REGISTERED COMPANY NUMBER: 02701126 (England and Wales) REGISTERED CHARITY NUMBER: 1011066
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st March 2023
for
Loddon Social Enterprise Limited
Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB
Loddon Social Enterprise Limited
Contents of the Financial Statements for the Year Ended 31st March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
Loddon Social Enterprise Limited
Report of the Trustees for the Year Ended 31st March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2023. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The purpose of the charity is to provide work experience and training opportunities for people with special needs to help them develop their skills in a safe environment.
The Charity seeks to achieve this objective through the provision of a secure managed workshop environment that enables service users to gain experience and training in simple assembly tasks and also an understanding of working disciplines, time keeping, social skills, working in teams and communicating.
Significant activities
The main types of activities undertaken by the Service Users are simple assembly and packaging tasks. These opportunities are provided by several local manufacturers and suppliers, who do so on a sub-contract basis.
Social investments
The charity's activities benefit the public by assisting the rehabilitation and potential of employment of disabled persons in the community. The Trustees consider that this complies with their duty under section 4 of the 2006 Charities Act in regard to Charity Commission guidance on public benefit.
Volunteers
The charity does not use volunteer staff.
ACHIEVEMENT AND PERFORMANCE
Charitable Activities
The funding situation in the year produced an income of £122,500 (2022 - £127,503), which when added to the sales income of £23,339 (2022 - £21,487), interest of £4,482 (2022- £3,982) and donations and grant income of £nil (2022 - £8,730) gave a total income of £150,321 (2021 - £161,702) against a budget of £151,700.
The total expenditure of £147,579 was less than the budget of £151,420.
Overall the charity produced a surplus of £2,742 (2022 - £22,894) against a budgeted surplus of £280. No transfers have been made from the General Fund to the Premises Development Fund.
As a result of the year's activities the balance sheet shows a reduction in the General Fund from £219,902 to £219,651 and an increase in the restricted reserves from £302,734 to £305,727.
Internal and external factors
Although the charity continues to be reliant on one customer there has been some success in widening the customer base and work on this continues.
FINANCIAL REVIEW
Review
The charity has had a further successful year operating under the new contract with Hampshire County Council (HCC) Adult Services, and we hope this successful financial performance will continue.
We need to acknowledge that the charity's success is due to the efforts and hard work of the Workshop Manager and staff.
Coronavirus, Covid-19
The impact of Covid-19 has reduced in line with current government guidance, however operational practices remain in place which minimise the risk of infection where possible.
Page 1
Loddon Social Enterprise Limited
Report of the Trustees
for the Year Ended 31st March 2023
FINANCIAL REVIEW
Reserves policy
The Trustees policy is to maintain a level of reserves that cover the costs of winding up the charity and meeting the charity's future commitments. It is the trustees view that a major risk is the loss of funding income from HCC Adult Services. HCC like all local authorities are under continuing pressure to achieve savings as a result of reductions in central government funding. Should this search for savings result in a reduction in funding for services such as ours the charity would no longer be financially viable. The charity will therefore continue to build our reserves to address this possibility.
FUTURE PLANS
The charity will continue to seek more local companies to provide work for service users.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure
Loddon (Charitable Trust) Limited was incorporated as a company limited by guarantee on 27th March 1992, and was registered by the Charity Commission on 14th May 1992. The Charity is governed by its Memorandum and Articles of Association.
The company changed it's name on 28th March 2011 to Loddon Social Enterprise Limited.
Recruitment and appointment of new trustees
Trustees are nominated to the board from contacts in the local business community and from the founding companies of the trust.
The chairman John Strawbridge stepped down as Chairman on 21 April 2021 but remained as a trustee. The charity owes John a huge debt of gratitude for his tireless work as chairman over 17 years, and his fellow trustees and staff hope he will continue to contribute for many years to come.
John Burt was proposed and subsequently elected Chairman in his stead.
George Batho from Linde retired as a trustee and was replaced by Pam Varney also from Linde in July 2021. Thanks are due to George from the charity for his services whilst a trustee.
Ben West from ITW was elected a trustee in July 2021 also.
Organisational structure
All day to day trading decisions are taken by the charity's staff, while policy decisions are taken by the board of trustees.
Induction and training of new trustees
All new trustees are trained in the business of the charity and the legal framework in which the charity operates.
Wider network
The charity is not part of a wider network
Related parties
The charity has no related parties
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02701126 (England and Wales)
Registered Charity number
1011066
Page 2
Loddon Social Enterprise Limited
Report of the Trustees
for the Year Ended 31st March 2023
Registered office
9-10 Brunswick Place Basingstoke Hampshire RG21 3NN
Trustees
Cllr. O V Cubitt D J Strawbridge J Burt A J S Paul M T Atkin I F Hodgson B J West P J Verney
Company Secretary
C F Welton
Independent Examiner
Kevin Wheeler FCA Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB
Solicitors
Phillips Solicitors incorporating Brain Chase Coles, Town Gate, 38 London Street, Basingstoke, RG21 7NY
Bankers
National Westminster Bank plc, 3 London Street, Basingstoke, RG21 7NS
ACKNOWLEDGEMENTS
The charity greatly appreciates the assistance with funding by Hampshire Social Services.
The charity also appreciates the continued custom of ITW and the membership of Ben West on the Council of Management.
Loddon continues to be well managed and thanks are due to Cathy Marshall, the Workshop Manager, and her team of assistants.
The Council of Management acknowledges the assistance received from Basingstoke & Deane Borough Council by way of exemption from business rates, and the nomination of a councillor to the Council of Management.
Approved by order of the board of trustees on 25th October 2023 and signed on its behalf by:
J Burt - Trustee
Page 3
Independent Examiner's Report to the Trustees of Loddon Social Enterprise Limited
Independent examiner's report to the trustees of Loddon Social Enterprise Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2023.
Responsibilities and basis of report
As the charity's 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 charity'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
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
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
-
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.
Kevin Wheeler FCA
Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB
13th December 2023
Page 4
Loddon Social Enterprise Limited
Statement of Financial Activities for the Year Ended 31st March 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 - Charitable activities 4 Employment of disabled persons 145,839 Investment income 3 1,489 Total 147,328 EXPENDITURE ON Charitable activities Employment of disabled persons 147,579 NET INCOME/(EXPENDITURE) (251) RECONCILIATION OF FUNDS Total funds brought forward 219,902 TOTAL FUNDS CARRIED FORWARD 219,651 |
Restricted funds £ - - 2,993 2,993 - 2,993 302,734 305,727 |
31.3.23 Total funds £ - 145,839 4,482 150,321 147,579 2,742 522,636 525,378 |
31.3.22 Total funds £ 8,730 148,990 3,982 |
|---|---|---|---|
| 161,702 | |||
| 138,808 | |||
| 22,894 499,742 |
|||
| 522,636 |
The notes form part of these financial statements
Page 5
Loddon Social Enterprise Limited
Balance Sheet
31st March 2023
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 11 20,728 Cash at bank and in hand 211,722 232,450 CREDITORS Amounts falling due within one year 12 (12,799) NET CURRENT ASSETS 219,651 TOTAL ASSETS LESS CURRENT LIABILITIES 219,651 NET ASSETS 219,651 FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - 313,983 313,983 (8,256) 305,727 305,727 305,727 |
31.3.23 Total funds £ 20,728 525,705 546,433 (21,055) 525,378 525,378 525,378 219,651 305,727 525,378 |
31.3.22 Total funds £ 20,518 525,920 546,438 (23,802) 522,636 522,636 522,636 219,902 302,734 522,636 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.
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.
The notes form part of these financial statements
Page 6
continued...
Loddon Social Enterprise Limited
Balance Sheet - continued 31st March 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 25th October 2023 and were signed on its behalf by:
J Burt - Trustee
A J S Paul - Trustee
The notes form part of these financial statements
Page 7
Loddon Social Enterprise Limited
Notes to the Financial Statements
for the Year Ended 31st March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
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.
Income
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.
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.
Allocation and apportionment of costs
All costs relate to the main activity of the charity.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
continued...
Page 8
Loddon Social Enterprise Limited
| Notes to the Financial Statements- continued for the Year Ended 31st March 2023 2. DONATIONS AND LEGACIES 31.3.23 £ Grants - Grants received, included in the above, are as follows: 31.3.23 £ Hampshire County Council Covid 19 Support - Other grants - - 3. INVESTMENT INCOME 31.3.23 £ Interest receivable - trading 4,482 4. INCOME FROM CHARITABLE ACTIVITIES 31.3.23 Activity £ Local authority placement fees Employment of disabled persons 122,500 Sub-assembly work Employment of disabled persons 23,339 145,839 5. SUPPORT COSTS Governance Management Finance costs £ £ £ Employment of disabled persons 127,111 3,909 717 Support costs, included in the above, are as follows: 31.3.23 Employment of disabled persons £ Wages 79,635 Rent and services 27,422 Insurance 2,174 Light and heat 3,186 Telephone 539 Postage and stationery 221 Repairs and maintenance 10,209 Sundries 3,418 Cleaning 307 Carried forward 127,111 |
31.3.22 £ 8,730 31.3.22 £ 6,840 1,890 8,730 31.3.22 £ 3,982 31.3.22 £ 127,503 21,487 |
|---|---|
| 148,990 | |
| Totals £ 131,737 |
|
| 31.3.22 Total activities £ 78,574 24,592 2,060 2,944 634 391 3,040 3,170 445 |
|
| 115,850 |
continued...
Page 9
Loddon Social Enterprise Limited
Notes to the Financial Statements - continued
for the Year Ended 31st March 2023
5. SUPPORT COSTS - continued
6.
| 31.3.23 Employment of disabled persons £ Brought forward 127,111 Treasurers retainer 3,690 Bank charges 219 Accountancy and legal fees 717 131,737 NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.3.23 £ Other operating leases 27,422 |
31.3.22 Total activities £ 115,850 3,585 - 550 |
|---|---|
| 119,985 | |
| 31.3.22 £ 24,592 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Supervisory staff (full time equivalent) No employees received emoluments in excess of £60,000. 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,890 Charitable activities Employment of disabled persons 148,990 Investment income 1,356 Total 152,236 |
31.3.23 4 Restricted funds £ 6,840 - 2,626 9,466 |
31.3.22 4 Total funds £ 8,730 148,990 3,982 161,702 |
|---|---|---|
continued...
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Loddon Social Enterprise Limited
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| fund | funds | funds | |||
| £ | £ | £ | |||
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Employment of disabled persons | 135,783 | 3,025 | 138,808 | ||
| NET INCOME | 16,453 | 6,441 | 22,894 | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 203,449 | 296,293 | 499,742 | ||
| TOTAL FUNDS CARRIED FORWARD | 219,902 | 302,734 | 522,636 | ||
| 10. | TANGIBLE FIXED ASSETS | ||||
| Computer | |||||
| equipment | |||||
| £ | |||||
| COST | |||||
| At 1st April 2022 and 31st March 2023 | 355 | ||||
| DEPRECIATION | |||||
| At 1st April 2022 and 31st March 2023 | 355 | ||||
| NET BOOK VALUE | |||||
| At 31st March 2023 | - | ||||
| At 31st March 2022 | - | ||||
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.3.23 | 31.3.22 | ||||
| £ | £ | ||||
| Trade debtors | 12,391 | 12,955 | |||
| Prepayments and accrued income | - | 479 | |||
| Prepayments | 8,337 | 7,084 | |||
| 20,728 | 20,518 |
continued...
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Loddon Social Enterprise Limited
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
| 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes VAT Other creditors Deferred income Accrued expenses 13. MOVEMENT IN FUNDS At 1.4.22 £ Unrestricted funds General fund 219,902 Restricted funds Premises development fund 288,468 Covid 19 - Control Outbreak Management Fund 14,266 302,734 TOTAL FUNDS 522,636 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 147,328 Restricted funds Premises development fund 2,993 TOTAL FUNDS 150,321 |
31.3.23 31.3.22 £ £ 1,870 2,402 6,777 8,180 8,256 8,256 315 534 3,837 4,430 21,055 23,802 Net movement At in funds 31.3.23 £ £ (251) 219,651 2,993 291,461 - 14,266 2,993 305,727 2,742 525,378 Resources Movement expended in funds £ £ (147,579) (251) - 2,993 (147,579) 2,742 |
|---|---|
continued...
Page 12
Loddon Social Enterprise Limited
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Premises development fund Covid 19 - Control Outbreak Management Fund TOTAL FUNDS |
At 1.4.21 £ 203,449 285,841 10,452 296,293 499,742 |
Net movement in funds £ 16,453 2,627 3,814 6,441 22,894 |
At 31.3.22 £ 219,902 288,468 14,266 |
|---|---|---|---|
| 302,734 | |||
| 522,636 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Premises development fund Covid 19 - Control Outbreak Management Fund TOTAL FUNDS |
Incoming resources £ 152,236 2,627 6,839 9,466 161,702 |
Resources Movement expended in funds £ £ (135,783) 16,453 - 2,627 (3,025) 3,814 (3,025) 6,441 (138,808) 22,894 |
Resources Movement expended in funds £ £ (135,783) 16,453 - 2,627 (3,025) 3,814 (3,025) 6,441 (138,808) 22,894 |
|---|---|---|---|
| 6,441 | |||
| 22,894 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Premises development fund Covid 19 - Control Outbreak Management Fund TOTAL FUNDS |
At 1.4.21 £ 203,449 285,841 10,452 296,293 499,742 |
Net movement in funds £ 16,202 5,620 3,814 9,434 25,636 |
At 31.3.23 £ 219,651 291,461 14,266 |
|---|---|---|---|
| 305,727 | |||
| 525,378 |
continued...
Page 13
Loddon Social Enterprise Limited
Notes to the Financial Statements - continued
for the Year Ended 31st March 2023
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Premises development fund Covid 19 - Control Outbreak Management Fund TOTAL FUNDS |
Incoming resources £ 299,564 5,620 6,839 12,459 312,023 |
Resources Movement expended in funds £ £ (283,362) 16,202 - 5,620 (3,025) 3,814 (3,025) 9,434 (286,387) 25,636 |
|---|---|---|
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2023.
Page 14
Loddon Social Enterprise Limited
| INCOME AND ENDOWMENTS Donations and legacies Grants Investment income Interest receivable - trading Charitable activities Local authority placement fees Sub-assembly work Total incoming resources EXPENDITURE Charitable activities Travelling and subsistence Welfare Support costs Management Wages Rent and services Insurance Light and heat Telephone Postage and stationery Repairs and maintenance Sundries Cleaning Finance Treasurers retainer Bank charges Governance costs Accountancy and legal fees Total resources expended Net income |
Detailed Statement of Financial Activities for the Year Ended 31st March 2023 31.3.23 31.3.22 £ £ - 8,730 4,482 3,982 122,500 127,503 23,339 21,487 145,839 148,990 150,321 161,702 14,913 15,613 929 3,210 15,842 18,823 79,635 78,574 27,422 24,592 2,174 2,060 3,186 2,944 539 634 221 391 10,209 3,040 3,418 3,170 307 445 127,111 115,850 3,690 3,585 219 - 3,909 3,585 717 550 147,579 138,808 2,742 22,894 |
Detailed Statement of Financial Activities for the Year Ended 31st March 2023 31.3.23 31.3.22 £ £ - 8,730 4,482 3,982 122,500 127,503 23,339 21,487 145,839 148,990 150,321 161,702 14,913 15,613 929 3,210 15,842 18,823 79,635 78,574 27,422 24,592 2,174 2,060 3,186 2,944 539 634 221 391 10,209 3,040 3,418 3,170 307 445 127,111 115,850 3,690 3,585 219 - 3,909 3,585 717 550 147,579 138,808 2,742 22,894 |
|---|---|---|
| 148,990 | ||
| 161,702 15,613 3,210 |
||
| 18,823 78,574 24,592 2,060 2,944 634 391 3,040 3,170 445 |
||
| 115,850 3,585 - |
||
| 3,585 550 |
||
| 138,808 | ||
| 22,894 |
This page does not form part of the statutory financial statements
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