REGISTERED CFL4RrrY NUMBER. 1161381 P40rt oftheTrustee5 un￿di1￿j Fin￿¢1￿ ForTheY* 31st aT24 Foundai El¥a Foundation Ci)ntenls of the FIn￿CIal Statem￿ls For The ye￿ End￿ 31st 2)24 Rwrt ofthe Trust Ind￿d￿t Elanin￿$ Wrt ststan￿1 of Fin￿¢1￿ Activitie5 Ba￿￿Sh Notes to the Financid Stai￿￿t$ 5 to 7 algj of Fin￿¢1￿ Activities The trustees present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. 1161381 Principal address C/O Elara Capital Plc 6th Floor, The Grove 248A Marylebone Road London NW1 6JZ Trustees S Jamuar Trustees (resigned 19.4.23) G Kensett Trustee R Bhatt Trustees B S Shekhawat (appointed 19.4.23) Independent Examiner Mr Rakesh Dua Dua & Co. Limited 1st Floor 5 Century Court Tolpits Lane Watford Hertfordshire WD18 9PX 27.09.2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by: ........................................................................................ R Bhatt - Trustee Page 1 I report to the charity trustees on my examination of the accounts of Elara Foundation (the Trust) for the year ended 31st March 2024. As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me 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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr Rakesh Dua Dua & Co. Limited 1st Floor 5 Century Court Tolpits Lane Watford Hertfordshire WD18 9PX 27/09/2024 Date: ............................................. Page 2 **----- Start of picture text -----**
2024 2023
Unrestricted Total
fund funds
Notes £ £
Donations and legacies 194,600 114,678
Raising funds 2 814 -
Donation Given to Charities 117,600 114,250
Project Exp to Support Charities - 966
Other - 780
118,414 115,996
76,186 (1,318)
Total funds brought forward 70,940 72,258
147,126 70,940
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The notes form part of these financial statements Page 3 ||||||2024|2023| |---|---|---|---|---|---|---| ||||||Unrestricted|Total| ||||||fund|funds| |||||Notes|£|£| |CURRENTASSETS||||||| |Cash at bank|||||147,126|70,940| |NETCURRENTASSETS|||||147,126|70,940| |TOTALASSETS LESSCURRENT LIABILITIES|||||147,126|70,940| |NETASSETS|||||147,126|70,940| |FUNDS||||5||| |Unrestricted funds|||||147,126|70,940| |TOTAL FUNDS|||||147,126|70,940| |The financial statements were approved||by the Board of Trustees and authorised for issue on ............................................. and were signed on its
27.09.2024||||| |behalf by:||||||| ............................................. R Bhatt - Trustee The notes form part of these financial statements Page 4 The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. The charity is exempt from tax on its charitable activities. Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when 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. ||2024|2023|| |---|---|---|---| ||£|£|| |Support costs|814||-| There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. |Donations and legacies|Donations and legacies|Donations and legacies|Donations and legacies|Donations and legacies||Unrestricted
fund
£
114,678| |---|---|---|---|---|---|---| |Donation||Given to||Charities||114,250| |Project Exp to Support Charities||||||966| |Other||||||780| |||||||115,996| |||||||(1,318)| Page 5 continued... **----- Start of picture text -----**
Unrestricted
fund
£
Total funds brought forward 72,258
70,940
Net
movement At
At 1.4.23 in funds 31.3.24
£ £ £
General fund 70,940 76,186 147,126
70,940 76,186 147,126
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
General fund 194,600 (118,414) 76,186
194,600 (118,414) 76,186
Net
movement At
At 1.4.22 in funds 31.3.23
£ £ £
General fund 72,258 (1,318) 70,940
72,258 (1,318) 70,940
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
General fund 114,678 (115,996) (1,318)
114,678 (115,996) (1,318)
**----- End of picture text -----**
Page 6 continued... A current year 12 months and prior year 12 months combined position is as follows: **----- Start of picture text -----**
Net
movement At
At 1.4.22 in funds 31.3.24
£ £ £
General fund 72,258 74,868 147,126
72,258 74,868 147,126
**----- End of picture text -----**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |und|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
309,278
(234,410)
74,868


| |---|---| Mr R Bhatt (Trustee) made a donation of £2,500 (2023: £Nil). He is also a director & controlling shareholder of Elara Capital Plc that also made a donation of £100,000 (2023: £50,000). It should be noted that he did not take part in any decision to donate to charities and any connections were fully disclosed in the minutes of the charity. Page 7 **----- Start of picture text -----**
2024 2023
£ £
Donations 187,001 114,678
Gift aid 7,599 -
194,600 114,678
194,600 114,678
Donation Given to Charities 113,100 114,250
-
Project Exp to Support Chariti 4,500
117,600 114,250
Bank charges 496 462
Travelling - 966
Accountancy and legal fees 318 318
Total resources expended 118,414 115,996
76,186 (1,318)
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This page does not form part of the statutory financial statements Page 8