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 OffI￿r 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, be￿een 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 ne￿OrkS.
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 ServI￿S 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 AC￿pted 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 con￿rn 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 con￿rn 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 COn￿M.
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 prodU￿d 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 be￿een 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
be￿een the activities they contribute to on a reasonable, justifiable and consistent basis.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of reSoUr￿S 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 re￿1vable
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 repla￿d 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