**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|||
|5||||
|6||||
|7||||
|8||||
|9||||
|10||||
|11||||
|12||||
|13||||
|14||||
|15||||
|16||||
|17||||
|18||||
|19||||
|20
~~————~~|~~————~~|~~————~~|~~————~~|
March **2012**
**TAR**
1
|**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
- (eg. trust, association, company)
- (eg. appointed by, elected by)
## **Additional governance issues (Optional information)**
You **may choose** to include additional information, where relevant, about:
- policies and procedures adopted for the induction and training of trustees;
- the charity’s organisational structure and any wider network with which the charity works;
- relationship with any related parties;
- 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
March **2012**
**TAR**
2
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)**
March **2012**
**TAR**
3
You **may choose** to include further statements, where relevant, about:
- policy on grantmaking;
- policy programme related investment;
- contribution made by volunteers.
## Section D Achievements and performance
March **2012**
**TAR**
4
## 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
March **2012**
**TAR**
5
**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:
- the charity’s principal sources of funds (including any fundraising);
- how expenditure has supported the key objectives of the charity;
- 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
March **2012**
**TAR**
6
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