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 2025 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 2025 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members 10 Statement of financial activities (including income and expenditure account) 15 Statement of financial position 18 Statement of cash flows 19 Notes to the financial statements 20 The following pages do not fonn part of the financial statements Detailed statement of financial activities 39
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 2025 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 2025. 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 Parent charity Fedcap Group The trustees Mr K Brezenoff MrA Hole Mr R Jones Mrs C Khoury Mrs G Owens Mrs E Rock Mr P Venugopal Ms M Whelan (Appointed 15 May 2025) (Resigned 28 February 2025} (Appointed 15 May 2025) (Resigned 31 March 2025) (Resigned 30 April 2025} (Appointed 15 May 2025) Appointed to the board as representatives of Fedcap Group. Mr R Jones and Ms M Whelan both resigned as trustee on 30 April 2025 and were subsequently reappointed on 22 May 2025. Company secretary Mrs AP Wayman Auditor 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 Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Structure, governance and management Combination Agreement with Fedcap Group On 1 May 2025 the charity joined the Fedcap Group. For four months prior to this Fedcap UK assisted the charity in its activities and provided financial support in accordance with a combination agreement. This has allowed the charity to continue to operate with a realistic opportunity for further growth. 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. 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 stsff members to whom day to day management of the charity was delegated during the 2024125 year by the charity trustees Chief Executive Officer Finance Manager Operations Manager Group Enterprise Manager Group Administration Manager Training Manager Mrs Andrea Wayman 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-to-day management of the charity and implementation of that framework is delegated to the Chief Executive OffIr and senior management team.
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 2025 Structure, governance and management (continued) 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. Our risk register identifies the following top three aspects as those of most concern.. Growth Risk Achieving financial stability will unlock the capacity to invest in key growth areas. With a secure foundation, we can shift focus toward enhancing functionalities, integrating emerging priorities such as growth, and developing a more responsive, data-driven platform. This progression supports long-term service delivery improvements and ensures our technology evolves alongside organisational needs. Mitigation We are currently developing a 3-6-9-month growth strategy focused on maximising outcomes from key initiatives, including the Connect to Work programme and the active National Lottery contract. In parallel, we are working to reinvigorate our engagement with Transport for Wales, which has been on hold for a period, with the aim of re*stablishing momentum and exploring new opportunities. Cashflow Risk ELITE is currently working on their financial position with support being provided by Fedcap Group. Currently Fedcap Group are providing overview and support to meet payroll obligations and sustsin ongoing operations. Mitigation Over the next few months, with Fedcap Group's backing, the plan is to advance existing income-generating contracts and drive further progress. The trustees have obtained a letter of financial support from Fedcap Group that guarantees the financial security of the charity for at least the next 12 months. People Risk Staff retention is becoming increasingly challenging over the past couple of months, but this is slowing down, which may impact our capacity to meet contractual obligations. Team morale has been affected, at present, the transition into Fedcap Group remains undefined, contributing to an atmosphere of unease but also stability. Mitigation Communication has been very supportive with Fedcap Group and they have provided us with support in all areas. Planning and ongoing support for recruitment strategy is being reviewed and planned to look at progression for future contract and also the contracts we currently have in place.
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 2025 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 disadvantage 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. 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 inteNiew preparation. health & safety, rights & responsibilities and social awareness. Enabling individuals to access and maintain paid employment via specialised and structured one-to-one support and training. As a Disability Confident Leader. ELITE raises awareness and provides guidance to local employers in relation to good Practi in the recruitment and employment of disabled people. Through social enterprise trading we create opportunities for disabled and disadvantaged people in our communities to provide upskilling, employment, training, volunteering, independence skills, and integration. 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 24125 financial year, their work had an estimated value of £16,800, which enabled a range of additional support and administration to be provided to our participants and across our social enterprises. This equated to approximately 1.200 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 it's 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 fees 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.
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 2025 Strategic report The following sections for achievements and performan and financial review form the strategic report of the charity. 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. Our DWP Restart contract as a sub-contractor for Serco. working with Jobcentres at Llantrisant, Pontypridd, Aberdare, and Ebbw Vale ended in June 24. The service assisted individuals experiencing unemployment, to pursue employment, through a range of one-to-one support. We continued to embed specialist provision in Welsh Government employment and training programmes, through our joint work with Cambrian Training through the Supported Shared Apprenticeship Programme for disabled people, who required enhanced levels of support. We also worked with Careers Wales and a range of training providers across South Wales to facilitate the support young disabled people required in their participation of the Supported Job Growth Wales Plus Programme. This is a programme specifically for disabled people aged 16 to 19, to experience gateway opportunities to employment alongside their peers. Likewise, we saw continuance of Supported Internships being operated by ELITE, in collaboration with College and Employer Partners to provide supported vocational internship experiences to young people with learning disabilitiesldifficulties or autism. In total six internship programmes were operated, providing 53 young people with a vocational experience in their final year of Further Education. The programme successfully enables young people to transition to employment from education, with more than 40 % of young people gaining employment at programme end, extending up to 70 % within six months of Project end. We also continued the use 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.
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 2025 ELITE'S application to the National Lottery Community Fund and Dormant Bank Accounts Green Careers Programme for young disabled people. in partnership with Innovate Trust, was successfully awarded £3m in March 25. This Programme will enable 400 young disabled people to gain training, work experience. volunteering and paid employment in Green Careers, utilising the fidelity model of supported employment. There were also a range of significant developments across our Social Enterprises in 24125, which enabled us to continue our offerings of opportunities of training and support for those furthest from the labour market in our communities. ELITE Paper Solutions developed a working relationship with Cwm Taf Morgannwg NHS and Pulse Plastics, through a pilot programme, Feedcycle, to repurpose NHS plastic feeding products into pellets for future use in plastics manufacture at Pulse Plastics. Funded by a SBRI grant, the programme demonstrated the range of plastics that could and were repurposed, avoiding them going to landfill or being incinerated, contributing to the Welsh Governmenfs net zero targets, whilst creating jobs, apprenticeships, training and volunteering opportunities. It is the intention of all parties to continue this innovative work beyond the lifetime of the pilot and extend it to other NHS Trusts across Wales. ELITE Clothing Solutions in partnership with Brodwaith Cyf, took forward innovative and collaborative work with Transport for Wales to engage with staff and create a new uniform brand. This was a landmark occurrence and is the first of its kind in Wales by a transport provider. The programme worked with a key group of staff to not only choose uniform. but to test it, evaluate and endorse it. We recognise that uniforms can be emotive for individuals and the participation of stsff in this process has addressed a range of matters. including equality, that will encourage a more diverse workforce within Transport for Wales. We are the first organisation to introduce maternity and menopause uniform in Wales, within the transport industry. Financial review Transactions and Financial position The financial statements are set out on pages 15 to 36. 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 15 to 17 to the accounts discloses net outgoing resources for the year of £487,949 (2023.. net outgoing £428,910). The total reserves at the year end stand at £130,367 (2024: £618,316). Reserves Policy To maintain our services across the organisation ELITE has both unrestricted and designated reseNes. In terms of our unrestricted reserves. we endeavour to hold up to six months running costs, to ensure that we can maintain seNices for this period of ts'me for our participants, while we strive to attract new funds. Our designated reserves are agreed across the whole of the board of trustees, in terms of our future planning and anticipated need. to conduct our seNices. Both are linked to the anticipated Risks that the Charity may face in future years. Our reserves have been considerably challenged during 24125, due to retrospective funding, and the delay of new DWP Government contracts, which mirrors the experiences of many charities across the UK.
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 2025 Financial review (continued) 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 18 and 19 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 2025 Plans for future periods To maximise opportunities in the future ELITE has combined with International and UK based charity Fedcap Group. Both Charities are aligned in their social purposes to enable individuals, development through training and employment opportunities, whether with mainstream employers and facilities, or through the provision of creating and developing social enterprises further across Wales and the UK. We believe this will strengthen ELITE'S provision to its communities, and the Charities longer term sustainment, given our financial challenges in 202412025. Our newly awarded National Lottery Community Fund and Dormant Bank Account fund the Green Careers Project, Sustainability, will commence in September 2025. offering a range of work experience, training, paid placements, volunteering and employment opportunities to 400 disabled people aged 16 to 30. Working with a range of Green Employers across the Project region of Rhondda Cynon Taf, Merthyr Tydfil, Blaenau Gwent, Caerphilly, Cardiff and the Vale of Glamorgan, we'll support them to become Disability Confident practitioners, ensuring their inclusive employment Policies are effective in terms of both recruitment and retention of disabled people, to create future and long term opportunities. We also aim to pursue the DVVP'S new employment programme Connect to Work across as many counties in Wales as possible, as this embeds the fidelity model of Supported Employment Quality Framework {SEQF) as a provision to people with learning disabilities, learning difficulties and neurodiversity. It is core to ELITE'S provision and values. and is a much needed seNice across the Principality, enabling a person centred service. within DWP funded provision. In the next year we aim to continue our ethical environmental perspectives, particularty 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 202512026. 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 services offered at each of our social enterprises. We 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 Public Sector 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 infiuencing Welsh Government in temis of employment and training opportunities for disabled people and will participate in their consultation processes regarding future provision and tendering in 202612027. Likewise, we'll 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 pursuan 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. Events after the end of the reporting period Particulars of events after the reporting date are detailed in note 31 to the financial statements.
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 2025 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 statements 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. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistentty- observe the methods and principles in the applicable Charities SORP- make judgments and accounting estimates that are reasonable and prudent; stste 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 conrn 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 estsblish that the charity's auditor is aware of that information. The trustees, annual report and the strategic report were approved on 11 November 2025 and signed on behalf of the board of trustees by= 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 2025 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 2025 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 state of the charity's affairs as at 31 March 2025 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 that following the Combination with Fedcap Group on 1 May 2025, that company has guaranteed the financial security of the charity for at least the next 12 months. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report. 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 2025 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 2025 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 compliance 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 normal course of business 12
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 2025 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. 13
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 2025 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. J a-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 11 November 2025 14
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 2025 2025 Total from continuing Discontinued operations operations Total funds Unrestricted funds Restricted funds Note Income and endowments Donations and legacies Charitable activities Trading activities Investment income 756,377 1,252,106 87,402 238,250 994,627 1,239,514 87,402 994,627 1,252,106 87,402 12,592 Total income 2,095,885 238,250 2,321,543 12,592 2,334,135 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities 10.11 2,474,337 297,267 2,771,604 50,480 2,822,084 Total expenditure 2,474,337 297,267 2,771,604 50,480 2,822,084 Net gains on properties 13 Net expenditure and net movement in funds (391,044) (59,017) (450,061) {37,888) (487,949) The statement of financial activities (including income and expendit continues on the following page. The notes on pages 20 to 37 fomi part of 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 2025 2025 Total from continuing Discontinued operations operations Total funds Unrestricted funds Restricted funds Note Reconciliation of funds Total funds brought forward Total funds carried fonNard 559,299 59,017 618,316 618,316 168,225 168,225 {37,888) 130,367 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities (including income and expendit continues on the following page. The notes on pages 20 to 37 fomi part of 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 2025 The Trustees have noted the deficit prodUd in the year ended 31 March 2025 (as noted in the Statement of Financial Activities on Page 15). They are also cognizant that deficits have continued in the current financial period. To address this, the charity entered into a Combination Agreement with Fedcap Group on 1 May 2025 to secure the future of the charity. 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 rtainty, that the charity will continue to operate for the next 12 months. The notes on pages 20 to 37 forni part of these financial statements. 17
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets Investments 18 1,040,932 19 175,000 1,215,932 1,080,760 175,000 1,255,760 Current assets Stocks Debtors Cash at bank and in hand 20 21 37,054 313,353 205,387 6,658 732,971 167,247 555,794 906,876 Creditors: amounts falling due within one year Net current liabilities 22 903,396 771,057 {347,602) 868,330 135,819 Total assets less current liabilities 1,391,579 Creditors: amounts falling due after more than one year 23 729,150 773,263 Provisions 24 8,813 Net assets 130,367 618,316 Funds of the charity Restricted funds Unrestricted funds.. Revaluation reserve Other unrestricted income funds 59,017 22,927 107,440 22,927 536,372 Total unrestricted funds 130,367 559,299 Total charity funds 26 130,367 618,316 These financial statements were approved by the board of trustees and authorised for issue on 11 November 2025, and are signed on behalf of the board by.. Mr R Jones Trustee The notes on pages 20 to 37 forni part of these financial statements. 18
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Note Cash generated from operations 28 (246,607) (289,249) Interest paid Interest received (56,908) 577 (48,658) 2,933 Net cash used in operating activities (302,938) (334,974) Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible assets Net cash from investing activities 86,825 83,335 (18,730) 64,605 86,825 Cash flows from financing activities Proceeds from borrowings Repayments of borrowings Net cash used in financing activities 275,000 (20,747) 254,253 (21,194) (21,194) Net increasel{decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 38,140 167,247 (291,563) 458,810 205,387 167,247 The notes on pages 20 to 37 forni part of these financial statements. 19
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 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 2025 (as noted in the Statement of Financial Activities on Page 15). They are also cognizant that deficits have continued in the current financial period. To address this, the charity entered into a Combination Agreement with Fedcap Group on 1 May 2025 to secure the future of the charity. Accordingly, after having considered the matter carefulty, 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. 20
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 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. 21
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 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. 22
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 Accounting policies (continued) Investment property (continued) If a reliable measure of fair value is no longer available 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. Provisions Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the ststement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequendy reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in income or expenditure unless the provision was originally recognised as part of the cost of an asset. Vvhen a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the statement of financial activities in the period it arises, and is allocated to the appropriate expenditure heading. 23
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 Accounting policies (continued) Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable 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 exceeds 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. 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 2025 is 3 (2024: 5).
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 Donations and legacies Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations Donations 8,000 8,000 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2025 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 National Lottery Community Fund Small Business Research Initiative Other income 55,763 55,763 205.945 205,945 11,216 95,801 11,216 95.801 437,002 437,002 25,000 146,271 17,629 25,000 146,271 17,629 756,377 238,250 994,627 Unrestricted Funds Restricted Total Funds Funds 2024 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 National Lottery Community Fund Small Business Research Initiative 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 71,567 17,761 71,567 43,934 26,173 1,070,132 617,464 1,687,596 25
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 Trading activities Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 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 12,169 419,657 769,397 50,460 12,592 419,657 769,397 50,460 12,592 1,252,106 1,252,106 826,279 826,279 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Income from investment properties Bank interest re1vable 86,825 577 86,825 577 83,335 2,933 83,335 2,933 87,402 87,402 86,268 86,268 Costs of other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Costs of other trading activities - Staging events 7,503 7,503 26
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 10. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Work Preparation, Job Matching and In Work Support Paper Solutions Clothing Solutions Training Solutions Catering Enterprise Support costs 798,470 598,758 900,886 25,275 60,679 140,749 111,503 909,973 598,758 900,886 207,878 60,679 143,910 182,603 3,161 2,524,817 297,267 2,822,084 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 11. Expenditure on charitable activities by activty type Activities undertaken directly Support costs Total funds 2025 Total fund 2024 Work Preparation, Job Matching and In Work Support Paper Solutions Clothing Solutions Training Solutions Catering Enterprise Governance costs 909,973 598,758 900,886 207.878 60.679 123,866 12,257 6.456 915 416 1,033,839 611,015 907,342 208,793 61,095 1,773,375 780,362 510,928 66,276 77,659 5,200 2.678.174 143.910 2,822,084 3,213,800 27
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 12. Analysis of support costs Employer Support & Training Grants Paper Solutions Clothing Solutions Training Solutions Finance costs Governan costs Depreciation 55,716 40,269 27,881 368 2,328 9,561 309 606 4,070 2,386 123,866 12,257 6,456 915
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 13. Net gains on properties Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 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, Caerphilly, 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 2025. See notes 19 and 20 to the financial statements. 14. Net expenditure Net expenditure is stated after chargingl(crediting)= 2025 2024 Depreciation of tangible fixed assets Operating lease rentals Net gains on properties 39,828 77,430 56,897 64,428 184,250 15. Auditors remuneration 2025 2024 Fees payable for the audit of the financial statements 7,650 5,200 Fees payable to the charity's auditor and its associates for other services= Other non-audit seniices 11,910 12,932 16. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 1,567,053 128,672 80,211 2,003,749 135,693 68,672 1,775,936 2,208,114 The average head count of employees during the year was 86 (2024: 133). The average number of full-time equivalent employees during the year is analysed as follows.. 2025 No. 2024 No. Administrative & Finance staff Staff employed on Charitable Activities 48 73 55 80 29
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 16. Staff costs (continued) The number of employees whose remuneration for the year fell within the following bands, were.. 2025 2024 £80,000 to £89,999 £100,000 to £109,999 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 £324,882 {2024..£293,604). 17. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees (2024.. £nil). No trustee expenses have been incurred {2024" £nil). 18. Tangible fixed assets Improvemen tsto propety Freehold Plant and Fixtures and Computer property machinery fittings equipment Total Cost or valuation At 1 Apr 2024 and 31 Mar 2025 1,050,000 230,339 42,721 68,667 67,560 1,459,287 Depreciation At 1 Apr 2024 Charge for the year 212,618 35,944 62,405 67,560 378,527 21,000 8,285 4,537 6,006 39,828 At 31 Mar 2025 21,000 220,903 40,481 68,411 67,560 418,355 Carrying amount At 31 Mar 2025 1,029,000 9,436 2,240 256 1,040,932 At 31 Mar 2024 1,050,000 17.721 6.777 6.262 1,080,760 Details of the loan relating to the freehold property can be found at notes 22 and 23 to the accounts. 30
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 18. Tangible fixed assets (continued) Tangible fixed assets held at valuation The property 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 2025. 19. Investments Investment properties Valuation At 1 April 2024 and 31 March 2025 Impainnent At 1 April 2024 and 31 March 2025 Carrying amount At 31 March 2025 175,000 175,000 At 31 March 2024 175,000 All investments shown above are held at valuation. Investment properties The investment property 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 2025. 20. Stocks 2025 2024 Stocks 37,054 6,658 21. Debtors 2025 2024 Trade debtors Prepayments and accrued income 220,067 93,286 632,921 100,050 313,353 732,971 31
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 22. Creditors: amounts falling due within one year 2025 2024 Bank loan Trade creditors Accruals and deferred income Social security and other taxes Pension contributions unpaid Other creditors 50,155 289,308 25,697 93,234 9,437 435,565 26,789 372,024 16,041 163,901 12,585 179,717 903,396 771,057 Loans totalling £275,000 were received from Fedcap UK prior to the year end. The loan is repayable on demand and interest will start accruing from 1 April 2025 at a rate of 3 % per annum 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 % per annum. The loan is secured against this property and the charity's investment property. Subsequent to the year end this loan was settled in full and replaced with a loan facility provided by Fedcap Employment Limited. 23. Creditors: amounts falling due after more than one year 2025 2024 Bank loan 729,150 773,263 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 propety and the charity's investment propety. Subsequent to the year end this loan was settled in full and replad with a loan facility provided by Fedcap Employment Limited. 24. Provisions Onerous contracts At 1 April 2024 Additions 8,813 At 31 March 2025 8,813 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 £80,211 (2024: £68,672). 32
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 26. Analysis of charitable funds Unrestricted funds At 1 April 2024 Gains and At 31 March losses 2025 Income Expenditure General funds Revaluation reserve 536,372 22,927 2,095.885 (2,524,817) 107,440 22,927 559,299 2,095,885 (2,524,817) 130,367 At 1 April 2023 Gains and At 31 March losses 2024 Income Expenditure General funds Revaluation reserve 690,104 22,927 1,990,679 (2,328,661) 184,250 536,372 22,927 713,031 1,990,679 (2,328,661) 184,250 559,299 33
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 26. Analysis of charitable funds (continued) Restricted funds At 1 April 2024 Gains and At 31 March losses 2025 Income Expenditure Local Authority Engage 2 Change Jobsense West Wales & Valleys Jobsense East Wales Landfill Communities Fund WCVA National Lottery Community Fund The Feedcycle Project 47,685 55,763 11,216 (103,448) (11,216) 25.000 146.271 (25,000> (157,603) (297,267) 11,332 59,017 238,250 At 1 April 2023 Gains and At 31 March losses 2024 Income Expenditure Local Authority Engage 2 Change Jobsense West Wales & Valleys Jobsense East Wales Landfill Communities Fund WCVA National Lottery Community Fund The Feedcycle Project 40,637 289,910 60,877 85,181 (53,829) (375,091) 47,685 3,648 373,351 8,727 (376,999) {8,727) 16,667 1.094 (16.6671 (1,094) 71.567 (60.235> (892,642) 11,332 334.195 617.464 59,017
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 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. The Feedcyele Project A collaborative project by Pulse Plastics and Small Business Research Initiative (SBRI}, funded by the latter, to fund equipment and salaries to research the recycling of NHS plastics into reusable products and create training and employment opportunities in Wales. National Lottery Community Fund Contribution to the charity's management staff salaries to enable the completion of further funding applications. 27. Anatysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Provisions 1.040.932 175,000 555,794 (903,396) (729,150) (8,813) 130,367 1,040,932 175,000 555,794 (903,396) (729,150) (8,813) 130,367 Net assets Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Provisions 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) Net assets 559.299 59,017 618,316 35
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 28. Cash generated from operations 2025 2024 Net expenditure (487,949) (428,910) 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 Accrued expensesl{income) 39,828 56,897 (184,250) (83,335) (2,933) 48,658 (3,600) (86,825> (5771 56,908 9,656 Changes in." Stocks Trade and other debtors Trade and other creditors Provisions and employee benefits (30,396) 419,618 (175,683) 8,813 (3,075) (166,957) 478,256 (246,607) (289,249) 29. Anatysis of changes in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand Debt due within one year Debt due after one year 167.247 38,140 205,387 (26.7891 (298,3661 (325,155) (773,263) 44,113 (729,150) (632,805) (216,1131 (848,918) 30. Operating lease commitments The total future minimum lease payments under non-cancellable operating leases are as follows- 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 46,874 28,323 52,268 36,715 75,197 88,983 36
E.L.l.T.E. Supported Employment Agency Limited Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2025 31. Post balance sheet events Subsequent to the year end, two significant non-adjusting events occurred. On 1 May 2025, the charity combined with Fedcap UK, with Fedcap UK becoming the sole member. This structural change does not impact the financial position as at the balan sheet date but is expected to influence future governance and strategic direction. In addition, the bank loan of £828.000 originally taken out in May 2022 to facilitate the purchase of Units 1-5 Viaduct House. Merthyr Tydfil. was settled in full. This loan, which was repayable over 20 years at an interest rate of 5.299°/o and secured against the propety and the charity's investment property, has been replaced by a new loan facility provided by Fedcap Employment Limited. These events occurred after the reporting date and therefore have not been reflected in the financial statements. 32. Limitation of auditors, liability By way of a board resolution the company has agreed to enter into a limited liability agreement with its auditors whereby their exposure to legal claims is limited to £50,000 per claim. 33. Related parties At the end of the reporting period, Elite Supported Employment Agency Limited had entered into a combination agreement with Fedcap UK, a registered charity, under which Fedcap UK would become its sole member. The agreement was signed on 21 January 2025, with a target execution date of 1 May 2025. The agreement included a management period commencing from the date of signature to the execution date, during which Fedcap UK was granted authority to operate Elite's administrative, operational, and service functions, including financial and cash management, to ensure Elite met its obligations to third parties. Prior to the management period, Elite received a cash advance of £100,000 from Fedcap UK under a loan agreement, which is recorded as a liability on the balance sheet at the reporting date. During the management period, a further £175,000 was advanced to Elite to support its financial obligations. Although the combination was enacted on 1 May 2025, the total loan amount of £275,000 is recorded as owed to a third party and not as an intercompany transaction at the reporting date, as significant control had not yet transferred. 37