ANNUA£ REs>oRfAM) Accoll￿rS
2023/2024
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Charity Registration No. 1114755
Company Registration No. 4018585

LONDON ACCOUNTANCY PRACTICE ANNUAL REVIEW 2023-2024
DirectorslTrustees
Members of Staff
Volunteers
Report from the Chair
Report from the Director
Indopendent Examiner's Report
Statement of Financial Activltles
Balance Sheet
10
Note8 To the Accounts
11

LONDON ACCOUNTANCY PRACTICE Annual Review 2023-2024
Directorsrrrustees
Abraham Tecle
William Anang
Dr. Henry Akinyeye
Alfred Syl- Turay
Staff Members
Ade Adebambo
Chairperson
Treasurer
Member
Member
Sandra Koleosho
Paul Banda
Directorl Company Secretary
Finance/ Payroll Manager
Administrator
Volunteers
Samuel Ikotun
Giovina Lenny Vidal Sejas
Evbo Joyce Faluyi
Louise Havercroft
Hinsenne Ararsso
Mrs Victoria Nwachukwu
Student Placement
Halimah Temitope Ilori
Sayed Sina Mousavi
LAP would like to welcome its latest recruit of volunteers for 2023-2024, Ms Victoria
Nwachukwu and thank everyone for their hard work and contribution8 over the years.
LAP is grateful for the unstinting efforts and support of its volunteers. Our hearty
congratulations to those of you that were able to secure employment due to the
practical experience and support you have received from LAP. Our sincere apologies
to those we have not been able to provide opportunities for due to limited resources
and staff time. It is estimated that over two thousand five hundred volunteer hours
were provided by our volunteers during the year and if this is conservatively valued at
£15.00 an hour, the volunteer efforts amounted to over £37,500.00. (Thirty-seven
thousand and five hundred pounds)
SPECIAL THANKS
Special thank you goes out to all our members and service users for their custom and
support

CHAIRPERSON'S REPORT FOR THE YEAR ENDED 31ST MARCH 2024
l am pleased to report that despite various challenges faced by the voluntary sector
in the last ten years including the austerity measures and the unpleasant effect of
COVID 19, the London Accountancy Practice (LAP) continues to be at the forefront
serving the Voluntary and Community Sector as it has done for about 37 years.
Over the years, the sector has witnessed so many changes and we are glad that lap
continues to offer advice, training and support to many organisations to keep them
going despite funding challenges among others, including new statutory changes. All
this means that LAP has to be up to date with legal changes including the Charity
Commission and the Companies House and Her Majesty Revenue and Tax (HMRC).
As you all know funding has been very difficult to secure and more quality advice
continue to be needed.
AS an organization, in order to cope with the current funding climate and continue to
service our clients, we have re-strucl'ured our activities and drastically cut our
overheads wher8 possible.
During the year we work with other organizations both inside and outside the
borough to provide training activities as a joint venture,
Our one 2 one advice sessions increased during the year as many organlzations
demand advice and support wilh their finances, planning and budgeting to determine
how long they might be able to survive or pay their staff rodundancy. Wo also
continue to experience a wave in organizations and individuals wanting advice on
Community Interest Companies (CICS) and Charity Incorporated Organisations
{CIOs) In addition to the above, there are also organizations requesting information
on funding activities.
As a charitable organisation our self, w8 are consciously aware of the fact that many
small voluntary and community sector organizations are going to suffer slnce many
of them will not be in a position to pay market price for the seniices we provide.
However, our client groups may have to experience some slight increase in our
charges so that we can continue to be able to support the small and medium size
organizations that desperately need our support and services to help them deliver
their core services.
On another front, we contiriue to train volunteers and graduates to equip and provide
them with practical experience that are so needed to prepare them for the future.
This year we had students from Southwark College and Teeside University and they
have been brilliant.
Moreover, in our formal and informal conversation and feedback from our client
groups, we are made to understand that many of them may not be able to survive or
even met normal basic statutory and funding requirements which many large
organisations take for granted if not because of the kind of training, support and
other services that We provide
Abraham Tecle..................

LONDON ACCOUNTANCY PRACTICE
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST MARCH 2024.
The trustees, who also act as directors of LONDON ACCOUNTANCY PRACTICE for the
purpose of Company Law, are pleased to present their report and the independently
examined financial statements for the year ended 31. March 2024.
OBJECTS, ORGANISATION AND ACTIVITIES
LAP'S objects continue to be..
The promotion of efficiency and effectiveness of charities and voluntary and
community organisations by the provision of a comprehensive financial advisory
service and the training of their employees in relevant financial skills.
Helping individual organisation (whether incorporated or unincorporated) that for
whatever reasons have some form of financial difficulty or crisis.
Advising and helping such individual organisations to set up appropriat6 books of
accounts and keep them up to date.
Promotion of methods of bookkeeping.
Advising on information flows between the relevant members and management
committee of individual organisation and giving advice on structures to ensure
accountability.
Giving advice on budgets, funding, local authority, central government and other
grants, salaries and national insurance, local government pay scales and cash flow.
Enabling individual organisations to have a clearer understanding of local authority
finance in so far as this affects the organisation's decision making,.
Provision of training (group and in-house) to achieve efficiency and effectiveness.
DEVELOPMENTS, ACTIVITIES AND ACHIE.VEMENTS
Southwark is a very diverse borough with over 1074 registered charities and community
groups and over 50 % of these have income of less than £100k most of whom are doing
valuable work and providing essential setwices to our local communities. It is vitally important
that we support and sustain the work of these groups which is why LAP plays such a
significant infrastructure role in the borough and London wide. As a matter of fact, due to the
lack of Community Accountancy Services in most London boroughs, we are now inundated
with requests from other areas of London thank before.
In our everyday work with other infrastructure organisations within and outside the borough
we see evidence of a very wide range of organisational management needs, including many
needs around developing sound financial systems about financial accountability, auditing/
independent examination and preparing annual accounts. As this is a specialist area
requiring expert, accurate advice, LAP has been a key resource for local voluntary groups as
well as being a very useful referral point for other infrastructure agencies. By offering local
voluntary and community organisations expert advice and support on a range of financial
issues, LAP is able to provide a highly specialised, much needed service.
LAPS work stretches much further than simply helping groups to develop sound financial
controls, or providing a payroll service, although these are in themselves very useful. The
longer term outcomes of our work however, have much more sustainable benefits..
organisations, who are encouraged to implement good financial practices today are far more
likely to be successful and capable in their future initiatives eg in fundraising, in running
efficient projects, in managing funds appropriately, in being accountable and open, in

LONDON ACCOUNTANCY PRACTICE
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST MARCH 2024.
providing good value for money, and in meeting the requirements of funders, the Charity
Commission, Companies House, HMRC and other statutory bodies. The impact of all the
above allows the organisations we work with to make successful applications to potential
funders and as a result being able to lever in more money into the borough.
LAP continues to provide particular support to smaller and medium-sized voluntary and
community organisations and those representing disadvantaged sections of the community
including the BAMERS (Black, Asian and Minority Ethnic Refugee groups) to increase their
capacity and help comply with the requirements of funders, Companies House, Charity
Commission and both local and central governments.
The current economic and funding climate including the aftermath of COVID19 continue to
pose challenges for many organisations and it is making it difficult if not impossible for many
organisations to survive and the continuing complexity in charity financial reporting has
resulted in heavy reliance on our setvices and this no doubt also put pressure on us and
other organisation as we both continue to find ways of saving money and at the same time
endeavour to provide good, quality services.
Our areas of activities remain as follows..
INDEPENDENT EXAMINATION
LAP continues to provide affordable alternatives to commercial services. We carried out 62
independent examinations during the year. This service has helped to develop and sustain
most of the organisations we work with as they have been able to comply with both Charity
law (2011 Charities Act) the 2006 Companies Act and various legislations. We have
therefore saved organisations hundreds of pounds in penalties and surcharges.
IMPACT
As a result of this setvice, we have been able to increase the ability of small and medium-
sized voluntary and community sector organisations to meet the reporting requirements of
funders and other Stake holders including Companies House and HMRC.
As a result of this service, disadvantage groups that would not have been able to access/
pay for the services of main streaml private sector accountancy firms were able to access
our financial management support and are being assisted and supported to meet their
statutory obligations.
In addition, our clients have been able to lever in more funding to their organisations and the
borough including new funding sources, effectively making them more sustainable and
allowing them to be able to concentrate more on their core activities.
PAYROLL ADMINISTRATION During the year, over 250 employees from over 55
organisations benefited from our efficient and cost-effective payroll administration and advice
services. The Welfare Reforms has meant more enquiries from employers and employees
alike seeking advice.
IMPACT
By providing a high quality and reliable payroll setvice along with advice and support for over
55 payroll client groups, we have released them to concentrate on their core activities. We
deal with all aspects of payroll query from both the organisations and the HMRC and liaise

LONDON ACCOUNTANCY PRACTICE
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST MARCH 2024.
between them whenever possible when any problems arise. By making the organisations
aware of their responsibilities as employers, keeping them up to date with changing
legislation and making them aware of their legal responsibilities, deadlines, etc, we have
saved them a lot of money in penalties and surcharges. All companies are now legally
responsible for filing all forms etc online which we now do for them. This has allowed many
groups to make savings and cut back on back office costs.
VOLUNTEERING, TRAINING AND WORK PLACEMENT
LAP carried out a series of in-house training sessions during the year covering topics from
Introduction to bookkeeping to Advance budgeting and the preparation of end of year
accounts. These graduate trainees I volLJnteers were then sent to work with other groups
and organisations enabling them to gain experience in the work place and the organisation
valuable financial help at no cost to them.
IMPACT
The effectiveness of these training sessions could be seen in the quality of work produced
by the trainees at their respective organisations after the training. Our cost-effective training
meant that organisations continue to have better understanding of their financial position
This also led to an increase in the capacity of small and medium sized voluntary and
community sector organisations to manage their financial resources more effectively and
efficiently.. Our adaptable financial control procedures have helped many organisations to
be able to write their own in-house financial policy and procedures. This service has
improved the social, financial and economic well-being of these volunteers as they continue
secure paid employment. 3 got paid jobs during the year.
ONE 2 ONE ADVICE
Our free one to one advice and consultancy services continue to be popular with both old
and emerging groups especially due to various changes and legislations relating to
organisations being set up as social enterprises, Community Interest Organisations. 700/0 of
registered charities in Southwark are also incorporated and we provided them with relevant
advice.
IMPACT
This service has tremendously benefited a lot of our client groups during the year. We were
able to provide much needed assistance and support for organisations putting in funding
applications and to advise on company and charity registration. This service has helped
many organisations to avoid an initial pitfall.
COLLABORATIVE WORK
LAP continues to work with other second tier organisations within the London Borough of
Southwark and across other London boroughs including Community Southwark (CS), This
has been very effective as it avoids duplication and helped the groups to receive tailor-made
advice, training and support.
OTHER
Some groups faced particular challenges with the HMRC because they are not registered
charity. Even though they carry out charitable activities, they needed help them with their
corporation tax and other matters to do with the HMRC.

LONDON ACCOUNTANCY PRACTICE
DIRECTORS, AND TRUSTEES, REPORT
FOR THE YEAR ENDED 31ST MARCH 2024.
RESERVE POLICY
The Charity Commission requires charities to determine and explain their policy for free
reserves. The trustees have reviewed its free reserves policy and have turned its entire
unrestricted fund into an emergency reserve, and have set a target of £58,814.00 this year
to enable LAP to méet its obligations for a period of g months in the event of a shortfall in
income or sudden upturn in expenditure.
RISK MANAGEMENT
The trustees have examined the major risk that l.AP faces and believe that by maintaining
our free reserves at a reasonable level, combined with our annual review of the controls over
key financial systems, this will provide sufficient resources in the event of adverse
conditions. The trustees have also examined other operational and bijsiness risks that we
face and confirm that they have established systems to mitigate the significant risks.
Signed on behalf of the trusteos
Chairperson
,Abraham Tec16
Dated.
,2024

LONDON ACCOUNTANCY PRACTICE
(A Company Llmlted by Guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
INDEPENDENT EXAMINER'S REPORT
I report Dn the account5 of the company for the year ended 31 March 2024, which are set
out on page8 9 to 109.
R8*pectlva r•8pon8lbllltles of trustaes and examinor
The Irustees (who are also th8 dlrectors of the company for the purposes of company law)
are ￿sPOnsible for the pr8paration of thè accounts. Th8 trust88s consider that an audit18 not
required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that
an indgpend&nt 8xamin*ion18 needed,
Having 8atisfi8d myself that the charity is not Subject to audit under company law and 18
eligible for independent examination, it is my responsibility to..
exarnine the accounts under 86Ction 145 of the 2011 Act."
to follow the prDcedure8 laid down in th8 general Direction8 given
by the Charity Commission under section 145(5} (b) of the 2011 Act,. and
to stat8 wh8th8r particular mattor8 have com8 to my attention.
8a•la of Indopend•nt èXamlne￿9 r8port
My examination wa8 carrled out In accordance with the general Dir6Ction8 given by the
Charlty Commission. An examlnatlon inelude8 a review of the accounting records kept by t
charity and a comparison of the accounts presented wlth those records. It a180 includ8S
nsideration of any unu8ual items or disclosure8 in the accourt8, and seeklng explanatlon8
from you a8 tru8te8s concerning any such matters. The procedure8 und8rtak8n do not
provSde all th8 evidence that would be required in an audit 8nd consequently no opinion 18
given as to whether the accounts pr8S8nt a 'truo and falr view 8nd the report18 limited to
those matters set out in the statement below.
Indepondont examlner'g 3tat8m•nt
In connection with my examination. no matter has come to my attentlon..
{1) bvhich gives me reasonable Cause to belleve that in any material ￿SpeCt tho
requiremènts.,
to keep accountln9 record8 in accordance wlth Section 386 of the Companie8 Act
2006; and
to prepare accounts which accord with the accounting records, comply with the
accounting r8quir8m&nt8 of 8eGtion 396 of the Companies Act 2006 and with the
methods and prlnclples of the Statement of Recommended Practie•'. Accounting and
Reporting by Charities
have nol been met; or
(2) to whlch, In my oplnion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
John Joseph Dolan FAAT, FAIA
JJ Dolan & co
10 Gerard Court
Hitherfield Lane
Harpenden,Herts
AL5 4JA

LONDON ACCOUNTANCY PRACIICE
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 STMARCH 2024
INCOMING RESOURCES
Incoming Resources From
Generated Funds
Actiwties For Generating Fund¢
Investment Income
Total Incomlng Resourc85
RESOURCES EXPENDED
Charltable Actlvltlo8
2024
2024
Unrestrict8d Restricted
Fund
Fund
2024
Total
Fund
2023
Total
Fun
Not85
75,752
75,752
63,130
76,753
63,131
72,871
72,871
Total Resources Expended
66,624
72,871
66,624
NETINCOMING RESOURCES
Fund Balanc88 Brought Forward
at 1stAprll 2023
Fund Balances Carrled Forward
at 1st Aprll 2024
2,882
2,882
3,493
27,916
27,916
31,409
30,798
30,798

LONDON ACCOUNTANCY PRACTICE
BALANCE SHEET
AS AT 31ST MARCH 2024
Notes
2024
2023
CURRENT ASSETS
Debtors and prepayments
Cash at 8ank and in Hand
35 409
4788
40.197
26.123
5192
31,310
CURRENT LIABILITIES
Cr•dltors And Accruals
Amount falling due wrthin one yeai
N•t Curr•nt Ass•ts
9399
3399
30.798
27,916
RESERVES
Restricted Funds
Unrestricted Funds
Designaied Funds
5798
25.000
30.798
For the period ended 31 March 2024 the Company was entitled to exemption from
audit under section 477 of the Companies Act 2006 relating to Small companies.
Directors, responsibilities..
the members have not required the company to obtain an audit of its accounts for
the year in question in accordance with section 476,
the directors acknowledge their responsibilities for complying with th8
requirements of the Act wilh respect to accounting records and th&
preparation of the accounts
these accounts have been prepared in accordance with the provision
applicable to companies subject to the small companies, regime.
The financial statements on pages 8 to 10 We￿ approved by the board of directors
on
2916
25 000
27.916
and signed on its behalf by
William Anang
-Treasurer
10

LONDON ACCOUNTANCY PRACTICE
(A Company Limited by Guarantee)
NOTES TO THE ACCOUNTS
YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
1.1 Basis of preparation of Financial Statements
The financial statements are prepared under the historic cost convention and
include the results of the company's operations which are described in the
Board of trustees, Report and all of which are continuing.
The accounts have been prepared in accordance with the Statements of
Recommended Practice for company accounts.
The company has taken advantage of the exemption of Financial Reporting
Standard No 1 from the requirements to produce a cash flow statement on the
grounds that it qualifies as a small company.
1.2 Incoming Resources
1.2.1 Revenue grants are credited to the Statement of Financial Activities on the
earlier date of when they are received or when they are receivable, unless
they relate to a specific future period, in which case they are included on the
Balance Sheet as deferred income to be recognised in the future accounting
period.
1.2.2 Grants received for specific purposes are accounted for as restricted funds in
the Statement of Financial Activities.
1.3 Restricted Funds
Restricted funds are to be used for specific purposes as laid down by the
donor. Expenditure which meets these criteria is identified to the fund,
together with a fair allocation of management and support costs.
1.4 Unrestricted Fund8
Unrestricted funds are donations and other incomes received or generated for
the objects of the organisation without further specified purpose and are
available for general funds.
1.5 Designated Funds
Designated funds are unrestricted funds earmarked by the board of trustees
for particular purposes.
1.6 Tangible Fixed Assets
All expenditure that related to equipment has been charged to the Statement
of Financial Activities in the year of acquisition because they were of low
value. A register of assets is maintained.

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