Registered Charity Number 1164296 Registered Company Number 08919991
The Elysium Foundation Limited Report and Accounts For The Year Ended 31 March 2024
Prepared by Hamilton Coopers Chartered Accountants 66 Earl Street Maidstone Kent ME14 1PS
The Elysium Foundation Limited Report and accounts Contents
| Page | |
|---|---|
| Charity and Company information | 1 |
| Trustees' Report | 2 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 9 |
| Balance sheet | 10 |
| Notes to the accounts | 11 |
The Elysium Foundation Limited Company Information
Directors
Narinder Minhas Graham Holliday Ian McAndrew
Accountants
Hamilton Coopers 66 Earl Street Maidstone Kent ME14 1PS
Bankers
Barclays Bank Plc 1 Churchill Place London E14 9HP
Registered office
6 Beaufort Court Admirals Way London E14 9XL
Registered number (Charity)
1164296
Registered number (Company) 08919991
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The Elysium Foundation Limited
The report of the trustees
for the year ended 31 March 2024
TRUSTEES’ REPORT
Introduction
Directors and Trustees
The Directors of the charitable company are its Trustees for the purpose of charity law. Throughout this report the Directors / Trustees are collectively referred to as the Directors.
The Directors who served during the year are mentioned on page 1.
Structure, governance and management
Organisational Structure
The Charity has Trustees who meet at least quarterly and are responsible for the strategic direction and policy of the charity. At present there are four trustees from a variety of professional backgrounds relevant to the work of the charity.
Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as Directors. Under the requirements of the Memorandum and Articles of Association the Directors are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. All Trustees give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in notes to the accounts.
Trustees and directors as at 31st March 2024
Narinder Minhas Graham Holliday Ian McAndrew
Principal Risks and Uncertainties
The Trustees have conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of trustees, volunteers, and visitors to any Elysium properties. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. These were carefully reviewed during the year in light of the potential Covid or other infectious diseases threat.
Principal Funding Sources
The principal ongoing funding source for the charity is currently by way of our investment income.
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The Elysium Foundation Limited
The report of the trustees for the year ended 31 March 2024
TRUSTEES’ REPORT
FINANCIAL REVIEW
The total funding received in the year amounted to £94,328 (2023:62658). The primary sources of funding for the year were return on the investment.
Reserves at the end of the year were £4,678,952 (2023: £4,686,396) which is all unrestricted.
Related Parties
In so far as it is complimentary to the charity's objects, the charity is guided by both local and national policy. Our interactions with other local charities and organisations within the borough has proved invaluable to the charity in establishing improved links within the community and identifying relevant policy developments.
Investment policy
Aside from retaining a prudent amount in reserves each year, most of the charity's funds are to be spent in the short term on the furtherance our charitable activities. Accordingly, funds for long term investment will gradually decrease. Having considered the options available and following professional expert advice, our current policy is that the Trustees have decided to invest prudently in a spread of quoted investments, investment property, fixed term interest bearing deposits. The Trustees consider the overall return on long term investments and deposits together, at over 4% in the year, to be acceptable in the current economic climate. A review of investment policies is ongoing.
Reserve Policy
The Trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the funds (which are all unrestricted funds) uncommitted or invested in tangible fixed assets held by the charity should be between 6 and 12 months of the anticipated expenditure. Budgeted expenditure for 2024/25 is approximately £100,000 and therefore the target is £50,000 to £100,000 in general funds. The reserves are needed to meet the working capital requirements of the charity and the Trustees are confident that at this level, they would be able to continue the current activities of the charity in the event of a significant drop in investment income. The present level of reserves available to the charity is therefore considered very comfortable to maintain this target level. In the short term the Trustees have also considered the extent to which existing activities and expenditure could be curtailed, should circumstances arise which necessitate such action being taken. Obviously the Covid-19 'lockdown' restrictions seriously curtailed activities, and also reminded the Trustees to be alert to such crisis and carefully regularly review our contingency policies. We are currently in the ongoing process of doing so.
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The Elysium Foundation Limited
The report of the trustees for the year ended 31 March 2024
TRUSTEES’ REPORT
The focus of our work
Our main objectives for the year continued to be the advancement, promotion, and delivery of education and training for young people and adults. The projects we established and continued to support to meet these objectives included:
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Continuing to support and mentor the businesses created by local beneficiaries in the street food market established by the charity in South Quay, London E14. With our assistance, this market and the businesses that operate there continue to strengthen and grow, creating further local employment.
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Progressing with the establishment and operation of cafe/restaurant premises to use as the next phase in our project to both interest and support young people and adults in jobs or businesses in hospitality and catering.
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Where possible, to support with mentoring and/or financial assistance selected deserving projects and individuals to attain their educational aims
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Working in partnership with other agencies and providers of social education, care and assistance, to secure and support the widest range of services and assistance available, that best matches the educational, training and social needs of the local population and communities. This at present is primarily by providing working and meeting venues, as well as support for local community in conjunction with other providers and agencies, such as Poplar Harca, who are one of the largest and most diverse providers of support and services to communities in East London, and have strong national and international ties in our field
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The Elysium Foundation Limited
The report of the trustees for the year ended 31 March 2024
TRUSTEES’ REPORT
Who used and benefited from our services?
Our objects and small volunteer pool limit the services we are able to provide at present, mainly to those resident in and around the London Boroughs of Tower Hamlets and Newham. The number of residents in Tower Hamlets is estimated to be in excess of 320,000 (c.20% of which are under the age of 18) and comprise one of the most diverse make up of population in the whole country. All our services are provided free to our clients. Tower Hamlets is one of the most culturally diverse regions in the UK, with over two thirds being made up from other ethnic groups. The borough also contains some of the most severe poverty, deprivation, and low life expectancy, whilst at the same time housing one of the world's richest business communities. Yet despite this background, academic success in the borough has risen significantly in the last decade
Accordingly, equal access to our services is an important consideration for the charity. In addition to constant monitoring of access to our services by gender, disability, and sexual orientation, we are actively pursuing the publication of our first ethnicity monitoring study which is heavily dependent on our limited resources. We are aware, from a basic review recently undertaken, that we already have a suitably diverse and open user base. However, we strongly believe equal access to our services and facilities is vital to our success and that successful outcomes must be shared by all communities that are able to use our services.
Further information about who benefits directly from our services is explained in the analysis of performance and achievements below.
The main areas of charitable activity are:
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the provision of educational mentoring, advice and information, and financial assistance
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the operation of a street food market and cafe/restaurants as training projects and a social and community facility and meeting/training venue for all.
These activities and the achievements that flow from our work are described below.
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The Elysium Foundation Limited
The report of the trustees for the year ended 31 March 2024
TRUSTEES’ REPORT
Mentoring, Advice and Information
In the year under review over 90 volunteer hours were donated by trustees. Individual advice is provided by appointment in person or via video link, regular email and telephone support and advice is also available. Several businesses and individuals regularly used this service during the year with over 30 individual counselling sessions being held. We were able to help in a variety of ways and where appropriate can also arrange referrals to our partners where assistance is needed in relation to housing, debt, mental health, substance abuse or other social service related issues
We have previously identified a particularly serious issue greatly affecting our local communities which is the prolific rise in incidents of youth violence and knife crime. Doubtless there are many contributory local factors such as problems of depression, crime, use, and poverty. We are trying hard to ensure that by working with our partners we can educate and offer a holistic approach to the problems arising from this and the other many issues experienced in our local communities. To this end, we have been extensively aiding and supporting Limehouse Boxing Academy with their excellent work in the local community. Their program promotes and teaches many varied upstanding skills and characteristics to both local boys and girls, which are intended to steer them away from these kinds of social issues.
We continue to work in close co-operation with Poplar Harca and London Borough of Tower Hamlets on this and also in operating the hospitality and catering projects, and other educational support.
The accredited training project continues to be focused on the operation of the street food market and cafés, which facilitate Food Hygiene training and qualifications. The cafés now provide a welcoming and cheerful atmosphere in a relaxed and tranquil location, and host numerous activities, including art exhibitions, film and music evenings and other many other events of general or specific interest to local communities.
We are currently in the process of having a third-party independent expert review our We are currently in the process of having a third-party independent expert review our existing operating projects and to also explore and suggest suitable new possibilities for us.
Plans for Future Periods
The charity plans to continue supporting the activities outlined above in forthcoming years, subject to satisfactory funding arrangements being in place. Plans are also being developed to work on a number of new projects with local agencies, job centres, and educational institutions. The intention of which is to be able to offer further and wider assistance to those who have been through our training projects on mentoring schemes. The expectation is that this will lead to and assist in building and maintaining long-term business opportunities or employment for those beneficiaries.
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The Elysium Foundation Limited
The report of the trustees for the year ended 31 March 2024
TRUSTEES’ REPORT
Public benefit
We positively champion diversity, equality, and true public benefit. Our main activities and those we try to help are described below. All our charitable activities focus on the provision and delivery of education and training to the general public and are undertaken to further our charitable purposes for the public benefit.
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity.
Statement of Trustees Responsibilities
The Trustees are aware that Company law requires the Trustees to prepare financial
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Method of preparation of accounts
The accounts have been prepared in accordance with the charity’s Memorandum and Articles of Association and comply with the Companies Act 2006 and the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities Act 2011.
16/Jan/25
This report was approved by the Board of Trustees on …........................ and signed on its behalf by:
Graham Murray Holliday (Jan 16, 2025 09:58 GMT+8)
G M Holliday
Trustee
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Chartered Accountants' independent assurance report on the unaudited accounts of The Elysium Foundation Limited
To the Board of Directors of The Elysium Foundation Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 9 to 15.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountant in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.
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1 accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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2 the accounts do not accord with those records; or
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3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Asim Malik, FCA Chartered Accountant
Date 16/Jan/25 …...................
Hamilton Coopers 66 Earl Street Maidstone Kent ME14 1PS
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The Elysium Foundation Limited Statement of Financial Activities (including consolidated income and expenditure account) for the year ended 31 March 2024
| **Unrestricted ** | Designated | Restricted | Total | Last Year | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Total Funds | ||
| Notes | 2024 | 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | £ | ||
| Incoming resources | 4 | |||||
| Incoming resources from generated funds | ||||||
| Activities for generating funds | 94,328 | - | - | 94,328 | 62,658 | |
| Investment Income | 82,135 | - | - | 82,135 | 47,597 | |
| Total incoming resources | 176,463 | - | - | 176,463 | 110,255 | |
| Costs of charitable activities | 5 | 109,910 | - | - | 109,910 | 63,735 |
| Governance costs | 19,424 | - | - | 19,424 | 5,441 | |
| Total resources expended | 129,334 | - | - | 129,334 | 69,176 | |
| Net income/expenditure | ||||||
| before transfers between funds | 47,129 | - | - | 47,129 | 41,079 | |
| Gross transfers between funds | - | - | - | - | - | |
| Gains on revaluation of fixed assets fo (54,573) |
- | - | (54,573) | 13,857 | ||
| Net movement in funds | (7,444) | - | - | (7,444) | 54,936 | |
| Reconciliation of funds | ||||||
| Total funds brought forward | 12 | 4,686,396 | - | - | 4,686,396 | 4,631,460 |
| Total Funds carried forward | 4,678,952 | - | - | 4,678,952 | 4,686,396 |
The notes on pages 11 to 15 form an integral part of these accounts.
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| The Elysium Foundation Limited Company Number 08919991 Balance Sheet as at 31 March 2024 £ £ Tangible assets 7 1,359,426 Investment 8 100 Current assets Debtors 9 1,786,964 Current Asset Investments 10 1,051,247 Cash at bank and in hand 499,770 Total current assets 3,337,981 Creditors:- amounts due within one year 11 (18,555) Net current assets 3,319,426 Total assets less current liabilities 4,678,952 Net assets 4,678,952 The funds of the charity : Capital and Reserves 12 4,678,952 Total charity funds 4,678,952 2024 |
£ £ 1,295,170 - 490,000 1,105,820 1,812,312 3,408,132 (16,906) 3,391,226 4,686,396 4,686,396 4,686,396 4,686,396 2023 |
|---|---|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no members have required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared m accordance with the provisions applicable to charitable companies subject to the small companies regime
Approved by the board of trustees and authorised for the issuance on …..................16/Jan/25
Graham Murray Holliday (Jan 16, 2025 09:58 GMT+8)
G M Holliday Trustee
The notes on pages 11 to 15 form an integral part of these accounts.
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The Elysium Foundation Limited Notes to the Accounts for the year ended 31 March 2024
1 Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are setout below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.
Accounting convention
a) Basis of preparation:
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Incoming Resources
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants It is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income from charitable activities includes primary purpose trading
Income from charitable activities includes primary purpose trading, income earned both from the supply of goods or services under contractual arrangements or grant agreements, which have conditions that specify the provision of particular goods or services to be provided and undertaken for the charitable purposes of the charity.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Fund accounting
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.
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The Elysium Foundation Limited Notes to the Accounts for the year ended 31 March 2024
Expenditure
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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Leasing
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery
20% on cost
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Debtors
Debtors are recognised at the settlement recoverable amount due. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and in hand includes is held to meet short-term cash commitments as they fall due rather than for investment purposes and may include short-term deposits.
Going concern and Covid 19
Although the Association has been impacted by the Covid 19 pandemic, the trustees confirm they secured sufficient income for the next twelve months to keep the charity in operation.
As a result of this, the trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Creditors, deferrals and provisions
Creditors and provisions are liabilities where we have a present obligation to a third party that we shall normally pay by cash. Provisions are measured or estimated as reliably as possible.
Where performance-related conditions are specified in a grant, the income will only be recognised to the extent that the charity has provided the facility or service. Any income received in advance of the conditions being met are deferred and shown under creditors.
Retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Lease
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straightline basis over the term of the relevant lease.
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The Elysium Foundation Limited Notes to the Accounts for the year ended 31 March 2024
Critical accounting estimates and judgements
In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2 Winding up or dissolution of the charity
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10. Names of its directors and registered office is mentioned on page 1.
3 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year nor were they reimbursed any expenses.
4 Incoming resources
| Unrestricted funds 2024 £ Incoming resources Trading Income Rent received 76,134 Profit / (loss) on sale of fixed assets 18,194 94,328 Investment income Interest received 49,731 Income from investment 32,404 82,135 Analysis of charitable expenditure Unrestricted funds £ Charitable activities 104,110 Cost of generating funds 19,424 Governance cost 5,800 Total cost 129,334 |
Restricted funds 2024 £ - - - Restricted funds £ - - - |
Total funds 2024 £ 76,134 18,194 94,328 49,731 32,404 82,135 2024 £ Total 104,110 19,424 5,800 129,334 |
Total funds 2023 £ 62,658 62,658 7,386 40,211 47,597 2023 £ Total 57,995 5,441 5,740 69,176 |
|---|---|---|---|
5 Analysis of charitable expenditure
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The Elysium Foundation Limited Notes to the Accounts for the year ended 31 March 2024
6 Staff Costs and Emoluments 2024 2023
Numbers of full time employees or full time equivalents
Charitable activities 0 0
There were no fees or other remuneration paid to the trustees and key management. There were no employees with emoluments in excess of £60,000 per annum
7 Tangible functional fixed assets
| Land and building £ Asset cost, valuation or revalued amount At 1 April 2023 1,295,170 Additions At 31 March 2024 1,295,170 Accumulated depreciation and impairment provisions Charge for the year - At 31 March 2024 - Net book value At 31 March 2024 1,295,170 At 31 March 2023 1,295,170 8 Investment At 1 April 2023 Additions Disposals Surplus on revaluation At 31 March 2024 9 Debtors Short term investment Other Debtors Total The above includes £499,900 due from a fully owned subsidiary RR6 term loan. 10 Investments held as current assets Listed investments |
Plant and machinery Total £ £ - 1,295,170 80,320 80,320 80,320 1,375,490 16,064 16,064 16,064 16,064 64,256 1,359,426 - 1,295,170 2024 2023 £ £ 100 100 - 2024 2023 £ £ 1,287,064 490,000 499,900 - 1,786,964 490,000 Ltd. This is classifed as long 2024 2023 £ £ 1,051,247 1,105,820 |
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The Elysium Foundation Limited Notes to the Accounts for the year ended 31 March 2024
| 11 Creditors: amounts falling due within one year Accrued expenses Other creditors Returable rent deposit 12 Capital and reserves Capital reserves brought forward Investment revaluation Revenue surplus/(deficit) brought forward This accounting period Transfer Total reserves carried forward |
2024 £ 6,630 4,425 7,500 18,555 2024 £ 2,186,097 (54,573) 2,131,524 2,500,299 47,129 54,573 2,547,428 4,678,952 |
2023 £ 4,981 4,425 7,500 16,906 2023 £ 2,172,240 13,857 2,186,097 2,459,220 41,079 23,383 2,500,299 4,686,396 |
|---|---|---|
13 General Information
The Elysium Foundation Limited is a company, limited by guarantee, incorporated in England & Wales, registered number 08919991. The registered office is 6 Beaufort Court, Admirals Way London E14 9XL. Its registered charity number is 1164296.
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