COMPANY REGISTRATION NUMBER: 07175060 CHARITY REGISTRATION NUMBER: 1136324
Lapwing Suffolk Limited Company Limited by Guarantee Financial statements
31 August 2023
Lapwing Suffolk Limited
Company Limited by Guarantee
Financial statements
Year ended 31 August 2023
| Pages | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 to 10 |
| Independent auditor's report to the members | 11 to 14 |
| Statement of financial activities (including income and expenditure account) | 15 |
| Balance sheet | 16 |
| Statement of cash flows | 17 |
| Notes to the financial statements | 18 to 27 |
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 31 August 2023
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and 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 published in October 2019.
Reference and administrative details
Registered charity name Lapwing Suffolk Limited Charity registration number 1136324 Company registration number 07175060 Principal office and registered 8a The Square office Martlesham Heath Ipswich Suffolk IP5 3SL
The trustees
The trustees who served during the year and at the date of approval were as follows:
K Miller (Chair) S E Jones O Rowlands L Perkins J Trowbridge Company secretary W G Fletcher Bankers Lloyds Bank 8A The Square Martlesham Heath Ipswich Suffolk IP5 3SL Auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Executive leadership team Will Fletcher (CEO) Lisa Squirrell (Head of Education - Suffolk) Kendra Collier (Head of Education - Norfolk)
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Objectives and activities
Lapwing's mission is to deliver outstanding education and support which will positively impact the life chances of the hardest to reach young people across East Anglia. Our ethos is to put a young person's needs, interests and aspirations at the heart of the work we do. We are committed to the holistic development of young people so they can thrive personally and professionally.
Lapwing is a specialist therapeutic education provider. We deliver highly personalised transitional learning programmes and projects for young people disadvantaged through a range of circumstances usually a result of identified or underlying additional needs related to cognitive, social, emotional, behavioural, mental health, medical or physical conditions, including learning disabilities.
Working with 4 to 25 year olds, predominantly within Suffolk, Essex and Norfolk, Lapwing has a broad offer of services including: academic tutoring with accredited qualifications; vocational courses, skills development and accredited qualifications; a range of therapeutic interventions; employability and work experience; life skills programmes focused on developing independence and the transition to adulthood; youth work and NEET prevention. Our staff work peripatetically using a wide range of delivery venues across the region to ensure the provision we offer is both local to the young person and specifically tailored to each individual student's programme objectives.
We work with and are commissioned by local authorities, mainstream and special schools, colleges, Pupil Referral Units, health and social care. We also access grant funding to enable us to run additional projects to enhance our impact working with young people with additional needs or challenging circumstances.
As an organisation Lapwing strives to maintain a culture that all stakeholders can be proud of and one that is embodied by the following values :
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an environment founded on respect, dignity and integrity at all levels
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a commitment to maintain the highest standards of professional practice at all times
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to keep our ethos (noted above), and therefore our young people, central to the work that we do
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to enjoy carrying out our work while caring deeply about its purpose
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to be supportive and collaborative colleagues who will always help each other
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an open culture where staff feel able to talk to all colleagues at all levels
a strong sense that all staff are valued and, coming from a range of backgrounds, bring different qualities, skills and experience to the organisation
- a strong commitment to develop our staff professionally so that we continue to develop Lapwing
a culture of continuous improvement where staff are not afraid to make mistakes and an understanding that we all learn by getting things wrong
- creativity, positivity and freedom of expression
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Achievements and performance
Our high level objectives , for the 2022-23 year were:
Leadership and development: increase Lapwing's capacity to improve and ability to cope with expansion through reformation of the Senior Leadership Team, developing the capabilities of our Extended Leadership Team and providing high quality professional development for all staff.
Financial sustainability: continue to diversify and grow income streams.
Quality of education and delivery: continue to raise standards in the quality of education and project delivery and enhance evaluation methods to demonstrate outstanding impact to stakeholders.
We are pleased to report that good progress was made towards achieving all three aims and the organisation's Strategic Development Plan (held internally at Senior Leadership Team and Board level) sets out the specific targets and activities that have been and continue to be undertaken to reach these aims.
The following provides a summary of progress:
Leadership and development: 2022-23 saw the continued growth of the Senior Leadership Team with Assistant Heads of Education being appointed to support the Heads of Education with more operational leadership capacity. Further appointments within the Extended Leadership Team were made adding additional programme management capacity and more curriculum area leads were also appointed. Professional development for all staff continued to be a focus throughout 2022-23 through the delivery of high quality CPD and an effective performance review process.
Financial sustainability: During 2022-23 both Lapwing's Norfolk and Suffolk based delivery teams continued to increase in size reflecting the unmet special educational needs in the region. September 2023 saw the recommissioning of two SEMH post 16 group provisions located in west and north Suffolk funded by SCC. Our youth employment team successfully completed the delivery of the Minding The Gap project (ESF & Lottery funded) and continued to deliver the same service through the launch of Minding The Gap Local (UKSPF funded). The ongoing growth of existing income streams and the creation of new income streams continue to be a focus.
Quality of education and delivery: Lapwing has continued to strive for excellence through operating with high standards and pursuing and evolving best practice approaches. We have focused leadership and development plans for key areas for development across the organisation including Teaching, Coaching & Learning; Functional Skills; Literacy; The Thrive Approach; RSHE; STEM; outdoor learning. We have further developed our evidence base and progress tracking to be able to demonstrate clear impact to stakeholders. Key performance indicators in this area include but are not limited to: student attendance data; student outcomes (qualifications, academic/vocational progress tracking, personal development progress, student wellbeing measures, work placement feedback, destination data); stakeholder feedback (student questionnaires, parent/carer/funder feedback); internal quality assurance (session drop-in judgements, student programme reviews, staff professional development progress). The latest KPIs are available here: lapwingeducation.co.uk/performance
Lapwing has continued to develop and deliver high quality innovative education programmes for young people on the margins of society. During the year, Lapwing worked with 149 students (2021-22: 108 students) through education funding routes, providing education and support so that they were better placed to fulfil their potential.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Lapwing has continued to work with students with a wide range of needs. They all face exclusion from society in some way whether because of learning disabilities / difficulties, mental health issues, social or emotional development needs or other behaviours of concern which prevent them gaining access to education or training. At the heart of all Lapwing programmes is the young person and the highly personalised outcomes that they will work towards to enable them to achieve their potential. The students have been referred to Lapwing from a wide range of organisations including local authorities, mainstream schools, special schools, Pupil Referral Units, colleges, the Virtual School for Children in Care, Social Care and National Health Trusts. Lapwing ran three projects, each enabled by generous grant funding. These were:
Minding The Gap - funded by European Social Fund and National Lottery Community Fund. The project provides targeted support for NEET young people in Suffolk aged 15-24 to gain and sustain employment, education or training. These young people are unemployed, economically inactive, facing significant barriers to accessing employment or currently experiencing or at risk of social isolation. Between January 2017 and March 2023, Lapwing and the Suffolk wide partnership worked with over 1100 participants who were NEET. Following Lapwing's significant success in terms of activities and outcomes, our involvement and funding for the project was expanded to cover the whole of the county in January 2022.
Minding The Gap Local - funded by the UKSPF via the following Suffolk districts: Babergh, Ipswich, Mid Suffolk, West Suffolk. This project was delivered from December 2022 to replace the original Minding The Gap project detailed above. The remit was the same although there are some enhancements with more qualifications delivery and focus on sustainable outcomes for young people moving into education, employment or training.
Summer Interventions Programme - part funded by Suffolk Giving Fund, Pear Family Fund and Denbury Charitable Fund accessed via Suffolk Community Foundation. This programme ran from July to September 2023 and enabled over 35 sessions to be delivered to 8 young people in Suffolk and Norfolk deemed at risk of isolation or regression in areas such as mental health, youth crime, substance misuse and educational engagement. These students benefitted from personalised education and activity programmes and successfully transitioned into their next education placement in September.
Lapwing's educational offer is strengthened by being a registered centre with City & Guilds, an OFQUAL awarding body for Functional Skills mathematics, English, and ICT/Digital Skills. Lapwing is also accredited to deliver the AQA Unit Award Scheme and The Trinity College Arts Award (Bronze, Silver and Gold) and the John Muir Award for forest schools.
Lapwing takes the safeguarding of children, young people and vulnerable adults seriously and has up to date safeguarding procedures in line with the Local Safeguarding Partnerships across the different counties within the region. All staff and trustees have received safeguarding training.
In line with our strategic objectives, Lapwing's specific aims for 2023-24 continue to focus on:
Leadership and development: professional development, employee engagement, management structures, systems and processes, values and culture.
Financial sustainability: growth and diversification of income streams
Quality of education and delivery: provision development, curriculum offer, student outcomes, evidence of impact.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Achievements and performance (continued)
Public Benefit Requirements
Each year we review what we have achieved and the outcomes of our work, particularly the educational impact of our work for young people on the margins of society. We have due regard to the public benefit guidance published by the Charity Commission in compliance with its duties under section 17 of the Charities Act 2011. This guidance sets out two key principles:
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The organisation must have an identifiable benefit.
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The benefit must be to the public or a section of the public.
It is our main purpose to provide personalised educational programmes and support for the benefit of disadvantaged young people. We also focus on the holistic development of young people including supporting their personal development, mental health, wellbeing and safety.
Vision
Our vision is to enable Lapwing's expansion and evolution so that we continue to positively impact an increasing number of young people in need of our specialist services. While the organisation grows and evolves, we are committed to staying true to our ethos and values and continue to strive for excellence in all aspects of our work.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Financial review
Total income has increased to £2,880,169 from £2,013,799 in 2022. This increase is mainly as a result of more sessions being delivered during the year involving unrestricted activities. Expenditure has increased to £2,450,658 from £1,900,843. The main increase in expenditure relates to staff costs as the delivery team has grown accordingly. This has resulted in a surplus of £429,511 (2022: £112,956) being made for the year before investment gains. Investments have decreased by £4,141 (2022: £33,140) in in the year resulting in net income of £425,370 (2022: £79,816)
This surplus has resulted in overall reserves increasing to £1,090,581 (2022: £665,211), with no reserves being restricted (2022: £95,894).
Principal funding sources
The charity has three main sources of funding which are as follows:-
Pre 16 referrals from local authorities, mainstream/special schools and Pupil Referral Units (2022-23: 70 students) - this continues to be a growing funding source. The aim is to support young people with additional needs under the age of 16 to either re-engage with or maintain their engagement in education.
Post 16 referrals from local authorities and colleges (2022-23: 79 students) - this continues to be a growing funding source. The aim is to support young people over the age of 16 with special educational needs and disabilities, both individually and in small groups, to achieve their potential and prepare for their next step in education or transition to adulthood and the world of work.
Grants from local and national organisations which provide funds to enable Lapwing to run a variety of projects which supports the development of young people.
Reserves policy
Reserves will be held in order to provide for continuity of service in the event of a future loss of funding or a dramatic change in the charity's operating environment. The charity's aim is to keep within unrestricted reserves an amount in the region of six months operating costs, being approximately £1,225,000 for the year ended 31 August 2023. On 31 August 2023 unrestricted reserves were £1,090,581 (2022: £569,317) with unrestricted reserves below the target. The trustees plan to continue to grow reserves in the year to 31 August 2024 to ensure the reserve target is met. Free reserves at the year end totalled £902,138 (2022: £388,209) being the total unrestricted net current assets.
The charity has considered possible income streams and set an appropriate budget. Expenditure is monitored closely as Lapwing seeks to adhere to its reserves policy.
The charity's financial performance is monitored carefully against its strategy and budgets during each financial year to ensure financial sustainability of the organisation. The Board of Trustees reviews the reserves policy and requirements annually. The Board are conscious that Lapwing is likely to grow in the coming year(s) and therefore the level of reserves held may need to increase accordingly. As and when reserves exceed the amount that the Trustees deem to be appropriate, the Trustees will utilise any available funds to better meet the needs of the beneficiaries.
Investment policy
The Trustees continue to utilise an investment policy of placing cash surpluses in bank deposit accounts requiring notice to withdraw. They agreed upon a low risk investment policy which would generate a return in excess of a no notice bank deposit account and which would ensure that cash would be readily available when needed to coincide with the organisation's working capital requirements.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Financial review (continued)
The amounts held with any one bank will be periodically reviewed by the Board of Trustees, and accounts may be opened with multiple banks and building societies in order to spread financial risk.
The Trustees have also invested some of the reserves not immediately required in stocks and shares and delegated the management of those investments to a professional fund-manager.
Plans for future periods
Lapwing aims to continue to grow and develop the breadth and range of its service offer in 2023-24 in order to reach a greater number of young people in need of specialist support across the region.
However, while growth in terms of scale and income is anticipated, the organisation's immediate strategic priorities are to continue to improve the quality of the service offered and the sustainability of the organisation. This will be achieved through focusing our efforts on delivering a high quality provision, seeking diversification and stability in terms of income streams and maintaining satisfactory reserves.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Structure, governance and management
Structure
The organisation is a charitable company limited by guarantee, incorporated on 2 March 2010 and registered as a charity on 14 June 2010. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. As of 31 August 2023 there were five members. In the event of the company being wound up members are required to contribute an amount as may be required, not exceeding £10.
The objectives of Lapwing are specifically restricted to the following:
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To advance the education of the public in the subject of bespoke vocational learning programmes.
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To advance the education of students by providing and assisting in the provision of facilities for
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education.
For the public benefit to promote the education (including social and physical education) of people under the age of 25 years in settings and in such ways as the charity trustees think fit.
Governance
The Trustee Board is legally responsible for the governance and management of the company. Traditional business, education, law, and ICT skills are well represented on the Board. In the event of particular skills being lost due to retirement, extensive efforts are made to ensure these are replaced. Under the terms of the Articles of Association, the number of directors shall not be less than three but shall not be subject to a maximum. Trustees are appointed by the Board and no other person or external body is entitled to appoint trustees. The trustees are responsible for the actions and activities of the charity. At the first Annual General Meeting, all the directors retired from office and were reappointed. At each subsequent Annual General Meeting, one third of the directors must retire from office.
Trustees are appointed through a process of introduction to the existing trustees. All new trustees follow a thorough induction process.
The Chair discusses roles and responsibilities with each trustee. There is an induction process which includes a briefing to them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. During this process they will meet key employees and other trustees. Trustees are encouraged to attend all the charity's events and external training courses, which may assist them in undertaking their engagement.
The charity has a procedure in place that is designed to ensure that any new trustee:
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Is aware of his or her responsibilities as a trustee
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Has good understanding of the work of the charity
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Understands the charity's strategy for the future
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Is provided with information issued by the Charity Commission
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Is offered ongoing training and information to ensure they are brought up to date with developments in
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law
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Structure, governance and management (continued)
Management
The management of the charity is vested in the Board of Trustees. The Board of Trustees currently meets on a six to eight-weekly basis and is responsible for the strategic direction of the organisation. The board have delegated the day to day management of the charity to a Senior Leadership Team, with overall responsibility to the Chief Executive Officer.
The board have in place a Risk Management Policy which is reviewed annually by the Trustees.
A remuneration sub-committee is also in place to review the remuneration of staff including the senior staff members. This review of remuneration includes the agreement of any additional salary to be paid to senior staff based on the financial results of the charity.
Related parties
Related parties are reviewed annually, with all trustees and senior management required to review personal relationships and declare any interests. Any related party transactions are disclosed as required in the notes to these financial statements.
Fundraising
The charity does not use any external fundraisers. All fundraising undertaken during the year was monitored by the trustees and no complaints were received.
Trustees' responsibilities statement
The trustees (who are also directors for the purposes 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. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and
they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
A resolution to reappoint Lovewell Blake LLP as auditors will be proposed at the forthcoming Annual General Meeting.
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
The trustees' annual report was approved on 12 January 2024 and signed on behalf of the board of trustees by:
K Miller (Chair) Trustee
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Lapwing Suffolk Limited
Company Limited by Guarantee
Independent auditor's report to the members of Lapwing Suffolk Limited
Year ended 31 August 2023
Opinion
We have audited the financial statements of Lapwing Suffolk Limited (the 'charity') for the year ended 31 August 2023 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
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give a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Independent auditor's report to the members of Lapwing Suffolk Limited
(continued)
Year ended 31 August 2023
Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
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 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Independent auditor's report to the members of Lapwing Suffolk Limited
(continued)
Year ended 31 August 2023
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes 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 charity 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, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In addition to discussions with the client regarding the potential areas for irregularities and non compliance the following tests were also performed;
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC and other authorities.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and Employment law.
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Independent auditor's report to the members of Lapwing Suffolk Limited
(continued)
Year ended 31 August 2023
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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 charity'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 charity'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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
M Proctor FCA DChA (Senior Statutory Auditor)
For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
31 January 2024
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Lapwing Suffolk Limited
Company Limited by Guarantee
Statement of financial activities (including income and expenditure account)
Year ended 31 August 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 5,967 | – | 5,967 | 2,500 |
| Charitable activities | 6 | 2,707,150 | 163,484 | 2,870,634 | 2,008,461 |
| Other trading activities | 3,568 | – | 3,568 | 940 | |
| Other income | 7 | – | – | – | 1,898 |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total income | 2,716,685 | 163,484 | 2,880,169 | 2,013,799 | |
| ======================================= | =============================== | ======================================= | ======================================= | ||
| Expenditure | |||||
| Charitable activities | 8 | 2,306,871 | 143,787 | 2,450,658 | 1,900,843 |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total expenditure | 2,306,871 | 143,787 | 2,450,658 | 1,900,843 | |
| ======================================= | =============================== | ======================================= | ======================================= | ||
| Net income and net movements in funds | |||||
| before gains and losses on investments | 409,814 | 19,697 | 429,511 | 112,956 | |
| Net losses on investments | 10 | 4,141 | – | 4,141 | 33,140 |
| Net income before transfer of funds | 405,673 | 19,697 | 425,370 | 79,816 | |
| Transfers between funds | 115,591 | (115,591) | – | – | |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Net movement in funds | 521,264 | (95,894) | 425,370 | 79,816 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 569,317 | 95,894 | 665,211 | 585,395 | |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total funds carried forward | 1,090,581 | – | 1,090,581 | 665,211 | |
| ======================================= | =============================== | ======================================= | ======================================= |
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 18 to 27 form part of these financial statements.
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Lapwing Suffolk Limited
Company Limited by Guarantee
Balance sheet
31 August 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 15 | 26,364 | 16,147 | ||
| Investments | 16 | 162,079 | 166,220 | ||
| ------------------------------- | ------------------------------- | ||||
| 188,443 | 182,367 | ||||
| Current assets | |||||
| Debtors | 17 | 67,226 | 47,130 | ||
| Cash at bank and in hand | 1,056,653 | 563,750 | |||
| --------------------------------------- | ------------------------------- | ||||
| 1,123,879 | 610,880 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 18 | (221,741) | (128,036) | ||
| --------------------------------------- | ------------------------------- | ||||
| Net current assets | 902,138 | 482,844 | |||
| --------------------------------------- | ------------------------------- | ||||
| Total assets less current liabilities | 1,090,581 | 665,211 | |||
| --------------------------------------- | ------------------------------- | ||||
| Net assets | 1,090,581 | 665,211 | |||
| ======================================= | =============================== | ||||
| Funds of the charity | |||||
| Restricted funds | – | 95,894 | |||
| Unrestricted funds | 1,090,581 | 569,317 | |||
| --------------------------------------- | ------------------------------- | ||||
| Total charity funds | 20 | 1,090,581 ======================================= |
665,211 =============================== |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 12 January 2024, and are signed on behalf of the board by:
K Miller (Chair) Trustee
Company registration number: 07175060
The notes on pages 18 to 27 form part of these financial statements.
- 16 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Statement of cash flows
Year ended 31 August 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 425,370 | 79,816 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 9,725 | 5,213 |
| Net losses on investments | 4,141 | 33,140 |
| Accrued income | (7,069) | (2,000) |
| Changes in: | ||
| Trade and other debtors | (13,027) | (27,708) |
| Trade and other creditors | 93,705 | 37,110 |
| ------------------------------- | ------------------------------- | |
| Cash generated from operations | 512,845 | 125,571 |
| ------------------------------- | ------------------------------- | |
| Net cash from operating activities | 512,845 | 125,571 |
| =============================== | =============================== | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (19,942) | (16,699) |
| ------------------------------- | ------------------------------- | |
| Net cash used in investing activities | (19,942) | (16,699) |
| =============================== | =============================== | |
| Net increase in cash and cash equivalents | 492,903 | 108,872 |
| Cash and cash equivalents at beginning of year | 563,750 | 454,878 |
| --------------------------------------- | ------------------------------- | |
| Cash and cash equivalents at end of year | 1,056,653 | 563,750 |
| ======================================= | =============================== |
The notes on pages 18 to 27 form part of these financial statements.
- 17 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 August 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 8a The Square, Martlesham Heath, Ipswich, Suffolk, IP5 3SL.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
- 18 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
3. Accounting policies (continued)
Income
Income is included in the Statement of Financial Activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
Legacy income is recognised when receipt is probable and entitlement is established.
-
Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the Statement of Financial Activities to which it relates:
-
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
- 33% Straight line
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
- 19 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
3. Accounting policies (continued)
Investments (continued)
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The charity is a company limited by guarantee and accordingly does not have share capital. Every member of the company undertakes to contribute such an amount as may be required (not exceeding £10) to the company's assets if it should be wound up whilst they are a member, or within one year after they cease to be a member, to cover the liabilities of the company.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 5,967 | 5,967 | 2,500 | 2,500 | |
| ====================== | ====================== | ====================== | ====================== | ||
| 6. | Charitable activities | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Provision of educational opportunities for young people | 2,707,150 | 163,484 | 2,870,634 | ||
| ======================================= | =============================== | ======================================= |
- 20 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
6. Charitable activities (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Provision of educational opportunities for | young people | 1,699,853 | 308,608 | 2,008,461 | |
| ======================================= | =============================== | ======================================= | |||
| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Coronavirus job retention scheme grants | – | – | 1,898 | 1,898 | |
| ============= | ============= | ====================== | ====================== | ||
| 8. | Expenditure on charitable activities | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Wages and salaries | 1,875,335 | 132,508 | 2,007,843 | ||
| Student programme costs | 284,372 | 8,809 | 293,181 | ||
| Entertainment | 5,231 | – | 5,231 | ||
| Staff training and recruitment costs | 29,126 | – | 29,126 | ||
| External provision | 1,050 | 1,366 | 2,416 | ||
| Insurance | 3,071 | – | 3,071 | ||
| Professional and bookkeeping fees | 11,712 | – | 11,712 | ||
| Depreciation | 8,762 | 963 | 9,725 | ||
| Support costs | 88,212 | 141 | 88,353 | ||
| --------------------------------------- | ------------------------------- | --------------------------------------- | |||
| 2,306,871 | 143,787 | 2,450,658 | |||
| ======================================= | =============================== | ======================================= | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Wages and salaries | 1,279,894 | 231,093 | 1,510,987 | ||
| Student programme costs | 206,108 | 41,195 | 247,303 | ||
| Entertainment | 4,633 | – | 4,633 | ||
| Staff training and recruitment costs | 22,676 | 1,487 | 24,163 | ||
| External provision | 13,515 | 2,459 | 15,974 | ||
| Insurance | 3,221 | – | 3,221 | ||
| Professional and bookkeeping fees | 10,336 | – | 10,336 | ||
| Depreciation | 4,554 | 659 | 5,213 | ||
| Support costs | 76,159 | 2,854 | 79,013 | ||
| --------------------------------------- | ------------------------------- | --------------------------------------- | |||
| 1,621,096 | 279,747 | 1,900,843 | |||
| ======================================= | =============================== | ======================================= |
- 21 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
9. Analysis of support costs
| Analysis of | |||||
|---|---|---|---|---|---|
| support costs | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| Legal and professional | 604 | 604 | 395 | ||
| Other office expenses | 52,038 | 52,038 | 45,801 | ||
| Rates and water | 21,376 | 21,376 | 21,376 | ||
| Audit and accountancy | 14,335 | 14,335 | 11,441 | ||
| -------------------------- | -------------------------- | -------------------------- | |||
| 88,353 | 88,353 | 79,013 | |||
| ========================== | ========================== | ========================== | |||
| 10. | Net losses on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on other investment | |||||
| assets | (4,141) | (4,141) | (33,140) | (33,140) | |
| ====================== | ====================== | ========================== | ========================== | ||
| 11. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 9,725 | 5,213 | |||
| ====================== | ====================== | ||||
| 12. | Auditors remuneration | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 7,800 | 6,950 | |||
| ====================== | ====================== | ||||
| Fees payable to the charity's auditor and its associates for other services: | |||||
| Other non-audit services | 6,522 | 4,491 | |||
| ====================== | ====================== |
- 22 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
13. Staff costs
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 1,788,645 | 1,362,244 |
| Social security costs | 170,775 | 114,403 |
| Employer contributions to pension plans | 48,423 | 34,340 |
| --------------------------------------- | --------------------------------------- | |
| 2,007,843 | 1,510,987 | |
| ======================================= | ======================================= |
The average head count of employees during the year was 63 (2022: 53).
The number of employees whose remuneration for the year fell within the following bands, were:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| £60,000 to £69,999 | 1 | 1 |
| £100,000 to £109,999 | 1 | 1 |
| ------------- | ------------- | |
| 2 | 2 | |
| ============= | ============= |
During the year employer contributions totalling £48,423 (2022: £34,340) were contributed to defined contribution pension plans.
Key management personnel
Key management personnel include all personnel that have the authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £257,730 (2022: £178,916). Expenses of £3,760 (2022: £2,977) were also reimbursed to key management personnel.
14. Trustee remuneration and expenses
No trustees received any remuneration or expenses in the year (2022: £Nil).
15. Tangible fixed assets
| Equipment | |
|---|---|
| £ | |
| Cost | |
| At 1 September 2022 | 47,600 |
| Additions | 19,942 |
| -------------------------- | |
| At 31 August 2023 | 67,542 |
| ========================== | |
| Depreciation | |
| At 1 September 2022 | 31,453 |
| Charge for the year | 9,725 |
| -------------------------- | |
| At 31 August 2023 | 41,178 |
| ========================== | |
| Carrying amount | |
| At 31 August 2023 | 26,364 |
| ========================== | |
| At 31 August 2022 | 16,147 |
| ========================== |
- 23 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
16. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 September 2022 | 166,220 |
| Additions | – |
| Fair value movements | (4,141) |
| ------------------------------- | |
| At 31 August 2023 | 162,079 |
| =============================== | |
| Impairment | |
| At 1 September 2022 and 31 August 2023 | |
| Carrying amount | |
| At 31 August 2023 | 162,079 |
| =============================== | |
| At 31 August 2022 | 166,220 |
| =============================== |
All investments shown above are held at valuation.
Financial assets held at fair value
Valuation is based on the market value of investments as at the year end date.
17. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 51,392 | 38,788 |
| Prepayments and accrued income | 6,765 | 6,342 |
| Other debtors | 9,069 | 2,000 |
| -------------------------- | -------------------------- | |
| 67,226 | 47,130 | |
| ========================== | ========================== | |
| Creditors: Amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Trade creditors | 12,561 | 13,742 |
| Accruals and deferred income | 155,387 | 61,718 |
| Social security and other taxes | 43,442 | 37,277 |
| Other creditors | 10,351 | 15,299 |
| ------------------------------- | ------------------------------- | |
| 221,741 | 128,036 | |
| =============================== | =============================== | |
| Deferred income | ||
| 2023 | 2022 | |
| £ | £ | |
| At 1 September 2022 | 31,758 | 9,262 |
| Amount released to income | (31,758) | (9,262) |
| Amount deferred in year | 121,452 | 31,758 |
| ------------------------------- | -------------------------- | |
| At 31 August 2023 | 121,452 | 31,758 |
| =============================== | ========================== |
18. Creditors: Amounts falling due within one year
19. Deferred income
- 24 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
19. Deferred income (continued)
During the year the charity received grant income amounting to £121,452 (2022: £31,758) in respect of performance related services, where conditions were met after the balance sheet date. This amount has been deferred into the following year.
20. Analysis of charitable funds
Year ended 31 August 2023
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| Investment | |||||
| gains/losses | |||||
| and | 31 Aug | ||||
| 1 Sep 2022 | Income | Expenditure | transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 569,317 | 2,716,685 | (2,306,871) | 111,450 | 1,090,581 |
| =============================== | ======================================= | ======================================= | =============================== | ======================================= | |
| Restricted funds | |||||
| Investment | |||||
| gains/losses | |||||
| and | 31 Aug | ||||
| 1 Sep 2022 | Income | Expenditure | transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Minding the gap | 95,894 | 156,484 | (136,787) | (115,591) | – |
| Summer interventions | |||||
| programme - Suffolk | |||||
| Community Foundation | – | 7,000 | (7,000) | – | – |
| -------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ------------- | |
| 95,894 | 163,484 | (143,787) | (115,591) | – | |
| ========================== | =============================== | =============================== | =============================== | ============= | |
| Year ended 31 August 2022 | |||||
| Unrestricted funds | |||||
| Investment | 31 Aug | ||||
| 1 Sep 2021 | Income | Expenditure | gains/losses | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 518,362 | 1,705,191 | (1,621,096) | 33,140 | 569,317 |
| =============================== | ======================================= | ======================================= | ========================== | =============================== | |
| Restricted funds | |||||
| Investment | 31 Aug | ||||
| 1 Sep 2021 | Income | Expenditure | gains/losses | 2022 | |
| £ | £ | £ | £ | £ | |
| Minding the gap | 67,033 | 297,954 | (269,093) | – | 95,894 |
| Summer interventions | |||||
| programme - Suffolk | |||||
| Community Foundation | – | 9,654 | (9,654) | – | – |
| Forest school programme - | |||||
| L D Rope Trust | – | 1,000 | (1,000) | – | – |
| -------------------------- | ------------------------------- | ------------------------------- | ------------- | -------------------------- | |
| 67,033 | 308,608 | (279,747) | – | 95,894 | |
| ========================== | =============================== | =============================== | ============= | ========================== |
- 25 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
Minding the gap - Minding The Gap (2017-23) funded by the European Social Fund and National Lottery Community Fund provides targeted and intensive support to 16-24 year olds to gain and sustain employment and education. These young people are unemployed, economically inactive, facing significant barriers to accessing employment or currently experiencing or at risk of social isolation. Following completion of the project after 6 years and having received total grant income of £1,073,938 a surplus of £115,591 has been transferred to unrestricted funds in line with the funding guidance.
Summer interventions programme - This programme ran through the summer of 2023 and enabled young people in Suffolk deemed at risk of isolation or regression in terms of mental health, youth crime, substance misuse and educational engagement to maintain their current progress with Lapwing. The programme was funded via grant funding provided by Suffolk Community Foundation.
21. Analysis of net assets between funds
Year ended 31 August 2023
| Tangible | Net current | |||
|---|---|---|---|---|
| fixed assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General funds | 26,364 | 162,079 | 902,138 | 1,090,581 |
| -------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 26,364 | 162,079 | 906,649 | 1,095,092 | |
| ========================== | =============================== | =============================== | ======================================= | |
| Year ended 31 August 2022 | ||||
| Tangible | Net current | |||
| fixed assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Restricted funds | ||||
| Minding the gap | 1,259 | – | 94,635 | 95,894 |
| Unrestricted funds | ||||
| General funds | 14,888 | 166,220 | 388,209 | 569,317 |
| -------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 16,147 | 166,220 | 482,844 | 665,211 | |
| ========================== | =============================== | =============================== | ======================================= |
- 26 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
22. Financial instruments
The carrying amount of financial instruments at 31 August were:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at market value | ||
| Investments | 162,079 | 166,220 |
| =============================== | =============================== |
23. Analysis of changes in net debt
| At | |||||
|---|---|---|---|---|---|
| At | 1 | Sep 2022 | Cash flows | 31 Aug 2023 | |
| £ | £ | £ | |||
| Cash at bank and in hand | 563,750 | 492,903 | 1,056,653 | ||
| =============================== | =============================== | ======================================= |
24. Related parties
W Fletcher, the CEO, was a trustee of The Seckford Education Trust until April 2023. During the year Lapwing Suffolk Limited received income from The Seckford Education Trust totalling £8,580. Nothing was received in the previous year and there was no outstanding balance owing at the year end.
During the year Lapwing Suffolk Limited was provided with bookkeeping services from L Thorp, the sister of trustee S Jones, totalling £11,744 (2022: £9,336). At the year end a balance of £861 (2022: £709) was outstanding.
- 27 -
COMPANY REGISTRATION NUMBER: 07175060 CHARITY REGISTRATION NUMBER: 1136324
Lapwing Suffolk Limited Company Limited by Guarantee Financial statements
31 August 2023
Lapwing Suffolk Limited
Company Limited by Guarantee
Financial statements
Year ended 31 August 2023
| Pages | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 to 10 |
| Independent auditor's report to the members | 11 to 14 |
| Statement of financial activities (including income and expenditure account) | 15 |
| Balance sheet | 16 |
| Statement of cash flows | 17 |
| Notes to the financial statements | 18 to 27 |
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 31 August 2023
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and 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 published in October 2019.
Reference and administrative details
Registered charity name Lapwing Suffolk Limited Charity registration number 1136324 Company registration number 07175060 Principal office and registered 8a The Square office Martlesham Heath Ipswich Suffolk IP5 3SL
The trustees
The trustees who served during the year and at the date of approval were as follows:
K Miller (Chair) S E Jones O Rowlands L Perkins J Trowbridge Company secretary W G Fletcher Bankers Lloyds Bank 8A The Square Martlesham Heath Ipswich Suffolk IP5 3SL Auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Executive leadership team Will Fletcher (CEO) Lisa Squirrell (Head of Education - Suffolk) Kendra Collier (Head of Education - Norfolk)
- 1 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Objectives and activities
Lapwing's mission is to deliver outstanding education and support which will positively impact the life chances of the hardest to reach young people across East Anglia. Our ethos is to put a young person's needs, interests and aspirations at the heart of the work we do. We are committed to the holistic development of young people so they can thrive personally and professionally.
Lapwing is a specialist therapeutic education provider. We deliver highly personalised transitional learning programmes and projects for young people disadvantaged through a range of circumstances usually a result of identified or underlying additional needs related to cognitive, social, emotional, behavioural, mental health, medical or physical conditions, including learning disabilities.
Working with 4 to 25 year olds, predominantly within Suffolk, Essex and Norfolk, Lapwing has a broad offer of services including: academic tutoring with accredited qualifications; vocational courses, skills development and accredited qualifications; a range of therapeutic interventions; employability and work experience; life skills programmes focused on developing independence and the transition to adulthood; youth work and NEET prevention. Our staff work peripatetically using a wide range of delivery venues across the region to ensure the provision we offer is both local to the young person and specifically tailored to each individual student's programme objectives.
We work with and are commissioned by local authorities, mainstream and special schools, colleges, Pupil Referral Units, health and social care. We also access grant funding to enable us to run additional projects to enhance our impact working with young people with additional needs or challenging circumstances.
As an organisation Lapwing strives to maintain a culture that all stakeholders can be proud of and one that is embodied by the following values :
-
an environment founded on respect, dignity and integrity at all levels
-
a commitment to maintain the highest standards of professional practice at all times
-
to keep our ethos (noted above), and therefore our young people, central to the work that we do
-
to enjoy carrying out our work while caring deeply about its purpose
-
to be supportive and collaborative colleagues who will always help each other
-
an open culture where staff feel able to talk to all colleagues at all levels
a strong sense that all staff are valued and, coming from a range of backgrounds, bring different qualities, skills and experience to the organisation
- a strong commitment to develop our staff professionally so that we continue to develop Lapwing
a culture of continuous improvement where staff are not afraid to make mistakes and an understanding that we all learn by getting things wrong
- creativity, positivity and freedom of expression
- 2 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Achievements and performance
Our high level objectives , for the 2022-23 year were:
Leadership and development: increase Lapwing's capacity to improve and ability to cope with expansion through reformation of the Senior Leadership Team, developing the capabilities of our Extended Leadership Team and providing high quality professional development for all staff.
Financial sustainability: continue to diversify and grow income streams.
Quality of education and delivery: continue to raise standards in the quality of education and project delivery and enhance evaluation methods to demonstrate outstanding impact to stakeholders.
We are pleased to report that good progress was made towards achieving all three aims and the organisation's Strategic Development Plan (held internally at Senior Leadership Team and Board level) sets out the specific targets and activities that have been and continue to be undertaken to reach these aims.
The following provides a summary of progress:
Leadership and development: 2022-23 saw the continued growth of the Senior Leadership Team with Assistant Heads of Education being appointed to support the Heads of Education with more operational leadership capacity. Further appointments within the Extended Leadership Team were made adding additional programme management capacity and more curriculum area leads were also appointed. Professional development for all staff continued to be a focus throughout 2022-23 through the delivery of high quality CPD and an effective performance review process.
Financial sustainability: During 2022-23 both Lapwing's Norfolk and Suffolk based delivery teams continued to increase in size reflecting the unmet special educational needs in the region. September 2023 saw the recommissioning of two SEMH post 16 group provisions located in west and north Suffolk funded by SCC. Our youth employment team successfully completed the delivery of the Minding The Gap project (ESF & Lottery funded) and continued to deliver the same service through the launch of Minding The Gap Local (UKSPF funded). The ongoing growth of existing income streams and the creation of new income streams continue to be a focus.
Quality of education and delivery: Lapwing has continued to strive for excellence through operating with high standards and pursuing and evolving best practice approaches. We have focused leadership and development plans for key areas for development across the organisation including Teaching, Coaching & Learning; Functional Skills; Literacy; The Thrive Approach; RSHE; STEM; outdoor learning. We have further developed our evidence base and progress tracking to be able to demonstrate clear impact to stakeholders. Key performance indicators in this area include but are not limited to: student attendance data; student outcomes (qualifications, academic/vocational progress tracking, personal development progress, student wellbeing measures, work placement feedback, destination data); stakeholder feedback (student questionnaires, parent/carer/funder feedback); internal quality assurance (session drop-in judgements, student programme reviews, staff professional development progress). The latest KPIs are available here: lapwingeducation.co.uk/performance
Lapwing has continued to develop and deliver high quality innovative education programmes for young people on the margins of society. During the year, Lapwing worked with 149 students (2021-22: 108 students) through education funding routes, providing education and support so that they were better placed to fulfil their potential.
- 3 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Lapwing has continued to work with students with a wide range of needs. They all face exclusion from society in some way whether because of learning disabilities / difficulties, mental health issues, social or emotional development needs or other behaviours of concern which prevent them gaining access to education or training. At the heart of all Lapwing programmes is the young person and the highly personalised outcomes that they will work towards to enable them to achieve their potential. The students have been referred to Lapwing from a wide range of organisations including local authorities, mainstream schools, special schools, Pupil Referral Units, colleges, the Virtual School for Children in Care, Social Care and National Health Trusts. Lapwing ran three projects, each enabled by generous grant funding. These were:
Minding The Gap - funded by European Social Fund and National Lottery Community Fund. The project provides targeted support for NEET young people in Suffolk aged 15-24 to gain and sustain employment, education or training. These young people are unemployed, economically inactive, facing significant barriers to accessing employment or currently experiencing or at risk of social isolation. Between January 2017 and March 2023, Lapwing and the Suffolk wide partnership worked with over 1100 participants who were NEET. Following Lapwing's significant success in terms of activities and outcomes, our involvement and funding for the project was expanded to cover the whole of the county in January 2022.
Minding The Gap Local - funded by the UKSPF via the following Suffolk districts: Babergh, Ipswich, Mid Suffolk, West Suffolk. This project was delivered from December 2022 to replace the original Minding The Gap project detailed above. The remit was the same although there are some enhancements with more qualifications delivery and focus on sustainable outcomes for young people moving into education, employment or training.
Summer Interventions Programme - part funded by Suffolk Giving Fund, Pear Family Fund and Denbury Charitable Fund accessed via Suffolk Community Foundation. This programme ran from July to September 2023 and enabled over 35 sessions to be delivered to 8 young people in Suffolk and Norfolk deemed at risk of isolation or regression in areas such as mental health, youth crime, substance misuse and educational engagement. These students benefitted from personalised education and activity programmes and successfully transitioned into their next education placement in September.
Lapwing's educational offer is strengthened by being a registered centre with City & Guilds, an OFQUAL awarding body for Functional Skills mathematics, English, and ICT/Digital Skills. Lapwing is also accredited to deliver the AQA Unit Award Scheme and The Trinity College Arts Award (Bronze, Silver and Gold) and the John Muir Award for forest schools.
Lapwing takes the safeguarding of children, young people and vulnerable adults seriously and has up to date safeguarding procedures in line with the Local Safeguarding Partnerships across the different counties within the region. All staff and trustees have received safeguarding training.
In line with our strategic objectives, Lapwing's specific aims for 2023-24 continue to focus on:
Leadership and development: professional development, employee engagement, management structures, systems and processes, values and culture.
Financial sustainability: growth and diversification of income streams
Quality of education and delivery: provision development, curriculum offer, student outcomes, evidence of impact.
- 4 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Achievements and performance (continued)
Public Benefit Requirements
Each year we review what we have achieved and the outcomes of our work, particularly the educational impact of our work for young people on the margins of society. We have due regard to the public benefit guidance published by the Charity Commission in compliance with its duties under section 17 of the Charities Act 2011. This guidance sets out two key principles:
-
The organisation must have an identifiable benefit.
-
The benefit must be to the public or a section of the public.
It is our main purpose to provide personalised educational programmes and support for the benefit of disadvantaged young people. We also focus on the holistic development of young people including supporting their personal development, mental health, wellbeing and safety.
Vision
Our vision is to enable Lapwing's expansion and evolution so that we continue to positively impact an increasing number of young people in need of our specialist services. While the organisation grows and evolves, we are committed to staying true to our ethos and values and continue to strive for excellence in all aspects of our work.
- 5 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Financial review
Total income has increased to £2,880,169 from £2,013,799 in 2022. This increase is mainly as a result of more sessions being delivered during the year involving unrestricted activities. Expenditure has increased to £2,450,658 from £1,900,843. The main increase in expenditure relates to staff costs as the delivery team has grown accordingly. This has resulted in a surplus of £429,511 (2022: £112,956) being made for the year before investment gains. Investments have decreased by £4,141 (2022: £33,140) in in the year resulting in net income of £425,370 (2022: £79,816)
This surplus has resulted in overall reserves increasing to £1,090,581 (2022: £665,211), with no reserves being restricted (2022: £95,894).
Principal funding sources
The charity has three main sources of funding which are as follows:-
Pre 16 referrals from local authorities, mainstream/special schools and Pupil Referral Units (2022-23: 70 students) - this continues to be a growing funding source. The aim is to support young people with additional needs under the age of 16 to either re-engage with or maintain their engagement in education.
Post 16 referrals from local authorities and colleges (2022-23: 79 students) - this continues to be a growing funding source. The aim is to support young people over the age of 16 with special educational needs and disabilities, both individually and in small groups, to achieve their potential and prepare for their next step in education or transition to adulthood and the world of work.
Grants from local and national organisations which provide funds to enable Lapwing to run a variety of projects which supports the development of young people.
Reserves policy
Reserves will be held in order to provide for continuity of service in the event of a future loss of funding or a dramatic change in the charity's operating environment. The charity's aim is to keep within unrestricted reserves an amount in the region of six months operating costs, being approximately £1,225,000 for the year ended 31 August 2023. On 31 August 2023 unrestricted reserves were £1,090,581 (2022: £569,317) with unrestricted reserves below the target. The trustees plan to continue to grow reserves in the year to 31 August 2024 to ensure the reserve target is met. Free reserves at the year end totalled £902,138 (2022: £388,209) being the total unrestricted net current assets.
The charity has considered possible income streams and set an appropriate budget. Expenditure is monitored closely as Lapwing seeks to adhere to its reserves policy.
The charity's financial performance is monitored carefully against its strategy and budgets during each financial year to ensure financial sustainability of the organisation. The Board of Trustees reviews the reserves policy and requirements annually. The Board are conscious that Lapwing is likely to grow in the coming year(s) and therefore the level of reserves held may need to increase accordingly. As and when reserves exceed the amount that the Trustees deem to be appropriate, the Trustees will utilise any available funds to better meet the needs of the beneficiaries.
Investment policy
The Trustees continue to utilise an investment policy of placing cash surpluses in bank deposit accounts requiring notice to withdraw. They agreed upon a low risk investment policy which would generate a return in excess of a no notice bank deposit account and which would ensure that cash would be readily available when needed to coincide with the organisation's working capital requirements.
- 6 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Financial review (continued)
The amounts held with any one bank will be periodically reviewed by the Board of Trustees, and accounts may be opened with multiple banks and building societies in order to spread financial risk.
The Trustees have also invested some of the reserves not immediately required in stocks and shares and delegated the management of those investments to a professional fund-manager.
Plans for future periods
Lapwing aims to continue to grow and develop the breadth and range of its service offer in 2023-24 in order to reach a greater number of young people in need of specialist support across the region.
However, while growth in terms of scale and income is anticipated, the organisation's immediate strategic priorities are to continue to improve the quality of the service offered and the sustainability of the organisation. This will be achieved through focusing our efforts on delivering a high quality provision, seeking diversification and stability in terms of income streams and maintaining satisfactory reserves.
- 7 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Structure, governance and management
Structure
The organisation is a charitable company limited by guarantee, incorporated on 2 March 2010 and registered as a charity on 14 June 2010. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. As of 31 August 2023 there were five members. In the event of the company being wound up members are required to contribute an amount as may be required, not exceeding £10.
The objectives of Lapwing are specifically restricted to the following:
-
To advance the education of the public in the subject of bespoke vocational learning programmes.
-
To advance the education of students by providing and assisting in the provision of facilities for
-
education.
For the public benefit to promote the education (including social and physical education) of people under the age of 25 years in settings and in such ways as the charity trustees think fit.
Governance
The Trustee Board is legally responsible for the governance and management of the company. Traditional business, education, law, and ICT skills are well represented on the Board. In the event of particular skills being lost due to retirement, extensive efforts are made to ensure these are replaced. Under the terms of the Articles of Association, the number of directors shall not be less than three but shall not be subject to a maximum. Trustees are appointed by the Board and no other person or external body is entitled to appoint trustees. The trustees are responsible for the actions and activities of the charity. At the first Annual General Meeting, all the directors retired from office and were reappointed. At each subsequent Annual General Meeting, one third of the directors must retire from office.
Trustees are appointed through a process of introduction to the existing trustees. All new trustees follow a thorough induction process.
The Chair discusses roles and responsibilities with each trustee. There is an induction process which includes a briefing to them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. During this process they will meet key employees and other trustees. Trustees are encouraged to attend all the charity's events and external training courses, which may assist them in undertaking their engagement.
The charity has a procedure in place that is designed to ensure that any new trustee:
-
Is aware of his or her responsibilities as a trustee
-
Has good understanding of the work of the charity
-
Understands the charity's strategy for the future
-
Is provided with information issued by the Charity Commission
-
Is offered ongoing training and information to ensure they are brought up to date with developments in
-
law
- 8 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
Structure, governance and management (continued)
Management
The management of the charity is vested in the Board of Trustees. The Board of Trustees currently meets on a six to eight-weekly basis and is responsible for the strategic direction of the organisation. The board have delegated the day to day management of the charity to a Senior Leadership Team, with overall responsibility to the Chief Executive Officer.
The board have in place a Risk Management Policy which is reviewed annually by the Trustees.
A remuneration sub-committee is also in place to review the remuneration of staff including the senior staff members. This review of remuneration includes the agreement of any additional salary to be paid to senior staff based on the financial results of the charity.
Related parties
Related parties are reviewed annually, with all trustees and senior management required to review personal relationships and declare any interests. Any related party transactions are disclosed as required in the notes to these financial statements.
Fundraising
The charity does not use any external fundraisers. All fundraising undertaken during the year was monitored by the trustees and no complaints were received.
Trustees' responsibilities statement
The trustees (who are also directors for the purposes 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. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS102);
-
make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
- 9 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 31 August 2023
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and
they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
A resolution to reappoint Lovewell Blake LLP as auditors will be proposed at the forthcoming Annual General Meeting.
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
The trustees' annual report was approved on 12 January 2024 and signed on behalf of the board of trustees by:
K Miller (Chair) Trustee
- 10 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Independent auditor's report to the members of Lapwing Suffolk Limited
Year ended 31 August 2023
Opinion
We have audited the financial statements of Lapwing Suffolk Limited (the 'charity') for the year ended 31 August 2023 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
-
give a true and fair view of the state of the charity's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
- 11 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Independent auditor's report to the members of Lapwing Suffolk Limited
(continued)
Year ended 31 August 2023
Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
-
the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees' report has been prepared in accordance with applicable legal requirements.
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 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:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
- 12 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Independent auditor's report to the members of Lapwing Suffolk Limited
(continued)
Year ended 31 August 2023
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes 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 charity 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, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In addition to discussions with the client regarding the potential areas for irregularities and non compliance the following tests were also performed;
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC and other authorities.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and Employment law.
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
- 13 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Independent auditor's report to the members of Lapwing Suffolk Limited
(continued)
Year ended 31 August 2023
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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 charity'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 charity'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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
M Proctor FCA DChA (Senior Statutory Auditor)
For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
31 January 2024
- 14 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Statement of financial activities (including income and expenditure account)
Year ended 31 August 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 5,967 | – | 5,967 | 2,500 |
| Charitable activities | 6 | 2,707,150 | 163,484 | 2,870,634 | 2,008,461 |
| Other trading activities | 3,568 | – | 3,568 | 940 | |
| Other income | 7 | – | – | – | 1,898 |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total income | 2,716,685 | 163,484 | 2,880,169 | 2,013,799 | |
| ======================================= | =============================== | ======================================= | ======================================= | ||
| Expenditure | |||||
| Charitable activities | 8 | 2,306,871 | 143,787 | 2,450,658 | 1,900,843 |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total expenditure | 2,306,871 | 143,787 | 2,450,658 | 1,900,843 | |
| ======================================= | =============================== | ======================================= | ======================================= | ||
| Net income and net movements in funds | |||||
| before gains and losses on investments | 409,814 | 19,697 | 429,511 | 112,956 | |
| Net losses on investments | 10 | 4,141 | – | 4,141 | 33,140 |
| Net income before transfer of funds | 405,673 | 19,697 | 425,370 | 79,816 | |
| Transfers between funds | 115,591 | (115,591) | – | – | |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Net movement in funds | 521,264 | (95,894) | 425,370 | 79,816 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 569,317 | 95,894 | 665,211 | 585,395 | |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total funds carried forward | 1,090,581 | – | 1,090,581 | 665,211 | |
| ======================================= | =============================== | ======================================= | ======================================= |
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 18 to 27 form part of these financial statements.
- 15 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Balance sheet
31 August 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 15 | 26,364 | 16,147 | ||
| Investments | 16 | 162,079 | 166,220 | ||
| ------------------------------- | ------------------------------- | ||||
| 188,443 | 182,367 | ||||
| Current assets | |||||
| Debtors | 17 | 67,226 | 47,130 | ||
| Cash at bank and in hand | 1,056,653 | 563,750 | |||
| --------------------------------------- | ------------------------------- | ||||
| 1,123,879 | 610,880 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 18 | (221,741) | (128,036) | ||
| --------------------------------------- | ------------------------------- | ||||
| Net current assets | 902,138 | 482,844 | |||
| --------------------------------------- | ------------------------------- | ||||
| Total assets less current liabilities | 1,090,581 | 665,211 | |||
| --------------------------------------- | ------------------------------- | ||||
| Net assets | 1,090,581 | 665,211 | |||
| ======================================= | =============================== | ||||
| Funds of the charity | |||||
| Restricted funds | – | 95,894 | |||
| Unrestricted funds | 1,090,581 | 569,317 | |||
| --------------------------------------- | ------------------------------- | ||||
| Total charity funds | 20 | 1,090,581 ======================================= |
665,211 =============================== |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 12 January 2024, and are signed on behalf of the board by:
K Miller (Chair) Trustee
Company registration number: 07175060
The notes on pages 18 to 27 form part of these financial statements.
- 16 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Statement of cash flows
Year ended 31 August 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 425,370 | 79,816 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 9,725 | 5,213 |
| Net losses on investments | 4,141 | 33,140 |
| Accrued income | (7,069) | (2,000) |
| Changes in: | ||
| Trade and other debtors | (13,027) | (27,708) |
| Trade and other creditors | 93,705 | 37,110 |
| ------------------------------- | ------------------------------- | |
| Cash generated from operations | 512,845 | 125,571 |
| ------------------------------- | ------------------------------- | |
| Net cash from operating activities | 512,845 | 125,571 |
| =============================== | =============================== | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (19,942) | (16,699) |
| ------------------------------- | ------------------------------- | |
| Net cash used in investing activities | (19,942) | (16,699) |
| =============================== | =============================== | |
| Net increase in cash and cash equivalents | 492,903 | 108,872 |
| Cash and cash equivalents at beginning of year | 563,750 | 454,878 |
| --------------------------------------- | ------------------------------- | |
| Cash and cash equivalents at end of year | 1,056,653 | 563,750 |
| ======================================= | =============================== |
The notes on pages 18 to 27 form part of these financial statements.
- 17 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 August 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 8a The Square, Martlesham Heath, Ipswich, Suffolk, IP5 3SL.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
- 18 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
3. Accounting policies (continued)
Income
Income is included in the Statement of Financial Activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
Legacy income is recognised when receipt is probable and entitlement is established.
-
Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the Statement of Financial Activities to which it relates:
-
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
- 33% Straight line
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
- 19 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
3. Accounting policies (continued)
Investments (continued)
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The charity is a company limited by guarantee and accordingly does not have share capital. Every member of the company undertakes to contribute such an amount as may be required (not exceeding £10) to the company's assets if it should be wound up whilst they are a member, or within one year after they cease to be a member, to cover the liabilities of the company.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 5,967 | 5,967 | 2,500 | 2,500 | |
| ====================== | ====================== | ====================== | ====================== | ||
| 6. | Charitable activities | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Provision of educational opportunities for young people | 2,707,150 | 163,484 | 2,870,634 | ||
| ======================================= | =============================== | ======================================= |
- 20 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
6. Charitable activities (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Provision of educational opportunities for | young people | 1,699,853 | 308,608 | 2,008,461 | |
| ======================================= | =============================== | ======================================= | |||
| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Coronavirus job retention scheme grants | – | – | 1,898 | 1,898 | |
| ============= | ============= | ====================== | ====================== | ||
| 8. | Expenditure on charitable activities | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Wages and salaries | 1,875,335 | 132,508 | 2,007,843 | ||
| Student programme costs | 284,372 | 8,809 | 293,181 | ||
| Entertainment | 5,231 | – | 5,231 | ||
| Staff training and recruitment costs | 29,126 | – | 29,126 | ||
| External provision | 1,050 | 1,366 | 2,416 | ||
| Insurance | 3,071 | – | 3,071 | ||
| Professional and bookkeeping fees | 11,712 | – | 11,712 | ||
| Depreciation | 8,762 | 963 | 9,725 | ||
| Support costs | 88,212 | 141 | 88,353 | ||
| --------------------------------------- | ------------------------------- | --------------------------------------- | |||
| 2,306,871 | 143,787 | 2,450,658 | |||
| ======================================= | =============================== | ======================================= | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Wages and salaries | 1,279,894 | 231,093 | 1,510,987 | ||
| Student programme costs | 206,108 | 41,195 | 247,303 | ||
| Entertainment | 4,633 | – | 4,633 | ||
| Staff training and recruitment costs | 22,676 | 1,487 | 24,163 | ||
| External provision | 13,515 | 2,459 | 15,974 | ||
| Insurance | 3,221 | – | 3,221 | ||
| Professional and bookkeeping fees | 10,336 | – | 10,336 | ||
| Depreciation | 4,554 | 659 | 5,213 | ||
| Support costs | 76,159 | 2,854 | 79,013 | ||
| --------------------------------------- | ------------------------------- | --------------------------------------- | |||
| 1,621,096 | 279,747 | 1,900,843 | |||
| ======================================= | =============================== | ======================================= |
- 21 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
9. Analysis of support costs
| Analysis of | |||||
|---|---|---|---|---|---|
| support costs | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| Legal and professional | 604 | 604 | 395 | ||
| Other office expenses | 52,038 | 52,038 | 45,801 | ||
| Rates and water | 21,376 | 21,376 | 21,376 | ||
| Audit and accountancy | 14,335 | 14,335 | 11,441 | ||
| -------------------------- | -------------------------- | -------------------------- | |||
| 88,353 | 88,353 | 79,013 | |||
| ========================== | ========================== | ========================== | |||
| 10. | Net losses on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on other investment | |||||
| assets | (4,141) | (4,141) | (33,140) | (33,140) | |
| ====================== | ====================== | ========================== | ========================== | ||
| 11. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 9,725 | 5,213 | |||
| ====================== | ====================== | ||||
| 12. | Auditors remuneration | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 7,800 | 6,950 | |||
| ====================== | ====================== | ||||
| Fees payable to the charity's auditor and its associates for other services: | |||||
| Other non-audit services | 6,522 | 4,491 | |||
| ====================== | ====================== |
- 22 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
13. Staff costs
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 1,788,645 | 1,362,244 |
| Social security costs | 170,775 | 114,403 |
| Employer contributions to pension plans | 48,423 | 34,340 |
| --------------------------------------- | --------------------------------------- | |
| 2,007,843 | 1,510,987 | |
| ======================================= | ======================================= |
The average head count of employees during the year was 63 (2022: 53).
The number of employees whose remuneration for the year fell within the following bands, were:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| £60,000 to £69,999 | 1 | 1 |
| £100,000 to £109,999 | 1 | 1 |
| ------------- | ------------- | |
| 2 | 2 | |
| ============= | ============= |
During the year employer contributions totalling £48,423 (2022: £34,340) were contributed to defined contribution pension plans.
Key management personnel
Key management personnel include all personnel that have the authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £257,730 (2022: £178,916). Expenses of £3,760 (2022: £2,977) were also reimbursed to key management personnel.
14. Trustee remuneration and expenses
No trustees received any remuneration or expenses in the year (2022: £Nil).
15. Tangible fixed assets
| Equipment | |
|---|---|
| £ | |
| Cost | |
| At 1 September 2022 | 47,600 |
| Additions | 19,942 |
| -------------------------- | |
| At 31 August 2023 | 67,542 |
| ========================== | |
| Depreciation | |
| At 1 September 2022 | 31,453 |
| Charge for the year | 9,725 |
| -------------------------- | |
| At 31 August 2023 | 41,178 |
| ========================== | |
| Carrying amount | |
| At 31 August 2023 | 26,364 |
| ========================== | |
| At 31 August 2022 | 16,147 |
| ========================== |
- 23 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
16. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 September 2022 | 166,220 |
| Additions | – |
| Fair value movements | (4,141) |
| ------------------------------- | |
| At 31 August 2023 | 162,079 |
| =============================== | |
| Impairment | |
| At 1 September 2022 and 31 August 2023 | |
| Carrying amount | |
| At 31 August 2023 | 162,079 |
| =============================== | |
| At 31 August 2022 | 166,220 |
| =============================== |
All investments shown above are held at valuation.
Financial assets held at fair value
Valuation is based on the market value of investments as at the year end date.
17. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 51,392 | 38,788 |
| Prepayments and accrued income | 6,765 | 6,342 |
| Other debtors | 9,069 | 2,000 |
| -------------------------- | -------------------------- | |
| 67,226 | 47,130 | |
| ========================== | ========================== | |
| Creditors: Amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Trade creditors | 12,561 | 13,742 |
| Accruals and deferred income | 155,387 | 61,718 |
| Social security and other taxes | 43,442 | 37,277 |
| Other creditors | 10,351 | 15,299 |
| ------------------------------- | ------------------------------- | |
| 221,741 | 128,036 | |
| =============================== | =============================== | |
| Deferred income | ||
| 2023 | 2022 | |
| £ | £ | |
| At 1 September 2022 | 31,758 | 9,262 |
| Amount released to income | (31,758) | (9,262) |
| Amount deferred in year | 121,452 | 31,758 |
| ------------------------------- | -------------------------- | |
| At 31 August 2023 | 121,452 | 31,758 |
| =============================== | ========================== |
18. Creditors: Amounts falling due within one year
19. Deferred income
- 24 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
19. Deferred income (continued)
During the year the charity received grant income amounting to £121,452 (2022: £31,758) in respect of performance related services, where conditions were met after the balance sheet date. This amount has been deferred into the following year.
20. Analysis of charitable funds
Year ended 31 August 2023
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| Investment | |||||
| gains/losses | |||||
| and | 31 Aug | ||||
| 1 Sep 2022 | Income | Expenditure | transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| General funds | 569,317 | 2,716,685 | (2,306,871) | 111,450 | 1,090,581 |
| =============================== | ======================================= | ======================================= | =============================== | ======================================= | |
| Restricted funds | |||||
| Investment | |||||
| gains/losses | |||||
| and | 31 Aug | ||||
| 1 Sep 2022 | Income | Expenditure | transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Minding the gap | 95,894 | 156,484 | (136,787) | (115,591) | – |
| Summer interventions | |||||
| programme - Suffolk | |||||
| Community Foundation | – | 7,000 | (7,000) | – | – |
| -------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | ------------- | |
| 95,894 | 163,484 | (143,787) | (115,591) | – | |
| ========================== | =============================== | =============================== | =============================== | ============= | |
| Year ended 31 August 2022 | |||||
| Unrestricted funds | |||||
| Investment | 31 Aug | ||||
| 1 Sep 2021 | Income | Expenditure | gains/losses | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 518,362 | 1,705,191 | (1,621,096) | 33,140 | 569,317 |
| =============================== | ======================================= | ======================================= | ========================== | =============================== | |
| Restricted funds | |||||
| Investment | 31 Aug | ||||
| 1 Sep 2021 | Income | Expenditure | gains/losses | 2022 | |
| £ | £ | £ | £ | £ | |
| Minding the gap | 67,033 | 297,954 | (269,093) | – | 95,894 |
| Summer interventions | |||||
| programme - Suffolk | |||||
| Community Foundation | – | 9,654 | (9,654) | – | – |
| Forest school programme - | |||||
| L D Rope Trust | – | 1,000 | (1,000) | – | – |
| -------------------------- | ------------------------------- | ------------------------------- | ------------- | -------------------------- | |
| 67,033 | 308,608 | (279,747) | – | 95,894 | |
| ========================== | =============================== | =============================== | ============= | ========================== |
- 25 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
Minding the gap - Minding The Gap (2017-23) funded by the European Social Fund and National Lottery Community Fund provides targeted and intensive support to 16-24 year olds to gain and sustain employment and education. These young people are unemployed, economically inactive, facing significant barriers to accessing employment or currently experiencing or at risk of social isolation. Following completion of the project after 6 years and having received total grant income of £1,073,938 a surplus of £115,591 has been transferred to unrestricted funds in line with the funding guidance.
Summer interventions programme - This programme ran through the summer of 2023 and enabled young people in Suffolk deemed at risk of isolation or regression in terms of mental health, youth crime, substance misuse and educational engagement to maintain their current progress with Lapwing. The programme was funded via grant funding provided by Suffolk Community Foundation.
21. Analysis of net assets between funds
Year ended 31 August 2023
| Tangible | Net current | |||
|---|---|---|---|---|
| fixed assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General funds | 26,364 | 162,079 | 902,138 | 1,090,581 |
| -------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 26,364 | 162,079 | 906,649 | 1,095,092 | |
| ========================== | =============================== | =============================== | ======================================= | |
| Year ended 31 August 2022 | ||||
| Tangible | Net current | |||
| fixed assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Restricted funds | ||||
| Minding the gap | 1,259 | – | 94,635 | 95,894 |
| Unrestricted funds | ||||
| General funds | 14,888 | 166,220 | 388,209 | 569,317 |
| -------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 16,147 | 166,220 | 482,844 | 665,211 | |
| ========================== | =============================== | =============================== | ======================================= |
- 26 -
Lapwing Suffolk Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 31 August 2023
22. Financial instruments
The carrying amount of financial instruments at 31 August were:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at market value | ||
| Investments | 162,079 | 166,220 |
| =============================== | =============================== |
23. Analysis of changes in net debt
| At | |||||
|---|---|---|---|---|---|
| At | 1 | Sep 2022 | Cash flows | 31 Aug 2023 | |
| £ | £ | £ | |||
| Cash at bank and in hand | 563,750 | 492,903 | 1,056,653 | ||
| =============================== | =============================== | ======================================= |
24. Related parties
W Fletcher, the CEO, was a trustee of The Seckford Education Trust until April 2023. During the year Lapwing Suffolk Limited received income from The Seckford Education Trust totalling £8,580. Nothing was received in the previous year and there was no outstanding balance owing at the year end.
During the year Lapwing Suffolk Limited was provided with bookkeeping services from L Thorp, the sister of trustee S Jones, totalling £11,744 (2022: £9,336). At the year end a balance of £861 (2022: £709) was outstanding.
- 27 -
Commercial in confidence
Audit Findings for Lapwing Suffolk Limited
31 August 2023
Lapwing Suffolk Limited | 31 August 2023 | © 2023 Lovewell Blake LLP 1
Commercial in confidence
AUDIT FINDINGS
KEY CONTACTS
Mark Proctor
Partner | Norwich Office 01603 663300
m.proctor@lovewell-blake.co.uk
Gregory Dale
Senior | Norwich & Bury Office 01603 663300 g.dale@lovewell-blake.co.uk
Rebecca Frost Assistant Manager | Norwich Office 01603 663300
r.frost@lovewell-blake.co.uk
Karl Read
Assistant | Norwich & Bury Office 01603 663300 k.read@lovewell-blake.co.uk
Lapwing Suffolk Limited | 31 August 2023 | © 2023 Lovewell Blake LLP 2
Commercial in confidence
PRIVATE AND CONFIDENTIAL
The Trustees Lapwing Suffolk Limited 8a The Square Martlesham Heath Suffolk IP5 3SL
December 2023
Lovewell Blake LLP Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB T +44(0) 1603 663300 www.lovewell-blake.co.uk
Dear Trustees
Audit Findings Lapwing Suffolk Limited for the year ended 31 August 2023
This Audit Findings presents the observations arising from the audit that are significant to the responsibility of those charged with governance to oversee the financial reporting process, as required by International Standard on Auditing (UK) 260. Its contents have been discussed with management.
As auditor we are responsible for performing the audit, in accordance with International Standards on Auditing (UK), which is directed towards forming and expressing an opinion on the financial statements that have been prepared by management with the oversight of those charged with governance. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities for the preparation of the financial statements.
The contents of this report relate only to those matters which came to our attention during the conduct of our normal audit procedures which are designed for the purpose of expressing our opinion on the financial statements. Our audit is not designed to test all internal controls or identify all areas of control weakness. However, where, as part of our testing, we identify control weaknesses, we will report these to you. In consequence, our work cannot be relied upon to disclose all defalcations or other irregularities, or to include all possible improvements in internal control that a more extensive special examination might identify. This report has been prepared solely for your benefit and should not be quoted in whole or in part without our prior written consent. We do not accept any responsibility for any loss occasioned to any third party acting, or refraining from acting on the basis of the content of this report, as this report was not prepared for, nor intended for, any other purpose.
We would like to take this opportunity to record our appreciation for the kind assistance provided by the finance team and other staff during our audit.
Mark Proctor
Partner, For Lovewell Blake LLP
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3
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Lovewell Blake LLP is a limited liability partnership registered in England and Wales with registered number OC354112. It’s registered office is Sixty Six North Quay, Great Yarmouth, Norfolk, NR30 1HE. A list of members may be inspected at any of the LLP’s offices. The term ‘’partner’’ is used to refer to a member of Lovewell Blake LLP. Offices at Aylsham, Bury St Edmunds, Ely, Great Yarmouth, Halesworth, Lowestoft, Norwich and Thetford. Registered to carry on audit work in the UK by the institute of Chartered Accountants in England and Wales. Details about out audit registration can be viewed at www.auditregister.org.uk under reference number C002613207. Regulated by the institute of Chartered Accountants in England and Wales for a ~~range of investment business activities.~~
Lapwing Suffolk Limited | 31 August 2023 | © 2023 Lovewell Blake LLP 3
Lovewell Blake LLP is a member of HLB International. A world-wide network of independent accounting firms and business advisers.
Commercial in confidence
AUDIT FINDINGS
CONTENTS
| SECTION | PAGE |
|---|---|
| Status of Audit and Audit Opinions | 5 |
| Points of Context | 6 |
| Significant risks | 7 |
| Other risks | 8 |
| Other audit matters | 9 |
| Internal controls | 10 |
| Misstatements | 11 |
| Independence and ethics (incl. fees and non-audit services) | 12 |
| Other communication requirements | 13 |
| Communication of audit matters to those charged with governance | 14 |
Lapwing Suffolk Limited | 31 August 2023 | © 2023 Lovewell Blake LLP 4
Commercial in confidence
AUDIT FINDINGS
STATUS OF THE AUDIT AND AUDIT OPINIONS
Our work is substantially complete and there are currently no matters of which we are aware that would require modification of our audit opinions, subject to the outstanding matters detailed below.
Discussion of this document with the board of trustees Receipt of letter of representation on charity headed paper which should be signed at the same time as the financial statements are approved Receipt of current forecasts for the next twelve months and post year-end management accounts
Status
Likely to result in material adjustment or significant change to disclosures within the financial statements Potential to result in material adjustment or significant change to disclosures within the financial statements Not considered likely to result in material adjustment or change to disclosures within the financial statements
AUDIT OPINIONS
It is expected that our audit report opinions will be unmodified.
Lapwing Suffolk Limited | 31 August 2023 | © 2023 Lovewell Blake LLP 5
Commercial in confidence
AUDIT FINDINGS
POINTS OF CONTEXT
Results
The headline results for the year ended 31 August 2023 are as follows:
| 2023 | 2022 | Variance | Variance % | ||
|---|---|---|---|---|---|
| Income | 2,880,169 | 2,013,799 | 866,370 | 43% | |
| Expenditure (2,450,658) (1,900,843) (549,815) |
(28.9%) | ||||
| Investment loss | (4,141) | (33,140) | 28,999 | ||
| Surplus/(Deficit) | 425,370 | 79,816 | 345,554 | ||
| Funds | 1,090,581 | 665,211 | 425,370 |
Income has continued to increase during the year, with increased staff numbers meaning additional sessions can be provided by the charity. Additional income has also come from working with new funders during the year. With the increased number of staff employed during the year, costs have increased significantly as well, with staff pay continuing to be the main cost incurred.
The value of investments has fallen during the year from £166,220 to £162,079.
With the increased levels of activity during the year, the level of debtors and creditors held at the year end have also increased during the year, with net current assets increasing from £665,211 at the 2022 year end to £902,138 at the end of 2023.
With continued surpluses being made during the year, cash held at the year end has increased to £1,056,653 from £563,750.
At the year end of the year, there were no restricted funds as the main restricted fund, the Minding the Gap project, ended during the year and all other restricted income was spent in the year. Therefore all of the carried forward funds totalling £1,090,581 were unrestricted.
Changes to Audit Plan
We have not had to alter our Audit Plan.
Lapwing Suffolk Limited | 31 August 2023 | © 2023 Lovewell Blake LLP 6
Commercial in confidence
AUDIT FINDINGS
SIGNIFICANT RISKS IDENTIFIED AT THE PLANNING STAGE
Significant risks are defined by ISAs (UK) as risks that, in the judgment of the auditor, require special audit consideration. In identifying risks, audit teams consider the nature of the risk, the potential magnitude of misstatement, and its likelihood. Significant risks are those risks that have a higher risk of material misstatement.
Significant risks identified in our Audit Plan
Commentary
1 Income recognition
Under ISA (UK) 240 there is a presumed risk that income may be misstated due to the improper recognition of income. We have determined that due to the nature of operations and other factors that the significant risk of material misstatement in this regard relates to the completeness of income.
-
We obtained an updated understanding of the processes and controls over the recording of income transactions. We reviewed income recognition policies for appropriateness.
-
Income was substantively tested on a sample basis to ensure it is treated correctly, including consideration of cut-off around the year end.
-
We undertook analytical review procedures and reconciled data maintained outside the finance function in total to reported income.
-
No material issues were identified in respect of this testing.
Management response
Noted.
2 Management override of controls and fraud
Under ISA (UK) 240 there is a presumption that the risk of management over-ride of controls is present in all entities.
-
Reviewed accounting estimates, judgements and decisions made by management.
-
Reviewed and tested journal entries.
-
Reviewed and tested unusual significant transactions to the extent identified.
-
Enquired with those charged with governance and management of any instances of fraud, increased fraud risk and implementation of fraud controls.
-
No evidence of management bias was identified in testing.
Management response
Noted.
Lapwing Suffolk Limited | 31 August 2023 | © 2023 Lovewell Blake LLP 7
Commercial in confidence
AUDIT FINDINGS
OTHER RISKS IDENTIFIED AT THE PLANNING STAGE (CONTINUED)
-
Other risks identified in our Audit Plan Commentary
-
3 Investment valuation There is a potential risk that the charity will • The investment valuation reports provided by the investment managers were reviewed to ensure the include investments at an incorrect value in correct value is included at the year end. the financial statements. • No issues were identified with investments, other than the adjustment made on the misstatements page.
-
Management response Noted.
-
4 Fund analysis There is a potential risk that transactions will • Transactions were reviewed to ensure they have been correctly classified to the fund which they be accounted for in the incorrect fund and should be applied to. • Fund balances and overall income and expenditure were discussed with management to ensure that it
-
restricted income and expenditure not is inline with expectations.
-
recognised as such.
-
No issues with the analysis of income or expenditure relating to funds were identified.
-
Management response Noted.
-
5 Accounting estimates There is a potential risk that these • We reviewed estimates and policies for appropriateness, comparing results of previous period’s estimates and post balance sheet data.
-
judgemental areas may give rise to errors • No issues with the accounting estimates applied were identified.
-
and be prone to management bias. Management response
Noted.
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AUDIT FINDINGS
OTHER AUDIT MATTERS
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Other matters noted during our audit Commentary
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1 Going concern As auditors, we are required to “obtain • Management are required to make an assessment of the ability of the Lapwing Suffolk Limited to sufficient appropriate audit evidence continue as a going concern. The assessment is required to consider the ‘foreseeable future’ being a regarding, and conclude on: period of not less than 12 months from approving the financial statements. • Whether a material uncertainty related to • In preparing their assessment of going concern we would expect management to explicitly consider
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going concern exists; and the potential impact of any challenges to the operating or financial structures of the charity,
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• The appropriateness of management's use particularly given the wider economic pressures that exist concerning costs, staff availability and of the going concern basis of accounting in interest rate levels. the preparation of the financial • We have reviewed management’s assessment and no significant indications of going concern issues
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statements.” (ISA (UK) 570).
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In preparing their assessment of going concern we would expect management to explicitly consider the potential impact of any challenges to the operating or financial structures of the charity, particularly given the wider economic pressures that exist concerning costs, staff availability and interest rate levels.
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We have reviewed management’s assessment and no significant indications of going concern issues have been identified.
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We have reviewed the related financial statement disclosures to ensure they are appropriate.
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Management response
Noted.
2 Financial statement disclosures
While there have been no notable changes to financial reporting regulations in the year ending 31 August 2023 and to date, there continues to be ongoing consideration by regulators and wider stakeholders of financial statement disclosures. There are a number of areas that we highlight for your consideration.
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Our review of the draft financial statements has given particular consideration to the following and we recommend that the Trustees also do so:
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Trustee report: There remains a requirement that this provides a fair and balanced review of the financial period and the position of Lapwing Suffolk Limited.
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Judgements and estimates: Consideration should be given to identifying and disclosing areas of material judgement and estimation. Such areas are an area of focus for our audit work.
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Related party transactions: These remain an area of focus and details of transactions with related parties should be disclosed.
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Disclosures have been reviewed and deemed to be appropriate and inline with financial reporting regulations
Management response
Noted.
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AUDIT FINDINGS
INTERNAL CONTROLS
1
Assessment Issue and risk Recommendations Difference between workings and Xero During testing it was identified that Xero had not been updated Ensure all adjustments are entered onto Xero and monthly inline with the management account workings. There is therefore a reconciliations of the balance sheet are undertaken to ensure Xero risk that management accounts are not correct if adjustments are matches the workings and expectations. not reflected on Xero. Management response
Noted.
Assessment
- Significant deficiency – risk of significant misstatement Deficiency – risk of inconsequential misstatement
The purpose of an audit is for the auditor to express an opinion on the financial statements. Our audit included consideration of internal control relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control.
The matters being reported to those charged with governance and management are limited to those “deficiencies in internal control that the auditor has identified during the audit and that, in the auditor's professional judgment, are of sufficient importance to merit their respective attentions.” (ISA (UK) 265)
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AUDIT FINDINGS
MISSTATEMENTS – Lapwing Suffolk Limited
Adjusted Misstatements
We have separately agreed with management the entries recorded either during or as a consequence of our work.
| Identified error | Surplus effect £ |
Net asset effect £ |
|---|---|---|
| Surplus per management accounts | 412,035 | 1,077,246 |
| Adjustment for senior leadership additional remuneration paid in October | (20,484) | (20,484) |
| Adjustment for clawback of MTG funding in year | 1,301 | 1,301 |
| Adjustment to deferred income (included in workings but not Xero) | (17,004) | (17,004) |
| Investment fair value adjustment | 54,038 | 54,038 |
| Venue hire accrual | (4,511) | (4,511) |
| Rounding | (5) | (5) |
| Surplus per financial statements | 425,370 | 1,090,581 |
We, as informed management, have been presented with the above adjustments and we confirm our understanding, agreement and authorisation.
…………………………………………………………….
Signed for and on behalf of the trustees of Lapwing Suffolk Limited
Unadjusted Misstatements
No potential adjustments were identified during our audit work.
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AUDIT FINDINGS
INDEPENDENCE AND ETHICS (INCL FEES AND NON-AUDIT SERVICES)
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The Revised Ethical Standard 2019 and ISA (UK) 260 require us to give you timely disclosure of all significant facts and matters that may bear upon the integrity, objectivity and independence of the firm or covered persons (including its partners, audit RI directors, senior managers, managers). In this context, we do not have anything to disclose to you.
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The table below sets out the total fees for audit and other services in connection with the financial period to 31 August 2023, as well as the identified threats to our independence and the associated safeguards which have been applied to mitigate these threats.
| Service | Fees £ Threat identified Safeguards |
|---|---|
| Audit of Lapwing Suffolk Limited Accounts preparation Preparation of monthly payroll Total fees |
5,850 N/A N/A 1,950 Self-review, management Work is of a mechanical nature based on the underlying accounting records. Any key decisions and judgements are taken by management, including the agreement of any proposed adjustments. The financial statements are also reviewed by informed management. 7,800 3,740 Self-review, management Work is of a mechanical nature based on the underlying records. All payroll work is performed by a separate team to the audit team. 11,540 |
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The fees reconcile to the financial statements. The fees exclude out-of-pocket-expenses and VAT.
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We have assisted with the preparation of accounts. This is incorporated into the fee above. To avoid independence issues, we applied the safeguards listed in paragraph 5.124 in the Revised Ethical Standard 2019. We therefore confirm that none of our work involved initiating transactions or taking management decisions; and the services were of a mechanical or informative nature. The adjustments needed involved little or no professional judgement and we applied appropriate safeguards such that the adjustments made were reviewed by a suitably senior member of staff within the audit team.
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We confirm that there are no other significant facts or matters that impact on our independence as auditors that we are required or wish to draw to your attention. We have complied with the Financial Reporting Council’s Revised Ethical Standard 2019 and confirm that we, as a firm, and each covered persons, are independent and are able to express an objective opinion on the financial statements.
This covers all services provided by us and our network to the charity, its trustees and senior management and its affiliates, and other services provided to other known connected parties that may reasonably be thought to bear on our integrity, objectivity or independence. (Revised Ethical Standard 2019)
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AUDIT FINDINGS
OTHER COMMUNICATION REQUIREMENTS
| 1 2 3 4 5 6 |
Issue Commentary |
|---|---|
| Matters in relation to fraud We have previously discussed the risk of fraud with management and have not been made aware of any instances. No other issues have been identified during the course of our audit procedures. |
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| Matters in relation to related parties We are not aware of any related party transactions which have not been disclosed. |
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| Matters in relation to laws and regulations We are not aware of any significant incidences of non-compliance with laws and regulations applicable to the Charity. |
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| Written representations Representations will be requested from management in respect of the assumptions/judgements underpinning the financial statements. No non-standard representations are being requested. |
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| Confirmation requests from third parties We requested management permission to send confirmation requests to bank institutions for the period end bank balances. We have received all responses. |
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| Disclosures We are satisfied that disclosures are materially complete. |
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AUDIT FINDINGS
COMMUNICATION OF AUDIT MATTERS WITH THOSE CHARGED WITH GOVERNANCE
| Our communication plan | Audit Plan | Audit Findings |
|---|---|---|
| Respective responsibilities of auditor and management/those charged with governance | | |
| Overview of the planned scope and timing of the audit, form, timing and expected general | | |
| content of communications including significant risks and Key Audit Matters | ||
| Confirmation of independence and objectivity | | |
| A statement that we have complied with relevant ethical requirements regarding | ||
| independence. Relationships and other matters which might be thought to bear on | | |
| independence. Details of non-audit work performed by Lovewell Blake LLP and network | ||
| firms, together with fees charged. Details of safeguards applied to threats to independence | ||
| Significant matters in relation to going concern | | |
| Views about the qualitative aspects of the charity’s accounting and financial reporting | ||
| practices including accounting policies, accounting estimates and financial statement | | |
| disclosures | ||
| Significant findings from the audit | | |
| Significant matters and issue arising during the audit and written representations that have | | |
| been sought | ||
| Significant difficulties encountered during the audit | | |
| Significant deficiencies in internal control identified during the audit | | |
| Significant matters arising in connection with related parties | | |
| Identification or suspicion of fraud involving management and/or which results in material | | |
| misstatement of the financial statements | ||
| Non-compliance with laws and regulations | | |
| Unadjusted misstatements and material disclosure omissions | | |
| Expected modifications to the auditor's report, or emphasis of matter | |
ISA (UK) 260, as well as other ISAs (UK), prescribe matters which we are required to communicate with those charged with governance, and which we set out in the table here.
This document, the Audit Findings, outlines matters identified during the course of performing our work which we consider should be communicated in writing rather than orally.
Respective responsibilities
As auditor we are responsible for performing the audit in accordance with ISAs (UK), which is directed towards forming and expressing an opinion on the financial statements that have been prepared by management with the oversight of those charged with governance.
The audit of the financial statements does not relieve management or those charged with governance of their responsibilities.
Distribution of this Audit Findings
Whilst we seek to ensure our Audit Findings is distributed to those individuals charged with governance, as a minimum a requirement exists for our findings to be distributed to all the trustees and those members of senior management with significant operational and strategic responsibilities. We are grateful for your specific consideration and onward distribution of our report, to those charged with governance.
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Contact us at one of our offices in Norfolk, Suffolk or Cambridgeshire.
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Disclaimer: Please note that this Audit completion document is provided for your information only. Whilst every effort has been made to ensure its accuracy, information contained herein may not be comprehensive and you should not act upon it without seeking professional advice.
Registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales.
Details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C002613207.
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