AWMIA£ RspoRfAND AccoiINrs 202412025 •• "38 Years Serving the Voluntary and Community Sector Organisations" Charity Registration No. 1114755 Company Registration No. 4018585
LONDON ACCOUNTANCY PRACTICE ANNUAL REVIEW 2024-2025 Content page Administrative Information Members of Staff Volunteers Report from the Chair Report from the Director Independent Examiner's Report Statement of Financial Activities Balance Sheet 10 Notes to the Accounts
LONDON ACCOUNTANCY PRACTICE Annual Review 2023-2024 Directorsrfrustees Abraham Tecle William Anang Dr. Henry Akinyeye Alfred Syl- Turay Staff Members Ade Adebambo Chairperson Treasurer Member Member Director/ Company Secretary Finance/ Payroll Manager Administrator Sandra Koleosho Paul Banda Volunteers Anthony Bedzrah Hibo Omar Mrs Victoria Nwachukwu Gozel Amellee L8kanda-Abongui Student Placement Joshua Ekundayo Zain Jaward Sayed Sina Mousavi LAP would like to welcome its latest recruit of volunteers and student for 2024-2025 Anthony Ekundayo and Armelle Lekanda-Abongui, We thank everyone for their hard work and contributions 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 w8re provided by our volunteers during the year and if this is conservatively valu@d at £15.00 an hour, the volunteer efforts amounted to over £37,500.00. (Thirty-sev8n 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 31 MARCH 2025 si, l am pleased to rpport that despitp variou.q ehallenges faced by the voluntary sec'tor in the last ten years including the austerity measures and the unpleasant effect. of COVID 19, now thp cost of living crisis, London Ac.eoiJntancy Practice (LAP) continues to be at t.he forefront .serving the Voluntary and Cjommunity Sector as il. has done for about 38 years. Over the years, the sector has witnessed so many chanqe8 and wp arp glad that LAP continue,4 t.C) offer adviee, training and qupport to many orqanisations l.n keep them (Joinq dpspite fundinq c,hi3llenqes amnng others, inclu(ling neMI st,atiJtory .hanq@s. All this mp(Inq that l.,AP ha8 to be up to date with leqal chariges including the Chtirity Commissi()n and the Cif)mpanip8 Hoijse and His Maje.8ty Revenue and Justoms (HMRC). A.$ ynij all know funding has been very difficult to secure and more quality advice c.oritinup to b( needed. As an organization, in order to capo with thp. c.urrent fijnding v.1imatp and continue to servir.e our clipnts, wp. have re-striJcturp.d nijr act.ivities and drastically eut our overhBads where. possible. We cont,iniJe. tn wr)rt( wit.h other organizat.ions both inside and out.sidp the borough to provide trainiriq f?. Ctivilies as a jnint vpnture. Our one 2 onp advicg sp6sinn.% incrFiaspd during thp yp.(ar r?. .s many orqanizations demand advie,e and .8uppnrt with theii financps, planninq and h(Idqot.inq to detprmine how lono they might. be Igble to 4>LJNive or pay thEhir 8tt.lff rRdiJndane.y. INP ril80 cont.iriLJe to fr)xperience a wavp. in organizations and iridiiiidiJal.8 want.inq adiiice on Commijnity Iriterest Companies (CICS) and Charity Inc,orporato.d Ur(Jrinisrl. tion. (CIOS) In addition to the above, therp arp also organizat,ions reqiiesting information on funding activities. As a Charitable orqanisation our splt, we are eonscinusly awarp of the fact that many .small voluntary and c.ornmiinity qp.(',t.nr orqani7.ation8 may be %lri.Jgglinq to meet t,hpir statutory obligationq wit.h tho C,harity Cr)mmis,%ion, C>DmF)anip..g House i?nd t.he HMRC as many of t,hom are not in pn.sitinn to pay market price for Ihe aceountancy oind profpssional sijpport seniice£ wv. providp. We r.ontiniJp tc) train volunt,eers and qradi.Jates to equip and provide therri with practical pxperipnce that are .%0 npedpd to prepare them for thp futijre. This ypar we had students from St. Mary Christ T'he. King and Goldsmith univer.sily and they havp been very brilliar)t. Finally, tho positive feedback we repeivp from our client qroups is a te8lament to our existonce. Many of them have. tostifigd they may not havp bepn abl@ l.() siirvivp or even met normal basic statutory oL)ligatic)ns and fundino requirpment8 whic.h manv largp organisations take for graiitpd if nnt bgcause ot the kind of training, support and other services that LAP prnvidp. Abraham Tecle.............,..- .2025
LONDON ACCOUNTANCY PRACTICE DIRECTORS, AND TRUSTEES, REPORT ST FOR THE YEAR ENDED 31 MARCH 2025. 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 2025. OBJECTS, ORGANISATION AND ACTIVITIES LAP'S objects continue to be: The promotion of eff iciency 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 re18vant financial skills. Helping individual organisation (whether incorporated or unincorporated) that for whatever reasons hav8 some form of financial difficulty or crisis. Advising and helping such individual organisations to set up appropriate books of accounts and keep them up to date. Promotion of methods of bookkeeping. Advising on information flows between the relevant memb8rs and management committae 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 und8rstanding of local authority finance in so far as this affects the organisation's decision making; Provision of training (group and in-hous8) to achieve eff iciency and eff8Ctiveness. DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS Southwark is a very diverse borough with over 1074 regist8red charlti8s and community groups and over 50 % of th8se hav8 income of less than £1 Ook most of whom are doing valuable work and providing essential services 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 than before. We now work across all London Boroughs as demand for assistance outstrips supply. In our everyday work with other infrastructure organisations within and outside the borough we see evidence of a very wid8 range of organisational management needs, including many needs around developing sound and robust 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 or even independent examination, 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 eff icient projects, in managing funds appropriately, in being accountable and open, in 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 sector 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 diff icult rf not impossible for many organisations to surviv8 and the continuing complexity in charity financial reporting has resulted in heavy reliance on our services and this no doubt puts prassure on us and other organisations as we both continue to find ways of saving money and at the same time endeavour to provide good, quality Services. Our adaptable financial control procedures have helped many organisations to be able to write their own in-house financial policy and procedures. Our areas of activities continue as follows: INDEPENDENT EXAMINATION LAP continues to provide affordable alternatives to commercial services. We carried out 65 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. We have been able to assist so many CICS. IMPACT As a r8suIt of this seNice, we have been able to increase the ability of small and medium- sized voluntary and community sector organisations to meot the reporting requirements of funders and other Stake holders including Companies House and HMRC. In addition, our clients have been able to lever in more funding including new funding sources to their organisations and their respective boroughs, effectively making them more sustainabl8 and allowing them to be able to concentrate more on their core activities. PAYROLL ADMINISTRATION During the y6ar, over 240 employees from over 56 organisations benefited from our efficient and cost-effective payroll administration and advice services. The Welfare Reforms has meant more enquiries from employers and employe8S alike seeking advice. IMPACT By providing a high quality and reliable payroll service along with advice and support for over 56 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 between them whenever possible when any problems arise. By making the organisations aware of their legal responsibilities as employers, keeping them up to date with changing legislation and making them aware of other developments and any other 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.
LONDON ACCOUNTANCY PRACTICE DIRECTORS, AND TRUSTEES, REPORT FOR THE YEAR ENDED 31" MARCH 2025. VOLUNTEERING, TRAINING AND WORK PLACEMENT LAP continues to contribute to the skills development of the local and national residents by providing tangible training and support for graduate trainees, volunteers and students on placements. These graduate trainees / volunteers were equipped and as a result of the level quality of the training and the experience gained, many have been able to secure paid jobs. 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-eff6Ctive training meant that organisations continue to have better understanding of their financial position. This has led to an increase in the capacity of small and medium sized voluntary and community sector orgariisations to manage their financial resources more effec.tively and efficiently ONE 2 ONE ADVICE Our free one to one advice and consultancy sprvices 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 Interpst Organisations. 700/0 of registered charities in Southwark are also incorporated and we provided them with relevant advi. IMPACT This service has tremendously bpnefited a lot of our client, groups during the year. We were able to provide mijch needed assistance. and support for organisations putting in funding applications and to advise on company and charity registration, 'fhis 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. RESERVE POLICY The Charity Commission requirp.s c.harities to determine and explain their policy for free reserves. The trustees have reviewed it.s free reserves policy and have turned its entire unrestricted fund into an emergency reserve, and have set a target of £54,494.00 this year to enable LAP to meet its obligations for a period of 9 months in the event of a shortfall in income or sudden upturn in expenditure. RISK MANAGEMENT The trustees have examined the major risk that LAP 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 business risks that we face and confirm that they have established systems to mitigate the significant risks. Signed on behalf of the trustpps on By Chairperson .Abraham Tecle
LONDON ACCOUNTANCY PRACTICE (A Company Llmlted by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT EXAMINER'S REPORT I report on the accounts of the company for the year 8nded 31 March 2025, whlch are set out on pages 9 to 10. Re8pectlve re8pon8lbllltl08 of tru8tee8 and examlner Th8 trust8es (who are also the dlrectors of the company lor the purposes of company law) are r8sponslble for the preparatlon of the accounts. The tru8t8e8 consider that an audlt Is not r8qulr8d for thls year under section 144(2) of the Charltl88 Act 2011 (the 2011 Act) and that an independent examlnation is needed, Havlng satlsfled myself that the charlty18 not 8ubJect to audlt under company law and 18 ellgible for Independent examlnatlon, It18 my responsiblllty to: examlne the accounts under sectlon 145 of the 2011 Act., to follow the procedures lald down In the general Dlrectlon8 glven by the Charlty Commlsslon under s8Ctlon 145(5) (b) of the 2011 Act. and to stat8 whether partlcular matter8 have coma to my att8ntlon. Ba818 of Indepondent oxamlnor'• report My examination was carrled out in accordance wlth the general Directlon8 glven by tha Charity Commisslon. An examlnatlon includeB a revlew of the acGountlng record8 kept by the charity and a comparlson of the accounts presented wlth those r8cord8. It al80 Includ88 consideratlon of any unusual items or di8cIo8ure8 in Ihe accounts, and $8eklng 8xplanatlon8 from you as trust688 concernlng any such matters. The procedures undertaken do not provlde all the evldence that would be requlred In an audlt and consequently no oplnlon Is glven a8 to whether the accounts present a 'true and falr vl8w' and the report Is Ilmlted to those matters set out In the statement below. Ind•pondont oxamlngr'• 8tatement In connectlon wlth my examlnatlon, no matter has come to my attentlon.. (1) whlch glve8 me reasonable cause to belleve that In any mat8rlal respect the requlrements: to keep accountlng racords In accordance wlth 8ectlon 386 of the Companles Act 2008; and to prepare accounts whlch accord wlth the accountlng records, comply wlth the accountlng requlr8ments of 8ectlon 396 of th8 Companies Act 2006 and wlth the methods and prlnclples of the Statement of Recommended Practlce: Accountlng and Reporting by Charltl83 hav6 not been met; or (2) to whlch, In my oplnlon, attention 8h.ould be drawn In order to enable a proper understanding of the accounts to be reached. Slgn........ John Joseph Dola JJ Dolan & co 10 Gerard Court Hitherfield Lane Harpenden,Herts AL5 4JA FAAT, FAIA
LONDON ACCOUNTANCY PRACTICE STA TEMENT OF FINANCIAL ACTIVITIES FOR ThE YEAR ENDED 31 STMARCH 2025 INCOMING RESOURCES 2026 2025 Unrestrlcted Restrlctsd Fund Fund 2025 2024 Total Total Fund Fund Notes Incoming Resource3 From Generated Funds Athvities For Generating Funds Investment Income Totsl Ineomlng Resources 73,784 73,784 75,752 73,785 75,753 RESOURCES EXPENDED Charltable Aetlvftles 72,658 72,658 72,871 Total Resourc•8 Exponded 72 658 72 871 NET INCOMING RESOURCES 1,127 1,127 2,882 Fund Balanc08 Brought Forward at 1st Aprll 2024 Fund Balance8 Carrled Forward at 1st Aprll 2026 30,798 30,798 27,916 31926 30 798
LONDON ACCOUNTANCY PRACTICE BALANCE SHEET AS AT 31 ST MARCH 2025 Note¥ 2025 2024 CURRENT ASSETS Debtors and prepayments Cash at Bank and In Hand 31.803 9.921 41,724 35.409 4.788 40,197 CURRENT LIABILITIES Cr•dltors And Accrual$ Amount falling due within one vear 9.799 9.399 N•t Curr•nt Assets 31,926 RESERVES Restricted FLrnds Uiii'estricted Funds Desionated Funds 25,000 30,798 For the period ended 31 March 2024 the Company was entitled to exemption from audit under s8Ction 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 account8 for the year in question in accordance with section 476, the direGtors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the 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 were approved by the board of directors on .and signed on its behalf by ..Treasurer William Anang 10
LONDON ACCOUNTANCY PRACTICE (A Company Limited by Guarantea) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparation of Financial Ststernents 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 Balan 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. 11
Provi£fing services i.
1eYeent examinati(m g>ayroifMministration Consuftancy / Alvice Soofifieeyiffg rraining/ VoCunteering/ Stu£fent gtace7n£nt £ONDONACcOllNCY pMcqIcE Soj(Nrrw frntA Centre 161 Sumner Iloa S£15 6J£ rel 0207 708 5999 ax.. 02077083172 aMin@& ron4fcO.U e6sit&' (apknco.u 13