Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
# **E.L.I.T.E. Supported Employment Agency Limited Company Limited by Guarantee**
# **Financial Statements**
# **30 September 2025**
COMPANY REGISTRATION NUMBER: 02931254 CHARITY REGISTRATION NUMBER: 1049341
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Financial Statements**
## **Period ended 30 September 2025**
||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Strategic Report|**3**|
|Independent auditor's report to the members|**10**|
|Statement of financial activities (including income and expenditure||
|account)|**14**|
|Balance Sheet|**15**|
|Notes to the financial statements|**16 - 33**|
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Reference and Administrative details**
## **Period ended 30 September 2025**
**Registered charity name**
E.L.I.T.E. Supported Employment Agency Limited
**Charity registration number** 1049341 **Company registration number** 2931254 **Principal office and registered** 8 Magden Park **office** Green Meadow Llantrisant Rhondda Cynon Taf CF72 8XT **Parent charity** Fedcap UK **The trustees** Mr K Brezenoff (Appointed 15 May 2025) Mr A Hole (Resigned 28 February 2025) Mr R Jones (Resigned 30 November 2025) Mrs C Khoury (Appointed 15 May 2025) Mrs G Owens (Resigned 31 March 2025) Mrs E Rock (Resigned 30 April 2025) Mr P Venugopal (Appointed 15 May 2025) (Resigned 30 April 2025, Ms M Whelan appointed 22 May 2025) **Independent auditor** Grant Thornton UK LLP 8 Finsbury Circus London EC2M 4TR **Bankers** HSBC 60 Queen Street Victoria London EC2A 1AG **Solicitors** Shepherd and Wedderburn LLP 9 Haymarket Square Edinburgh EH3 8FY
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)**
## **Period ended 30 September 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 period ended 30 September 2025.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: 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) (effective 1 January 2019).
A summary of the purposes of the charity as set out in its governing document 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.
- aiding those in need to advance into employment and in pursuing any other objectives 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.
Mainly working with people with disabilities or those at a disadvantage, aged 14 to 65+ across South, Mid and West Wales. Its mission is far-reaching - to support hundreds of people every year with vocational opportunities, training and employment through our wide network of partnerships, funders and stakeholders.
## **Objectives and activities**
For the period under review our main tool for performance measurement continues to be the annual budget. The budget framework captures our financial and non-financial targets and indicators such as numbers into employment, number of interventions per advisor, number of guided learning hours delivered, number of successful learning outcomes and headcount ratio’s.
The main objectives in the period:
Firstly, to successfully deliver on our contracts, including contracts with Welsh Government (employment and training), Transport for Wales (clothing) and amongst other contracts NHS Trust across Wales for recycling. In this period of transition these services have been delivered, monitored and managed in line with budget.
Secondly, the successful implementation of the new lottery funding which we achieved in June 2025.
## **Summary of main aims and activities in relation to those purposes for the public benefit**
The vision that shapes our annual activities remains the promotion and fostering of equality of opportunity for disabled people and those at disadvantage by the provision of one to one support and training of individuals as follows:
- Guidance and counselling incorporating specialised person-centred assessments, action planning and local employment awareness.
- Employment preparation courses incorporating employment visits, employment tasters, work awareness factors such as interview preparation, health & safety, rights & responsibilities and social awareness.
- Enabling individuals to access and maintain paid employment via specialised and structured one-toone support and training.
- As a Disability Confident Leader, ELITE raises awareness and provides guidance to local employers in relation to good practice 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.
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Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Period ended 30 September 2025**
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.
## **Public Benefit**
In shaping our objectives for the period 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.
## **Matters covered in the Strategic Report**
The following matters covered in the Strategic Report under s414 C(11):
Business review Future developments Principal risks Reserves policy Investment policy Structure, governance and management
2
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Strategic Report**
## **Period ended 30 September 2025**
## **Strategic report**
The following sections for achievements and performance and financial review form the strategic report of the charity.
## **Achievements and performance**
Our main objectives in this period of transition was to successfully deliver on our contracts as outlined below. And successful implementation of the new lottery funding which we achieved in June 2025.
Throughout the period the charity continued to support more than 300 disabled or disadvantaged people in terms of their employment ambitions, including paid work, training, and volunteering, operating across 16 counties in South, East, West, and Mid Wales. These activities occurred within our social enterprises and within our communities, enabling individual's vocational development and independence.
We continued to embed specialist provision in Welsh Government employment and training programmes, through our joint work with Cambrian Training and 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 for the 16 to 19 year age group, 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 disabilities/difficulties 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.
## **Structure, governance and management**
## **Combination Agreement with Fedcap UK**
On 1 May 2025 the charity was acquired by Fedcap UK. 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.
## **The methods adopted for the recruitment and appointment of new trustees**
The organisation is managed by the trustees whose role is to set the overall objectives for E.L.I.T.E. Supported Employment Agency Limited (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.
## **Constitution**
The charity is a Private company limited by guarantee without share capital, the company’s memorandum and articles of association are the primary governing documents of the charity.
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Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Strategic Report (continued)**
## **Period ended 30 September 2025**
## **Arrangements for setting the pay and remuneration**
Management remuneration is subject to approval by FEDCAP UK, any changes in remuneration is subject to review and approval by the board as part of the annual budget setting for the group.
Since the period end work has begun on Real Living Wage to ensure all staff are remunerated and also bring the charity within the FEDCAP UK group for pay and reward.
## **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 organisational structure of the charity and how decisions are made**
The organisation's strategy and policy framework, the day-to-day management of the charity and implementation of that framework is delegated to Fedcap UK and its senior management team.
## **The major risks to which the charity is exposed and reviews and systems to mitigate risks**
The timing of the receipt of 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 balance our range of funds, between 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 inflows 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.
ELITE's National Lottery Community Fund and Dormant Bank Accounts Green Careers Programme for young disabled people, in partnership with Innovate Trust, was awarded in March 25 and implemented in June 25. Over the next 3 years 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 during the period, 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 Small Business Research Initiative (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 Government's 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.
4
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Strategic Report (continued)**
## **Period ended 30 September 2025**
We recognise that uniforms can be emotive for individuals and the participation of staff 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**
## **Key Financial Performance Indicators**
The charity’s performance measures for the six month period ending 30 September 2025: a) revenue – maintain performance against budget - the charity generated income totalling £ 838,509 and this was behind forecast mainly due to delays to the Transport for Wales Contract low demand on orders. b) contract performance - contract deliverables are monitored and reported to the relevant contract provider. c) contract growth - award of the 3 year lottery contract valued at £3.5m.
d) expenditure must be managed in line with budget - net outgoing resources monitored against budget, this amounted to £371,158.
f) manage cash flow against budget to enable the charity to meet its obligations - achieved with support from Fedcap UK.
## **Transactions and Financial position**
The majority of the charity’s income is obtained from contracts held with the Department of Work and Pensions, Transport for Wales and lottery funding, and contract deliverables are monitored and reported to the relevant contract provider. These contracts are aligned to the Charity’s principal objectives, in particular the advancement of social inclusion through employment. During the period ending 30 September 2025, the charity generated income which amounted to £881,715, total expenditure of £1,125,504 resulting in net outgoing resources of £243,789 At 30 September 2025. All of the expenditure shown in the Statement of Financial Activities is in furtherance of the Charity’s objectives. It held fixed assets with a book value of £1,200,267 and a cash position of £37,730, the charity reported net liabilities of £113,422.
The position of the balance sheet for Elite, supported by Fedcap UK, ensures there are sufficient cash reserves to meet its financial and working capital requirements as and when required, for the 12 month period following the date of signing of this report, ensuring the Charity and its subsidiaries can continue as a going concern. This is outlined further in the going concern section of these accounts.
All of the expenditure shown in the Statement of Financial Activities is in furtherance of the charity’s objectives. It held fixed assets with a book value of £1,200,267 and a cash position of £37,730, the charity reported net liabilities of £240,791. The net liabilities mean the charity is reliant on the funding support from Fedcap UK, which has confirmed its support of the charity.
The position of the balance sheet for Elite, supported by Fedcap UK, ensures there are sufficient cash reserves to meet its financial and working capital requirements as and when required, for the 12 month period following the date of signing of this report, ensuring the charity and its subsidiaries can continue as a going concern. This is outlined further in the going concern section of these accounts.
The financial statements are set out on page 14 and 15. 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 (FRS102) (Charities SORP (FRS 102)) and the Companies Act 2006.
The Statement of Financial Activities shown on page 14 reports net outgoing resources for the period of £371,158 (31 March 2025: net outgoing £487,949). The reported net deficit for the period is addressed in the Going Concern note below.
5
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Strategic Report (continued)**
## **Period ended 30 September 2025**
The total unrestricted reserves at the period end stand at £(240,791), (31 March 2025: £130,367).
## **Contribution made by volunteers**
ELITE values every one of its volunteers and their commitment to our charity and charitable and trading activities, over the last six months 4 volunteers have been volunteering across the charity. In response to our volunteers contributions, we welcome them to attend all training offered to our paid staff, social events, and we feel it's 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 networks.
## **Reserves Policy**
To maintain our services across the organisation ELITE has both unrestricted and designated reserves. In terms of our unrestricted reserves, we endeavour to hold up to six months running costs, for the current year this amounts to £1.1m to ensure that we can maintain services for this period of time 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 services. Both are linked to the anticipated risks that the charity may face in future years. Our reserves have been considerably challenged during 2025, due to retrospective funding, and the delay of new DWP Government contracts, which mirrors the experiences of many charities across the UK.
At 30th September 2025 the total reserves stand at £ (240,791) and are calculated as follows: Total of unrestricted funds £ (240,791) Total reserves £ (240,791)
The details with regards to future plans for Elite to hold reserves to match their policy are included in the going concern section below.
## **Investment Policy**
All of our charity's investments relate to investment property to ensure that we can operate our services in the longer term.
## **Going Concern**
The Statement of Financial Activities shown on page 14 reports net outgoing resources for the period of £371,158 (31 March 2025: net outgoing £487,949). The inclusion of a dilapidation provision amounting to £60,350 to settle future obligations at the end of a lease tenancy is a significant contributing factor to this result. Details of this can be found in the notes to the accounts on page 17.
Taking into consideration the financial position of the entity and its future forecasts, Fedcap Employment, a subsidiary within the Fedcap UK group, has committed to provide ongoing financial support to ensure that the entity has access to sufficient cash reserves to meet its financial and working capital requirements as and when required for the 12 month period following the date of signing of this report. This commitment has been confirmed via a letter of support from Fedcap Employment, and on this basis, the charity can continue as a going concern and is deemed to be a going concern for the purpose of these financial statements. The cash balance for the reporting period of £37,730 plus Fedcap Employment financial support, ensures that the charity can settle their liabilities as they arise and ensures its ability to operate as a going concern. The Trustees have agreed a three-year strategic and financial plan, which plans to stabilise the business to a breakeven position in FY26 outside of any intercompany charges and activate products and service across four key lines of business as well as developing a robust business development pipeline for the entity. In the short term the entity will continue to improve on its current performance and maximise its current contracts delivering its contractual obligations to the highest standard and maximising revenue and financial returns from its current portfolio of business. In the medium to long term, new business will be pursued in line
6
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Strategic Report (continued)**
## **Period ended 30 September 2025**
with the charities objectives and aligned to Fedcap Group mission products, services and capabilities delivering financially viable new services and products into the entity and supporting its growth.
In the long term aim of the 3 year plan is to hold a diverse mix of contracts and service across all four practice areas which a primary focus of establishing a large scale economic development practice through the entities social enterprise offerings. A number of commissioning frameworks are expected across 2027/28 which allow significant growth of the social enterprises with the aim of establish a flagship social enterprise based on the highly successful US service in this area. Therefore the trustees and parent company deem any funding in the next three years to be a long term investment to establish a material and viable economic development practice area in the UK.
The trustees have assessed these detailed plans, using all available information and data and the impact of the plan on the overall financial position of Fedcap Employment has been considered in particular the working capital and capital investment requirements of the entity to deliver its contractual obligations and grow the business in line with the plans outlined above.
The trustees acknowledge the current position and are committed to establishing the flagship offering for Social Enterprises in the UK and remain committed to this purpose which fulfils the charities objects and purpose.
## **Plans for future periods**
To maximise opportunities in the future ELITE has combined with International and UK based charity Fedcap UK. 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 charity’s longer term sustainment, given the financial challenges in 2025.
Our newly awarded National Lottery Community Fund and Dormant Bank Account fund the Green Careers Project, Sustainability, was implemented in June 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 DWP'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 service across the Principality, enabling a person centred service, within DWP funded provision.
In the next year we aim to continue our ethical environmental perspectives, particularly in terms of the social enterprise building that we now own. Our ambition for the future is to utilise alternative energy sources at this site and we'll continue our work in this area in 2025/26. 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 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.
7
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Strategic Report (continued)**
## **Period ended 30 September 2025**
We plan to continue influencing Welsh Government in terms of employment and training opportunities for disabled people and will participate in their consultation processes regarding future provision and tendering in 2026/27. 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 pursuance of contracts via the Public Sector, to enable sustainability. Our social enterprises will also continue offering vocational opportunities to schools, colleges and individuals in our communities to enable their economic engagement.
## **Events after the end of the reporting period**
No significant events occurred after the reporting date.
## **Trustees' responsibilities statement**
The trustees (who are also directors of E.L.I.T.E Supported Employment Agency Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
8
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Strategic Report (continued)**
## **Period ended 30 September 2025**
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees confirm that:
- so far as each trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware; and
- the trustees have taken all steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information.
The trustees' annual report and the strategic report were approved and signed on behalf of the board of trustees by:
Mr K Brezenoff Trustee and Director
23/6/2026
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Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
**E.L.I.T.E. Supported Employment Agency Limited** Commercial in Confidence
## **Company Limited by Guarantee**
## **Independent Auditor's Report to the Members of E.L.I.T.E. Supported Employment Agency Limited**
## **Period ended 30 September 2025**
## **Opinion**
We have audited the financial statements of E.L.I.T.E. Supported Employment Agency Limited (the ‘charitable company’) for the period ended 30 September 2025, which comprise Statement of Financial Activities, Statement of financial position and notes to the financial statements, 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 Financial Reporting Standard 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 charitable company's affairs as at 30 September 2025 and of its incoming resources and application of resources including, its income and expenditure for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Statement of Recommended Practice: Accounting and Reporting by Charities, 2019 Edition; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 charitable company 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**
We are responsible for concluding 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 charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charitable company’s business model including effects arising from macro-economic uncertainties such as inflation, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Independent Auditor's Report to the Members of E.L.I.T.E. Supported Employment Agency Limited** _**(continued)**_
## **Period ended 30 September 2025**
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
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 a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion 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 Strategic Report and the Trustees’ Report, prepared for the purposes of company law, included in the Trustees' Annual Report for the financial period for which the financial statements are prepared is consistent with the financial statements.
- the Strategic Report and the Trustees’ Report included in the Trustees' Annual Report have been prepared in accordance with applicable legal requirements.
## **Matter on which we are required to report under the Companies Act 2006**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Trustees' Annual Report.
## **Matters on which we are required to report by exception**
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
- certain 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.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement set out on pages 1 -2, the trustees (who are also the directors of the charitable company 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.
11
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Independent Auditor's Report to the Members of E.L.I.T.E. Supported Employment Agency Limited** _**(continued)**_
## **Period ended 30 September 2025**
In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's 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 reasonably 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
- E.L.I.T.E. Supported Employment Agency Limited is subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified that the following laws and regulations as the most likely to have a material effect if non-compliance were to occur: Charities SORP (FRS 102), the Charities Act 2011, the Companies Act 2006, The Financial Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and tax legislation.
- We understood how E.L.I.T.E. Supported Employment Agency Limited is complying with these legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures. We corroborated the results of our enquiries through our review of board minutes, and through our legal and professional expenses review.
- We assessed the susceptibility of the E.L.I.T.E. Supported Employment Agency Limited financial statements to material misstatement, including how fraud might occur by evaluating management's incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls. We determined that the principal risks were in relation to:
- journal entries that increased revenues, were back dated, closing entry postings or were made post year end
- potential management bias in determining accounting estimates
- transactions with related parties
- Our audit procedures involved:
- evaluation of the design and implementation effectiveness of controls that management has in place to prevent and detect fraud;
- Identifying and testing journal entries;
- challenging assumptions and judgements made by management in its significant accounting estimates ;
- testing the completeness of the company’s related party transactions through information obtained from group entities and testing that these transactions had a valid business purpose;
- evaluation of the compliance of disclosures in the strategic report and accounts with applicable financial reporting requirements and;
12
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Independent Auditor's Report to the Members of E.L.I.T.E. Supported Employment Agency Limited** _**(continued)**_
## **Period ended 30 September 2025**
- assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.
- Obtain an understanding 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.
- The engagement partners’ assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s
- Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation
- Knowledge of the industry in which the group and parent company operates, and
- Understanding of the legal and regulatory requirements specific to the entity including:
- the provisions of the applicable legislation
- the regulators rules and related guidance, including guidance issued by relevant authorities that interprets those rules
- the applicable statutory provisions
- Team communications in respect of potential non-compliance with laws and regulations and fraud included the potential for fraud in revenue recognition through manipulation of accrued or deferred income.
- We communicated relevant laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
## **Use of our report**
This report is made solely to the charitable company’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 charitable company’s members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Dean BA(Hons) FCA DChA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London
23/6/2026
13
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited Company Limited by Guarantee**
## **Statement of Financial Activities (including income and expenditure account)**
## **Period ended 30 September 2025**
|**Note**
Income and
endowments
Charitable activities
5
Trading activities
6
Investment income
7
Total Income
Expenditure
Charitable activities
8,9
Total expenditure
Net (expenditure)
Reconciliation of funds
Total funds brought
forward
Total funds carried forward|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total 30**
**Sept 2025**
£
£
£
195,063
145,861
340,924
466,340
-
466,340
31,245
-
31,245
692,648
145,861
838,509
1,063,806
145,861 1,209,667
1,063,806
145,861 1,209,667
(371,158)
-
(371,158)
130,367
-
130,367
(240,791)
-
(240,791)|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Total 31**
**March 25**
£
£
£
756,377
238,250
994,627
1,252,106
-
1,252,106
87,402
-
87,402|
|---|---|---|
|||2,095,885
238,250
2,334,135|
|||2,524,817
297,267
2,822,084|
|||2,524,817
297,267
2,822,084|
||||
|||(428,932)
(59,017)
(487,949)|
|||559,299
59,017
618,316|
|||130,367
-
130,367|
The notes on pages 16 to 33 form part of these financial statements
14
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Balance Sheet**
## **As at 30 September 2025**
|||**30**|**31 March**|
|---|---|---|---|
|||**September2**|**2025**|
|||**025**|**Restated**|
||**Note**|**£**|**£**|
|**Fixed assets**||||
|Tangible fixed assets|**15**|1,025,267|1,040,932|
|Investments|**16**|175,000|175,000|
|||`────────────`|`────────────`|
|||1,200,267|1,215,932|
|**Current assets**||||
|Stocks|**17**|34,019|37,054|
|Debtors|**18**|287,183|313,353|
|Cash at bank and in hand||37,730|205,387|
|||358,932|555,794|
|**Creditors: amounts falling due within one year**|**19**|(1,061,941)|(903,396)|
|**Net current liabilities**||(703,009)|(347,602)|
|||`────────────`|`────────────`|
|**Total assets less current liabilities**||497,258|868,330|
|**Creditors: amounts falling due after more**||||
|**than one year**|**21**|(672,108)|(729,150)|
|**Provisions for liabilities and charges**|**22**|(65,941)|(8,813)|
|||`─────────`|`────────────`|
|**Net (liabilities)/ assets**||(240,791)|130,367|
|||`═════════`|`════════════`|
|**Funds of the charity**||||
|Restricted funds|**25**|-|-|
|Unrestricted funds:|**24**|||
|Revaluation reserve||22,927|22,927|
|Other unrestricted income funds||(263,718)|107,440|
|||`─────────`|`─────────`|
|**Total unrestricted funds**||(240,791)|130,367|
|||`─────────`|`─────────`|
|**Total charity funds**||(240,791)
`═════════`|130,367
`═════════`|
These financial statements were approved by the board of trustees and authorised for issue on 23/6/2026 , and are signed on behalf of the board by:
Mr K Brezenoff Trustee
The notes on pages 16 to 33 form part of these financial statements
15
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements**
## **Period ended 30 September 2025**
## **1. General information**
The charity, ELITE is a public benefit entity, a registered charity, number 02931254, and a private company limited by guarantee, registered in England and Wales, company number 1049341. The address of the registered office is 8 Magden Park, Green Meadow, Llantrisant, Rhondda Cynon Taf, CF72 8XT.
## **2. Statement of compliance**
The financial statements have been prepared in compliance with Financial Reporting Standard 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.
## **3. 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 charity. All values are rounded to the nearest pound (£) except when otherwise stated.
## **Financial Reporting Standard 102 - reduced disclosure exemptions**
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Fedcap UK as at 30 September 2025 and these financial statements may be obtained from Boaz House, Massey Road, Thornaby, Stockton-On-Tees, England, TS17 6DY.
## **Going Concern**
The Statement of Financial Activities shown on page 14 reports net outgoing resources for the period of £371,158 (31 March 2025: net outgoing £487,949). The inclusion of a dilapidation provision amounting to £60,350 to settle future obligations at the end of a lease tenancy is a significant contributing factor to this result. Details of this can be found in the notes to the accounts on page 17.
Taking into consideration the financial position of the entity and its future forecasts, Fedcap Employment, a subsidiary within the Fedcap UK group, has committed to provide ongoing financial support to ensure that the entity has access to sufficient cash reserves to meet its financial and working capital requirements as and when required for the 12 month period following the date of signing of this report. This commitment has been confirmed via a letter of support from Fedcap Employment to the charity and, on this basis, the charity can continue as a going concern and is deemed to be a going concern for the purpose of the financial statements.
16
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements**
## **Period ended 30 September 2025**
## **3. Accounting policies** _**(continued)**_
The cash balance for the reporting period of £37,730 plus Fedcap Employment financial support ensures that the charity can settle their liabilities as they arise and ensures its ability to operate as a going concern.
The Trustees have agreed a three-year strategic and financial plan, which plans to stabilise the business to a breakeven position in FY26 outside of any intercompany charges and activate products and service across four key lines of business as well as developing a robust business development pipeline for the entity.
In the short term the entity will continue to improve on its current performance and maximise its current contracts delivering its contractual obligations to the highest standard and maximising revenue and financial returns from its current portfolio of business. In the medium to long term, new business will be pursued in line with the charities objectives and aligned to Fedcap Group mission products, services and capabilities delivering financially viable new services and products into the entity and supporting its growth.
In the long term aim of the 3 year plan is to hold a diverse mix of contracts and service across all four practice areas which a primary focus of establishing a large scale economic development practice through the entities social enterprise offerings. A number of commissioning frameworks are expected across 2027/28 which allow significant growth of the social enterprises with the aim of establish a flagship social enterprise based on the highly successful US service in this area. Therefore the trustees and parent company deem any funding in the next three years to be a long term investment to establish of a material and viable economic development practice area in the UK.
The trustees have assessed these detailed plans, using all available information and data and the impact of the plan on the overall financial position of Fedcap Employment has been considered in particular the working capital and capital investment requirements of the entity to deliver its contractual obligations and grow the business in line with the plans outlined above.
The trustees acknowledge the current position and are committed to establishing the flagship offering for Social Enterprises in the UK and remain committed to this purpose which fulfils the charities objects and purpose.
## **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 about the recognition and measurement of assets, liabilities, income and expenses. These estimates and judgements are reviewed regularly and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **(i) Dilapidations provision**
The amount recognised is the best estimate of the expenditure required to settle the lease obligation at the end of the lease, considering the risks and uncertainties and reviewed annually, this is provided in the dilapidations provision. Note 22 of these accounts gives more details of the dilapidations provision amounting to £60,350 and the basis for calculation.
## **Income tax**
As a charity, E.L.I.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.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
17
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements**
## **Period ended 30 September 2025**
**3. Accounting policies** _**(continued)**_
- Designated funds are unrestricted funds earmarked 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 two sub-classes: restricted income funds or endowment funds.
There is no formal policy of transfer between 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 grants that contain conditions relating to performance or payments by results is recognised as performance occurs, with all funding received in advance or in arrears of performance deferred or accrued accordingly. Otherwise income is recognised in full as soon as any other relevant conditions are satisfied.
- income from donations 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. Where the charity is in receipt of revenue in advance of any performance delivery this will be treated as deferred income until the conditions for performance delivery are met. The applies in particular to the lottery grant (received quarterly) and the contract with Transport for Wales for bulk orders of uniforms.
## **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 activities 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.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **Irrecoverable VAT**
Irrecoverable VAT is charged against the category of resources expended for which it was incurred. **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.
18
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements**
## **Period ended 30 September 2025**
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 - 2% per annum straight-line Plant and machinery - 33% per annum straight-line Fixtures and fittings - 15% per annum straight-line Computer equipment - 33% per annum straight-line Improvements to property - 33% per annum straight-line
## **3. Accounting policies** _**(continued)**_
## **Investment property**
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
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.
## **Debtors**
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
## **Creditors**
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
## **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. An onerous lease provision is included in provisions totalling £5,591, in respect of the discontinued catering equipment.
19
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **3. Accounting policies** _**(continued)**_
## **Cash and cash equivalents**
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. **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 statement 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 subsequently 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. When 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.
## **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 in respect of trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments 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.
20
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **3. Accounting policies** _**(continued)**_
## **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.
## **4. 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 30 September 2025 is 4 (March 2025: 3).
21
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **5. Charitable activities**
|Community Fund
Local Authority grants
Engage 2 Change
Small Business Research
Initiative
Access to Work
Restart program
Supported
Apprenticeships,
Internships & Traineeships
Other income|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**Funds**
**30 Sept**
**2025**
**£**
-
145,861
145,861
-
-
-
-
-
-
-
-
-
27,589
-
27,589
-
-
-
158,564
-
158,564
8,910
-
8,910
195,063
145,861
340,924|**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**Funds**
**31**
**March**
**2025**
**£**
-
25,000
25,000
-
55,763
55,763
-
11,216
11,216
-
146,271
146,271
205,945
-
205,945
95,801
-
95,801
437,002
-
437,002
17,629
-
17,629|
|---|---|---|
|||756,377
238,250
994,627|
## **6. Trading activities**
||**Unrestricted**|**Total Funds**|**Unrestricted**|
**Total Funds**|
|---|---|---|---|---|
||**Funds**|**30 Sept 2025**|**Funds**|
**31 March 2025**|
||**£**|**£**|**£**|**£**|
|Paper Solutions|201,297|201,297|419,657|
419,657|
|Clothing Solutions|223,680|223,680|769,397|
769,397|
|Training Solutions|41,363|41,363|50,460|
50,460|
|Catering Enterprise|-|-|12,592|
12,592|
||`────────────`|`────────────`|`─────────`|
`─────────`|
||466,340|466,340|1,252,106|
1,252,106|
||`════════════`|`════════════`|`═════════`|
`═════════`|
22
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **7. Investment income**
||**Unrestricted**|**Total Funds**|
**Unrestricted**|
**Total Funds**|
|---|---|---|---|---|
||**Funds**|**30 Sept 2025**|**Funds**|
**31 March 2025**|
||**£**|**£**|**£**|**£**|
|Income from investment properties|31,240|31,240|
86,825|
86,825|
|Bank interest receivable|5|5|
577|
577|
||`────────`|`────────`|
`────────`|
`────────`|
||31,245|31,245|
87,402|
87,402|
||`════════`|`════════`|
`════════`|
`════════`|
## **8. Expenditure on charitable activities by fund type**
||**Unrestricted**|**Restricted**|
**Total Funds**|
|---|---|---|---|
||**Funds**|**Funds**|
**30 Sept 2025**|
||**£**|**£**|**£**|
|Work Preparation, Job Matching and In Work Support|
302,698|145,861|
448,559|
|Paper Solutions|309,495|-|
309,495|
|Clothing Solutions|260,119|-|
260,119|
|Training Solutions|15,567|-|
15,567|
|Support costs|175,927||175,927|
||`────────────`|`─────────`|
`────────────`|
||1,063,806|145,861|
1,209,667|
||`════════════`|`═════════`|
`════════════`|
||**Unrestricted**|**Restricted**|
**Total Funds**|
||**Funds**|**Funds**|
**31 March 2025**|
||**£**|**£**|**£**|
|Work Preparation, Job Matching and In Work Support|
798,470|111,503|
909,973|
|Paper Solutions|598,758|–|
598,758|
|Clothing Solutions|900,886|–|
900,886|
|Training Solutions|25,275|182,603|
207,878|
|Catering Enterprise|60,679|–|
60,679|
|Support costs|140,749|3,161|
143,910|
||`────────────`|`─────────`|
`────────────`|
||2,524,817|297,267|
2,822,084|
||`════════════`|`═════════`|
`════════════`|
23
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **9. Expenditure on charitable activities by activity type**
||**Activities**||||
|---|---|---|---|---|
||**undertaken**|**Support**|
**Total Funds**|
**Total Funds**|
||**directly**|**costs**|
**30 Sept 2025**|
**31 March 2025**|
||**£**|**£**|**£**|**£**|
|Work Preparation, Job Matching and In|||||
|Work Support|496,970|101,091|598,061|1,033,839|
|Paper Solutions|278,742|26,541|305,283|611,015|
|Clothing Solutions|248,893|10,578|259,471|907,342|
|Training Solutions|25,275|577|25,852|208,793|
|Catering Enterprise|-||-|61,095|
|Governance costs|-|21,000|
21,000|
–|
||`────────────`|`─────────`|
`────────────`|
`────────────`|
||1,049,880|159,787|1,209,667|2,822,084|
||`════════════`|`═════════`|
`════════════`|
`════════════`|
## **10. Analysis of support costs**
|Finance costs
Governance costs
Depreciation|**Employer**
**Support**
**&**
**Training**
**Grants**
**Paper**
**Solutions**
**Clothing**
**Solutions**
**Training**
**Solutions**
**Total**
**Sept**
**2025**
£
£
£
£
£
84,880
23,902
10,060
577
119,420
40,840
-
-
-
40,840
12,511
2,638
518
-
15,667|
|---|---|
||138,231
26,541
10,578
577
175,927|
24
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **11. Net expenditure**
Net expenditure is stated after charging/(crediting):
||**30 Sept 2025 31 March 2025**|**30 Sept 2025 31 March 2025**|
|---|---|---|
||**£**|**£**|
|Depreciation of tangible fixed assets|15,665|39,828|
|Operating lease rentals|32,146|77,430|
||`════════`|`═════════`|
## **12. Auditors remuneration**
||**30 Sept 2025 31 March 2025**|**30 Sept 2025 31 March 2025**|
|---|---|---|
||**£**|**£**|
|Fees payable for the audit of the financial statements|||
||38,166|7,650|
||`═══════`|`═══════`|
|Fees payable to the charity's auditor and its associates for other services:|||
|Other non-audit services|||
||3,760|11,910|
||`════════`|`════════`|
25
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **13. Staff costs**
The total staff costs and employee benefits for the reporting period are analysed as follows:
|||**31 March**|
|---|---|---|
||**30 Sept 2025**|**2025**|
||**£**|**£**|
|Wages and salaries|630,945|1,567,053|
|Social security costs|65,980|128,672|
|Employer contributions to pension plans|32,374|80,211|
||`────────────`|`────────────`|
||729,299|1,775,936|
||`════════════`|`════════════`|
The average head count of employees during the period was 68 (31 March 2025: 86). The average number of full-time equivalent employees during the period is analysed as follows:
|||**31 March**|
|---|---|---|
||**30 Sept 2025**|**2025**|
||No.|No.|
|Administrative & Finance staff|7|7|
|Staff employed on Charitable Activities|38|48|
||`────`|`────`|
||45|55|
||`════`|`════`|
The number of employees whose remuneration for the period fell within the following bands, were:
|||**31 March 2025**|
|---|---|---|
||**30 Sept 2025**|**Restated**|
||**No.**
1|**No.**|
|£70,000-£79,999||1|
||||
||1|1|
## **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 £177,417 (31 March 2025 £324,882).
26
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **14. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees (31 March 2025: £nil).
No trustee expenses have been incurred (31 March 2025: £nil).
## **15. Tangible fixed assets**
|**Cost or valuation**
At the beginning of
the period
At end of the period
**Depreciation**
At the beginning of
the period
Depreciation
At end of the period
**Net book value**
At beginning of period
**At end of the period**|**Freehold**
**Property**
**Property**
**Improvements**
**Plant &**
**Machinery**
**IT**
**Equipment**
**Fixtures**
**&**
**Fittings**
**Totals**
**£**
**£**
**£**
**£**
**£**
**£**
1,050,000
67,560
230,339
68,667
42,721 1,459,287|
|---|---|
||**1,050,000**
**67,560**
**230,339**
**68,667**
**42,721 1,459,287**|
||21,000
67,560
220,903
68,411
40,481
418,355
10,500
-
3,447
103
1,615
15,665|
||**31,500**
**67,560**
**224,350**
**68,514**
**42,096**
**434,020**|
||1,029,000
-
9,436
256
2,240 1,040,932|
||**1,018,500**
**-**
**5,989**
**153**
**625 1,025,267 **|
## **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 & Estate Agents, Market Street, Caerphilly, CF83 1NX on an existing use basis. The Trustees consider the fair value to be materially the same as at 30 September 2025.
27
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **16. Investments**
|**Investments**||
|---|---|
||**Investment**|
||**properties**|
||**£**|
|**Valuation**||
|At 1 April 2025 and 30 September 2025|175,000|
||`═════════`|
|**Impairment**||
|At 1 April 2025 and 30 September 2025||
|Carrying amount||
|At 30 September 2025|175,000|
||`═════════`|
|At 31 March 2025|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 1NX on an existing use basis. The Trustees consider the fair value to be materially the same as at 30 September 2025.
## **17. Stocks**
|**17.**|**Stocks**|||
|---|---|---|---|
|||**30 Sept**|**31 March**|
|||**2025**|**2025**|
|||**£**|**£**|
||Clothing materials|34,019|37,054|
|||`─────────`|`─────────`|
|||34,019|37,054|
|||`═════════`|`═════════`|
|**18.**|**Debtors**|||
||||**31 March**|
|||**30 Sept**|**2025**|
|||**2025**|**Restated**|
|||**£**|**£**|
||Trade debtors|231,859|220,067|
||Prepayments and accrued income|55,324|93,286|
|||`─────────`|`─────────`|
|||287,183|313,353|
|||`═════════`|`═════════`|
The prior year has been restated to include £913 prepayment card balance previously included as cash in hand.
28
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **19. Creditors: amounts falling due within one year**
||**30 Sept**|**31 March**|
|---|---|---|
||**2025**|**2025**|
|||**Restated**|
||**£**|**£**|
|Bank loan|-|50,155|
|Trade creditors|60,509|289,308|
|Amounts owed to group undertaking|572,638|-|
|Accruals and deferred income|267,298|186,282|
|Social security and other taxes|45,704|93,234|
|Other creditors|115,792|284,437|
||`─────────`|`─────────`|
||1,061,941|903,396|
||`═════════`|`═════════`|
The bank loan is a secured loan for the freehold property, Units 1-5 Viaduct House, Merthyr Tydfil, and the charity's investment property. The loan is repayable over 20 years at an interest rate of 5.299% per annum. During the period the loan was settled in full and replaced with a loan facility provided by Fedcap Employment Limited, additionally l oans totalling £275,000 were received from Fedcap UK and is repayable on demand, this is an interest bearing loan chargeable at a rate of 3% per annum.
The prior year has been restated to reclassify £160,565 deferred income previously included as other creditors.
## **20. Deferred income**
|**Sept 2025**
**£**
Balance brought forward
160,565
Amounts released in year
(69,317)
Provision in year
50,249
**Balance carried forward**
**141,497**
This relates to**r**evenue form contracts received in advance.|**March 2025**
**£**
16,041
(16,041)
160,565|
|---|---|
||**160,565**|
|||
## **21. Creditors: amounts falling due after more than one year**
|Bank loan
Amounts owed to Parent undertaking|**Sept 2025**
**March 2025**
**£**
**£**
-
729,150
672,108
-|
|---|---|
||672,108
729,150|
The loan was settled in full and replaced with a loan facility provided by Fedcap Employment Limited.
29
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **22. Provisions**
Provision has been made for property lease contractual liabilities for schedule of conditions estimated at the balance sheet date, this has been independently calculated by a chartered surveyor, each property lease and provision is reviewed annually. The actual amounts will be fully determined at the end of the lease.
|Balance brought forward
Amounts released in year
Provision in year
**Balance carried forward**|**Dilapidations**
**£**
-
-
60,350
60,350|**Onerous**
**contracts**
**£**
8,813
(3,222)
-
5,591|**Total**
**Provisions**
**Sept 2025**
**£**
8,813
(3,222)
60,350|
|---|---|---|---|
||||65,941|
## **23. Pensions and other post retirement benefits**
## **Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £32,374 (31 March 2025: £80,211).
## **24. Analysis of charitable funds**
## **Unrestricted funds**
|**Unrestricted funds**||||||
|---|---|---|---|---|---|
||||||**At 30**|
|||||**Gains and**|**September**|
||**At 1 April 2025**|**Income**|**Expenditure**|**losses**|**2025**|
||£|£|£|£|£|
|General funds|107,440|692,648|(1,063,806)|-|(263,718)|
|Revaluation reserve|22,927|-|-|-|22,927|
||`─────────`|`────────────`|`────────────`|`────`|`─────────`|
||130,367|692,648|(1,063,806)|-|(240,791)|
||`═════════`|`════════════`|`════════════`|`════`|`═════════`|
|||||**Gains and**|**At 31 March**|
||**At 1 April 2024**|**Income**|**Expenditure**|**losses**|**2025**|
||£|£|£|£|£|
|General funds|536,372|2,095,885|(2,524,817)|-|107,440|
|Revaluation reserve|22,927|-|-|-|22,927|
||`─────────`|`────────────`|`────────────`|`─────────`|`─────────`|
||559,299|2,095,885|(2,524,817)|-|130,367|
||`═════════`|`════════════`|`════════════`|`═════════`|`═════════`|
30
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **24. Analysis of charitable funds** _**(continued)**_
## **Restricted funds**
|||||||**At 30**|
|---|---|---|---|---|---|---|
||||||**Gains and**|**September**|
||**At**|**1 April 2025**|**Income**|**Expenditure**|**losses**|**2025**|
|||**£**|**£**|**£**|**£**|**£**|
|National Lottery|||||||
|Community Fund||-|145,861|(145,861)|–|–|
|||`────────`|`─────────`|`─────────`|`────`|`────`|
|||-|145,861|(145,861)|–|–|
|||`════════`|`═════════`|`═════════`|`════`|`════`|
||||||**Gains and**|**At 31 March**|
||**At**|**1 April 2024**|**Income**|**Expenditure**|**losses**|**2025**|
|||£|£|£|£|£|
|Local Authority||47,685|55,763|(103,448)|-|-|
|Engage 2 Change||–|11,216|(11,216)|-|-|
|National Lottery|||||||
|Community Fund||–|25,000|(25,000)|-|-|
|The Feedcycle Project||11,332|146,271|(157,603)|-|-|
|||`─────────`|`─────────`|`─────────`|`────`|`────────`|
|||59,017
`═════════`|238,250
`═════════`|(297,267)
`═════════`|-
`════`|-
`════════`|
## _**Local Authorities**_
Our local authority funding enabled 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 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 Feedcycle 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.
31
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **25. Analysis of net assets between funds**
||**Unrestricted**|**Restricted**|
**Total Funds**|
|---|---|---|---|
||**Funds**|**Funds**|
**30 Sept 2025**|
||£|£|£|
|Tangible fixed assets|1,025,267|-|
1,025,267|
|Investments|175,000|-|
175,000|
|Current assets|358,932|-|
358,932|
|Creditors less than 1 year|(1,061,941)|-|
(1,061,941)|
|Creditors greater than 1 year|(672,108)|-|
(672,108)|
|Provisions|(65,941)|-|
(65,941)|
||`────────────`|`────`|
`────────────`|
|**Net liabilities**|(240,791)|-|
(240,791)|
||`════════════`|`════`|
`════════════`|
||||**Total Funds**|
||**Unrestricted**|**Restricted**|
**31 March**|
||**Funds**|**Funds**|
**2025**|
||£|£|£|
|Tangible fixed assets|1,040,932|-|
1,040,932|
|Investments|175,000|-|
175,000|
|Current assets|555,794|-|
555,794|
|Creditors less than 1 year|(903,396)|-|
(903,396)|
|Creditors greater than 1 year|(729,150)|-|
(729,150)|
|Provisions|(8,813)|-|
(8,813)|
||`────────────`|`─────────`|
`────────────`|
|**Net assets**|130,367|-|
130,367|
||`════════════`|`═════════`|
`════════════`|
## **26. Operating lease commitments**
The total future minimum lease payments under non-cancellable operating leases are as follows:
||**30 Sept**|**31 March**|
|---|---|---|
||**2025**|**2025**|
||£|£|
|Not later than 1 year|26,897|46,874|
|Later than 1 year and not later than 5 years|19,396|28,323|
||────────|────────|
||46,293|75,197|
||════════|════════|
32
Docusign Envelope ID: 6520B61D-B9FF-8695-8232-4827AF037EE5
Commercial in Confidence
## **E.L.I.T.E. Supported Employment Agency Limited**
## **Company Limited by Guarantee**
## **Notes to the Financial Statements** _**(continued)**_
## **Period ended 30 September 2025**
## **27. Parent undertaking and Controlling Party**
The immediate parent company is Fedcap UK and the ultimate controlling party is The Fedcap Group. Fedcap UK is a Company Limited by Guarantee (CLG) and a charity registered with the Charity Commission. Fedcap UK has a single member, the Fedcap Group Inc, a company incorporated in the US, with head office based at 633 3[rd] Avenue, New York, NY, 10017. Information relating to the US group can be obtained from their website (www.Fedcap.org) or the U.S Securities and Exchange Commission website.
33