To
Trustees' Annual Report for the period
Period start date Period end date 01 April 2023 30 03 2024
From
Section A Reference and administration details
Charity name
Elgar Centre Ltd
Other names charity is known by
1145093 1a High Streeta High Street High Streetgh Streeth StreetStreetreeteet Upton Northampton n Northampton orthampton rthampton thampton hampton ampton mpton pton n Postcode NN5 4EN ~~a~~
Registered charity number (if any) 1145093
Charity's principal address 1a High Streeta High Street High Streetgh Streeth StreetStreetreeteet Upton Northampton n Northampton orthampton rthampton thampton hampton ampton mpton pton n
| Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|
| 1 Stephanie Hay | chairperson | ||
| 2 Stuart Hay | Secretary | ||
| 3 Nicolette Bench | director | ||
| 4 Andrewpommeroy | director | ||
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| 20 ~~————~~ |
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| Names and addresses of advisers (Optional information) Type of adviser Name Address |
Names and addresses of advisers (Optional information) Type of adviser Name Address |
Names and addresses of advisers (Optional information) Type of adviser Name Address |
|---|---|---|
Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
Description of the charity’s trusts
constitution
Type of governing document (eg. trust deed, constitution) Limited company by guarantee (not for profit) How the charity is constituted (eg. trust, association, company) Elected by board Trustee selection methods
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(eg. trust, association, company)
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(eg. appointed by, elected by)
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
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policies and procedures adopted for the induction and training of trustees;
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the charity’s organisational structure and any wider network with which the charity works;
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relationship with any related parties;
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trustees’ consideration of major risks and the system and procedures to manage them.
Section C Objectives and activities
Summary of the objects of the charity set out in its governing document
'To further or benefit the residents of Upton and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents.
In furtherance of these objects but not otherwise, the trustees shall have
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power:
To establish or secure the establishment of a community centre and to maintain or manage or co-operate with any statutory authority in the maintenance' and management of such a centre for activities promoted by the charity in furtherance of the above objects.'
The centre has carried out the following activities for public benefit. Hired out the centre facilities to community groups to facilitate activities for the benefit of the Upton and wider Northampton community.
Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)
Additional details of objectives and activities (Optional information)
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You may choose to include further statements, where relevant, about:
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policy on grantmaking;
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policy programme related investment;
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contribution made by volunteers.
Section D Achievements and performance
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Section D Achievements and performance
Facilitated the hiring of the centre to a number of groups to achieve Summary of the main following services for upton area achievements of the charity during the year Youth groups Scouts group Mums and tots groups Seniors groups Sports teams and recreation at upton community park
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Section E Financial review ~~ee~~
Brief statement of the charity’s policy on reserves
Policy is to ensure adequate reserves to maintain obligations under lease held with council.
Details of any funds materially in deficit
Further financial review details (Optional information)
You may choose to include additional information, where relevant about:
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the charity’s principal sources of funds (including any fundraising);
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how expenditure has supported the key objectives of the charity;
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investment policy and objectives including any ethical investment policy adopted.
~~ee~~ Section F Other optional information
Section G Declaration ~~a~~
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Full name(s) Stuart hay ~~es~~ Position (eg Secretary, Chair, Secretary. etc) ~~ee~~ Date 10/02/25
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Company Registration number: 07604967 Charity Registrauon number. 1145093 The Elgar Centre Limited (A company limited by guarantee) Annu21 Report and Unaudited Financial Statements for the Year Ended 30 April 2024 l O. Chartered Accountants 10 Cheyne Walk Northampton Nor¢hampton5hire NNI 5PT
The Elgar Centre Limited Contents Company Information Directors, Report Accountants. Report Profit 2nd Loss Account Balance Sheet Statement of Changes in Equity Notes to the Unaudited Financial Statements 7t0 10 Detailed Profit and Loss Account
The Elgar Centre Limited Company Information Chairman SIHay Directors N Ambrose A Pomeroy SMHay Registered office The Elgar Centre IA High Street Northampton NN5 4EN Accountants l O. Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NNI 5PT Page I
The Elgar Centre Limited Directors. Report for the Year Ended 30 April 2024 The directors present their report and the financial statements for the year ended 30 April 2024. Directors of the company The dirertors who held office during the year were as follow5= N Ambrose A Pomeroy S l Hay- Chairman SMHay Future activities As a result of increasing costs, on 13 December 2024, the Company ceased to trade and the responsibility for the operation of The Elgar Centre was handed back to Northampton Borough Council. Once all funds have been collected in and supplier accounts setded. the Directors will apply to strike off the Company from the Register of Companies at Companies House. Small companie5 provision Statement This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved 2nd authorised by the Board on .................... and signed on its behalf by. A Pomeroy Director Page 2
Chartered Accountants. Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of The Elgar Centre Limited for the Year Ended 30 April 2024 In order to assist you to fulfil your duties under the Companies Act 2006. we have prepared for your approval the accounts of The Elgar Centre Limited for the year ended 30 April 2024 as set out on pages 4 to l O from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http'.l/www.icaew.comlregulation. This report is made solely to the Board of Directors of The Elgar Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Elgar Centre Limited and state those matters that we have agreed to state to the Board of Directors of The Elgar Centre Limited. as a body. in this report in 3ccord3nce with ICAEW Technical Release 07116 AAF. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than The Elgar Centre LiMid and its Board of Direccor5 as a body for our work or for this report. It is your duty to ensure that The Elgar Centre Limited has kept adequate accounting records and to prepare statutory accounts that &'ve 2 true and fair view of the assets. liabilities. financial position and loss of The Elgir Centre Limited. You consider that The Elgar Centre Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of The Elgar Centre Limited. For this rea50n. we have not verified the accuracy or completeness of the accounring records or information and explanations you have given to us and we do noc therefore. expre55 any opinion on che statutory accounts. l O. Chartered Accountants 10 Cheyne Walk Norchampton Nor¢hampton5hire NNI 5PT D2te:............................. Page 3
The Elgar Centre Limited Profit and Loss Account for the Year Ended 30 April 2024 2024 2023 Note Turnover Gross surplus 25,303 33,893 Administrative expenses (62,537) (43.420) Other opernting income Operating deficit Deficit before tax Deficit for the financial year The above re5uIc5 were derived from conunuing operauons. The company has no recogni5ed gain5 or105ses for the year other than the results above. The notes on pages 7 to l O form an integral part of these financial statements. Page 4
The Elgar Centre Limited (Registration number: 07604967) Balance Sheet as at 30 April 2024 2024 2023 Note Current assets Debtors 20,796 20,412 Cash at bank and in hand 47,963 50,348 Creditors: Amounts falling due within one year Net assets Reserves Retained earnings Surplus For the financial year ending 30 April 2024 the company was entided to exemption from audit under section 477 of the Companies Act 2006 relaong to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476- and The director5 acknowledge their responsibilities for complying with the requirements of the Att with re5pett to accounung record5 and the preparation of accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies rme and FRS 102 'The Financial Reporting Stsndard Applicable in the UK and Republic of Ireland,. Approved and authori5ed by the Board on .................... and signed on IL5 behalf by. A Pomeroy Director The notes on pages 7 to l O form an integral part of these financial statements. Page 5
The Elgar Centre Limited Statement of Changes in Equity for the Year Ended 30 April 2024 Retained earning5 Total At l May 2023 Deficit for the year 30,957 30.957 At 30 April 2024 Retained earnings Total At l May 2022 Deficit for the year 40.484 40.484 At 30 April 2023 The notes on pages 7 to l O form an integral part of these financial statements. Page 6
The Elgar Centre Limited Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 l General information The company is a company limited by guarantee, incorporatsd in England and Wales, and consequendy does not have share capital. Each of the members is liable to contribute an amount not exceeding £ I towards the asset5 of the company in the event of liquidation. The address of its registered office is: The Elgar Centre l A High Street Norchampton NN5 4EN 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Statement of compliance These financial ststements have been prepared in accordance with Financial Reporting Standard 102 Section IA smaller entitie5 'The Financial Reporting Srandard applicable in the United Kingdom and Republic of Ireland, and the Companies Att 2006 (as applicable to companies subjett to the small companies, regime). Basis of preparation These financial ststements have been prepared using the historical cost convention except th2t as disclosed in the accounting policies certain items are shown at fair value. Judgements In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilioes. The directors, best judgements, estimates 2nd assumptions are based on the best and most reliable evidence aviil2ble at the time when the decisions are made, and are based on historical experience and other tsctors that are considered to be appropriate. Due to the inherent subjectivity involved in makn.ng such judgements, esumates 2nd assumptions, the actual results and outcomes miy differ. The estimates and underlying assumpuons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period. or in the period of the revision and future periods, if the revision affects both current and future periods. Page 7
The Elgar Centre Limited Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 Revenue recognition Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 5ervice5 in the ordinary course of the company's acuviues. Turnover is Shown net of saleslvalue added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured. it 15 probable that future economic benefits will flow to the enucr. and Specific criteria have been met for each of the company's activiues. Government grants Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grnnt is intended to compensate. For grnnts which are received by the entity for ompensation for expenses or 1055e5 which have already been incurred. the grant is recognised in income when it Is received or receivable. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade debtor5 Trade debtors are amounts due from customers for merchandise sold or services perfornied in the ordinary course of business. Trade debtors are recognised initially at the trnnsaction price. They are subsequendy measured at amortised ost using the effecuve interest method. less provision for impairment. A provision for the impairment of trade debtors is established when there is objecuve evidence that the company will not be able to collect all amounts due according to the orignal terms of the receivables. Trade creditors Trade creditors are obligations to pay for goods or sernices that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified a5 current liabiliues if the company doe5 not have an unconditional righ¢ at the end of the reporting period. to defer settlement of the creditor for at least e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least e1ve months after the reporting date, they are presented as non-current liabiliues. Trade creditors are recognised initially at the trnnsaction price and subsequendy measured at 3mortised cost using the effecuve interest method. Page 8
The Elgar Centre Limited Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 Financial instruments Classification The company only enters into basic financial instruments transac¢ions thac result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parues and loans to related parries. Debt instruments such as loans and other accounts receivable and payable are initially measured at present alue of the future payments and subsequently at amorrised cost using the effective interest method: Debt instruments that are payable or receivable within one year. typically rrade payables or receivables. are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-tsrm instrument constitute a financing transactson, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rnte or in the case of an outright short-term loan not at market rate. the financial a55et or liabiliry is measured. InitilY and subsequendy. ac the present value of the future payments discounted at a market rate of incerest for a similar debt in5trumenL Financial assets that are measured at cost and amorrised cost are assessed at the end of each reporting period for objective evidence of impairmenL If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial asseL5 and liabilitie5 are offsec and the net amount reporred in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 3 Staff number5 The average number of persons employed by the company {including direcwrs) during the year, wa5 4 (2023 - 6). 4 Debtors 2024 2023 Current Trade debtors Other debtors 4,205 5,007 Page 9
The Elgar Centre Limited Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 5 Creditors Creditors: amounts falling due within one year 2024 2023 Due within one year Trade creditors 2,403 Accruals and deferred income Page 10
The Elgar Centre Limited Detailed Profit and Loss Account for the Year Ended 30 April 2024 2024 2023 Turnover (analy5ed below) Gross surplus {%) 1007. loo% Administrative expenses Employment CQSC5 (analysed below) Establishment costs (analysed below) General administrative expen5e5 (analy5ed bdow) Finance charges {analysed below) (6.738) (46.271) (9.493) 35 (8,699) (26,394) (8,327) (62.537) (43,420) Other operating income (analysed below) Operating deficit Deficit before tsx This page does not form part of the statucory financial statements. Page 11
The Elgar Centre Limited Detailed Profit and Loss Account for the Year Ended 30 April 2024 2024 2023 Turnover Room hire Playing field income 24,463 840 32,693 Employment Costs Wages and salaries Establishment C05t5 Rent and rates Light, heat and power Insurance Repairs and renewals (1.429) (27,216) (560) (1,178) {18,174) (560) General administrative expenses Opening and closing costs Printin& postage and statsonery Trade subscriptions Sundry expenses Cleaning Accountancy fees (678) (2,238) (407) (1,194) (822) (578) (300) (4.959) 474 (5,666) 504 Finance charges Bank charges 35 Other operating income Government grants receivable This page does not form part of the statucory financial statements. Page 12
Company Registration number: 07604967 Charity Registrauon number. 1145093 The Elgar Centre Limited (A company limited by guarantee) Annu21 Report and Unaudited Financial Statements for the Year Ended 30 April 2024 l O. Chartered Accountants 10 Cheyne Walk Northampton Nor¢hampton5hire NNI 5PT
The Elgar Centre Limited Contents Company Information Directors, Report Accountants. Report Profit 2nd Loss Account Balance Sheet Statement of Changes in Equity Notes to the Unaudited Financial Statements 7t0 10 Detailed Profit and Loss Account
The Elgar Centre Limited Company Information Chairman SIHay Directors N Ambrose A Pomeroy SMHay Registered office The Elgar Centre IA High Street Northampton NN5 4EN Accountants l O. Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NNI 5PT Page I
The Elgar Centre Limited Directors. Report for the Year Ended 30 April 2024 The directors present their report and the financial statements for the year ended 30 April 2024. Directors of the company The dirertors who held office during the year were as follow5= N Ambrose A Pomeroy S l Hay- Chairman SMHay Future activities As a result of increasing costs, on 13 December 2024, the Company ceased to trade and the responsibility for the operation of The Elgar Centre was handed back to Northampton Borough Council. Once all funds have been collected in and supplier accounts setded. the Directors will apply to strike off the Company from the Register of Companies at Companies House. Small companie5 provision Statement This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved 2nd authorised by the Board on .................... and signed on its behalf by. A Pomeroy Director Page 2
Chartered Accountants. Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of The Elgar Centre Limited for the Year Ended 30 April 2024 In order to assist you to fulfil your duties under the Companies Act 2006. we have prepared for your approval the accounts of The Elgar Centre Limited for the year ended 30 April 2024 as set out on pages 4 to l O from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http'.l/www.icaew.comlregulation. This report is made solely to the Board of Directors of The Elgar Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Elgar Centre Limited and state those matters that we have agreed to state to the Board of Directors of The Elgar Centre Limited. as a body. in this report in 3ccord3nce with ICAEW Technical Release 07116 AAF. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than The Elgar Centre LiMid and its Board of Direccor5 as a body for our work or for this report. It is your duty to ensure that The Elgar Centre Limited has kept adequate accounting records and to prepare statutory accounts that &'ve 2 true and fair view of the assets. liabilities. financial position and loss of The Elgir Centre Limited. You consider that The Elgar Centre Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of The Elgar Centre Limited. For this rea50n. we have not verified the accuracy or completeness of the accounring records or information and explanations you have given to us and we do noc therefore. expre55 any opinion on che statutory accounts. l O. Chartered Accountants 10 Cheyne Walk Norchampton Nor¢hampton5hire NNI 5PT D2te:............................. Page 3
The Elgar Centre Limited Profit and Loss Account for the Year Ended 30 April 2024 2024 2023 Note Turnover Gross surplus 25,303 33,893 Administrative expenses (62,537) (43.420) Other opernting income Operating deficit Deficit before tax Deficit for the financial year The above re5uIc5 were derived from conunuing operauons. The company has no recogni5ed gain5 or105ses for the year other than the results above. The notes on pages 7 to l O form an integral part of these financial statements. Page 4
The Elgar Centre Limited (Registration number: 07604967) Balance Sheet as at 30 April 2024 2024 2023 Note Current assets Debtors 20,796 20,412 Cash at bank and in hand 47,963 50,348 Creditors: Amounts falling due within one year Net assets Reserves Retained earnings Surplus For the financial year ending 30 April 2024 the company was entided to exemption from audit under section 477 of the Companies Act 2006 relaong to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476- and The director5 acknowledge their responsibilities for complying with the requirements of the Att with re5pett to accounung record5 and the preparation of accounts. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies rme and FRS 102 'The Financial Reporting Stsndard Applicable in the UK and Republic of Ireland,. Approved and authori5ed by the Board on .................... and signed on IL5 behalf by. A Pomeroy Director The notes on pages 7 to l O form an integral part of these financial statements. Page 5
The Elgar Centre Limited Statement of Changes in Equity for the Year Ended 30 April 2024 Retained earning5 Total At l May 2023 Deficit for the year 30,957 30.957 At 30 April 2024 Retained earnings Total At l May 2022 Deficit for the year 40.484 40.484 At 30 April 2023 The notes on pages 7 to l O form an integral part of these financial statements. Page 6
The Elgar Centre Limited Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 l General information The company is a company limited by guarantee, incorporatsd in England and Wales, and consequendy does not have share capital. Each of the members is liable to contribute an amount not exceeding £ I towards the asset5 of the company in the event of liquidation. The address of its registered office is: The Elgar Centre l A High Street Norchampton NN5 4EN 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. Statement of compliance These financial ststements have been prepared in accordance with Financial Reporting Standard 102 Section IA smaller entitie5 'The Financial Reporting Srandard applicable in the United Kingdom and Republic of Ireland, and the Companies Att 2006 (as applicable to companies subjett to the small companies, regime). Basis of preparation These financial ststements have been prepared using the historical cost convention except th2t as disclosed in the accounting policies certain items are shown at fair value. Judgements In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilioes. The directors, best judgements, estimates 2nd assumptions are based on the best and most reliable evidence aviil2ble at the time when the decisions are made, and are based on historical experience and other tsctors that are considered to be appropriate. Due to the inherent subjectivity involved in makn.ng such judgements, esumates 2nd assumptions, the actual results and outcomes miy differ. The estimates and underlying assumpuons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period. or in the period of the revision and future periods, if the revision affects both current and future periods. Page 7
The Elgar Centre Limited Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 Revenue recognition Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 5ervice5 in the ordinary course of the company's acuviues. Turnover is Shown net of saleslvalue added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured. it 15 probable that future economic benefits will flow to the enucr. and Specific criteria have been met for each of the company's activiues. Government grants Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grnnt is intended to compensate. For grnnts which are received by the entity for ompensation for expenses or 1055e5 which have already been incurred. the grant is recognised in income when it Is received or receivable. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade debtor5 Trade debtors are amounts due from customers for merchandise sold or services perfornied in the ordinary course of business. Trade debtors are recognised initially at the trnnsaction price. They are subsequendy measured at amortised ost using the effecuve interest method. less provision for impairment. A provision for the impairment of trade debtors is established when there is objecuve evidence that the company will not be able to collect all amounts due according to the orignal terms of the receivables. Trade creditors Trade creditors are obligations to pay for goods or sernices that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified a5 current liabiliues if the company doe5 not have an unconditional righ¢ at the end of the reporting period. to defer settlement of the creditor for at least e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least e1ve months after the reporting date, they are presented as non-current liabiliues. Trade creditors are recognised initially at the trnnsaction price and subsequendy measured at 3mortised cost using the effecuve interest method. Page 8
The Elgar Centre Limited Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 Financial instruments Classification The company only enters into basic financial instruments transac¢ions thac result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parues and loans to related parries. Debt instruments such as loans and other accounts receivable and payable are initially measured at present alue of the future payments and subsequently at amorrised cost using the effective interest method: Debt instruments that are payable or receivable within one year. typically rrade payables or receivables. are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-tsrm instrument constitute a financing transactson, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rnte or in the case of an outright short-term loan not at market rate. the financial a55et or liabiliry is measured. InitilY and subsequendy. ac the present value of the future payments discounted at a market rate of incerest for a similar debt in5trumenL Financial assets that are measured at cost and amorrised cost are assessed at the end of each reporting period for objective evidence of impairmenL If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial asseL5 and liabilitie5 are offsec and the net amount reporred in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 3 Staff number5 The average number of persons employed by the company {including direcwrs) during the year, wa5 4 (2023 - 6). 4 Debtors 2024 2023 Current Trade debtors Other debtors 4,205 5,007 Page 9
The Elgar Centre Limited Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 5 Creditors Creditors: amounts falling due within one year 2024 2023 Due within one year Trade creditors 2,403 Accruals and deferred income Page 10
The Elgar Centre Limited Detailed Profit and Loss Account for the Year Ended 30 April 2024 2024 2023 Turnover (analy5ed below) Gross surplus {%) 1007. loo% Administrative expenses Employment CQSC5 (analysed below) Establishment costs (analysed below) General administrative expen5e5 (analy5ed bdow) Finance charges {analysed below) (6.738) (46.271) (9.493) 35 (8,699) (26,394) (8,327) (62.537) (43,420) Other operating income (analysed below) Operating deficit Deficit before tsx This page does not form part of the statucory financial statements. Page 11
The Elgar Centre Limited Detailed Profit and Loss Account for the Year Ended 30 April 2024 2024 2023 Turnover Room hire Playing field income 24,463 840 32,693 Employment Costs Wages and salaries Establishment C05t5 Rent and rates Light, heat and power Insurance Repairs and renewals (1.429) (27,216) (560) (1,178) {18,174) (560) General administrative expenses Opening and closing costs Printin& postage and statsonery Trade subscriptions Sundry expenses Cleaning Accountancy fees (678) (2,238) (407) (1,194) (822) (578) (300) (4.959) 474 (5,666) 504 Finance charges Bank charges 35 Other operating income Government grants receivable This page does not form part of the statucory financial statements. Page 12