Docusign ErNelope10.' 011A6E07-CA7PAE30-802D-6C4D2C8658C6 Charity Registratlon No. 1160524 ELEVA FOUNDATION LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BUSINESS ADVISORS & ACCQUNTANTS One Bell Lane Lewes East 5u55ex BN7 IJU
Docusign Envelope ID.. 011A6ED7-CA764E3(kB020-6C4D2C8658C6 ELEVA FOUNDATION LTD CONTENTS Page Company information Trustees, report Statement of trustees, responsibilities Independent auditor's report 7-11 Statement of financial activities 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-19
Docusign Envelope ID.. 0l1A6ED7-cA764E3B02D4C4D2C88s8C6 ELEVA FOUNDATION LTD COMPANY INFORMATION Trustees Mrs Kirsty Bendahan Ms Andrea Morrall Charlty number 1160524 Principal address c/0 Eleva Capital Partners IUKI Ltd 4th Floor (East) 62-64 Baker Street London WIU 7DF Auditor TC Group One Bell Lane Lewes East Sussex BN7 IJU
Docusign Envelope ID.. 011A6E07-CA764E30-B02D-6C4D2C8658C6 ELEVA FOUNDATION LTD TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's constitution, the Charities Act 2011 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 IFRS 1021" (effective l January 20191. Objectives and activities The charity's objects are to relieve the needs of children worldwide who are living in poverty, do not have access to education, or have experienced a manmade or natural disaster or other humanitarian crises by the provision of grants to charities andlor other organisations working to relieve such needs. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. We have a collaboration with UNICEF. We are impressed with theif reach, transparency, and experience in eliciting long term sustainable change. We aim to help them to achieve even more for the hardest to reach children by providing support for.. long term, sustainable development of emerging nations,. ensuring that children are at the forefront of policy and planning,. and their rapid, impactful emergency relief. Achievements and performance A5 part of our multi-year commitment, the Eleva Foundation received donations during the reporting period to continue its support for two UNICEF programmes A Centre of Excellence for Maternal Health in the Central African Republic Community-based Nutrition in Papua New Guinea More inforTnation on some of these programmes can be found on the Eleva Foundation webpage at.. htt www.elevaca ital.com en eleva-foundation
Docusign Envelope ID.. 011A6ED7-CA764E30-B02DffjC4D2C8658C6 ELEVA FOUNDATION LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The donation received throughout the reporting period has been allocated in April 2024 35 follo¥Ns'. A Centre of Excellence in the Central Afrfcan Republic: £206,261 The Central African Republic is the most dangerous place in the world to be born. It has the highest stillbirth rate and second number of newborn deaths in the world. Preventable conditions like sepsis, low birth weight and asphyxia are killing thousands of infants every year as a result of 3 lack of specialised facilities and a severe lack of health workers. In a country of more than 4 million people, there is currently just one specialised facility for babies and only three incubators to care for low birth weight and premature babies. To reduce the maternal and neonatal mortality rates in the country, Eleva Foundation's investment is helping to turn Bangui Hospital's paediatric facility into a National Centre of Excellence for neonatal care. This will be the first-of-its-kind in the country and will be an example of an innovative and powerful model for improving quality of are through skills-based practical learning. Through our funding, this three-year programme will help to improve the survival chances of 28.391 newborns and 32.447 pregnant women. In addition to the creation of the Centre of Excellence. neonatal units will be established at five district hospitals, 134 health facilities will be equipped with maternal and newborn care equipment and supplies and 304 health personnel will be provided with training to improve their clinical skills. We are now in our second year of funding this programme, with our support to date totalling £2 million. Over the course of the first year of funding. the room to be used as the simulation and learning centre has been rehabilitated and the first training sessions have been completed. Community-based Nutrltion in Papua New Guinea: £0.5 mllllon Almost half of all children under five in Papua New Guinea are stunted a clear sign that children are not developing to their full potential. Over a third of women of childbearing age suffer from iron deficiency anaemia, increasing the risk of death during or shortly after childbirth. At the same time. only 40 per cent of the population in the country have access to health care facilities. Funding from Eleva Foundation is helping address these issues and aims to reach 1.96 million children and mothers with a package of nutrition services across 10 provinces. Through our support of this three-year programme, UNICEF aims to reduce stunting in children under five by three per cent by 2024. We are now entering the second year of our support to this programme. This year we contributed a further £ 0.5 million to the programme bringing our total to £2.5 million. During the first two years of implementation, activities began in three provinces, reaching an initial 67,053 women and children with essential nutrition services. Additional recruitment and other capacity building activities are being undertaken to enable implementation in the remaining seven provinces.
Docusign Envelope ID". 011A6ED7-CA764E30-802D-6C4D2C8658C6 ELEVA FOUNDATION LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Eleva (the Group) is a financial services group. The year to 31 March 2024 represents the Group's height full year of trading. During the financial year, the Eleva Foundation LTD, received a total donation amount of £4,995,803 (2023 £4,651.6331. from which.. £ 683.878 ieceived from Eleva Capital SAS12023'. £765,4501. Eleva Capital SAS is a French Sociéte par Actions Simplifiée domiciled in 61 rue des Belles Feuilles. 75016 Paris. France, whose principal activity is that of an asset mav)agement company under Article L. 532-9 of the Code Monetaire et Financier, duly authorised by the AMF IAutorite des Morches Finunciersl. £ 22,385 received from ELEVA Solutions SAS12023.' Nill. ELEVA Solutions SAS is a French Sociéte par Actions Simplifiee domiciled in 61 rue des Belles Feuilles. 75016 Paris, and a subsidiary company of ELEVA Capital SAS, specialised in the distribution of Financial Instruments. Eleva Capital Partners IUKI Ltd is pledged to donate £4,289,542. This has been recognised as donation income in the year and is to be paid during the next reporting period. During the financial year, Eleva Capital LLP ceased its attivities from 1st of April 2023 and the donation pledge made by LLP has been taken over by Capital Partner for £1,252,877. As such. the prior year donation from LLP has been written off for £1,288,188, with the difference arising from fluctuations in foreign exchange rates between the periods. The charity allocated £ 706,261 in April 2024 to UNICEF within their collaboratiorF12023.- £ 4,679,000) of donations received throughout the reporting period. The charity aims to keep administrative expenditure to a minimum, and to distribute Substantially all of the income it receives during the year to specific UNICEF projects and/or emergency funding. It is not the charity's policy to maintain cash reserves. In the event of a significant variation in funding, year on year. charitable distributions will be adjusted accordingly. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. Structure, governance and management The charity 15 a Charitable Incorporated Organisation established by its constitution on 17 February 2015. The trustees who served during the year and vp to the date of signature of the financial statements were: Mr5 Kirsty Bendahan Ms Andrea Morrall Day to day administration of the charity and all decision making, including decisions on those projects to fund, are dealt with by the trustees. Auditor In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the CIO will be put at a General Meeting.
Docusign Envelope ID.. 01 1A6ED7-CA764E3BO2O-6CrfD2C86s8C6 ELEVA FOUNDATION LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Dlsclosure of Information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit. but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of Such information. The tru5tees' report was approved by the Board of Trustees, OoctsStsJn•d by.. 3bJn¢dby.' ALL Mrs Kirsty Bendahan Trustee Ms Andrea Morrall Trustee 21-01-2025 | 1..28 PM CET Date..
Docusign Envelope10.' 011A6ED7-CA764E3[BO2D-6c4D2C86s8C6 ELEVA FOUNDATION LTD STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in EnEland and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements. the trustees are required to.. selert suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent,. State whether applicable accounting standard5 have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keoping sufficient accounting records that disclose with reasonable accuiacy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detettion of fiaud and other irregularities.
Oocusign Envelope ID.. 011A6E07-CA764E3&B02D*C4D2C8658C6 ELEVA FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ELEVA FOUNDATION LTD Opinion We have audited the financial statements of Eleva Foundation Ltd (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 Practicel. In our opinion. the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Stsndafd5 on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitiesfor the audit of the finoncit71 statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 su1Clent and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial ststements. we have concluded that the trustees, use of the going concern ba515 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 collettively, may cast significant doubt on the charity'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. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Docusign Envelope ID.. 011A6E07.CA764E30.B02D-6C4D2C8658C6 ELEVA FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ELEVA FOUNDATION LTD Other information The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. 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 intormation 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 mi5Statement in the financial statements or 3 material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 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 Charities IAccounts and Reports) Regulations 2008 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 sLitements are not in agreement with the accounting records and returns,- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for suth internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In Pfeparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosirig, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Docuslgn Envelope ID.. 011A6ED7-CA764E3(kB02D4C4D2C8658C6 ELEVA FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRU5fEES OF ELEVA FOUNDATION LTD Audltor's responslbillties for the audit of the flnanclal statements Our objettives 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 include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 economi¢ 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. Extent to which the audit was considered capable of detecting Irregularltles, Including fraud The objectives of our audit, in respect to fraud, are= to identify and assess the risks of material misstatement of the financial ststements due to fraud.. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses- and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Docustgn Envelope ID.. 011A6ED7-CA764E30-B02D-6C4D2C8658C6 ELEVA FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF ELEVA FOUNDATION LTD Our approach was as follows- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector expefience, and through discLt5sion with the directors and other management las required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations,. We identified the following areas as those most likely to have such an effect: General Data Protection Regulation IGDPRI,. fraud and bribefy and corruption. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulation5 to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102 and the Charities Act 20111 and the relevant tax compliance regulations in the UK,. We considered the nature of the company's operations. the control environment and business performance, including the key driver5 for management's remuneration; We communicated identified laws and regulations throughout our team and remained alert to any indication5 of non-compliance throughout the audit: We considered the procedures and controls that the group has established to address risks identified, or that otherwise prevent, deter and detect fraud,. and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to addres5 each identified fraud iisk. These procedures included-. testing manual journals- reviewing the financial statement disclosures and testing to supporting documentation- performing analytical procedure5- and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we fflay not have detected some matef ial misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing staF)dards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing Standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http'.l/www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 10-
Docusign Envelope ID.. 011A6ED7-CA764E3LiB02D-6C4D2C8658C6 ELEVA FOUNDATION LTD INDEPENDENT AUDifoR'S REPORT (CONTINUED) TO THE TRUSfEES OF ELEVA FOUNDATION LTD Use of our report This report is made solely to the charity's members, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to State to him 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 charity and the charity's members. as a body, for our audit work, for this report, or for the opinion5 we have formed. David Martin FCA (Senior Statutory Audltor} for and on behalf of TC Group Statutory Auditor Office: Lewe5 11
Oocusign Envelope ID.. 011A6ED7-CA764E3(kB02D-6C4D2C8658C6 ELEVA FOUNDATION LTD STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Income from: Donations and legacies 4,995,803 4,651,633 Ex enditure on: Expenditure on Charitable activities 1,288,191 5,712,035 Net incoMe/lexpenditu} for the year/ Net movement in funds 3.707.612 11,060.4021 Fund balances at l April 2023 1.278,320 2.338.722 Fund balances at 31 March 2024 4.985,932 1.278,320 The statement of financial activities includes all gains and losses recognised in the year. The statement of firkancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12-
Docusign Envelope ID.. 011A6ED7-CA764E31kB02D-6C4D2C8658C6 ELEVA FOUNDATION LTD BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 4,289,542 706,909 1.288,188 651 4,996,451 1.288.839 Creditors: amounts falling due within one vear 110,519) (10.5191 Net current assets 4,985,932 1,278,320 The funds of the charlty Unrestricted funds io 4,985,932 1,278.320 4,985,932 1,278,320 21-01-2025 1 1:28 PM CET The financial statements were approved by the trustees on ......................... DoC514nd by_ Sn•d by.. 40A65yO4A*..... Mrs Kirsty Bendahan Trustee M5 Andrea Morrall Trustee 13-
Docusign Envelope ID.. 017A6ED7-CA764E38O2D-6C4D2c86S8C6 ELEVA FOUNDATION LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activitie5 Cash generated from/labsorbed by) operations 12 706,258 {27,4541 Net cash used In investing activities Net cash used in financins activities Net increaselldecreasel In cash and cash equivalents 706.258 127,4541 Cash and cash equivalent5 at beginning of year 651 28,105 Cash and cash equivalents at end of year 706,909 651 14-
Docusign Envelope ID.. o11A6ED7-cA764E3BO2D-6c4D2C86s8C6 ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL STATEMEf+irs FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charity inforniatlon Eleva Foundation Ltd is a Charitable Incorporated Organisation in England and Wales established by its constitution on 17 February 2015. The address of the registered office is given in the legal and administrative information page of these financial statements. The registered charity number is 1160524. The CIO registration number is CE002680. 1.1 Accounting convention These accounts have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Prattice as it applies from l January 2019. The charity is 3 Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern The trustees have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. At the time of approving the financial statements the trustees believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitsble objettives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance condition5 have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised when the charity is entitled to the donation. when receipt is probably and the amount can be measured reliably. subject to any terms or conditions being attached to the donation that need to be satisfied before the charity is entitlted to the donation. on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid Of deed5 of covenant is recogni5ed at the time of the donation. 15
Docusign Envelope 10.. 011A6Et)7-CA764E30-B02D_6C4D2C8658C6 ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL sfATEMENTS ICONTINVED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expenditure Expenditure is included on an accruals basis. Charitable activities - Charitable activities include expenditure associated with the objectives of the charitv and also include support costs relating to these activities. 1.6 Cash and cash equivalents Cash and cash equivalent5 include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The charity ha5 elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contrartuAI provisions of the instrument. Financial assets and liabilitie5 are offset, with the net amounts presented in the financial statements, when there is a legally 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. Bttsicfinanciol assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at 3mortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basicfinuncial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 16-
Docusign Envelope ID.. Q11A6ED7-CA764E3802Dc4D2c86s8C6 ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacles Unrestrfcted funds 2024 Unrestrlcted funds 2023 Donations and gifts 4,995,803 4,651,633 Expenditure on charitable activities 2024 2023 Direct costs Charitable donations Bad debts 5,711.948 1,288,188 1,288.188 5.711,948 Share of support and governance costs (see note 4) Support 87 1,288,191 5,712,035 Analysis by fund Unrestricted funds 1.288,191 5,712,035 Support costs allocated to activities 2024 2023 Bank charges 87 Analysed between: Unrestricted funds 87 The audit fee of £5,676 {2023 - £4,300) will be partially met by Eleva Capital Services IUKI Ltd. Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 17-
Docusign Envelope10". 011A6ED7_CA764E30_B02D-6C4D2C8658C6 ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees There were no employees during the year. There were no employees whose annu31 remuneration was more than £60,000. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. Debtors 2024 2023 Amounts falling due within one year: Other debtors 4,289,542 1,288,188 Creditors: amounts falling due within one year 2024 2023 Other creditors 10.519 10,519 10 Unrestricted funds The unrestricted funds of the charity comprise the unexpended b31ances of donations and grants which are not subject to specific conditions by donors and grantors a5 to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l April 2023 Incoming resources Resources At 31 March expended 2024 General funds 1,278,320 4,995,803 11,288,1911 4,985,932 Previous year: At l April 2022 Incoming resources Resources At 31 March expended 2023 General funds 2,338,722 4,651,633 15,712,035) 1,278,320 18-
Docusign Envelope ID.. 011A6ED7-CA764E3(k802D-6C4D2C8658C6 ELEVA FOUNDATION LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Related party transactlons The Foundation received donations of £683,87812023 - £484,831) from Eleva Capital SAS, a group company. At the year end there was no outstanding amount due from the company. The Foundation received donations of £22,384 (2023 - £nill from Eleva Solutions SAS, a group company. At the year end there was no outstanding amount due from the company. The Foundation received donations of £4,289,54212023 £4,166,802} from Eleva Capital Partners IUKI Limited, a group company. Atthe year end the amount due from Eleva Capital Partners is shown in debtors. 12 Cash generated from operations 2024 2023 Surplus/ldeficitl for the year 3,707,612 11,060,402) Movements in working capital: (Increasel/decrease in debtors 13.001.354) 1.032,948 Cash generated from/(absorbed by) operations 706.258 127,4541 13 Analysis of changes in net funds The charity had no material debt during the year. 19-