amounts
falling due after mo|re than one year||
|---|---|---|---|
|||2023|2022|
|||6|8|
|Bank|loan|800,051||
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|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|
##
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|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|
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|||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|
##
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|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|
##
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##
|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)|
|29.|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|