COMPANY REGISTRATION NUMBER: 2931254 CHARITY REGISTRATION NUMBER: 1049341 E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Financial Statements 31 March 2024 WALTER HUNTER & CO LIMITED Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 13 Statement of financial position 16 Statement of cash flows 17 Notes to the financial statements 18 The following pages do not fonn part of the financial statements Detailed statement of financial activities 36
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name E.L.l.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 Miss R Baker MrA Hole Mr R Jones Mrs G Owens Mrs E Rock Ms M Whelan (Resigned 12 July 2023) Company secretary Mrs AP Wayman Auditor Walter Hunter & Co Limited Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF Structure, governance and management Nature of the Governing Document and Constitution of the Charity The Charity is a Company Limited by Guarantee" company registration number 2931254. Registered charity number 1049341. The methods adopted for the recruitment and appointment of new trustees The organisation is managed by a voluntary management committee whose role is to set the overall objectives for ELITE and to ensure the charity is keeping within its legal and moral obligations. The Management Committee holds the ultimate power and responsibility for ELITE. The structure of the Management Committee includes members with a diverse range in skills and expertise. Individuals are elected by the members at the Annual General Meeting.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Structure, governance and management (continued) The policies and procedures adopted for the induction and training of trustees New trustees are given an induction by the chief Executive Officer following completion of the relevant legal declaration and satisfactory checks being completed. A skills review is completed on a regular basis by all committee members. The name of the Chief Executive Officer and other senior staff members to whom day to day management of the charity was delegated during the 2022123 year by the charity trustees Chief Executive OffIr Finance Manager Operations Manager Group Enterprise Manager Group Administration Manager Training Manager Mrs Andrea Ilvayman Mrs Pearl Dickson Mrs Sian Clarke Mr lan Thomas Ms Erika James Mr Chris English The organisational structure of the charity and how decisions are made The Management Committee is responsible for the organisation's strategy and policy framework. The day-to4ay management of the charity and implementation of that framework is delegated to the Chief Executive OffIr and senior management team. The major risks to which the Charity is exposed and reviews and systems to mitigate risks Retrospective funding of the Charity imposes a financial risk on the organisation in terms of cash flow, and whilst these funds are dependable Government based funds. they can be precarious in terms of when they can be expected. We therefore have to balance our range of funds, beeen funding, trading and grants, to enable regular cash flow. this includes requesting retrospective funding from a number of sources to be paid within a 30 day period. We are most exposed in terms of cash flow by the DWP'S Access to Work Funding, which at present is very unpredictable, as we extend the number of Supported Internships, Supported Shared Apprenticeships and in work support, we offer across the South Wales area. Objectives and activities A summary of the purposes of the charity as set out in its governing document ELITE'S objective are.. The relief of those in need, particularly in South and West Wales, by reason of disability, youth, age, ill health, financial hardship or other disadvantsge by aiding them to advance into employment and in pursuing any other objects for the well-being of those people which are now or hereafter may be deemed by law to be charitable. To promote the rights and well-being of those people in need through helping secure paid employment.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Objectives and activities (continued) Summary of main aims, activities and achievement in relation to those purposes for the public benefit The vision that shapes our annual activities remains the promotion and fostering of equality of opportunity for disabled people and those at disadvantage by the provision of one to one support and training of individuals as follows.. Guidance and counselling incorporating specialised person centred assessments, action planning and local employment awareness. Employment preparation courses incorporating employment visits, employment tasters, work awareness factors such as interview preparation, health & safety, rights & responsibilities and social awareness. Enabling individuals to a¢sS and maintain paid employment via specialised and structured one-to-one support and training. Raising awareness to local employers in relation to gcM)d practice in the recruitment and employment of disabled people. The charity also has the general aim of contributing to the quality of life of disabled people, throughout South, West, Mid and East Wales by expanding their horizons through the above activities which would enable improved finances, social integration and development of independence. Contribution made by volunteers ELITE values every one of its volunteers and the hours that they commit to our Charity throughout each year. During the 23124 financial year. their work had an estimated value of £12,672, which enabled a range of additional support and administration to be provided to our participants and across our social enterprises. This equated to approximately 1,056 hours of volunteer time, contributed across the whole of the Charity. In response to our volunteerfs contributions, we welcome them to attend all training offered to our paid staff, social events, and we feel ifs really important to nominate them for a range of awards to recognise their commitment and contribution. Likewise, we also demonstrate their achievements through our range of social media posts and neorkS. Public Benefit In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit. including the guidance on public benefit and fee charging. The charity relies on grants and fee generated to cover its operating costs. In setting our fees and the range of grants that we pursue, the Trustees give careful consideration to the accessibility of our services for all. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance Summary of the main achievements of the charity, identifying the difference the charity's work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole Throughout the financial year the Charity continued to support more than 300 disabled or disadvantaged people in terms of their employment ambitions, including paid work, training, and volunteering, operating across 16 counties in South, East, West, and Mid Wales. These activities occurred within our social enterprises and within our communities, enabling individual's vocational development and independence. We continued our DWP Restsrt contract as a sulFcontractor for Serco, working with Jobcentres at Llantrisant, Pontypridd, Aberdare, and Ebbw Vale. This Servi assists those individuals who are experiencing unemployment, to pursue employment, through a range of one-to-one support. The Charity recognised that 23124 was its final years of the Engage to Change Project for youths with learning disabilitiesldifficulties and autism, plus the Jobsense Project for people with sight loss or hearing loss. These projects were operated to not only provide services, but to also influence future government policy. As such, this financial year saw establishment in Welsh Government employment and training provision, through their work with ELITE and other partners, embedding Supported Shared Apprenticeships for disabled people. who required enhanced levels of support, alongside the Supported Job Growth Wales Plus Programme. for young disabled people aged 16 to 19, to experience gateway opportunities to employment alongside their peers. Likewise, we saw continuance of Supported Intemships being operated by ELITE, alongside College and Employer Partners to provide supported vocational internship experiences to young people with learning disabilitiesldifficulties or autism. In total ten internship programmes were operated, providing 72 young people with a vocational experience in their final year in FE. The programme sucSsfUllY enables young people to transition to employment from education, with more than 40% of young people gaining employment at programme end, with numbers growing beyond this period, due to the experience they've developed. We also continued a pilot programme of an Adjustment Passport for Disabled People with the DWP'S Access to Work Policy team, to aid the support individuals can achieve in terms of employment support. There were also a range of significant developments across our Social Enterprises in 23124, which enabled job security for our staff along with training and support opportunities for others. ELITE Paper Solutions developed a working relationship with Gower Granary to take our eco animal bedding to a larger scale market, this is still in its infancy. Our programme is a great example of Circular Economy practices in Wales and as such has been acknowledged by Cardiff Metropolitan University. Likewise, in February 24 we CoMmend a Project Pilot "Feedcycle" to repurpose NHS plastics into other commodities. This is a collaboration bebNeen EPS, Cwm Taf Morgannwg UHB and Pulse Plastics, Blaenau Gwent. ELITE Clothing Solutions created a collaboration betsveen two social enterprises and a SME in Wales, to tender for the Transport for Wales uniform and workwear contract. This was awarded to our Welsh consortium in August 2023. It is the first of its kind in Wales. Throughout the remainder of 23124 we have designed and developed the uniform needs of stsff at Transport for Wales.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Financial review Transactions and Financial position The financial statements are set out on pages 13 to 34. These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. The Statement of Financial Activities shown on page 13 to 15 to the accounts discloses net outgoing resources for the year of £428.910 {2023. net outgoing £220,512). The total reserves at the year end stand at £618,316 (2023: £1,047,226). Reserves Policy To maintain our seNices across the organisation we aim to hold up to six months running costs, to ensure that we can maintain services for this period of time for our participants, while we strive to attract new funds. Our reserves have been considerably challenged during 23124, due to retrospective funding, and mirrors the experiences of many charities across the UK. Investment Policy The organisation has just one investment account, but this generally assists our current accounts in terms of cash flow. The majority of our Charity's investments are held in buildings capital (although mortgaged) to ensure that we can operate our ServIS in the longer term. This includes rental of our properties too. Specific changes in fixed assets All movements in fixed assets are shown in notes 19 and 20 to the accounts.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Plans for future periods The Trustees have noted the deficit prodUd in the year ended 31 March 2024 (as noted in the Statement of Financial Activities on Page 13). They are also cognizant that deficits have continued in the current financial period. To address this, the charity has entered into detailed and lengthy discussions with another, larger charity with a view to the charities combining as a group. The charity has undertaken due diligence on this charity and is aware that the charity seeking to combine with E.L.l.T.E is well able to provide additional funding as well as having much expertise and experience in the Sector. A draft Combination Statement has been produced, and the combination will, with near certainty, take place in March 2025. Accordingly, after having considered the matter carefully, and having regard to other factors such as potential contracts in the pipeline, the Trustees consider, with reasonable certainty, that the charity will continue to operate for the next 12 months. In the next year we aim to continue our ethical environmental perspectives, particularly in terms of the social enterprise building that we now own. Our ambition for the future is to utilise alternative energy sources at this site and we'll continue our work in this area in 24125. In line with this, we will continue to reuse, renew, and repurpose waste streams within our organisation, whether through our general operations or in line with the ServIS offered at each of our social enterprises. We plan to roll out our findings of the Feedcycle Project, with the aim of embedding this work within other NHS bodies across Wales, plus other Public, Private and Third Sector organisations. This diversification is crucial to our financial sustainability- We aim to conduct a range of this work in partnership with the NHS and Lyreco's Wellbeing Wales ambitions. We recognise that to pursue the range of our plans, that we will need to attract new funding and grants to the Charity, to implement these developments. We plan to continue influencing Welsh Government in terms of employment and training opportunities for disabled people. Likewise, we will continue working with employers in line with our Disability Confident Leader status, to enable their development as inclusive employers. We plan to continue our development work with Colleges and Employers across Wales to increase the number of Supported Internship opportunities, supporting more young disabled people in the transition from education to employment. In terms of our social enterprises, we plan to offer more opportunities of apprenticeships, gaining work through our pursuance of contracts via the Public Sector, to enable sustainability. Our social enterprises will also continue offering vocational opportunities to schools, colleges and individuals in our communities to enable their economic engagement. We are also aware of development and funding opportunities on the horizon, and plan to submit applications to operate the UK Government DINP Programme currently named Universal Support and the National Lottery Community Fund's Sustainable Steps Wales Green Careers. Both of these programmes will enable us to provide one to one job coach support to disabled individuals in terms of their employment ambitions. Trustees. responsibilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the charity trustees to prepare financial ststements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going cOnM basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees, annual report and the strategic report were approved on 16 January 2025 and signed on behalf of the board of trustees by- MrA Hole Trustee Mr R Jones Trustee
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Independent Auditor's Report to the Members of E.L.l.T.E. Supported Employment Agency Limited Year ended 31 March 2024 Opinion We have audited the financial statements of E.L.l.T.E. Supported Employment Agency Limited {the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stste of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resour$, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. We note the detailed explanations given by the Trustees in Note 3 (Going Concern) to these financial statements. The negotiations with the third-paty charity interested in combining with this charity are well advanced. The evidence available indicates that the combination should take place before the next financial year-end, and that this charity has financial reseNes to fund any future deficits as well as to fund the future expansion of this organisation in due course. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Independent Auditor's Report to the Members of E.L.l.T.E. Supported Employment Agency Limited (continued) Year ended 31 March 2024 Other inforniation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial ststements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,. or rtain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Independent Auditor's Report to the Members of E.L.l.T.E. Supported Employment Agency Limited (continued) Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= By enquiring with senior management and those charged with governance all area of risk identified were considered and any potential litigation or claim, if any, were noted Ensuring by enquiry that there were no issues of non-compliance with laws and regulations relating to tax and compliance By obtaining an understanding of the company's policies and procedures on Complian with laws and regulations, and with best accounting practice Noting issues discussed with Directors and the Senior Management Team as this relates to risks faced by the company Reviewing information received from the company's solicitors, if any. and discussing their contents with the Directors Reviewing disclosures in the financial statements and testing to supporting documentation to assess compliance with applicable laws and regulations Auditing the risk of management overrides of controls including testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the nomial course of business 10
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Independent Auditor's Report to the Members of E.L.l.T.E. Supported Employment Agency Limited (continued) Year ended 31 March 2024 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misststement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understsnding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to ase to continue as a going COnM. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Independent Auditor's Report to the Members of E.L.l.T.E. Supported Employment Agency Limited (continued) Year ended 31 March 2024 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audiL Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. eL.J.. Jonathan Rhodes Bsc BFP FCA (Senior Statutory Auditor) For and on behalf of Walter Hunter & Co Limited Chartered accountants & statutory auditor 24 Bridge Street Newport South Wales NP20 4SF 16 January 2025 12
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Total from (x)ntinuiThJ Discmtinued creraticms operdtions Total funds 2023 Total from cmtinuing Discontinued operdtions OFerations Unresthcted Restrth funds nds Tot81 funds Income and endowments Donations and legacies Charitable actiwties Trading acts"vits"es Investment incotne 8,000 1,070,132 826,279 86,268 8,000 1,687.596 814,110 86,268 8,000 1,687,596 B26.279 86,26B 617,464 2,419,458 701.774 51,292 2,419,458 701,774 51,292 12,169 Total income 1,990,679 617.464 2.595.974 12.169 2.608,143 3.172.524 3.172.524 Expenditure Expenditu on raising fvnds". Costs of other trading 8Ctivrfcies ExpendrtU on chantable aCti1e$ 10,11 Other experKliture Totsl expenUre 7.503 2.321.158 7.503 3.143.721 7.503 3.213.800 892.642 70.079 3.392.062 974 3.392.062 974 2,328.661 892.642 3.151.224 70.079 3.221,303 3.393.036 3.393.036 Net gains on yoperties 15 184.250 184.250 184.250 Net expenditure and net movement in funds 1153.7321 1275.1781 1371.CKIOI 157.910} 1428,9101 1220.5121 1220.5121 The statement of financial activities (including income and expenditure account) continues on the following page. The notes on pages 1B to 34 forni partof these financial statements. 13
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Total from (x)ntinuiThJ Discmtinued creraticms operdtions Total funds 2023 Total from cmtinuing Discontinued operdtions OFerations Unresthcted Restrth funds nds Tot81 funds Reconciliation of funds Total funds brought forward Total funds carried forward 713,031 334.195 1,047,226 1,047,226 1,267.738 1.267,738 559,299 59.017 618.316 157.9101 560,406 1,047.226 1,047,226 The staternent of finanoal activthe5 indudes all gains aThJ ILEses recryJnised in the year. The statement of financial activities (including income and expenditure account) continues on the following page. The notes on pages 1B to 34 forni partof these financial statements.
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) (continued) Year ended 31 March 2024 The Trustees have noted the deficit prodUd in the year ended 31 March 2024 (as noted in the Statement of Financial Activities on Page 13). They are also cognizant that deficits have continued in the current financial period. To address this, the charity has entered into detailed and lengthy discussions with another, larger charity with a view to the charities combining as a group. The charity has undertaken due diligence on this charity and is aware that the charity seeking to combine with E.L.l.T.E is well able to provide additional funding as well as having much expertise and experience in the Sector. A draft Combination Statement has been produced, and the combination will, with near certainty, take place in March 2025. Accordingly, after having considered the matter carefully, and having regard to other factors such as potential contracts in the pipeline, the Trustees consider, with reasonable certainty, that the charity will continue to operate for the next 12 months. The notes on pages 18 to 34 forni part of these financial statements. 15
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 20 1,080,760 21 175,000 1,255,760 944,677 165,000 1,109,677 Current assets Stocks Debtors Cash at bank and in hand 22 23 6,658 732,971 167,247 3,583 566,014 458,810 906,876 1,028,407 Creditors: amounts falling due within one year Net current assets 24 771,057 290,807 135,819 737,600 Total assets less current liabilities 1,391,579 1,847,277 Creditors: amounts falling due after more than one year Net assets 25 773,263 800,051 618,316 1,047,226 Funds of the charity Restricted funds Unrestricted funds.. Revaluation reseNe Other unrestricted income funds 59,017 334,195 22,927 536,372 22,927 690,104 Total unrestricted funds 559,299 713,031 Total charity funds 27 618,316 1,047,226 These financial statements were approved by the board of trustees and authorised for issue on 16 January 2025, and are signed on behalf of the board by.. MrA Hole Trustee Mr R Jones Trustee The notes on pages 18 to 34 forni part of these financial statements. 16
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Note Cash generated from operations 29 (289,249) (438,962) Interest paid Interest received (48,658) 2,933 (38,010) 447 Net cash used in operating activities (334,974) (476,525) Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible assets Net cash froml{used in) investing acts-vities 83,335 50,845 (18,730) (930,862) 64,605 (880,017) Cash flows from financing activities Proceeds from borrowings Repayments of borrowings Net cash (used in)Ifrom financing activities 821,246 (61,285) 759,961 (21,194) (21,194) Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (291,563) 458,810 (596,581) 1,055,391 167,247 458,810 The notes on pages 18 to 34 forni part of these financial statements. 17
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered Offi is 8 Magden Park, Green Meadow, Llantrisant, Rhondda Cynon Taf, CF72 8XT. Statement of compliance These financial statements have been prepared in Complian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) {Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concem The Trustees have noted the deficit produced in the year ended 31 March 2024 (as noted in the Statement of Financial Activities on Page 13). They are also cognizant that deficits have continued in the current financial period. To address this, the charity has entered into detailed and lengthy discussions with another, larger charity with a view to the charities combining as a group. The charity has undertaken due diligence on this charity and is aware that the charity seeking to combine with E.L.l.T.E is well able to provide additional funding as well as having much expertise and experience in the Sector. A draft Combination Statement has been produced, and the combination will. with near certainty. take place in March 2025. Accordingly, after having considered the matter careful. and having regard to other factors such as potential contracts in the pipeline, the Trustees consider. with reasonable certainty, that the charity will continue to operate for the next 12 months. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Income L3x As a charity, E.L.l.T.E. Supported Employment Agency Limited. is exempt from tax on its income and gains, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charges have arisen in the charity. 18
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eannarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of sub-classes.. restricted income funds or endowment funds. There is no formal policy of transfer beeen funds or on the allocation of funds to designated funds other than described above. Incoming resources All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income" income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates. expenditure on charitable acttvities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 19
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 Accounting policies (continued) Resources expended (continued) All costs are allocated to expenditure categories reflecting the use of the resour. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Irrecoverable VAT Irrecoverable VAT is charged against the category of reSoUrS expended for which it was incurred. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold property Plant and machinery Fixtures and fittings Computer equipment Improvements to propety 20A per annum straight-line 33 /0 per annum straight-line 15 /0 per annum straight-line 33 /0 per annum straight-line 33 % per annum straight-line Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment propety is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. 20
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 Accounting policies (continued) Investment property (continued) If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property. it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase. costs of conversion and other costs incurred in bringing the stock to its present location and condition. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount re1vable or payable including any related transaction costs, 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 Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 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 under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that eXedS what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 21
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 Limited by guarantee The charity is incorporated under the Companies Act 2006 and is limited by guarantee, each member having to contribute such amounts not exceeding £10 as may be required in the event of the company being wound up whilst they are still a member or within one year thereafter. Number of members of the charity as at 31 March 2024 is 5 (2023: 6). Donations and legacies Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Donations Donations 8.000 8.000 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 2024 Local Authority grants Action on Hearing (Job Sense East Wales) Welsh Government {JobSense West Wales & Valleys) DOE AcsS to Work The Big Lottery Fund (Engage 2 Change) SERCO (Restart) Supported Apprenticeships, Internships & Traineeships DWP Kickstart ITEC Income Other income 60,877 8,727 60,877 8,727 373,351 373,351 208,933 85,181 383,635 208,933 85,181 383,635 451,391 451,391 26,173 89,328 115,501 1,070,132 617,464 1,687,596 Unrestricted Funds Restricted Total Funds Funds 2023 2023 Local Authority grants Action on Hearing (Job Sense East Wales) Welsh Government {JobSense West Wales & Valleys) DOE Access to Work The Big Lottery Fund (Engage 2 Change) SERCO (Restart) Supported Apprenticeships. Internships & Traineeships DWP Kickstart ITEC Income Other income 64,763 15,850 64,763 15,850 474,854 474,854 127,108 891,301 464,261 127,108 891,301 464,261 287,101 32,782 287,101 32,782 18,000 43,438 18,000 40,966 2.472 913,724 1,505,734 2,419,458 22
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 Trading activities Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising events Paper Solutions Clothing Solutions Training Solutions Catering Enterprise 6,828 376,503 402,290 28,489 12,169 6,828 376,503 402,290 28,489 12,169 447,221 188,812 65,741 447,221 188,812 65,741 826,279 826,279 701,774 701,774 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from investment properties Bank interest re1vable 83,335 2,933 83,335 2,933 50,845 447 50,845 447 86,268 86,268 51,292 51,292 Costs of other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of other trading activities - Staging events 7.503 7.503 23
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 10. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Work Preparation, Job Matching and In Work Support Paper Solutions Clothing Solutions Training Solutions Catering Enterprise Support costs 998,964 614,462 448,566 59,152 72,782 127,232 787,204 77,996 1,786,168 692,458 448,566 59,152 72,782 154,674 27,442 2,321,158 892,642 3,213,800 Unrestricted Funds Restricted Total Funds Funds 2023 Work Preparation, Job Matching and In Work Support Paper Solutions Clothing Solutions Training Solutions Catering Enterprise Support costs 750,623 535,836 182,056 50,309 1,448,242 105,692 132,028 2,198,865 641,528 314,084 50,309 164,099 23,177 187,276 1,682,923 1,709,139 3,392,062 11. Expenditure on charitable activities by activty type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Work Preparation, Job Matching and In Work Support Paper Solutions Clothing Solutions Training Solutions Catering Enterprise Governance costs 1,786.168 692,458 448,566 59.152 72.782 (12,793) 87,904 62.362 7.124 4.877 5.200 1,773,375 780,362 510,928 66,276 77,659 5,200 2,284,311 658,088 383,284 61,379 5,000 3.059.126 154.674 3,213,800 3,392,062
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (condns Year ended 31 March 2024 12. Analysis of support costs Employer SUprt & Training Grants Paper S(Aubons Clothing 9utionS Traini Catering &Autions Enterprise Total 2024 Totsl 2022 Finan costs Governan )st8 Depreoation Intemal recharges 46.580 36 606 19.547 1110.3261 674 10.550 33.492 43.188 121 1.959 3.148 57.134 102 792 710 5.520 393 47.870 49.907 56,897 42,329 63,174 81,773 4,484 17.5931 87.904 62.362 7,124 4,877 154.674 187,276 25
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 13. Other expenditure Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Loss on disposal of tangible fixed assets held for charity's own use 974 974 14. Net gains on properties Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Net gains on properties 184,250 184,250 The properties of the charity were valued on 19 December 2024 by Brinsons Chartered Surveyors & Estate Agents, Market Street, Caerphilty, CF83 1 NX on an existing use basis. The Trustees consider the fair value of the properties to be the same as at 31 March 2024. See notes 19 and 20 to the financial statements. 15. Net expenditure Net expenditure is stated after chargingl(crediting)= 2024 2023 Depreciation of tangible fixed assets Loss on disposal of tangible fixed assets Operating lease rentals Net gains on properties (Note 14) 56,897 81,773 974 64,327 64,428 184,250 16. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 5,200 5,000 Fees payable to the charity's auditor and its associates for other seNices= Other non-audit services 12,932 3,500 26
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 17. Staff costs The total staff costs and employee benefits ft)r the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 2,003,749 135,693 68,672 2,303,343 179,369 71,675 2,208,114 2,554,387 The average head count of employees during the year was 133 (2023.. 132). The average number of full-time equivalent employees during the year is analysed as follows= 2024 No. 2023 No. Administrative & Finance staff Staff employed on Charitable Activities 73 91 80 97 The number of employees whose remuneration for the year fell within the following bands, were.. 2024 2023 No. No. £70,000 to £79,999 £80,000 to £89,999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £293,604 (2023.'£287,852). 18. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees (2023.. £nil). No trustee expenses have been incurred (2023: £nil). 27
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 19. Tangible fixed assets Improvemen tsto propety Freehold Plant and Fixtures and Computer property machinery fittings equipment Total Cost or valuation At 1 Apr 2023 Additions Revaluations 893,622 212,227 18,112 42.721 68,049 618 67,560 1,284,179 18,730 174,250 174,250 At 31 Mar 2024 1,067,872 230,339 42,721 68,667 67,560 1,477,159 Depreciation At 1 Apr 2023 Charge for the year 17,872 181,303 31.181 41,586 67,560 339,502 31,315 4,763 20,819 56,897 At 31 Mar 2024 17,872 212,618 35,944 62,405 67,560 396,399 Carrying amount At 31 Mar 2024 1,050,000 17,721 6,777 6,262 1,080,760 At 31 Mar 2023 875,750 30,924 11,540 26,463 944,677 Details of the loan relating to the freehold propety can be found at notes 23 and 24 to the accounts. Tangible fixed assets held at valuation The propety at Units 1-5 Viaduct House. Merthyr Industrial Park, Pentrebach, Merthyr Tydfil, CF48 4DR was valued on 19 December 2024 by Brinsons Chartered Surveyors & Estste Agents, Market Street, Caerphilly. CF83 1 NX on an existing use basis. The Trustees consider the fair value to be the same as at 31 March 2024. 28
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 20. Investments Investment properties Valuation At 1 April 2023 Additions Fair value movements 165,000 10,000 At 31 March 2024 175,000 Impairnient At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 175,000 At 31 March 2023 165,000 All investments shown above are held at valuation. Investment properties The investment propety at 15 Talbot Road. Talbot Green, Ponytail, RCT, CF72 8AD was valued on 19 December 2024 by Brinsons Chartered Surveyors & Estate Agents, Market Street, Caerphilly, CF83 1 NX on an existing use basis. The Trustees consider the fair value to be the same as at 31 March 2024. 21. Stocks 2024 2023 Stocks 6,658 3,583 22. Debtors 2024 2023 Trade debtors Prepayments and accrued income 632,921 100,050 525,252 40,762 732,971 566,014 29
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 23. Creditors: amounts falling due within one year 2024 2023 Bank loan Trade creditors Accruals and deferred income Social security and other taxes Pension contributions unpaid Other creditors 26,789 372,024 16,041 163,901 12,585 179,717 21,195 16,480 19,641 72,974 13,642 146,875 771,057 290,807 A bank loan of £828,000 was taken out in May 2022 to facilitate the purchase of Units 1-5 Viaduct House, Merthyr Tydfil. The loan is repayable over 20 years at an interest rate of 5.299 %. The loan is secured against this propety and the charity's investment propety. 24. Creditors: amounts falling due after more than one year 2024 2023 Bank loan 773,263 800,051 A bank loan of £828,000 was taken out in May 2022 to facilitate the purchase of Units 1-5 Viaduct House, Merthyr Tydfil. The loan is repayable over 20 years at an interest rate of The loan is secured against this property and the charity's investment property. 25. Pensions and other post retirement benefrts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £68,672 (2023: £71,675). 30
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 26. Analysis of charitable funds Unrestricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers General funds Revaluation reserve Capital Expenditure Fund Project Development Fund Redundancy Fund Project Sustainment Fund 690,104 1.990,679 (2,328.661) 184,250 536,372 22,927 22,927 713.031 1.990,679 (2,328.661) 184,250 559,299 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers General funds Revaluation reserve Capital Expenditure Fund Project Development Fund Redundancy Fund Project Sustainment Fund 232,211 1,666,790 (1,683,897) 475,000 690,104 22,927 22,927 255,000 (255,000) 140,000 (140.000) 20.000 (20.000) 60,000 (60,000) 730.138 1.666.790 (1,683.897) 713,031 31
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 26. Analysis of charitable funds (continued) Restricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers Local Authority ELITE Paper Solutions ELITE Clothing Solutions Engage 2 Change Jobsense West Wales & Valleys Jobsense East Wales Landfill Communities Fund ITEC Merthyr Roots WCVA Barclays Bank plc SBRI 40,637 60,877 (53,829) 47,685 289,910 85,181 (375,091) 3,648 373,351 (376,999) 8.727 (8.727) 16.667 (16.667) 1,094 (1,094) 71,567 (60,235) (892,642) 11,332 334,195 617,464 59,017 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers Local Authority ELITE Paper Solutions ELITE Clothing Solutions Engage 2 Change Jobsense West Wales & Valleys Jobsense East Wales Landfill Communities Fund ITEC Merthyr Roots WCVA Barclays Bank plc SBRI 44,308 64.763 (68.434) 40,637 28,807 (28.807) 105,000 257,603 (105,000) (858,994) 891,301 289,910 18,548 397,845 (412,745) 3,648 92,859 (92,859) 33,333 18,000 6,154 1,479 (33,333) (18,000) (6,154) (1,479) (83,334) 83,334 537,600 1,505,734 (1,709,139) 334,195 32
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 26. Analysis of charitable funds (continued) Local Authorities Our local authority funding enables ELITE to provide supported employment service to adults with learning disabilities across the counties of Rhondda Cynon Taff, Bridgend and Powys. Engage to Change The Engage to Change Project is funded by the Big Lottery {derived from Welsh Government's dispersal of dormant account funds). The project is operated in conjunction with Consortium Partners Agoriad Cyf, LDW, Cardiff University and All Wales People First. The aim of the Project is to enable supported employment opportunities for 1,000 young people aged 16 to 25 who have either a learning disability, learning difficulty or ASD, living in Wales. It is the highest funded project ever awarded by the Big Lottery in Wales and is the largest transition project of its kind across Europe. 27. Anatysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1.080.760 1,080,760 175.000 175,000 668.142 238,734 906,876 (591,340) (179,717) (771,057) (773,263) (773,263) 559.299 618,316 59,017 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 944,677 165,000 601,269 (197,864) (800,051) 713,031 944,677 165,000 427,138 1,028,407 (92,943) (290,807) (800,051) 1,047,226 334,195 33
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 28. Cash generated from operations 2024 2023 Net expenditure (428,910) (220,512) Adjustments for.. Depreciation of tangible fixed assets Net gains on properties Dividends, interest and rents from investments Other interest receivable and similar income Interest payable and similar charges Loss on disposal of tangible fixed assets Accrued income 56,897 (184,2501 (83,335> 12,9331 48,658 81,773 (50,845) {447) 38,010 974 (1,302) (3,600) Changes in." Stocks Trade and other debtors Trade and other creditors 13,075) (166,957) 478,256 {566) (183,714) (102,333) {289,249) (438,962) 29. Anatysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Debt due within one year Debt due after one year 458.810 167,247 (21.1951 (26,789) (800,051) (773,263) (362,436) (270,3691 (632,805) (291,5631 15,5941 26,788 30. Operating lease commitments The total future minimum lease payments under non-cancellable operating leases are as follows- 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 52,268 36,715 45,144 70,438 88,983 115,582