**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:
1. 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
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
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.
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...
Page 10
**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...
Page 11
**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|
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