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← Launch It Trust

2024-12-31-accounts

Charity registration number 1086850 (England and Wales) Company registration number 4133046

LAUNCH IT TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

LAUNCH IT TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Philip Howard (chair)
Rebecca Byrne
Michael St Aldwyn
Jan Pethick
Joanna Rowelle
Leone McKinley
Gabrielle Boyle
Sarah Kong
Abhay Varma
Rachel Stockey (Appointed 2 July 2025)
Chief Executive Pat Shelley
Charity number 1086850
Company number 4133046
Registered office Unit 2, Angel Yard
34 Snells Park
Upper Edmonton
London
England
N18 2FD
Auditor Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
Bankers CAF Bank Limited
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ

LAUNCH IT TRUST

CONTENTS

Page
Trustees' report 1 - 7
Statement of trustees' responsibilities 8
Independent auditor's report 9 - 11
Statement of financial activities 12 - 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 30

LAUNCH IT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

OBJECTIVES AND ACTIVITIES

Launch It Trust is dedicated to helping young entrepreneurs start and grow successful businesses. We do this by providing affordable business space for two years, as well as advice, support, and mentoring. We are also developing a virtual support programme enabling more young people to access our services.

Over the course of their time with us in one of our centres, they graduate to paying market rent, later moving on and vacating their unit for another start-up. Our beneficiaries have a business idea, but don’t have the financial means to rent commercial premises, or the social and business networks to help them get started or generate the levels of sales needed to make the business sustainable.

We believe self-employment supports social mobility and that for young people it is one route out of unemployment, and as a result, improves their situation and enables them to achieve financial independence. We want to make self-employment accessible to young people with a good idea and the enthusiasm and commitment to turn it into reality; regardless of whether they have the money, family background or social networks to help them.

Aims of the Charity

Our mission:

Our mission is to empower the next generation of business founders.

Who we help?

Our beneficiaries are aged 18-30 and usually unemployed or underemployed. Many come from deprived inner-city areas where our centres are located. We focus our energies on those most in need including young people who are single parents; ex-offenders; young people leaving care and those with few or no qualifications.

How we work

Through our enterprise centres, we offer low cost premises from which young entrepreneurs can develop their businesses, alongside on-site advice, support and mentoring. We build relationships in the communities from which we draw our clients, so that we understand and respond to local needs.

In London, the high levels of commercial rent, coupled with the demand for large deposits, exclude most young people from becoming business-owners. Our low-rent, high-support model is highly effective. Each of our centres has a community culture that is cultivated by our committed centre managers, who encourage businesses to network and trade with each other, and to take up the opportunities that we offer them.

As part of our provision we run a pre-start programme called Launch It Labs which enables young people to explore whether self-employment is an option for them. Typically, they have a business idea or possess a skill which they feel could be put to good use. This may include creative design, fashion, and arts and crafts. Their ideas need developing and so with our support they can create a viable business model that can move them off benefits and into business. Clients explore enterprise, develop skills, test their business idea in a supportive environment and are supported into positive outcomes in a bespoke approach.

LAUNCH IT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

We help entrepreneurs:

The trustees have paid due regard to guidance issued by the Charity Commission in regards to public benefit in deciding what activities the charity should undertake. All of our charitable activities focus on advancement opportunities to allow young people to develop their capabilities, enable them to improve their economic wellbeing, and to reduce or eliminate their reliance on state support.

Grant-making policy

From time to time, the charity may receive restricted funding for partnership projects that require it to distribute funds to third parties. In such cases, these distributions are recorded in the financial statements as grants paid. As this is not a core or regular activity of the charity, and falls outside its standard objectives, a formal grant-making policy is not in place nor considered necessary.

ACHIEVEMENTS AND PERFORMANCE

Empowering Young Entrepreneurs. Changing Futures.

2024 was a big one. From new programmes and partnerships to pitch-offs and powerhouse people, Launch It has levelled up in every way and all in the name of unlocking the potential of young people from disadvantaged backgrounds across the UK. We have supported entrepreneurs, created opportunities, sparked ideas, and built real community. Here's a snapshot of the year that was.

The Highlights

We opened the doors to our brand-new centre Launch It Stoke-on-Trent, expanding our reach and giving even more young people a place to dream big, build businesses, and believe in themselves. We also engaged a new set of trustees to oversee the project and employed a new member of staff, Gemma Bourne , as the Enterprise Manager for Stoke-on-Trent. Gemma brings a wealth of experience from her 25 years working at NatWest bank and has also proved a huge asset to the team at Launch It already.

Our Launch It Labs programme in Neasden kicked off with energy and innovation, backed by the brilliant support of the Blagrave Trust . Launch It Labs also popped up in Angel Yard with funding from Enfield Borough Council via UKSPF . Both these projects were extremely successful, although delivered slightly differently, with each culminating with a pitch off event with a winning prize of £3k. We are extremely grateful to all the people who helped us deliver the programmes from Slaughter and May Solicitors and London Business School alongside a number of individuals, including our mentors, who gave us their time free of charge.

Thanks to the support from Enfield Borough Council , Angel Yard buzzed with creativity and hustle all year with various evets including quarterly makers markets and community led creative workshops. This all culminated in our community-loved Christmas Lights Switch-On , which also raised funds for local charity, Hand Out to Help Out . The lights switch on goes from strength to strength and has quickly become a major event in the calendar for local people.

LAUNCH IT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

� Next Generation Rising : We delivered the Next Generation Programme in Buckinghamshire , inspiring young minds and planting seeds for future founders. This was a popular programme again ending with a pitch off event and receiving huge support from both existing and new mentors.

Big Moments in Business

Team members Julian Allen and Sarah Campbell became certified sustainability workshop leaders through Youth Business International , helping us future-proof young businesses with green thinking.

People-Powered Progress

Our Enterprise Manager in Paisley, Sarah Campbell , moved on to pastures new. We would like to thank her for all her hard work and wish her the best for the future. Our new Enterprise Manager in Paisley is Rebecca McEwan who has quickly fitted into the team and made a huge impact from the outset. We look forward to the centre going from strength to strength under her management.

LAUNCH IT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Celebration & Recognition

The Launch It Network:

� Thriving centres: The Launch It Network continues to grow with Launch It Stoke-on-Trent the newest addition. Alongside our centres in Dundee, Sheerness and Paisley Launch It continues to grow and make a positive impact on the lives of many young people in various parts of the UK.

Key Statistics for 2024:

A Word from Pat Shelley, CEO

“2024 was about laying new foundations while staying true to our roots. Every new centre, every young person we support, every partnership we build, it’s all driven by belief. Belief that when young people are given the tools and space to thrive, there’s no limit to what they can achieve. Here’s to 25 years of Launch It, and the next 25 to come.”

Looking Ahead: 2025

Next year is a milestone: 25 years of Launch It . We’re planning bold celebrations, deep impact, and fresh innovations to ensure we continue showing up loudly and proudly for the next generation of entrepreneurs.

Thank you to everyone who’s been part of our journey this year, funders, mentors, partners, trustees and, most of all, the young people who inspire us every single day.

FINANCIAL REVIEW

As at 31st December 2024, the charity held total reserves of £379,584 (2023 - £245,477) of which £288,597 (2023 - £180,235) were restricted and could only be used to fund the projects for which they were received. Unrestricted reserves have increased to £90,987 (2023 - £65,242).

LAUNCH IT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

In formulating our reserves policy, we have taken account of the regular commitments of the Charity. Our aim is to achieve a position where we hold sufficient unrestricted reserves to fund our core costs for several months, including rent subsidy as this is an integral part of our activity. This would create a buffer against any unexpected events affecting the Charity's financial position including a fall in funds raised from outside the Charity. Our target is - to maintain unrestricted reserves of £150k (actual as at 31st December 2024 £90,987). We continue to work towards building our unrestricted reserves in order to meet our reserves policy.

Principal funding sources

The Charity’s main sources of income include rental income from clients and commercial tenants, as well as grants and donations received for specific projects. This funding supports the operation of the Charity’s centres and the delivery of support and mentoring services to its clients.

Fundraising activities

The Charity does not carry out significant fundraising activities. Two fund-raising staff are employed, with their purpose to seek out grant-funding opportunities from a variety of charitable organisations, corporate funders, public sector and private individuals. Fundraising activities do not include that of direct marketing or telephone campaigns and the charity remains mindful at all times to protect vulnerable groups. The charity conducted a one-off golf day event to raise funds, and no professional fundraiser or commercial participator was engaged for this event.

Risk management

Major risks have been reviewed and systems or procedures have been established to manage those risks. The principal risks and uncertainties that the Charity faces and the strategies the trustees have taken to mitigate these are detailed as follows.

Over reliance on grant income

Strategy: ensure grant income sources are well diversified. Maintain good relationships with funders. Increase public sector support either by securing funding or by obtaining premises at a low cost. Develop relationships with corporate organsations. Trialing new methods of income generation such as sponsorship opportunities for local and national businesses.

- Difficulty of maintaining low cost property model in London

Strategy: increase our support for out of London activities. Develop a strategy to persuade London Boroughs to let us use redundant council buildings. Consider other ways of helping young start-ups in London to allow us to maintain the same level of support through satellite buildings and by developing a virtual support programme.

Level of reserves

Strategy: look to find a funder or backer who is willing to provide support to the Charity through multi-year unrestricted grants. Adopt a robust reserves policy which is regularly monitored.

Over dependence on a few key staff especially centre managers

Strategy: continue to train team members. Our experience of successfully employing centre managers for the out of London centres indicates we have sufficient expertise to overcome this risk.

Economic uncertainty and high inflation

Strategy: identify any potential savings through assessing spend on services such as utilities and IT support and understand how the financial support available from the government can help alongside maintaining positive relationships with our long-term supporters.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Launch It Trust is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association dated 7 December 2000 as amended by special resolution dated 17 May 2001. It was registered as a charity with the Charity Commission on 31 May 2001. The name of the company was changed from London Youth Support Trust to Launch It Trust on 26 February 2020.

LAUNCH IT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Philip Howard (chair) Rebecca Byrne Michael St Aldwyn Jan Pethick Joanna Rowelle Leone McKinley Gabrielle Boyle Sarah Kong Abhay Varma Rachel Stockey (Appointed 2 July 2025)

Appointment of new Trustees

As set out in the Articles of Association, the trustees are also the members and have the power to appoint new trustees.

Organisational structure

The trustees are responsible for the overall policies and direction of Launch It Trust. The day-to-day management of the Charity is delegated to our staff team; Chief Executive and Centre Managers.

The trustees meet at least four times a year to review strategy, planning, development, financial and administrative matters. In addition, the Chair meets the Chief Executive on a regular basis to discuss and deal with issues that emerge between the meetings of trustees.

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. It looks at the success of each key activity and the benefits these activities have brought to the people we are set up to help. The review also helps us to ensure that our aims, objectives and activities remain focused on our stated purposes.

Induction and training of trustees

The Board has established procedures for recruiting and supporting trustees. New trustees attend an induction meeting to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the decision-making process, the business plan and recent financial performance of the Charity. They meet key employees, members of the wider staff team, and are given a trustee induction pack enabling them to learn more about the charity.

Auditor

In accordance with the company's articles, a resolution proposing that Findlays Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

LAUNCH IT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

PE Howard (Sep 30, 2025 09:45:01 GMT+1) Philip Howard (chair)

Trustee

30 September 2025

LAUNCH IT TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees, who are also the directors of Launch It Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LAUNCH IT TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAUNCH IT TRUST

Opinion

We have audited the financial statements of Launch It Trust (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LAUNCH IT TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LAUNCH IT TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, as outlined above, to detect material mis-statements in respect of irregularities, including fraud and non-compliance with laws and regulations as detailed below.

The audit team has appropriate skills and expertise required and through discussions with management and Trustees, knowledge of the sector to ensure any non-compliance is recognised and all necessary disclosures are made. The controls in place help the Charity mitigate the risk of fraud and also aids them in highlighting any instances of fraud that might have occurred.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

LAUNCH IT TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LAUNCH IT TRUST

Inquiry of management about any known or suspected instances of non compliance with laws and regulations, including GDPR, health and safety, employment law and fraud

Inquiry of management as to where they consider there is a susceptibility to fraud and their knowledge of how actual, suspected and alleged fraud might occur

Review of any correspondence with regulators including HMRC

Challenging assumptions and judgements made by management in their significant accounting estimates Auditing the risk of management override controls, including through testing of journal entries and other judgements for appropriateness

Review of any areas where there is potential of management bias, large & unusual transactions and the risk of undisclosed related parties

Performing analytical procedures to identify any unusual transactions

Because of the field in which the charity operates in, we identified the following areas as those most likely to have a material impact on the financial statements:

Direct impact on financial statements

Companies Act 2006 FRS 102 SORP 2019

Indirect impact on financial statements Employments laws GDPR

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Lesley Campbell, BA, C.A. (Senior Statutory Auditor) for and on behalf of Findlays Audit Limited Statutory Auditors

11 Dudhope Terrace Dundee

30 September 2025

LAUNCH IT TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Current financial year
Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
292,276
323,347
Charitable activities
4
342,893
-
Other trading activities
5
57,501
-
Total income
692,670
323,347
Expenditure on:
Charitable activities
7
666,925
214,985
Total expenditure
666,925
214,985
Net income/(expenditure)
25,745
108,362
Net movement in funds
9
25,745
108,362
Reconciliation of funds:
Fund balances at 1 January 2024
65,242
180,235
Fund balances at 31 December 2024
90,987
288,597		 Total
2024
£
615,623
342,893
57,501
1,016,017
881,910
881,910
134,107
134,107
245,477
379,584		 Total
2023
£
571,796
188,508
-
760,304
778,287
778,287
(17,983)
(17,983)
263,460
245,477

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 16 to 30 form part of these financial statements.

LAUNCH IT TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Prior financial year
Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
282,758
289,038
Charitable activities
4
188,508
-
Total income
471,266
289,038
Expenditure on:
Charitable activities
7
558,423
219,864
Total expenditure
558,423
219,864
Net income/(expenditure)
(87,157)
69,174
Transfers between funds
(5,083)
5,083
Net movement in funds
9
(92,240)
74,257
Reconciliation of funds:
Fund balances at 1 January 2023
157,482
105,978
Fund balances at 31 December 2023
65,242
180,235		 Total
2023
£
571,796
188,508
760,304
778,287
778,287
(17,983)
-
(17,983)
263,460
245,477

LAUNCH IT TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024
Notes
£
Fixed assets
Tangible assets
13
Current assets
Debtors
14
56,408
Cash at bank and in hand
366,652
423,060
Creditors: amounts falling due within
one year
15
(108,427)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net assets
The funds of the charity
Restricted income funds
18
Unrestricted funds
19		 £
110,307
314,633
424,940
(45,356)
379,584
288,597
90,987
379,584		 2023
£
113,378
150,943
264,321
(84,807)		 £
109,705
179,514
289,219
(43,742)
245,477
180,235
65,242
245,477

The notes on pages 16 to 30 form part of these financial statements.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31st December 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 30 September 2025

PE Howard (Sep 30, 2025 09:45:01 GMT+1)

Philip Howard (chair)

Trustee

Company registration number 4133046 (England and Wales)

LAUNCH IT TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
23
Investing activities
Purchase of tangible fixed assets
Repayment of loans
Net cash used in investing activities
Net cash generated from financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(23,500)
-		 2023
£
£
£
239,209
(284,941)
(130,004)
12,500
(23,500)
(117,504)
-
-
215,709
(402,445)
150,943
553,388
366,652
150,943		 2023
£
£
£
239,209
(284,941)
(130,004)
12,500
(23,500)
(117,504)
-
-
215,709
(402,445)
150,943
553,388
366,652
150,943
The notes on pages 16 to 30 form part of these financial statements.

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Launch It Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 2, Angel Yard, 34 Snells Park, Upper Edmonton, London, N18 2FD, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's articles, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants including government grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet.

Rental income from letting units to enterprise clients is recognised on a straight-line basis over the term of the rental agreements. Where rents are offered at concessionary rates that increase over time, income is recognised based on the amounts contractually due over the rental period.

Income from fundraising events is recognised when the event takes place and the income can be reliably measured. This includes proceeds from ticket sales, sponsorships, and donations. Donated goods for auction are recognised as income at the point of auction, at the amount raised. Where the fair value of donated goods cannot be reliably measured before sale, no income is recognised until the item is sold.

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Income from contracts for the provision of services is recognised when the charity has entitlement to the income, performance obligations have been met, and the amount can be measured reliably. Where income is received in advance of performance, it is deferred and recognised as a liability.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 10 years & 5 years straight line Office Equipment 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The charity operates a de minimis policy of £1,000 for fixed assets.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities as incurred.

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2 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.

Critical judgements

Depreciation

Tangible fixed assets are depreciated over their estimated useful lives, which are reviewed annually to ensure they remain appropriate. This review considers factors such as the asset’s physical condition, maintenance history, and risk of obsolescence.

Assets are also reviewed for indicators of impairment, with consideration given to the ongoing economic viability of the asset’s intended use.

Bad debt provision

Bad debts are provided for on a 60-day basis. However, collection efforts continue, and any amounts subsequently recovered are written back against the provision.

Allocation of restricted expenditure

The charity maintains a small number of restricted funds, primarily designated for direct costs such as specific staff salaries. These are tracked directly through separate departments within their accounting software.

In limited cases, a proportion of central costs is allocated to restricted funds based on management judgement. This estimate is prepared collaboratively by the Finance Manager and CEO, incorporating both financial oversight and operational insight.

Allocations are informed by practical factors such as staff time and office usage. While no formal cost allocation model is in place, a consistent and reasonable approach is applied. There have been no changes to the methodology from previous years.

The estimation process is straightforward and given the limited scale and nature of these allocations, their impact on the financial statements is considered immaterial.

3 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Grants 292,276 323,347 615,623 282,758 289,038 571,796

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3
Income from donations and legacies
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Grants
Enfield Council
-
85,000
Colyer Ferguson
40,000
-
John Armitage Charitable
Trust
70,000
-
Byrne Charitable Trust
50,000
-
The Access Foundation
-
45,010
John Lyon’s Charity
-
36,000
The Dulverton Trust
-
35,000
Drapers' Charitable Fund
25,000
-
The Gosling Foundation
-
22,000
Swire Charitable Trust
-
16,000
Other
107,276
84,337
292,276
323,347
4
Income from charitable activities
Enterprise Support
Rental income
Services provided under contract
Other income
5
Income from other trading activities
Fundraising events		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
(Continued)
85,000
-
-
-
40,000
-
-
-
70,000
50,000
-
50,000
50,000
50,000
-
50,000
45,010
-
-
-
36,000
-
36,000
36,000
35,000
-
35,000
35,000
25,000
-
-
-
22,000
-
-
-
16,000
-
-
-
191,613
182,758
218,038
400,796
615,623
282,758
289,038
571,796
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
236,603
172,638
84,407
-
21,883
15,870
342,893
188,508
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
57,501
-

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Expenditure on charitable activities

Enterprise Enterprise
Support Support
2024 2023
£ £
Direct costs
Staff costs 406,910 374,557
Depreciation and impairment 22,898 20,549
Rent, utilities and service charges 258,796 206,152
Consultancy and professional 24,518 14,500
Fundraising costs 8,216 -
Advertising, website and IT 28,817 30,678
Office costs including insurance 60,280 27,128
Other staff costs 20,440 21,283
Bad debts written off 8,426 11,331
839,301 706,178
Grant funding of activities (see note 7) (2,700) 19,346
Share of support and governance costs (see note 8)
Support 22,209 20,962
Governance 23,100 31,801
881,910 778,287
Analysis by fund
Unrestricted funds 666,925 558,423
Restricted funds 214,985 219,864
881,910 778,287

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Grants payable

2024
£
Grants to institutions:
Launch It Kent
(12,500)
Grants to individuals (15 grants)
9,800
(2,700)		 2023
£
12,500
6,846
19,346

Grants to Institutions

In the year ended 31 December 2023, Launch It London awarded £12,500 to Launch It Kent to support salary costs as part of a three-year restricted grant received from The Dulverton Trust. The grant had originally been awarded to Launch It London to support the work of Launch It Kent, which was in the process of registering as an independent charity.

During the audit of YE24, it was identified that Launch It Kent had not yet achieved charitable status at the time of the grant. As a result, the £12,500 previously recognised as a grant awarded has been reversed in the current year, and the associated activities have been brought back under Launch It London.

Going forward, all activity and expenditure related to this grant will be administered directly by Launch It London until grant conditions are met.

Grants to Individuals

Throughout the year, the Charity awarded grants as part of its annual awards scheme to 15 individuals (YE23:13 individuals). The total amount granted under this scheme was £9,800 (YE23: £6,846).

The grants were sourced from a combination of unrestricted and restricted project funds.

8 Support costs allocated to activities

Accountancy fees
Bank charges and interest
Governance costs
Analysed between:
Enterprise Support		 2024
£
21,600
609
23,100
45,309
45,309		 2023
£
20,700
262
31,801
52,763
52,763

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8
Support costs allocated to activities
Governance costs comprise:
Audit fees
Legal and professional
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 (Continued)
2024
2023
£
£
17,650
12,350
5,074
1,644
376
17,807
23,100
31,801
2024
2023
£
£
17,650
12,350
22,898
20,549		 (Continued)
2024
2023
£
£
17,650
12,350
5,074
1,644
376
17,807
23,100
31,801
2024
2023
£
£
17,650
12,350
22,898
20,549
31,801
2023
£
12,350
20,549

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the year (2023 - £nil).

During the year 2 Trustees (2023 - no Trustees) were reimbursed a total of £754 (2023 - £nil) for costs incurred on behalf of the charity. Neither trustee received any personal benefit from these reimbursements.

During the year the Charity received donations of £73,750 (2023 - £101,750) from the Trustees and charitable funds controlled by the Trustees.

11 Employees

The average monthly number of employees during the year was:

Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
9
2024
£
362,716
29,362
14,832
406,910		 2023
Number
9
2023
£
330,681
30,113
13,763
374,557

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11 Employees

(Continued)

The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,000 to £70,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 2024
Number
1
2024
£
66,973		 2023
Number
-
2023
£
61,105

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Leasehold
improvements
Office
Equipment
£
£
Cost
At 1 January 2024
100,469
31,140
Additions
23,500
-
At 31 December 2024
123,969
31,140
Depreciation and impairment
At 1 January 2024
10,587
11,317
Depreciation charged in the year
12,937
9,961
At 31 December 2024
23,524
21,278
Carrying amount
At 31 December 2024
100,445
9,862
At 31 December 2023
89,882
19,823		 Total
£
131,609
23,500
155,109
21,904
22,898
44,802
110,307
109,705

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Total debtors
15
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
16
Creditors: amounts falling due after more than one year
Other creditors
17
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
15,463
4,398
15,137
34,998
2024
£
21,410
56,408
2024
£
10,404
30,534
5,344
62,145
108,427
2024
£
45,356
2024
£
14,832		 2023
£
14,255
39,597
38,116
91,968
2023
£
21,410
113,378
2023
£
12,509
4,504
4,656
63,138
84,807
2023
£
43,742
2023
£
13,763

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Borough of Brent Council
Blagrave Trust
St James’s Place Foundation
The Britford Bridge Trust
The Dulverton Trust
John Lyon's Charity
The Gosling Foundation
Youth Business International
Peter Harrison Foundation
Enfield Council
Swire Charitable Trust
Access Foundation
Cognition
Wesleyan Equality Fund
The Weavers’ Company
Benevolent Fund
The Clothworkers’ Foundation
Shanly Foundation
Vinci Construction
Temple Services Ltd
Previous year:
At 1
Blagrave Trust
Charities Aid Foundation
The Progress Foundation
Borough of Brent Council
The Britford Bridge Trust
The Dulverton Trust
John Lyon's Charity
AIMS
St James's Place Charitable
Foundation		 January
2024
Incoming
resources
Resources
expended
Transfers
At 31
December
2024
£
£
£
£
£
102,735
-
(18,093)
-
84,642
30,000
-
(30,000)
-
-
10,000
-
(10,000)
-
-
15,000
-
(15,000)
-
-
22,500
35,000
(33,585)
-
23,915
-
36,000
(36,000)
-
-
-
22,000
-
-
22,000
-
15,837
(15,837)
-
-
-
20,000
-
-
20,000
-
85,000
(30,170)
-
54,830
-
16,000
-
-
16,000
-
45,010
-
-
45,010
-
3,500
(3,500)
-
-
-
10,000
(10,000)
-
-
-
15,000
-
-
15,000
-
8,000
(800)
-
7,200
-
5,000
(5,000)
-
-
-
6,000
(6,000)
-
-
-
1,000
(1,000)
-
-
180,235
323,347
(214,985)
-
288,597
January
2023
Incoming
resources
Resources
expended
Transfers
At 31
December
2023
£
£
£
£
£
-
30,000
-
-
30,000
91,154
-
(92,776)
1,622
-
14,824
15,000
(30,000)
176
-
-
143,038
(40,303)
-
102,735
-
15,000
-
-
15,000
-
35,000
(12,500)
-
22,500
-
36,000
(39,285)
3,285
-
-
5,000
(5,000)
-
-
-
10,000
-
-
10,000
105,978
289,038
(219,864)
5,083
180,235

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 Restricted funds

(Continued)

Purpose of Restricted Funds

Brent Council

Capital funding for the Neasden site; which is being depreciated over the assets’ useful life.

Blagrave Trust

Funding towards the Launch It Labs Programme for 2024.

St. James’s Place Charitable Foundation

Funding towards the salary costs of the Project Manager for the Launch It Labs Programme.

The Britford Bridge Trust

Funding towards the core enterprise support and educational programme for 2024.

The Dulverton Trust

A three-year grant totalling £105,000 to support the Enterprise Manager's salary at Launch It Kent.

John Lyon's Charity

A three-year grant totalling £108,000 to support the Enterprise Manager's salary at the Neasden centre.

The Gosling Foundation

Funding towards the Launch It Labs Programme for 2025.

Youth Business International (YBI)

Restricted funding received from YBI, applied to their specified programme objectives.

Peter Harrison Foundation

The funds are to be used towards to "Masters House Initiative" project.

Enfield Council

Funding towards AY Labs and 123 Fore Street activities.

Swire Charitable Trust

Funding to support the Rocket Launchers Volunteer Programme.

The Access Foundation

Funding to support the Digital Pioneers Programme.

Cognition

Funding for the Pitch-Off event.

Wesleyan Foundation – Equality Fund

Funding for the Rocket Launchers Volunteer Programme.

The Weavers' Company Benevolent Fund

Funding towards the development of the new Stoke-on-Trent centre.

The Clothworkers’ Foundation

Capital funding for the Neasden site; which is being depreciated over the assets’ useful life.

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

18 Restricted funds

(Continued)

Shanly Foundation

Funding to support the Core Incubation Project.

The Progress Foundation

Funding for the charity's volunteer mentoring programme.

Vinci Construction

Funding towards the Pitch-Off event.

Temple Services Ltd.

Funding towards the Pitch-Off event.

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 January
2024
Incoming
resources
Resources
expended
Transfers
At 31
December
2024
£
£
£
£
£
65,242
692,670
(666,925)
-
90,987
January
2023
Incoming
resources
Resources
expended
Transfers
At 31
December
2023
£
£
£
£
£
157,482
471,266
(558,423)
(5,083)
65,242

20 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 December 2024:
Tangible assets
25,665
84,642
Current assets/(liabilities)
110,678
203,955
Long term liabilities
(45,356)
-
90,987
288,597		 Total
2024
£
110,307
314,633
(45,356)
379,584

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 December 2023:
Tangible assets 6,971 102,734 109,705
Current assets/(liabilities) 102,013 77,501 179,514
Long term liabilities (43,742) - (43,742)
65,242 180,235 245,477

21 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2024
£
72,899
275,034
138,981
486,914		 2023
£
77,066
284,622
260,603
622,291

LAUNCH IT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22 Related party transactions

The following entities are considered related parties due to common management (CEO - Pat Shelley):

Launch It Dundee

Transactions:

London to Dundee:

Dundee to London:

As at 31st December 2024 Dundee owed London £nil (YE23: £14,869) across sales ledger and intercompany balances.

Launch It Paisley

Transactions:

London to Paisley:

Paisley to London:

As at 31st December 2024 Paisley owed London £nil (YE23: £11,014) across sales ledger and inter-company balances.

23
Cash generated from/(absorbed by) operations
Surplus/(deficit) for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase/(decrease) in creditors
Cash generated from/(absorbed by) operations		 2024
2023
£
£
134,107
(17,983)
22,898
20,549
56,970
89,056
25,234
(376,563)
239,209
(284,941)

24 Analysis of changes in net funds

The charity had no material debt during the year.

L0002_Launch It Trust_final accounts for signing YE 24

Final Audit Report

2025-09-30

Created: 2025-09-30 By: lesley campbell (lesley.campbell@findlay-ca.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAH0MRq16H_1uFdpKEJNXhOE3hgxMH7ElL

"L0002_Launch It Trust_final accounts for signing YE 24" History

Document created by lesley campbell (lesley.campbell@findlay-ca.co.uk)

2025-09-30 - 8:29:33 AM GMT

Document emailed to PE Howard (philip@lyulph.com) for signature

2025-09-30 - 8:29:41 AM GMT

2025-09-30 - 8:44:15 AM GMT

Signature Date: 2025-09-30 - 8:45:01 AM GMT - Time Source: server

Document emailed to lesley campbell (lesley.campbell@findlay-ca.co.uk) for signature 2025-09-30 - 8:45:06 AM GMT

Signature Date: 2025-09-30 - 8:50:41 AM GMT - Time Source: server

Agreement completed.

2025-09-30 - 8:50:41 AM GMT