REGISTERED COMPANY NUMBER- 08633047 IEngland and Wales) REGISTERED CHARITY NUMBER: 1153185 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 FOR AF&V LAUNCHPAD LIMITED Streets Audit LLP c/0 The Old Exchange 64 West stockwell Street Colche5tEr Essex COI IHE
AF&V LAUNCHPAD LIMITED CONTENTS OF THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30JUNE 2024 Page Report of the Trustees I to 13 Report of the Independent Audltor5 14 to 16 ststement of Flnanclal ActivlJes 17 Balance Sheet 18 Cash Flow Statement 19 Notes to the Cash Flow Statement 20 Notes to the Flnan¢lal Statements 21 to 35 Detalled Statement ol Flnanclal Activltles 36 to 37
AF&V LAUNCHPAD LIMITED IREGISTERED NUMBER:086330471 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the fi'nancial statements of the Charity for the year ended 30 June 2024. The trustees have adopted the provisions of Accounllng and Repornng bv Charitie5.' Statement of Recommended Pr3ctr'ce applicable to charitr'es preparing their accounts in accordance with the FinJncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. REPORT OFTHE TRUSTEES AND DIRECTORS COMBINED Chair's Report l am pleased to report that Launchpad has housed and provided essentiol support to 162 veterans this year and 72a slnce inception in 2013, thus aiding a successful transition to Civilian life. Over the past 5 years, on average 42% of our resldents gained employment and 62% moved on successfully,. these are impresslve hgures as around 85% of our resident5 came from a homeless background over the same period. This is what Launchpad 15 all about, givin8 a helping hand to veterans who need a bit of support at th15 Stage of their lives, SD they can then live successful arid independent lives thereafter. Launchpad provides 98 flats for veteran5 and their partners In 3 locations, Newcastle upon Tyne, Liverpool and Durham. Occupancy of Launchpad's houses continues to be high and there is no doubt Launchpad helps reduce homelessness among veterans, particularly In the north of England. The Charity benefltted enormously from Op Fortitude, the then-Government's initiative to end homelessness among veterans. Launchpad received nearly £650K over 2 year5 to help In S areas.. psychotherapy SUPPDrt in each house, funds for acfjvittes, salary funds for staff in each house to fpcus on veterans, trainin8 and employment and again, salary funds for an independent livln8 Coordinator in each house, to ensure alumni of Launchpad can access support If needed. This year. from july 2023 June 2024, Launchpad celebrated Sts 10th annlversary in 3 varSety of ways, Including a highly successful fundraising dinner, which w35 well-supported by partner organi5afjons and Sponsors. We are plannlng on repeating that regularly. We 3150 celebrated the 10th anniversary with lundfaising activities such as a cycle ride from Rock to the Rock lof Gibra1tarl, a sponsored golf tournament and a Royal visit, among many activities, It was a fithn8 event in our tenth year, showing how the Charlty has very successfully grown and increased in its capability to help veterans in need. The Royal vlsSt was in May and the Ouke and Duchess of Gloucester very kindly vislted Avondale House in the Byker Estate. Newcastle upon Tyne. I would like to thank the many fundlng organisations Ilisted later In the report) and volunteer5 that have supported Launchpad. Furthermore, corporate organisations have bectsme very involved with each of the houses. provldlng volunteers to carry out tasks In the houses, providing 8ifts in kind and donations. l arn grateful to our Corporate Fundraising Team for thelr energetr'c and dedlcaled support to Launchpad. I would Ilke to extend heartfelt thanks from the trustees and the staff of Launthpad to the staff in the many partner or8anlsafjons with whom Launchpad works and depends upon to provide sustalned and benelicial support for the resident veterans. effort. Finally, I must point out how wonderfully dedicated Launchpad's staff are to both Launchpad arid the veterans who reside in our three houses. Their job is frequently challenging, difficult and emotionally draining, however, they also enjoy seeing really Positive developments In m05t of thelr resident veterans and it 15 this that drives us all to do as well as we can, Lucy Perriam Chair, Trustee and Director Page I
AF&V LAUNCHPAD LIMITED IREGISTERED NUMBER:086330471 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 IUNE 2024 OBIECTIVES AND ACTIVITIES Oblettives and aims The objects of Launchpad remain as follows.. The rellef of financlal hardship amongst servlce personnel and armecl forces veterans and their dependants lin¢luding those who are serving rnemberg that are about to leave, and those who hove served in the armed forces and have already left) by the provlsion of housing and accommodation, the provision of edLJcatr'on, training, employment and financial support to help them resettle into civilian To promote social inclusion for the public beneht by preventin8 the beneliciarles identr'fied in the object from becomin8 soclally excluded, relieving the needs of those beneficiaries who are socially excluded and assistin8 them to integrate into 50cietv. For the purpose of this clause '50cially excluded, means being excluded from society, or parts of society, as a result of one of more of the followlng factors.. unemployment,. financial hardship, youth or old age,. institutionallsation; ill health (physical or mentall,. substance abuse or dependency including alcohol and drugs.. poor educational or skS115 attainment, relattonship and family breakdown or rejection,. poor housing Ithat is houslng that does not meet basic habltable standards. crime (either as a victim of crime ¢r as an offender rehabilitating Into stscletvl. Page 2
AF&V LAUNCHPAD LIMITED IREGISTERED NUMBER: 086330471 REPORTOF THETRUSTEES FOR THE YEAR ENDED 30JUNE 2024 OBJECTIVES AND ACTIVITIES Significant activities Strategv Launthpad employ$ 5.stages of care to its residents. on top of housing and flnancial advice.. l- Reception lown place, benelits, support plan) 2- Stabilising (mental health support if needed, psychotherapy) 3- Sociali5ing lactivities) 4- Preparation for employment l independent life leducatr'on and training) S. Independent living Imonltored ljy Independent Livin8 Coordinator IILCII Service Delivery Launchpad provide5 veterans with accommodaticin lthelr own refurblshed, one-bedroom flatl and commun31 facllitr'&s, for which thev pay rent, either using housin8 benefit, income or savings, in the majority of cases for up to two years, Each veteran is a55essed on arrival and 3 specilic developmental plan is pul in place, It will take into account the individual's health, wellbeing and ambittons. Working wlth other organisatr'Dns, Launchpad provides welfare and mental health support, as well a5 signp0sn8 to expert5, as nece55ary,' then Launchpad help5 the veterans acqulre lob5, Vla tralnlng If necessary, and permanent housing. One of the mèjor benefits of livlng In one of the Launchpad houses is the abillty for veterans to mix with individuals who have been through similar experiences while in the mllitary.. they usually feel part ol a team again and can help and support one another. Through a mix of voluntary social events and physlcal acttvlfje5, many referred to as diverslonary activities, the veteran5 galn confidence and sociol We work with many other agencies and charifjes to provide support to our residents including, at the appropflate time, training and employment, followed by housing advice. When the veteran is ready, or when he or She decides, we help them move on to independent living. The charity uses the Outcomes Star and sUPPOrt plans to plan and monitor veterans, development. House Management Each House is run by a Manager, a Deputy Manager and staff to cover operations, facllities, wellare, mental health, activities, training and employment, and alumni care. The Manager of Avondale House has also managed Hollyacre House. The number of siaff lor the 3 houses comprised 22 full-time and 3 part-time employees. Fundralslng Launchpad has engaged Individual contr3Ctors to raise corporate donaon5. Thls ha5 had a major impact, particularly through glfts-In- kind and volunteering from some well-established names such as.. Esh Construction. BAE Systems, EQUANS, Astra Zeneca, Asda, Morri50ns, Tesco, Bell Group, BITA, B&Q John Turner con5tructr.on and Dthers. Capidale ctsnttnue to ralse funds very successfully through grant applicaknons. Publlc beneflt Having regard to the Charity Commission's public benefit guidance, the Trustees of LaLJnchpad confirm that we are aware of the guidance, we have taken it into account when making a decision to which the guidance is relevant. and we believe the charity is doing a huge amount for public benefit. Page 3
AF&V LAUNCHPAD LIMITED (REGISTERED NUMBER.. 086330471 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2014 ACHIEVEMENT AND PERFORMANCE Charltable activlties Launchpad has looked after over 720 veterans since opening in 2013. 162 veterans lived in Launchpad'5 three houses this year, 80Y. from homelessness or slept rou8h/sof3 surfed, 49% with mental health problems and 98% unempSoyed on arrlval. The stati5tic5 that m05t indicate positive outcome5 are thèt on average, 50% secure employment durin6 thoir time with us and 62% move on successfully. Current interesting Statistrcs are as follows,. Key outcome statistics for the year are as follows.. Category Avondale House Hollyacre House Speke House Total No.1% of wholel Resident5 durlng year 47 23 92 162 Resldents at year-end 30133 191%) 14115 193%) 44150 188Y.I 88198 190%) Residents from a homeless background 40147 185%) 11123 148%) 78192 185%) 1291162 180%) Residents gaining employment in the vear 15147 132%) 5123 122%) 40192 143%) 601162 137%) Residents from HMP 1147 12%) 0123 (0%) 9192 iio%i 101162 16%) Successfully moved on from Launchpad 15.year average) 59186 169%] 13116 181%) 1061183 158Y.I 178 1285 162%] Employment on move.on15 year average) 25186 129Y.I 6116 138%) 47 1183 126Y.I 781285 127%> We use in-depth, annual resident Surveys to track progress across a wide range of measures includlng skllls, employabllity, se1f-confldence and opdmism. In our 2024 evaluation of veterans supported by Lauxchpad, veterans reported the followin8 Outcomes.. Feel better suppgiie(J 95% Iinpitsved ivellbei1i8 89% Receivetl lielp they couldi)'t 8è1 an.111ere eSse Feel le55 lonèly 89% 89% Betrer able to lind long.tem) acconiii)odatioii 87% Beller able to ni3naBe nneV 87% 81% Better able to deal %'iith dru8 andlor ¢)Icoliol addiciion5 77% 81r,'. 9(r.o I." Page 4
AF&V LAUNCHPAD LIMITED (REGISTERED NUMBER.. 086330471 REPORT OFTHETRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 We also ask veterans to tell us about their experiences before coming to Launchpad. The veterans responding to our annual survey In 2024 reported the following experiences.. 88% TliouHlii aboui suicide 56% LOllS.ierm phys1 liealih Eondition/(1isallI¥ 44% Addiction proeN5 Isell.repoiiedl IIIIIm 41% sell.hami .qrr' Case Studv Adam's storv. 'Launchp3d has been brllliant, the house is 59 peaceful and my support worker, Sharon ha5 been excellent. Trust is a masslve thing for me and I felt cornfortable and trusted her stralght away. She made me feel valued and is very approachable. Adam, 47, from Klrkcaldy, Scotland, admits he's had a really tough upbrin8ing and sights a lot of the ssueS he experienced as a child, contribute lar8ely to hls complex PTSD. Despite hls homelile, Adam, who is one of fi've, always wanted to join the Army just like hls bruther. He loved sports and was keen on playing football. He jollled the cadets at 10 years old and found himself in and out of foster care frorn the aBes of 12-16, He signed up to the Adjutant General's Corps at 18, successfully completing phase l of training. Due to clrcumstances out of hi5 control, e was unable to complete phase 2. sn 2002, he re-joined, initially training as a combat rnedical technlcian but eventually settling a5 a movernent controller for the Royal Logistics Corps where he completed five year5, service. He Spent 5 months in Iraq and sald it Was Stressful bèing attacked every night in Basra. Whenever there was downMe, he turned to alcohol to cope with his complex PTSD which now he realises laid dormant since childhood. It was also in 2005 when he turned trans, transitioning from female to male. He got posted to Germany but alcohol and his life spiralled out of control and he spent time in hospital before being medically discharged in 2007. Moving back to the UK, he qualified as a health trainer for the NHS and worked as a supervisor on a recycling initiative at the local authority which he really enjoyed. He said.. '1 was able to use my military experience to read m8p5 and guide colleagues to deliver the service, I really enjoyed this role., He then moved to Buxton to start a family 2nd fell pregnant with his daughter. He managed to stay off alcohol for a number of years and worked part-time toi provide for his daughter. Page 5
AF&V LAUNCHPAD LIMITED (REGISTERED NUMBER- 086330471 REPORT OF THETRUSTEES FOR THE YEAR ENDED 30JUNE 2024 After 3 visit to Scotland, things took a turn for the worse and he turned to alcohol again. He experienced severe trauma symptom5 frorn his childhood and feared for his daughter, who went into care at the age of four. He also served nine months at HMP New Hall in Wakefield for breaking a su5perided sentence. In 2020, he w@nt on detox and kickstarted his recovery. MoTe than 4 years later. he 15 still dry and is determined to put the past behind him. He is working hard on himself and also giving back to those who may be going through similar experiences. He said.. '1 have come this far and I'm proud of myself. I want to give back and help those who may be going through what I've been through. The Armed Forces Outreach Service has been great - I have a lot to thank them for. They helped me to engage with a recoverv college for my mental health and they have got me on the waitrn8 list to get trauma treatment. Prior to Launchpad, Adam was livin8 at Hardwick House in Middlesbrough and volunteers at Re-co-co - a recovery college In Newcastle that offer5 peer-led mental health education and support. He als0 completed their ambassador training programme and worked in the recovery cafe. He rnoved into Launchpad's Hollyacre House in November 2023 and sald. Launchpad h35 been brilliant, the house is so peaceful and mv support worker, Sharon has been excellent. Trust Is a massive thlng for me and I felt comfortable and trusted her straight away. She made me feel valued and is very approachable. I Ilke that human interactr'on. 'Launchpad treats me no differently. They always inspire and encourage me to 8et involved and I'm looking to cont'nue to do my peer. support, l also volunteer with R3inbDW Recovery in Middlesbrough to support and share My experiences with LGBTQ1A around alcohol and drugs. Sharon said.. 'Adam is doing really well and is tryin8 and turn h15 life around. He should be very provd of being over four years dry. Since rnovin8 into Hollyacre House, he has engaged wlth staff and fellow resldent5 which 15 8reat to See. It's just goin8 to take ilme but he Is so keen to give back and help those who may be struggling. '8y the end of the year, he hopes to be working p8rt.time and possibly full.yme next year. He is already looking to move.on and Ilve independently and re.engage with hi5 daughter. Communlty Project Speke House Communlty work Litter Picking Once a month we pick litter around the local area. Speke House provlded funding for Iltter pickers aT)d bag holders. The local church dollates refuse ba85 for us to use. On average, 8 residents join vs on our rounds. We use this opportLinity to let resident5 in our communlty know who we arp and where we are from. Feedback is always positive and any new veterans that have joined us will have the chance to explore the area where they live, We have a good relationship with All Saint5 Church. We have pledged to tidy their memorial site and litter pick in their grounds once a month. This is a well-received activity and any of our residents can partr'cipaie, no matter what their abilitfjes. Page 6
AF&V LAUNCHPAD LIMITED IREGISTERED NUMBER: 086330471 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Partner Organisatrons Launchpad depends on partner organis3tions to effect the holistic support we bringto the residents. Key partners, whom we would like to thank for their excellent work are a5 follow5.. Avondale House Welfare We Are wlth You, Unique Fitness, RBL, SSAFA, ASF, CRISIS Skylight, Plumber Court, WWTW. Project Nova, OT Placements. Northumbria Universltv. Newcastle City Council, Northern Learning Trust, Newcastle Veteran5 Cycle Hub, Gateshead Walklng Club, DWP, Food Banks, Local Grant scheme'5, Turn to Us, Greggs Trust, Crisis support scheme, SIS.. Newcastle City council. Mental Health Op Courage. MIND, Combat Stress, Veterans at Ease, TILS, Anxlous Minds, Talking Therapies, Ment31 Health Concern, Samaritans, NH5 Community Mental Health Team, Plummer Court, Humankind, Head Start, NTAR.. Integrated Drug & Alcohol service, Crisls team, Samaritans. James, Place. Dlversionary AcVIe5 St Michaels Communlty Centre, St Mlchaels Church, Byker Primary School, Byker Community Trust. Gardening Activities, Walklng, Veterans breakfast Club, Boxing, Go-Karting, Craft5, Gyrn, Beamish visits, painting & Decoratr'ng ctivity, Battle Back Residential acvItY center. Employrnent Trainlng CRISIS Skyllght, Newcastle Rall Network, Amazon, RE,, GEN, Newcastle University, Sunderland University, People Plu5, Building Heroes, RMF, Northern Learnin£ Trust, NE Counclls. Educadon and Trainin8 Walker HIVE, Northurnberland University, Lifeworks, Bell Group IP&DI, Learning Curve, CRISIS Skylight, Re-co-co, Newcastle University, Sunder1and Unlversity, SAVANT, Northern Learning Trust, Multtplv. Housing Gateshead Council, AFOS (Northumberland, Newcastle, North Tyneside, Durham, Gatesheadl, HAC, Private Landlords, My Space, Changing Lives, Riverslde, Veterans Gateway, Shelter, Byker Community Trust/Karbon Home5, Places for people, Johnny Johnson Housing, Gentoo, Your Homes Newcastle, South Tyne51de HL)mes, Gateshead Housing, Anchor Housin& Thirteen Group. Others Money Matters, Veterans UK, CAB, SSAFA, RBL, ABF, EE, National Energv, Neighborhood Policp. GP'S. Dentists, Loca1 Health centers, Newcastle Law Cenire, Local Comrnunily Centers, Newcastle Carers. Health and Social Care Direct Safe8uardin8 Toam, Armed Forces Forums each of the LA'S. Speke House Welfare Addaction, Veterans Welfare, R8L, Everton Sn the Community. Tom Harrison House,Rise. Project Nova, Carpenters Arms. Integrated Recovery Services, wwrw, Veterans Aid, Social Services, Sanctuarv. Mental Health Talk Llverpool. Mos5 House. CHATS, Loc31 GP /CPN support, Op Courage, PTSD UK, John Luc3s- Therapist, Mindset matter5, Combat Stress, Life Ways, NH5 crisls team, Andys Man Club. Diversionary A¢tivlties Everton in the Community. Battle-Back Centre, LFC Foundation,Cat Zero, Bearded Men, CFO, Mi55ion Motorsport, Dutch FarmlYMCA, Donkey Sanctuary, Fishing club, Calmer Waters, Breakfast Club, Air fiix Model Club, Cycling Club, Cooking Club. Allotment & Gardenlng Club. Page 7
AF&V LAUNCHPAD LIMITED IREGISTERECJ NUMBER: 086330471 REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Training, Education &Employment Speke Training and Educats"on Centre, DWP, Sovini Group, Liverpool in Work, Inside Connections, Veterans into Logistics, Equans, Training Solutions. Skill Force, Skill boot camp, Ftw Training, ALT Valley Communiversity, Building Heroes. Speke Hall, Seascope, CE3, Catch 22, NWA Academyj FTW, Job Skilla, Trainin8 & Employment Services, OPS, Ingeus, Veterans lob Board, WWTW, Life Works, High Ground Housing South LlverpDol Homes, Property Pool Plus. CC Housing, Riverside, Anchor, Liverpoolmutual Homes, Tarus, Houslng 21, Op Fortitude, Private Landlords. Others Warrior Pro8rarnme, 8&Q Nelghbourlyi local councillors, A5tTaZeneca, Morrisons. Tesco, A5da, Royal Navy, Probayon & Community payback service, All Saints Church & Local nei8hbourhood. Ladies Fellowship group, Hollyacre House Welfare WWTW, Prolect Nova, Llve Well NE, RBL SSAFA, ABF, East Durham Veterans, Sunderland University OT Placement5, Age UK, DCC Social Worker, NHS Healthsquad, H4H, Battle Back. WWTW, Gym 24 Sacriston. Mental Health On Site Psychotherapist, Sunderland Universlty OT Placements, Chester-Le- 5treetMental Health Clinic, AnxSous Minds, Veterans at Ease, VTILS, NHS Veterans Mental Health Complex Treatment Services, GP Secondary Menla1 ealth, Tees, Esk andwear Valley Foundatton NHS Trust, CRISIS, H4H, WWTW, OP Courage. Dlversionary Acfjvifjes Battle Back, The Old Church 5acri5ton, Breathing Space, Men's Shed Witton Gilbert.8attle Zone, NHS Trust Durham & Darlington. DCC Health Squad, Durham & Darlington NHS Trust, Combined Veteran5 England Football Club. ESH Group, RFEA, BAE, EQUANS, RE.. GEN Group, Orange Box, Kier Construction,H4H, WWTW, NE County Council Employment and Trainlng Coordinator. Employment Training Education and Trainin8 Learning Curve, Northern Le2rnlng Trust, Woodshed 5acriston, NE Counclls Educabon/College5 Durham LearnlMultr"p1y, Northern Learning Trust, Orange Box, RE COCO College. Housing AFOS, Durham Key aptions119 Housln8 Providers), Home Group, Anchor Houslng. Others Supported Htsvsing lrnprovement Programrne Tearn, Durham Armed Force5 Forurn, Non-commissioned Housing Providers Forum, Armed Forces Buslness Forum Page 8
AF&V LAUNCHPAD LIMITED IREGISTERED NUMBER.. 08633047) REPORT OF THETRUSTEES FOR THE YEAR ENDED 30JUNE 2024 FINANCIAL REVIEW Financlal posltion Income for the year totalled El,655,22112023 £1,272,873) which Included restricted grant income of E601,916 12023- £276.0841 less restricted deductr.on lo rents of E6,71912023 £7,408) for heatinggrants and unrestricted income of £1,060,02412023- £1,004,19713ri5ing from rents, service char8es, bank interest and donations. Expenditure for the year totalled £1,589,38412023 £1,287,843) of which £493,58712023 £229,039) was restricted expenditure leaving unrestricted expenditure of £1,095,79712023 - £1.058.8041. There was an overall surplus of £6S,837 for the year12023 deficit £14,970). Net issets at 30th lune 2024 totalled £1,482,792 12023 . £1,416,9551. Thls included fixed assets of £1,044,939. debtors of £73.982, cash at bank 01 £700,872, short term liabilitie5 of £113,769 and long terrn liabilities of £223,232. Reserves held at 30 June 2024 totalled £1,482,79212023.. £1,416,955) made up of Unrestricted Fund5 £1,237,95312023 £1,273,726) and Restricted Funds £244,83912023 £143,229). Launchpad's princlpal sources of income lover £IO,0001 in the last year have been.. Rental income.. £459,101 Servlce charge Income,. £495,338 Spon50r5hip and fundraising events £27,347 Grant income.. £61ys,371 most of which was from the following.. Army Benevolent Fund The Albert Gubèy Charitable Foundation The Veteran5' Foundation Queen Mary'5 Roehampton Trust The Armed Forces Covenant Fund Trust The Charity of Sir Richard Whitrngton Royal Navy and Royal Marines Charity We express our thank5 to those funding organisatians who have Supported Launchpad. All expendlture has been used to sustain the activitie5 of the charity, according to its objects, Fundin6 goes to pay rent on Avondale House (to Karbon Homesl, salaries. runnin8 Costs, capital expenditure and veterans, activities. We have yet to build up sufficlent reserves to require investment objecfjves, other than to maximise bank interest. Reserves pollcy Our aim 15 to build up sufficient reserves to cover the following.. Unforeseen emergency leg repairs) Temporary staff costs Income ceased, or halted unexpectedly Short-term cover between grants Closure- Redundancy £88,500, 2 months running cos15- £266,000. Thi5 currently amounts to £498,000. Actual reserves excludin8 fixed assets were £466,000 at 30 June 2024. The Reserves Policy is reviewed from tr'me to time. STRUCTURE, GOVERNANCE AND MANAGEMENT Governin8 document The charity is controlled by its governing document. a deed of trust, and constitutes a limited company. limited by guarantee, 3$ defined by the Companies Act 2006. Page 9
AF&V LAUNCHPAD LIMITED (REGISTERED NUMBER: 086330471 REPORT OF THETRUSTEES FOR THE YEAR ENDED 30JUNE 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Ofganlsational 5trutture The or82nisation of Launchpad is a5 follows.. Launchpad's Structure YE June 2024 TrUSTE tk Tubbs ICh4lr, partolyirl Lucy Perithm (new Chalr. part of ¥1 Mijor (Rttdl Ken M(Mllan MBE Brf¢hdler IRetdl Dr Phlllp Mlur QVRIA OL Uwl•nlC0lOr4l IAetdl Rlth4rd Thxon-W•rr•n Colond MMkVndtth1110BE DL S•rnhioul• MtC4nrv CEO,. Mal Gen Oa¥ld Sh•wC8E Ch•rltySt'. Mmdy Crompton D•puty FIrKoffiC..J0hrt Matth$ Iplrtof will ICT M•n¥•r'. MJrb•yr.. Phll Thompson Oeputy Manlierl AMlf•¢1lltSj., H¥ AMIProiettsl.. SDM Huihes $pKIlS1 Casx)tk•i.. Ann Wl i•adSuFyort wotpw. Elalne Thcffip Irt01) SPEKE bK>USÉ MNyr.' S•m l•cksM ijeputy IIDnayr.. HIAh•m AtlMllesCoNd., Jn Butkjvrf SpKlaMILCaseYairki,. K•1• Rll•v Ernp¢& Try Sp•t.' P•trf¢k Dowhue (wrt 01•r} F•cllIlJ CaoidinblN.. Rthrt Loeknr OeputyFatdlllES Milwr.. JohnRtsberts IiC'.j•i $ty1partl y••rl Int•Mnce'. Pul Bwrnidn IIDuseleyr.. ColknCochr•n• HOLLYACNE NOU Mpnaiw.. PhIlThoMttTr Depjty M•n•i•rlLè•dsupwJrtWorknr'. YronHudt Accounts.. llna Buffdl F•d11¥ nler.. Stts Dodd Am1PIe¢l5l & Cafetaer'. Chr15 Jickson ILC.. M•ty Dou*J Page 10
AF&V LAUNCHPAD LIMITED (REGISTERED NUMBER.. 086330471 REPORT OF THETRUSTEES FOR THE YEAR ENDED 30JUNE 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Induction and tralnlng of new trustees Trustèes The organ15atlonal structure ha5 remained the sarne, however, staff number5 have Increased. allowin8 the Charity to deliver more comprehensive services. Membership of the Board of Trustees has changed with one resignation and one new appointment during the year. Lucy Perriam became Chalr, following the resignatr'on of Nick Tubbs at the end of October 2023. Governance Followlng wide adverttslng, Trustees are appointed by extant trustee5 through interview and consideration of Cvs. All new trustees are fully br1efed on Launchpad, Including being shown round one or more of the houses, meeting the staff and residents. Meetings are invariably held in one or other of the Charity's Houses, when possible,, vlrtual meetings were Ljsed through the pandemic and have been very effective. Trustees are encoLJraged to atterid trustee training and are also encouraged to read about their duties through sltes such as those of the Charity Commission. A Tru5tee5' meettng Ss held every quarter and trustees are contacted between meetings, as necessary. We held weekly, virtual mana8ement meetings Involving the CEO, Charity Secretary, administrative staff and the House Managers. Conttngent deci51ons about Launchpad's operation are made when necessary and other decisions are made at the varlovs management meefjngs, dependln8 on circumstance5. ThE Audit & Finance Committee meet5 when ne¢essarv. The Charity has completed the Cobseo self-testlng Governance tool, based on best practice and Charity Commission dlrection, the re5uIt of which shows that Launchpad has a green 5tattlS, the best that can be achieved. Elements of the work can be seen on the Launchpad website under the Govern3nce tab. Rlsk management The trustees have a duty to identify and review the risks to which the charityls exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Risks are laid out in the risk management matrlx and are considered at the manogement and trustee meetings with appropri3te actr'on being taken to avoid or mitr'gate them. Some trustees have p8rtr"cular rlsk areas upon which they focus, taking advantage of their professional experience. The major risk to Launchpad at the time of writing Is worsenin8 of the economic environment leading to reducyons In income from Lgcal Authority/Government and funding organisations.. however, the charlty is in a sound positr'on at the ttme of reporting. Structure, Governance and Management The charity is ctsntrolled by its 8overnlng document, the Model Memorandum and Bespoke Articles of Asseciatr'on of AF&V Launchpad Limited, and is Ilmited by guarantee. The charitable company was incorporated on l August 2013 and was registered as a charlty on the same date. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 08633047 (England and Walesl Règlstered Charlty number 1153185 Reglstered offi¢e Enterpr15e House Harrmire Enterprise Park Barnard Castle DL12 8XT Page 11
AF&V LAUNCHPAD LIMITED (REGISTERED NUMBER.. 086330471 REPORT OF THE TRUSTEES FOR THE YEAR ENDEL) 30 JUNE 1024 Trustees N Tubbs Iresigned 30.10.231 K Mcmillan R Dixon-warren L Perriam (Chalrl Dr P Mlxer Iresigned 7.11.241 Colonel M Underhill OBE DL S Mccartnev 8rig3dler P 6aker 08E (appointed 23.2.241 l Dormer (appointed 16. 11.241 K McGough (appointed 18.11.241 C Smith lappointed 19 11.241 Manager of Avondale House & Hollyacre House Phil Thompson Manager of Speke House Samantha jackson Company Secretary Amanda J Crompton Audltors Street5 Audlt LLP ¢/0 The Old Exchange 64 West Stockwell Street Colche5ter Essex COI IHE Advisers 8anker5 Co-Oper3fjve Bank PO Box 101 l Balloon Street Manchester M604EP Royal 8ank of Scotland Holt's Farnborough Branch L3wrie14ouse Vlctoria Road Farnborough GU14 7NR Page 12
AF&V LAUNeHPAD LIMITED IRÈGISTERED NUMBER.. 086330471 REPORT OF THE TRUSTEES FOR THEYEAR ENDED 30JUNE 2024 STATEMENT OF TRUSTEES, RESPON518ILITIES The trustees (who are also the directors of AF&V Launchpad Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the Hnanclal statements in accordance with applicable law and United Kingdom Accounting Standards Iunlted Klngdom Generally Accepted Accountin6 Practice). Company law requires the trustees to prepare fin3Thcial statements for each financial year which give a true and fair view of the state of aflalr5 01 the charitable company and of the Incomin8 resources and application of resources, Including the income and expenditure, of the charitable company for th3t period. In preparing those financial st3ternent5, the trustees are required to select suitable accounting polieles and then apply them consistently., observe the method5 and prbnciples in the Charity SORP., make jud8ements and estimates that are reasonable and prudent; prepare the fi'nancial statements on the going concern basis unless it Is Inapproprlate to presume that the charStsble company wlll ConnUe in business. The trustees are responslble for keeping proper accounttng record5 whlch dls¢105e wlth reasonable accuracy at any me the financial position of the chorilable cornpany and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for 53fe8uarding the a55ets of the ¢harltable company and hence for takbng reasonable Steps for the prevention and detecfjon of fraud and other irregularitie5. In 50 far as the trustees are aware.. there Is no relevant audlt Information of which the charltable company's audltors are unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Informatlon and to establlsh that the audStors are aware of that Informatton. AUDITORS The auditors, Street5 Audlt LLP, will be proposed for re-appolntment at the forthcoming Annual General Meellng. Approved by order of the board of trustees on 13 February 2025 and signed on Its behalf by.. A J Crompton- S cretary Page 13
REPORT OF THE INDEPENDENT AUDITORSTOTHE MEMBERS OF AF&V LAUNCHPAD LIMITED IREG15TERED NUMBER- 086330471 Oplnlon We have audited the financial statements of AF & V Launchpad Limited the'charitable company'l for the year ended 30 June 2024 whlch comprise the statement of financial activities, the balance sheet, the statement ol cash flows and the notes to the linancial statements, including a summary of significant accountr'ng policies. The fi"n3ncial reporting framework that has been applied in their preparation is pplicable law and United Kingdom Accounting Standards. including Financial Reportr'ng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland IUNited Kingdom Generally Accepted Accounting Practice). In our opinion, the linancial statements.. give a true and falr view of the state of the charltJble company'5 affairs as at 30June 2024 and of it5 incoming resources and application of resources, Includlng its Income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practfce, and have been prepared in accordance with the requirements of the Companles Act 2006. Bas15 foy oplnlon We conducted our audit in accordance wlth International Standards on Auditing IUKI IISAS IUKII and applicable law. OUT responsibilities under those standards are further clescribed in the Auditor's responsibilities for the audit of the financial statements sectton of our report. We are independent of the charitable company in accordance with the ethical requiremenls that are relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethical Standard, and we have fulfi'lled our other ethical responsibilities in accordance wlth these requirements. We believe that the audit evidence we have obtained Is sufNcient and appropriate to provide a basls for our opinion. Concluslons relatin8 to 8oln8 concern In auditing the financial statements, we have concluded that the Trustees, Use of the golng concern basis of accounttng in the preparatton of the lin3nclal statttments is appropriate. 8a5ed on the work we have performed, we have not identifled any material uncertaintr'es rel3Ong to events or conditions that, individuallv or collectively, may cast significant doubt on the charitable company'5 ability to confjnue 35 a going concern for a period of at least twelve months from when the fi'nancial statements are aulhorised for issue. Our re5ponsibllities and the responsibilities of the Trustees with respect to golng concern are described in the relevant sections of thls report. Other Information The oth2r information comprlses the information Included in the annual report other than the financial statements and gur auditor's report thereon, The Trustees are responsible for the other information contained within the annual report. Our opinlon 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 toncluslon thereon. Our responsibility is to read the other informatton and, in doing so, consider whether the other Information is materially inconslstent with the flnancial statementg or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. 11 we identify such material Inconsistencies or apparent material misstatements, we are reouired to deterrnlne whether thi5 Elves rlse to a material misstatement in the fi'nancial statement5 themselves. If, based on the work we have performed, we conclude that there is a material mi5Statement of thi5 Other Information, we are required to report that fact, We have nothing to report in this regard. Oplnlon5 on other matters prescrlbed by the Compartles Act 2006 In our tsplnion, based on the work undertaken In the course of our audit.. the information given in the Trustees, report for the ftnanci21 year for which thè fi.nancial statements are prepared, which includes the director5, report prepared for the purposes of company law, 15 conslstent with the fi'naNcia5 statements., and the directors, report included within the Trustee5' report has been prepared in accordance with applicable legal requlrements. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matter5 in relètton to which the Companies Act 2006 requires us to report to you if, in our opinion.. Page 14
REPORTOFTHE INDEPENDENT AUDITORSTO THE MEMBERS OF AF&V LAUNCHPAD LIMITED (REGISTERED NUMBER: 086330471 adequate accountr'ng records have not been kept, or returns adequate for our audit have not beeri received from branches not vislted by us, or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, rernuneranon 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 preparlng the Trustee5' report and from the requirement to prepare a strategic report. Responslblllties of Trustees As explained more fully in the Statement of Trustees, responsibilitie5, the Trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being saYsfied that they Bive a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of ftnancial 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to goin8 concern and usin8 the going concern basis ol accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Audltoy's responslbllldes for the audlt of the ftn3n¢l81 statemenls Our objectives are to obtain re3sonable assurance about whether the Hnanclal statements as a whole are Iree from material mi55tatement, whether due to fraud or error, and to Issue an auditor's report that includes our oplnion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi5Statement when it exist5. Misstatements can arise Irom fraud or error and are considered material if, individually or in the aggre8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these hnancial statements. Irregularle5, including fraud, are instances of non-compllance wlth laws and regulatton5. We deslgn procedures in line wlth our responslbllides, Outlined above, to detect material misstatements In respect of irre8ularitr'¢s, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irrègularitr'es, including fraud is detailed below.. The engagement partner ensured that the enBa8ement team colleCVelY had the appropriate competence, ¢apabilities and skills to identify or recognise non-compliance with applicable laws and regUlaOn5,. We identified the laws and regulations applicable to the charlty through discussions with trustees and other man3gernent, and from our commercial knowledge and experience of the sector., We focused on specilic law5 and regulations which we Consldered may have a direct materi31 effect on the financlal statement5 or ihe operations of the charity, includin8 the Companies Act 2006, charleS Act 2011, Information Commlssioner, and Fundralsln8 Regulator. We assessed the compllance wlth law5 and regulations identilied above through making enouires of management and inspecting correspondencè. These were comrnunicated within the audit team regularly and the team remained alert to Instances of non-compllance throughout the audit. We considered the internal controls In place that would mitigate the risk of fraud and non-compliance wlth law5 and regulaon5. We identifi'ed the greatest potential for fraud or non-cornpliance with laws and regulations in the following areas, and the speciflc procedures performed to address them are described below.. - We obtained an understanding of the incorne proces5 and the flow of flnancial information to the general ledger and how this Is classified as restricted and unrestricted. CLJt-off tpsting was performed at the year-end date by reviewing income which had been accrued for and expenditure which had been recorded after date to identify if any transactions had been recorded in the incorrect period. In line with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk ol management Dverride. In addressing the risk of fraud through management override of controls, we reviewed accounting record5 for any unusual adjustment5 and performed testt'ng on journal entries. Page IS
REPORT OF THE INDEPENDENTAUDITORS TOTHE MEMBERS OF AF&V LAUNCHPAD LIMITED (REGISTERED NUMBER: 086330471 In addition to the above, our procedures to respond to the risk identified included the follDwing'. reviewing financial statement disclosures by testing to supports.ng documentation to assess Compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements,. performed analytlcal procedures to identify any unusual or unexpected relationships that may Indlcate rlsk of materlal rni55tatement due to fraud.. made enquires to management concerning actual and potential litigation and claims, and instances of non-compliance for the year. Because of the inherent limitations of an audit, there is a rlsk that we will not detect 311 irregularitr'e5, includin8 those leading to a material mi55tatement in the financial statements or nun-compliance with regulatt"on. This risk increases the more that compllance with a law or regulation Is removed from the events and transactions reflected in the flnancial statements, as we will be less likely to become aware Df instances of non-compliance. The risk Is also greater regarding irre8ularitle5 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omi55ion or misrepre5ent3b"on. A further descriptlon of our responsibilifjes Is available on the Financial Reportr'ng Council's website at,. http5,'//www.frc.or8.uklOur- WorklAudit/Audit-and-assurance/Standards-and-guidallce/Standards-and-guidance-for-auditors/Auditors-responsibilltres-for- audit/Description-of-auditors-responsibilities-for-audit.aspx. This descriptlon form5 part of our audltor's report. We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the 8udlt and slgnificant audlt lindings, including any 5ignifitant deflclencles in Internal control that we Identify during our audlt. Use of our report This report 15 made solely to the chartable company's members, a5 a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit Work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and lor no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company'5 members as a bodyi for our audit work, for this report, or for the opinions we hove formed. Rachel Skells 8A FCA Isenlor Statutory Audltorl for and on behalf of Streets Audit LLP c/0 The Old Exchange 64 West Stockwell street Colche5ter Essex COI IHE Date.. Streets Audit LLP is eligible for 3ppointmEnt as auditor of the charity by virtue of its ellgibility for èppolntment a5 auditor of a companv under section 1212 of the Companies Act 2006. Page 16
AF&V LAUNCHPAD LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30JUNE 2024 30.6.24 Total funds 30.6,23 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM DonaUon5 and IESaCI¢ 57,505 601,916 659,421 472,998 Charltable activltles Avondale House Speke HDUSe Hollyacre House 410,215 386,120 185,451 16,7191 403,496 386,120 185.451 262,951 352,488 158,214 Investment incorne Other income 15,212 S,S21 15,212 5,521 10,357 15,865 Total 1,060,024 595,Ig7 1,655,221 1.272,873 EXPENDITURE ON Charltable •cttvltles Avondale House Speke House Hollyacre House 429,022 472,639 194,136 192,773 219,823 80,991 621,795 692,462 275,127 499,524 530,693 257,626 Total 1,095,797 493,587 1,589,384 1,287,843 NET INCOMEIIEXPENDITVREI 135,7731 101,610 65,837 114,9701 RECONCILIATION OF FUNDS Total funds brought forward 1,273,726 143,229 1,416,955 1,431,925 TOTAL FUNDS CARRIED FORWARO 1,237,953 244,839 1,482,792 1,416,955 The notes form part of these financial statements Page 17
AF&V LAUNCHPAD LIMITED IREGISTERED NUMBER: 086330471 BALANCE SHEET 30JUNE 2024 30,6.24 Total funds 30.6.23 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible asset5 12 1,044,939 1,044,939 1,078.599 CURRENT ASSETS Debtors Cash at bank and in hand 13 73.982 456.033 73,982 700.872 59,144 607,168 244.839 530,015 244,839 774,854 666,312 CREDITORS Amounts falling due within one year 14 1113,7691 1113,7691 197,0251 NET CURRENT ASS$ 416,246 244,839 661.085 569.287 TOTAL ASSETS LESS CURRENT LIABILITIES 1,461,185 244,839 1,706,024 1,647,886 CREDITORS Arnount5 falling due after more than one year 15 1223,2321 1223,2321 1230,9311 NET ASSETS 1,237,953 244,839 1,482,792 1,416,955 FUNDS Unrestricted funds Restricted funds 19 1.237,953 244,839 1,273,726 143,229 TOTAL FUNDS 1,482,792 1,416,955 These fi'nancial statements have been prepared in accordance with the provisions opplicable to charitable tompanies subject to the small ompanies regime. The fi'nanclal statements were approved by the Board of Trustees and authorised for issue on 13 February 2025 and were signed on its behalf by.. L Perriam- Trustee The notes form port of thesè linancial statements Page 18
AF&V LAUNCHPAD LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 30.6.24 30.6.23 Notes Cash flows from operating activities Cash generated from operations Interest pald 113,565 113,3641 47,398 115,2501 Net cash provided by operating activities 100,201 32,148 Cash flow5 from InveSn& activltles Purchase of tan6ible fi'xed assets Interest received 114,4711 15.212 117,8751 10,357 Net cash provided byllused inl Investtng actiVie5 741 17,5181 Cash flow5 Irom financlng a¢VItIeS Loan repayments in year 17,2381 15,9121 Net cash used in fi'nanclng activities 17,2381 15,9121 Chan8e In cash and cash equSvalents In the reporttng perlod Cash and ¢ash equlvalentg at the be8lnnlng of the reportlng perlod 93,704 18,718 607,168 588,450 Cash and cash equlvalents at the end of the rePorn8 perlod 700,872 607,168 The notes form part of these financial statements Page 19
AF&V LAUNCHPAD LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30JUNE 2024 RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 30.6.24 30.6.23 Net IncomelleKpendlturel for the reportin& perlod las per the Statement of Flnanclal A¢VIties) Adjustments for.. Depreclation charges Loss on disposal of fixed assets Interest received Interest paid Ilncreasel/decrease in debtors Increaselldecreasel in credltors 65.837 114,9701 45.098 3,033 115,2121 13,364 114,8381 16,283 52,955 110,3571 15,250 5,818 11,2981 Nèt cash provided by operations 113,565 47,398 ANALYSIS OF CHANGES IN NET FUNDS At 1.7.23 Cash flow At 30.6.24 Net cash Cash at bank and in hand 607,168 93.704 700,872 607,168 93,704 700,872 Debt Debt5 faS1ing due within l year Debts falling due after I year 17,1361 1230,9311 14611 7,699 17,5971 1223,2321 1238,0671 7,238 1230,8291 Total 369,101 100,942 470,043 The notes form part of these linancial statements Page 20
AF&V LAUNCHPAD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2024 ACCOUNTING POLICIES 835is of preparlng the ftnanclal statement5 The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared In accordance with the Charines SORP (FR5 1021 'Accounting and Reportin8 by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts Sn accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companie5 Act 2006. The hnanclal statements have been prepared under the historical c05t convention, The finantial statements are prepared In sterling, whlch is the functtonal currency of the entity. The entity is a Publlc 8enefi't Entity, Golng Concern There are no material uncertalnties about the charity's abillty to continue. Llmlted by Guarantee The company 55 limited by guarantep. At 30 June 2024 there were 7 members I trustees each of whom had undertaken to contrlbute an amount not exceeding £5 In the event Of a wlndlng up. The compènybs undeT the tontrol of the directors as B body and as such 15 not controlled by any individual. Critlcal accounttng judgements and key sources of estIMaOn uncertalnty The preparation ol the financial staternents requires management to rnake judgements, estimates and assumption5 that affect the amounts reported. These esttmates and judgements are continually reviewed and are based Dn experience and other factor5, including expectattons of future events that are believed to be reasonable under the circumstances. The Trustees con51der that there are no signilicant estimates or judgements aff ecting these llnancial staternents. Income All income 15 included In the statement of financial actyvittes when the charity is entitled lo the income, any performance related condition5 attached have been met or are fully wlthin the cantrol of the charity, the income is considered probable and the amount can be quantilied with reasonabl¢ accuracy. The following specific policles are applied to particular categories of income.. Donation5 and legacy Income Is received by way of donatfjons, legacies, 8rants and gifts and Is inclu(Jed In full in the Statement of Financial Activities when receivable. Where legacies have been nobNed to the charity but the criteria for income recognition have not been met, the legacy is treated as a contingent asset and dlsc105ed if material. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charlty becornes uncondidonally entitled to the grant. Donated services and facilitles are included at the value to the charity, being the amount the charity woulcl have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. Investment income Is Included when receivable. Income frorn charitable trading activity Is accounted for when earned, Income from grants, where related to performance and speclfic deliverables, are accounted for as the charity earns the right to Consideration by its perfDrrnance, Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relate5.' Page 21
AF&V LAUNCHPAD LIMITED NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES- continued Expendlture C05t5 of raising funds comprlse the cost5 a55ociated with attractin8 donations, 8rants and legaeies and the costs of tradin8 for fundraisin8 purposes. Charitable expenditure comprises those costs incurred by the charlty in the delivery of its activities and services for its beneflciaries.11 includes both costs that can be allocated directly to such acttvltles and those costs of an indirect nature nece55ary to support them. Other expendlture Includes all expendlture that Is nelther related to raising fund5 for the charity nor part of Its expenditure on charitable activities. AII costs are allocated between the expendlture cate8orles uf the SQFA on a ba515 de51gned lo reflect the use of the resource. Costs relang to a particular activity are allocated directly, others are apportioned on an approprlate basis, as set out in the notes to the account5. Tanglble flxed assets Depreciation 15 provided at the following annual rates in order to wrlte off each asset over Its e5Mated useful Ilfe, Freehold property Improvements to property Plant and machinery Fixtures and httings Mot¢r vehicles 2% on cost Over the term of the lease 25% on redvcin8 balance 2S% on reducing balanee 25% Dn reducing balance Fixed assets are stated at C05t le55 accumulated depreciatton. The costs of minor addittons or those costing below £100 are not capitalised. Taxatlon The company Is considered to pass the tests set out in Paragraph I Schedule 6 of the Flnance Act 2010 and therefore It meets the defi'nition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxatfion in respect of income or capital gains received withln categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the taxation of Chargeable Galns Act 1992, to the extent that such incorne or galms are applied excluslvelv to charitable purposes. Fund accounttn¥ Unrestricted funds are available for use at the dlscrett'on of the trustees In furtherance of the purposes of the charity, Designated fund5 are unre5tri¢ted funds earmarked by the trustee5 for speciilic purposes. Restricted funds are subjected to restricdon5 on their expenditure imposed by the donor, Hlre purchase and leasln8 commltments Rentals paid under operating leases are charged to the Statement of Financial Actrvlttes on a straighi line basis over the period of the lease. Penslon Costs and othey post-retirement benefits The charitable company operate5 a delined contribution pension scheme. Contrlbuttons payable to the charitable company's pension scheme are chèrged to the Statement of Financial Activities In the period to which they relate. Accounting pollcles condnued Operattng Leases Lease payment5 are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentr'ves is recognised as a reduction to expense over the lease term, on 3 straight-line basis. Page 22
AF&V LAUNCHPAD LIMITED NOTES TOTHE FINANCIALSTATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES- continued Accounting pollcle5 continued Impalrment ol Flxed A55ets A review for indicators of impairment is carried out at each reporting date, with the recoverable arnount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are 35so reviewed for p055ible reversal at each reportr'ng date. For the purposes of impalrment testing, when it 15 not posslble to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generattng unit to which the asset belongs. The cash-generating unit is the smallest identlliable grDUP of assets that Includes the asset and generates Cash inflows that largely independent of the cash Inflows from other asset5 or 8roups ol asset5. Flnanclal Instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financlal instruments are Initially recogni5ed at transaction value and subsequently measured at their settlement value. Defined Contrlbutlon Plans Contributions to deflned contribution plans are recognised as an expense in the perlod In whlch the related service Is provided. Prepaid contribvttDn5 are recogn15ed as an a55et to the extent that the prepayrnent will lead to a reductton In future payments or a c35h refund. When contributr'ons 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 dlscounted present value basis. The unwindiffl8 of the discount Is recognised as an expense in the period in which it arises. Debtois Trade and Other debtors are reco8ni5ed at the settlement arnount due after èny trade discount off ered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best esfjmate of the amount5 receivable al the balance sheet date. Cash at Bank and In Hand Cash at bank and cash in hand include5 C25h and short term hlghly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Credltors Creditors are recogni5ed where the charity has a present obligation resulttng from a past event that will probably result in the transfer of funds ta a third party and the amount due to settle the obligation can be measured or estr'mated reliably. Creditors are normally recogn15ed at their settlement amount after allowing for any trade discounts due. Page 23
AF&V LAUNCHPAD LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FQR THE YEAR ENDED 30 JUNE 2024 DONATIONS AND LEGACIES 30.6.24 30.6.23 Gifts in kind DDrTradons Grant5 39,967 15,083 604,371 18,609 36,605 417,784 659,421 472,998 Grants received, included In the above, are as follows.. 30.6.24 30.6.23 Army Benevolent Fund Armed Force5 Covenant Fund Trust Albert Gubay Charitable Foundafjon Forces Support Leathersellers Queen Mary's Roehampton Trust Running costs funding County Durham Communlty Foundation Charity of Sir Richard Whittlngton The Hobson Charitv Bernard Sunley Foundation Albert Hunt Trust Steve Morgan Foundatton Veterans, Ftrundatton Hadrlan Trust Duchy of Lancaster Benevolent Fund Stott (Eredlnel Charitable Trust BCT Royal Navy and Royal M)rines Charity NBS Community Foundation Liverpool Airport Communlty Fund 8&Q Neighbourly Other grants 39,321 342,802 58,839 56,630 18,512 57,163 22,657 io,ooo io,ooo 7,000 5,000 42,799 5,000 15.000 7,000 9,323 145,200 2,000 500 4,000 io,ooi 7,000 32,080 80,000 1,000 5,000 400 11,249 5,000 1,400 8,000 2,279 604,371 417,784 INVESTMENT INCOME 30.6.24 30.6 23 Bank interest receivable 15,212 10,357 Page 24
AF&V LAUNCHPAD LIMITED NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30JUNE 2024 INCOME FROM CHARITABLE ACTIVITIES 30.6.24 30,6.23 Activity Avondale House Avondale House Rent receivable service charge5 receivable Sponsorship and fundrèlsing events Rent receivable ServicE charges receivable Sponsorship and fundralsing events Rent receivable Service charges receivable Spansorship and fundraising events 144,648 250.135 151,246 107,778 Avondale House Speke House Speke House 8,713 241,575 128,682 3,927 233.524 113,014 Speke House Hollyacre House Hollyacre House 15.863 72,878 109,802 5,950 49,901 ia6,290 Hollyacre House 2,771 2,023 975,067 773,653 CHARITABLE ACTIVITIES COSTS Support costs Isee note 61 Dlrect Costs Totals Avondale House Speke House Hollyècre House 612,533 678,789 270,560 9,262 13,673 4.567 621.795 692,462 275,127 1,561,882 27,502 1,589,384 SUPPORT COSTS Governance costs Finance Totals Avondale House Speke House Hollyacre House 397 242 8,865 13,431 4,567 9,262 13,673 4.567 639 26,863 27,502 Page 25
AF&V LAUNCHPAD LIMITED NOTESTO THE FINANCIAL STATEMENTS- iontinued FOR THE YEAR ENDED 30 JUNE 2024 NET INCOMEIIEXPENDITUREI Net incomellexpenditurel Is stated after charging/lcreditingl'. 30.6.24 30.6.23 Auditor5, remuneratr'on Oepreciation - owned assets Other operating leases Deficit on disposal of flxed assets io,soo 45,098 70,599 3,033 ?,soo 52,955 55,091 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefiis for the ye3r ended 30 June 2024 nor for the year ended 30 lune 2023. Trustees, expenses One Trustee was reimbursed expenses of £383 for travel costs during the year ended 30 lune 2024. For the year ended 30 lune 2023 one Trustee was relmbursed expenses of £2,016. These expenses were for travel and accommodation costs of £516 and lor carrylng out a review of occurrences in Speke House £1,500, STAFF COSTS 30.6.24 30.6.23 Wages and salaries Social security cost5 Other pension costs 742,603 68,863 22,618 S94,489 57,732 18,026 834,084 670,247 The average monthly nurnber gf employees durin8 the year was as follow5.. 30.6.24 24 30.6.23 20 Average number of employees No employees received emoluments in excess of £60,000. Key ManaEement Personnel Key rnanagement personnel include all persons that have authorlty and respon5iblllty for plannin8, dIrecng and controllin8 the aCtivIe5 of the charity. The total compeNsation paid to key rnanagement personnel for services provided to the charlty was £54,84012023..£51,8901. Page 26
AF&V LAUNCHPAD LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 JUNE 2024 io. MATERIAL TRANSFERS During the year there were no transfers between restricted and unrestricted funds. Ouring the previous year £42,732 was transferred from restricted to unrestricted funds. This represented the contribution to core costs by restricted grants. ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIE5 Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENT5 FROM Donations and legacies 196,914 276,084 472,998 C17arltable activlties Avondale House Speke House Hollyaere House 270,359 352,488 158,214 17,4081 262,951 352,488 IS8,214 Investment income Other income 10,357 15,865 10,357 15.865 Total 1,004,197 268,676 1,272,873 EXPENDITURE ON Charltable acVIe5 Avondale House Speke House Hollyacre House 402,141 454,552 202,111 97,383 76,141 55,515 499,524 530,693 257,626 Total 1,058,804 229,039 1,287,843 NET INCOME/IEXPENDITUREI Transfers between funds 154,6071 42,732 39,637 142.7321 114,9701 Net movement In funds 111,8751 13,0951 114,9701 RECONCILIATION OF FUNDS Total fiJnd5 brought forward 1,285,601 146,324 1,431,92S TOTAL FUNDSCARRIED FORWARD 1,273,726 143,229 1,416,955 Page 27
AF&V L4UNCHPAD LIMITED NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2024 12. TANGIBLE FIXED ASSETS Improvements to propertv Freehold property Plant and machlnerv COST At I july 2023 Additions Dlsposals 3sa,000 868,973 28,935 At 30 June 2024 350,000 868,973 28,935 DEPRECIATION At lJuly2023 Charge for year Eliminated on dispos31 10.894 7,000 190.989 21,867 23,260 1,417 At 30 lune 2024 17,894 212,856 24,677 NET BOOK VALUE At 30 lune 2024 332,106 656,117 4,258 At 30 lune 2023 339, 106 677,984 5,675 Fixtures and fith'n8S Motor vehicles Totals COST At I July 2023 AdditiDns Disposals 116,670 14,471 110,5991 67,512 1.432,090 14,471 116,7811 16,1821 At30June2024 120,542 61,330 1,429,780 DEPRECIATION At Iluly 2023 Charge for year Eliminated on dispos31 73,895 11,656 19,7141 54,453 3,158 14,0341 353,491 45,098 113,7481 At 30 June 2024 75,837 53,577 384,841 NET BOOKVALUE At 30 lune 2024 44,705 7,753 1,044,939 At 30 June 2023 42.775 13,059 1,078,599 Page 28
AF&V LAUNCHPAD LIMITED NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2024 13. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 30.6.24 30.6.23 Trade debtors Other debtor5 Prepoyments and accrued Income 37,544 2,279 34,159 27,778 5,000 26,366 73,982 59,144 14. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 30.6.24 30.6.23 Bank loans and c*verdrafts1see note 161 Trade creditors social security and other taxes Ot+7er creditors Accruals and deferred income 7,597 17,824 18,540 15,887 S3,921 7,136 9,872 16,486 3,525 60,006 113,769 97,025 15. CREDITORS.. AMOUNTS FALLING DUE AER MORE THAN ONE YEAR 30.6.24 30.6.23 Bank loans Isee note 161 223,232 230,931 16. LOANS An analysis clf the rnaturlty of loan515 glven below., 30.6.24 3D.6.23 Amounts falling due within one year on detmand.. Bank loan5 7,597 7,136 Amount5 falling between one and two years.. Bank loan5- 1-2 years 8,047 7,596 Amounts falllng due between two and five years.. Bank loans- 2-5 years 27,076 25,558 Amounts falling due in more than five years.. Repayable by instalments.. Bank loans more 5 yr by instal 188,109 197,777 Page 29
AF&V LAUNCHPAD LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FQR THE YEAR ENDED 30 JUNE 2024 17. LEA51NG AGREEMENTS Minimum lease payments under non.cancellable operating leases fall due as follows.. 30.6.24 30.6.23 Within one year Bètween one and five years In more than fi've years 75,219 298,767 118,333 71.432 285,296 189,333 492.319 546,061 18. SECURED DEBTS The following secured debt5 are included wlthin creditors,, 30.6.24 30.6.23 Bank loans 230,829 238,067 The loan is secured by a fixed tharge agalnst Hollyacre House, Sacriston, Durham. Page 30
AF&V LAUNCHPAD LIMITED NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30JUNE 2024 19. MOVEMENT IN FUNDS Net movement In funds At 30,6.24 At 1,7.23 Unrestrlcted funds General fund 1,273,726 135,7731 1,237,953 Restrlcted funds Army 8enevolent Fund Arrned Forces Covenant Fund Trust 6ig Salute Byker Ward Hadrian Trust Leathersellers Queen Mary's Roeharnpton Trust Forces Support An8linB Trust 3&Q Neighbourly SH Capital Works Liverpool Men's Suicide Prevention Morrison5 Foundation Nationwide Runnin8 COSts fundlng Albert Gubay Charitable Foundation Chaflty of Sir Richard Whittington Speke House ETS post Royal Navy and Roya1 Marines Charlty Veterans, Foundatr'on NBS Communlty FoLJndation Llverpool Alrport Communlty FLJnd 37,094 1,494 499 374 15,4281 111.830 31.666 113,324 499 374 500 500 15,8351 834 16,7061 1501 5,970 5,835 834 14,751 2,601 5,970 19,657 21,457 2,651 19,657 775 2,282 27,242 1,237 10,482 6,095 6,055 17741 2,282 8,727 724 7,936 466 118,5151 15131 12,5461 15,6291 16,OSSI 2,812 26,667 5.000 48 2,812 26,667 5,000 48 143,229 101,610 244,839 TOTAL FUNDS 1.416,955 65,837 1,482,792 Page 31
AF&V LAUNCHPAD LIMITED NOTESTO THE FINANCIALSTATEMENTS- continued FOR THE YEAR ENDED 30JUNE 2024 19. MOVEMENT IN FUNDS. continued Net movement in funds, included in the above are as follows.. In¢gmin8 resources Resources expended Mcvoment In funds Unrestrlcted funds Genera1 fund 1.060,024 11,095,7971 135,7731 Restrlcted funds Army Benevolent Fund Armed FDrce5 Covenant Fund Trust Hadrian Trust Leathersellers Queen Mary's Rophampton Trust Forces Support An8lln8 Trust B&Q Neighbourly Liverpool Men's Suicide Preventton Nationwide BCTIKarbon Runnlng costs fundlng Albert Gubay Charitable Foundation Charity of Sir Richard Whithngton Speke House ETS post Royal Navy and Royal Marines Charitv Veterans, Foundation NBS Community Foundatfjon Liverpool Airport Community Fund 32,602 347,626 1,000 138,0301 1235,7961 15001 15.8351 19.1671 16,7061 1501 12,0301 17741 118,5151 14001 17,5131 161,3851 137,7091 16,0551 18,4371 153,3331 15,4281 111,830 soo 15,8351 834 16,7061 1501 5,970 17741 118,5151 io,ooi 8,000 400 7,000 58,839 32,080 15131 12,5461 15,6291 16,0551 2,812 26,667 5,000 48 11,249 80,000 5,000 1,400 11,3521 595,197 1493,5871 101,610 TOTAL FUNDS 1,655,221 11,589,384) 65,837 Page 32
AF&V LAUNCHPAD LIMITED NOTESTO THE FINANCIAL STATEMENT5- continued FOR THE YEAR ENDED 30JUNE 2024 19, MOVEMENT IN FUNDS- continued Comparatlves for movement In funds Net movement in funds Transfers between funds At 30.6.23 At 1.7.22 Unrestrlcted funds General fund 1,285,601 154,6071 42,732 1,273.726 Restrlcted funds Army Benevolent Fund Sir James Knott Trusi Garfi'eld Wpston Foundafjon Armed Forces Covenant Fund Trust Big Salute 8yker Ward Leathersellers Queen Mary's Roehampton Trust Force5 Support Angling Trust Draper5 Charitable Trust SH Capital Worl(5 Liverpool Men'5 Suicide Prevention Speke House SCW ptsst Morrisons Foundatr'on Nationwide Running costs fundlng Albert Gubay Charitable Foundation Charity of Sir Richard Whitlington Speke House ETS Post 8AE 29,164 4,169 15,313 24,433 499 374 12,955 2,494 2,443 2,651 2,286 7,930 37,094 14,1691 115.3131 19621 121,9771 1,494 499 374 5,835 2,880 10,000 19,014 iio,0001 112,4941 21,457 2,651 12.2861 20,000 11,2331 13,6171 13431 19,657 775 2,008 4,081 2,282 41.172 14641 2,282 27,242 1,237 10.482 6,095 6,OSS 111,1291 1,237 9,471 6,095 6,055 12,8031 12,8011 I,oii 2,803 146,324 39,637 142,7321 143,229 TOTAL FUNDS 1,431,925 114,9701 1,416,955 Pag8 33
AF&V LAUNCHPAD LIMITED NOTES TO THE FINANCIALSTATEMENT5- Continued FOR THE YEAR ENDED 30JUNE 2024 19. MOVEMENT IN FUNDS- continued Comparative net movement ift funds. Included in the above are as follows.. Incomin6 resources Resources expended Movement in funds Unre5trlcted funds General fund 1,004,197 11,058,804) 154.6071 Restrlcted funds Army Benevolent Fund Armed Forces Covenant Fund Trust Leatherseller5 Queen Mary's Roehampton Trust Force5 Support Drapers ChaTit8ble Trust SH Capltal Works Liverpool Men's Suicide Prevention Speke House SCW post Steve Morgan Foundation Natignwide Running costs funding VIVO Defense Services Ltd Albert Gubay Charitable Foundation County Durham Community Foundation Charity of Sir Rlchard Whithn8ton Speke House ETS post BAE 49,222 18,512 10,000 10,DOD 22,6S7 141,2921 140,4891 17,1201 7,930 121,9771 2,880 10,000 19,014 12,2861 20,000 11,2331 13,6171 13,6431 12,2861 20,000 11,2331 13,6171 19,3231 111,1291 15,7631 iio,aooi 147,6921 15,0001 136.7041 19451 12,8031 9,323 111,1291 1,237 7,000 10,000 57,163 5,000 42,799 7,000 9,471 6,095 6,055 12,8031 268,676 1229,0391 39,637 TOTAL FUNDS 1,272,873 11,287,843) 14,9701 Purpose of Restrltled Funds Army Benevolent Fund Armed Force5 Covenant Fund Trust Lealhersellers Queen Mary'5 Roehampton Trust Force5 Support 8&Q Noighbourlv SH Capital Works Nationwide Running costs fundin8 Welcome packs and heating for residents, and sa13r1es Op Fortitude and SCW post at Speke House Avondale House running costs Rovdne expenditure and relief work for war pensioners Avondale House furniture packs Upgrade of Speke House cr)mmLJnal kltchen Replacement of Speke House carpeting Towards Avondale House core costs Avondale House running costs Avondale House Projects post and Speke House Acdvltles co.ordinator post Albert Gubay Charitable Foundation Charity of Sir Richard Whithnglon Speke House ETS post Royal Nawy and Royal Marines Charitv Veteran5' Foundation NB5 Community Foundafjon Salary costs at Hollyacre House Salary c05t5 for Speke House Employment & Training Speciallst post Expenses in support of Royal Navy re5identS Towards core costs across 311 houses Greenhouse at HL>llyacre House Page 34
AF&V LAUNCHPAD LIMITED NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 30JUNE 2024 20. EMPLOYEE BENEFIT 08LIGATIONS The amount recognised in income Dr expenditure a5 an expense In relation to defined contrlbuDon plans was £22,61812023.' £18,0261 21. RELATED PARTY DISCLOSURES During the year E80,00012023'. £14S,2001 was received in grants frorn the Veterans, Foundation. Davld Shaw was the CEO of AF & V Launchpad Limlted until his resignation on 31 july 2024. He was also the CEO of The Veterans, Foundation. Page 35
AF&V LAUNCHPAD LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30JUNE 2024 30.6.24 Total funds 30.6.23 Total funds Unrestricted fund5 Restricted funds INCOME AND ENDOWMENTS Donations and le8acles Gifts in kind Oonations Grants 39,967 15,083 2,455 39,967 15,083 604,371 18,609 36,605 417,784 601,916 57,505 601.916 659,421 472,998 Investment Income Bank interest receivable 15,212 15,212 10,357 CharStable actlvldes Rent receivable Service charges receivable Sponsorship and fundraislng events 459,101 495.338 27,347 459,101 488,619 27,247 434,671 327,082 11.900 16,7191 981,786 16,7191 975,067 773,653 Other Income Employment allowance Insurance claim Recharged expenses Other Income s,000 s,000 s,000 4,252 1,502 5,111 430 91 430 91 SS21 5,521 15.865 Total lrtcomln8 resources 1,060,024 S95,197 1,655,221 1,272,873 EXPENDITURE Charltable actlvltles Wages Social securitv Pensions Rent Rates and water Insurance 492,770 56,692 18,212 70,599 12,270 10,844 249,833 12,171 4,406 742.603 68,863 22,618 70,599 12,270 10,844 594,489 57,732 18,026 55,091 12,822 10,672 L I'll Light and heat Telephune Advertisins, promotion and web51te Sundries Repairs and maintenante Professional fees Carried forward 110,265 7,393 10,204 8,360 82,788 10,754 891,151 110,265 7,453 27,131 8,360 86,821 82,504 1,250,331 93,684 7,953 26,053 7,280 108,879 IS,886 1.008,567 60 16,927 4,033 71,750 357,180 Thls page does not form part of the statutory financlal statements Page 36
AF&V LAUNCHPAD LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE Z024 30.6.24 Total funds 30.6.23 TDt31 funds Unrestricted funds Restricted funds Charitsble activlties Braught forward Other office costs Travel & accommodation Residents events & support and project costs Fundraising costs Bad debts Cleaning Staff Trainlng IT Software and Consumables Motor expenses Subscriptions Household packs for residents Furnlture Pack PurchasE Furniture Rental 10th Annlversary costs Depreciation of tangible fixed assets Loss on sale of tangible fixed assets Bank loan interest 891,151 4,515 5,159 13,152 35,868 12,295 4,476 5,704 4,517 12,7391 1,037 18,999 2,568 6,056 4,042 45,098 3,033 13.364 359,180 7,563 740 38,037 59,490 1,250.331 12,078 S,899 51,189 95,358 12,295 4,476 15.178 4,888 7,704 1,037 20,582 9,274 6.056 4,042 45,098 3,033 13,364 1,008,S67 8,765 5,539 43,644 73,814 29,267 4.175 6,797 5,103 3,485 1,861 1,649 3,390 9,942 9,474 371 10,443 1,583 6,706 52,955 15,250 1.068,295 493,587 I,S61,882 1,274,203 Support cost5 Flnance 8ank charges 639 639 140 Governance costs Auditors, remuneration Accountancy and legal lees 10.500 16,363 10,500 16,363 7,500 6,000 26,863 26,863 13,500 Total resource5 expended 1,095,797 493,587 I,S89,384 1,287,843 Net lexpendlturelllncome 135,7731 101,610 65,837 14,9701 This page does not form part of the statutory financial statements Page 37