2022-03-31-accounts - Elara Foundation

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REGISTERED CHARITY NUMBER: 1161381

Report of the Trustees and

Unaudited Financial Statements For The Year Ended 31st March 2022

for

Elara Foundation

Elara Foundation

Contents of the Financial Statements
For The Year Ended 31st March 2022

		`Page`
`Report of the Trustees`		`1`
`Independent Examiner's Report`		`2`
`Statement of Financial Activities`		`3`
`Balance Sheet`		`4`
`Notes to the Financial Statements`	`5`	`to`	`7`
`Detailed Statement of Financial Activities`		`8`

Elara Foundation

`Report of the Trustees For The Year Ended 31st March 2022`

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31stMarch2022.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1161381
Principal address
C/O Elara Capital Plc
6th Floor, The Grove
248A Marylebone Road
London
NW1 6JZ
Trustees
S Jamuar Trustees
G Kensett Trustee
R Bhatt Trustees
Independent Examiner
Mr Rakesh Dua
FCA
Dua & Co. Limited
1st Floor
5 Century Court
Tolpits Lane
Watford
Hertfordshire
WD18 9PX
Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................................
R Bhatt - Trustee

Page 1

Independent Examiner's Report to the Trustees of
Elara Foundation

`Independent examiner's report to the trustees of Elara Foundation`

I report to the charity trustees on my examination of the accounts of Elara Foundation (the Trust) for the year ended 31st March 2022.

`Responsibilities and basis of report`

As the charitytrusteesof the Trust you are responsiblefor the preparationof the accountsin accordancewith the requirementsof the Charities Act
2011 ('the Act').

IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheActandincarryingoutmyexaminationI have
followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

`Independent examiner's statement`

I have completedmy examination.I confirmthat no materialmatters have come to my attentionin connectionwith the examinationgivingme  cause
to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concernsand have come acrossno other mattersin connectionwiththe examinationto whichattentionshouldbe drawn in thisreport in
order to enable a proper understanding of the accounts to be reached.

Mr Rakesh Dua

FCA
Dua & Co. Limited

1st Floor

5 Century Court
Tolpits Lane

Watford
Hertfordshire
WD18 9PX

Date: .............................................

Page 2

Elara Foundation

`Statement of Financial Activities For The Year Ended 31st March 2022`

		`2022`	`2021`
		`Unrestricted`	`Total`
		`fund`	`funds`
	`Notes`	`£`	`£`
`INCOME AND ENDOWMENTS FROM`
`Donations and legacies`		`85,000`	`25,000`
`EXPENDITURE ON`
`Charitable activities`
`Donation Given to Charities`		`31,792`	`15,592`
`Other`		`503`	`354`
`Total`		`32,295`	`15,946`
`NET INCOME`		`52,705`	`9,054`
`RECONCILIATION OF FUNDS`
`Total funds brought forward`		`19,553`	`10,499`
`TOTAL FUNDS CARRIED FORWARD`		`72,258`	`19,553`

The notes form part of these financial statements

Page 3

Elara Foundation

`Balance Sheet 31st March 2022`

		`2022`	`2021`
		`Unrestricted`	`Total`
		`fund`	`funds`
	`Notes`	`£`	`£`
`CURRENT ASSETS`
`Cash at bank`		`72,258`	`19,553`
`NET CURRENT ASSETS`		`72,258`	`19,553`
`TOTAL ASSETS LESS CURRENT LIABILITIES`		`72,258`	`19,553`
`NET ASSETS`		`72,258`	`19,553`
`FUNDS`	`4`
`Unrestricted funds`		`72,258`	`19,553`
`TOTAL FUNDS`		`72,258`	`19,553`

Thefinancialstatementswere approvedby the Boardof Trusteesand authorisedfor issueon .............................................and were signedon its
behalf by:

.............................................
R Bhatt - Trustee

The notes form part of these financial statements

Page 4

Elara Foundation

`Notes to the Financial Statements For The Year Ended 31st March 2022`

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenpreparedinaccordancewith the
CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof RecommendedPracticeapplicableto charities preparing
theiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019)',FinancialReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Charities Act 2011. The financial statements have been prepared under the historical cost convention.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,itisprobablethat the
income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesare recognisedas expenditureas soon as there is a legalor constructiveobligationcommittingthe charityto that expenditure, it
is probablethata transferof economicbenefitswillbe requiredin settlementand the amountof the obligationcan be measured reliably.
Expenditureis accountedfor on an accrualsbasisand has been classifiedunder headingsthat aggregateall cost relatedto the category.
Where costs cannot be directlyattributedto particularheadingsthey have been allocatedto activitieson a basis consistentwith the use of
resources.

`Taxation`

The charity is exempt from tax on its charitable activities.

`Fund accounting`

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscan onlybe usedfor particularrestrictedpurposeswithinthe objectsof the charity.Restrictionsarisewhen specified by
the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

`2. TRUSTEES' REMUNERATION AND BENEFITS`

There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.

`Trustees' expenses`

There were no  trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.

`3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`

`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`
	`Unrestricted`
	`fund`
	`£`
`INCOME AND ENDOWMENTS FROM`
`Donations and legacies`	`25,000`
`EXPENDITURE ON`
`Charitable activities`
`Donation Given to Charities`	`15,592`
`Other`	`354`
`Total`	`15,946`
`NET INCOME`	`9,054`
`RECONCILIATION OF FUNDS`
`Total funds brought forward`	`10,499`

continued...

Page 5

`Elara Foundation`

`Notes to the Financial Statements - continued For The Year Ended 31st March 2022`

`3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`

				`Unrestricted`
				`fund`
				`£`
	`TOTAL FUNDS CARRIED FORWARD`			`19,553`
`4.`	`MOVEMENT IN FUNDS`
			`Net`
			`movement`	`At`
		`At 1.4.21`	`in funds`	`31.3.22`
		`£`	`£`	`£`
	`Unrestricted funds`
	`General fund`	`19,553`	`52,705`	`72,258`
	`TOTAL FUNDS`	`19,553`	`52,705`	`72,258`
	`Net movement in funds, included in the above are as follows:`
		`Incoming`	`Resources`	`Movement`
		`resources`	`expended`	`in funds`
		`£`	`£`	`£`
	`Unrestricted funds`
	`General fund`	`85,000`	`(32,295)`	`52,705`
	`TOTAL FUNDS`	`85,000`	`(32,295)`	`52,705`
	`Comparatives for movement in funds`
			`Net`
			`movement`	`At`
		`At 1.4.20`	`in funds`	`31.3.21`
		`£`	`£`	`£`
	`Unrestricted funds`
	`General fund`	`10,499`	`9,054`	`19,553`
	`TOTAL FUNDS`	`10,499`	`9,054`	`19,553`
	`Comparative net movement in funds, included in the above are as follows:`
		`Incoming`	`Resources`	`Movement`
		`resources`	`expended`	`in funds`
		`£`	`£`	`£`
	`Unrestricted funds`
	`General fund`	`25,000`	`(15,946)`	`9,054`
	`TOTAL FUNDS`	`25,000`	`(15,946)`	`9,054`

continued...

Page 6

Elara Foundation

`Notes to the Financial Statements - continued For The Year Ended 31st March 2022`

`4. MOVEMENT IN FUNDS - continued`

A current year 12 months and prior year 12 months combined position is as follows:

		`Net`
		`movement`	`At`
	`At 1.4.20`	`in funds`	`31.3.22`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`10,499`	`61,759`	`72,258`
`TOTAL FUNDS`	`10,499`	`61,759`	`72,258`

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

	`Incoming`	`Resources`	`Movement`
	`resources`	`expended`	`in funds`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`110,000`	`(48,241)`	`61,759`
`TOTAL FUNDS`	`110,000`	`(48,241)`	`61,759`

`5. RELATED PARTY DISCLOSURES`

Mr R Bhatt(Trustee)madea donationof £10,000(2021:£5,000).He is alsoa director& controllingshareholderof ElaraCapitalPlc that
also made a donation of £75,000 (2021: £20,000).

It shouldbe notedthat he did not takepart in any decisionto donateto charitiesand any connectionswere fullydisclosedin the minutes
of the charity.

Page 7

Elara Foundation

`Detailed Statement of Financial Activities For The Year Ended 31st March 2022`

`Detailed Statement of Financial Activities` `For The Year Ended 31st March 2022`
	`2022`	`2021`
	`£`	`£`
`INCOME AND ENDOWMENTS`
`Donations and legacies`
`Donations`	`85,000`	`25,000`
`Total incoming resources`	`85,000`	`25,000`
`EXPENDITURE`
`Charitable activities`
`Donation Given to Charities`	`30,257`	`15,592`
`Support costs`
`Finance`
`Bank charges`	`203`	`54`
`Human resources`
`Travelling`	`1,535`	`-`
`Governance costs`
`Accountancy and legal fees`	`300`	`300`
`Total resources expended`	`32,295`	`15,946`
`Net income`	`52,705`	`9,054`

This page does not form part of the statutory financial statements

Page 8