launchP Social Enterprise Intorporating Paint Pots nurseries ond pre-schools LAUNCHPAD SOCIAL ENTERPRISE (A Company Limited by Guarantee) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2025 Compary Numbpr. 9166520 Charlty Number: 11623n
Contents TRUSTEES. REPORT INDEPENDENT AUDITOIVS REPORT CONSOLIDATED STATEMENT OF FINANCIAL AcllviTY li CON50UOATED BAiANCE SHEET 12 BALANCE SHEET 13 CONSOUDATED CASH FLOW STATEMENT 14 NOTES TO THE FINANCIAL STATEMENTS 15
LAUNCHPAD SOCIAL ENTERPRISE Annual Report and Financial Statements forthe year ended 31 Awst 2025 TRUSTEE REPORT The Trustees pr*5ent their report. together with the financial statement5, for the year ended 31 August 2025. This combined report satisfies the le8al tsquirements for: a Directorf Report of z charitsble comparry: and a Trustees Annual Report underthe Charities Art 2011. Legal Oblects The principal objects of the charitable company are-. To relieve poverty, to advance educatTron. and to relieve need in Individuals arising from their youth, a8e, infirmity or disability, financial hardship or social circumstances. by anycharitable mean5 and in such places in the world as the Trustees from time to time decide.. The promotion of research into the moral and 51Kial welfare needs ofthe community and the publication of the useful results of all such research. The promotion for the benefit of the publlc of urban or rural regeneration In areas of social and etonomic deprivation by any charitable means as the Twsteès from time to time decide Such other exclusivety tharitable means as the TrUee5 may from time to tome determine. The company was incorporated on 07 August 2014 and regirtered as a charity on 24 June 2015. The company cornmenced tradinglartivity in December 2017 a5 the Winchester Social Enterprise. This name was legal changed to Launchpad Social Enterprise I"LSE"l on 25 November 2021. Given that one of LSE'S charitable obierts is to advance education, the directors are confident Ihavln had regard to Charity Commi55ion guidantel that the Charity delivers public benefit through carrying out its aims and business strdtegies. Stratèglc Alms The charity was set up with the aim of supporting social tTrnsformation for the common good bv running some artwities of its own as well as helping bcal churches to run their own attivitFes, by providing training. and rtjnning a range of socially enterprising actNitie5 of its own that will sustaln the organisation in the long term. The Initial focu5 was on developing directly rune nurseries and p-SChOOlS whith link well wlth the work already bein8 done in education in other parts of the Diotese and Church of England. This work developed between 2015 and 2025 tothe point where it was being delivered through è wholly owned subsidiaiy company- Paint Pots Pre-school & Nursery Limited. Wtth the complete support of the LSE board, application w35 made to turn this Company into a charity and the Charity Commission granted thi5 on 16 October 2024. Paint Pots was unusualty allowed by the Charity Commission to remaln company a Ilmited by shares and these shales are all owned by LSE.
LAUNCHPAD soaAL ENTERPRISE Annual Report and Finandal Statements forthe yearended 31 Aust 2025 There has, therefore. been è major thange in rDle for LSE in the year with Paint Pots n¢)w becomin8 a separate Charity. It still makes its annual POrtS to LSE and LSE appoints its director5. but LSE has no dirèct say in how it is run. This year, this has meant that LSE has become mainly a holding compaw. Various loan5 are still being paid off, and it Is now available for other soaally enterprising activits.es for the Oiocese of Winchester where appropriate risks neeil to be managed separdtely. The Wofk of the charity continues to be supported by The Revd Canon Nick Ralph and trainin8 in gxial enterprise, community development and the use of data, contSnues to be delfvered to turdtes in training across the diocese. Strategic Risks and Uncertalntles The Directors are responsible forthe identrficatbon, mrtigation and management of risk. To achieve thi5. a register of the risks was identifieil and maintained which was subject to review by the Directors but many of these risk5 have been handed over to the Paint Pots board. With no particular work currentty going on in LSE, the risks are largely in relation to governance and trusteeship. Work has beèn undertaken also to manage any potentlal conflltts of Interest between elther LSE and WDBF or LSE and Paint Pots. AcdvltSes and Achle¥ements in the year No direct work has been undertaken by LSE this year otherthan training for curate5. Fundralslng stalent The char6ty does not undertake any fonnal or organised fundraising activrties. either direct or through a professional fundraiser or commercial participator or any person acting tsn it5 behalf. The charity does not engage in cold callin& dOor-to4T0rstTeet fundraising. Therefore, it does not target any vulnerable people. FlnaKlal Re¥lew In 2025. Paint Pots donated £576,66212024: £121,889) via Gift to the parent charity LSE, thereby reducin8 its liabilityfortorporat40n tax. Total income for the year amounted to £5,629,44212024.. £4,936,285) and total expendlture for the vear arnounted to £5,250,07912024: £4.560.8301. The Consolidated Statement of Financial Activities shows a surplu5 for the year of £379,36312024- £375.4551. Trading intorne has increased over the pou$ year. The total income of the Charity for the period was £576.66212024.. £121.8891 and the net result of the Charity was a surplus of £483.32412024= defficit £5,8881. At the year end, the Group holds fund5 of £1.126.78912024.. £747,426) and the Charity holds total funds of £717.51312024.. £234.1891. All funds are unrestricted.
LAUNCHPAD SOCIAI ENTERPRISE Annual Report and Flnandal Statements forihe year ended 31 Aiyst 2025 Reserves pollry UnrestrSrted funds: All of the charitV'5 reserves are unrestricted. meanin8 that they are freely avallable to spend on any of the charity's purposes. The Charity does not currently have a fonnal reserves policy in placÈ but is working towards this wtth the aim of holding free reserve5 equivalent of three months expenditure. taking into consideration flnancial risk. liquidity requirement and the timing of cashflows. At 31 August 2025. the balance of free reseNes forthe Group was £660,89912024.. £376,184). At 31 Au8USt2025, the balance offree reserves for the Charity was £622.34112024.. £128,949). This balance represents approximate one and a half months of budgeted expenses for the charity and its subsidiary undertaking. Structure. Governance and Management iaunchpad Social Ernterprise is a company limrted by guarantee, incorporated the 07 August 2014 and operating under a Memorandum and Articles of Association altered pursuant to Special Res0110n on the 05 september 2019. Icompany no. 09166520,. Charity no. 11623721. The trustees, who served during the period are set out on page S. Except for two ex officio trustees, and the Winchester Di053n Board of Finan35 a corporate tfustee. the remaining majority of trustees, are independent and apkN)inted by the current trustee body. Declslon making stwrture Section 172 of the Companies Act requtres trustees to art in a way they consider. in good faith, would be most likely to promote the success of the charrty to achTreve its charitable purposes. In doing 50 the Board of Trustees delegate5 day to-day management and decision-making to the Executive Director, who is required to art in furtherance of the Charitvs strategy and to ensurethat the Charitls activities are carried out in compliance with agreed plans and policies. The trustees re•ve update5 on the CharitVs performance and plans at each Board meetin8. Trustee recrultment, selertion and Snduction Trustees are seletted on the basis of skills. knowledge and networks. They are given induction and provided with training as appropriate. All Trustees a required maintain their entry in the record of declarations of interest. LSE staff The Revd Canon Nick Ralph's rok as ExecutNe Director for LSE and Paint Pots 15 on a half time basis (shared with Portsmouth DBFI continues. Fmm January 2025, the costs were shared between Portsmouth DBF and Paint Pot5. LSE has no other stsff. The LSE Board are grateful to all those who have elven theirtime. support. and Èxpertise tt> 5UPPOrt the charity. Remuneratlon PolKy The Board operate5 a set salary scale. and employees are placed on thi5 and benchmarked where P055ible against comparable roles in other similar oaniSatiOns. The salaryscale is revlewed each year by the Board with reference to cost-of-livin& movements in stsff and national minimum wage. Related Partles LSE has received some 103n5 in the past from Winchester Oioce5an Board of Finance IWOBFI. The balances on these loans received by LSE from WDBF and the repayment period are set out in note 9. The Charity acquired 100% of the share capital of Paint Pots Pr&School & Nursery Ltd in 2022. The
LAUNCHPAD SOCIAL ENTERPRISE Annual Report and Flnandal Statemtnts forthe ye¥ ended 31 Aw15t 2025 Charity received a donation from tts subsidiary company during the year in the form of a distribution of profits under the gift aid awangement. Future plans LSE continves to pay off loans to WDBF and stands ready to support new socialfy enterprising actNity in parishes or di0$e. Trustee5' Responsibilities The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and rezulations. Company law requires the Trustees las Directors) to prepare financial ststements for each financial year. Under that law the Trustees have elected to prepare thefinancial statements in accordancewith United Kingdom Generally Accepted Accountirt8 Practice (United Kingdom Aicounting 5tandard5 and applicable lawl. Under company law the Trustees must not approve the financial statements unless they are satislied that they give a true and fair View of the state of the affalrs of the LSE and of the surplus or deficit of the LSE for that period. In preparing these finandal ststements the Tru5tee5 are required to: Select suitable accounting policies and appty them consistentlv Observe methods and principles in the Charities SORP Make judgernents and estimates that are reasonable and Pfudefit State whether applicable attounting Standards have been followed, subject to any rnaterial departures disclosed and explained in the financial statements Prepare the financial statement5 on the 8oin8 concem basis unless It Is inappropriate to assume that the tompany will contin4be in operation TheTrustees are also Tesp)nsible for keeping proper accounting records that disclosewtth reasonable accuracy at any time the financial position of the LSE and enable them to ensure that the financial statements comply with the Companies Act 2(KJ6. They are also responsible for safeguarding the asset5 of the LSE and hen for taking reasonable steps forthe prevention and detertion of fraud and other irregulariiiÈs. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included in the LSE'S web5tte. Legislation in England and Wales governing the preparation and dissemination of financial statements and other infomiation included in Annual Reports may differ from legislation in othÈr jurisdictions.
LAUNCHPAD 500AL EKfERPRISE Annual Report and Financial Statements for the yearended 31 August 2025 Admln15tratlve Detalls None of the below listed Trustees had any beneficial interest in the charity. The followin8 are the Trustees who served dvring the period and as at the date of this report.. The Right Reverend Philip Mounstephen Colin Harbidge M5 Gambol Beverley Parker Iresigned 22 January 20251 Mrs lane Elizabeth Ltyke The Reverend Dr Philip Lewis Krinks Mark Ward (resigned 22 January 20251 Thom35 Ward (appointed 24 September 20241 The Reverend Theresa ParkEr (appointed 22 January 20251 Winchester Diocesan Board of Finènce IWDBFI (corporate tnjsteel Compalry Secretary: The Reverend Canon Nicholas Ralph Inofvtrusteèl Règistéred Offi. Paint Pots House. I Spring CreSn[ Southampton S017 2FZ 8ankers: National Westmlnster Bank PLC, 105 High Street, Winchester. 5023 9AW Solititors.. Blake Morgan LLP. New Kings Court, Tollgate. Chandler5 Ford, S053 3LG Trethowans LLP. The Pavilion, Botlei8h Grnnge Business Park, Hedge End, Southampton S030 2AF Auditor: Haysmac LLP, 10 Queen Street Place, London EC4R LIG The trustees of WDBF. thè corpowats trustee. at the date of this Trport are set out below: MrA J L Barron The Reverend A Micklefield Mrs G Xnight The Ven R 8rand Mrs E Mackeggie Gurney Mr l Dighé Mr5 M Hedley The Ven J Burgess The Right Revd P Mounstephen Dr R M Roope Mr D R S Collier The Reverend A Smith The Reverend S E Yetman Mr5 K A Betteridge The Right Revd R Kin8
LAUNCHPAD SOCIAL EpifERPRISE Annual Report and Flnantial statements for the yearended 31 August ZOZ5 ProvlsSon of Informatlon to auditors In so fara5 the directors a aware.. There is no relevant audit infomiation of which the charitsble company's auditor is unaware.. and The diTector5 have taken all steps thatthey ought to have taken to make themsefves aware of any relevant audit information and to establish that the auditor 15 aware of that information. The dirertors acknowle(*e their responsibilities for cornpng with the requirements of the Cornpanies Act 2Crf)6 with respect to accounting records and the preparation of financial statements. This report has been prepared in accordance with the small companies. rè8imè. ight'Aevd Philip Mounstephen airman Dated..
LAUNCHPAD SOCIAL ENTERPRISE Annual Report and Finandal Ststements forthe yearended ai Awst 2025 Independent audltorfs reportto the members of i•unchpad Social Enterprlse Oplnlon We have audtted thefinanaal ststements of Launchpad Social Enterprise fortheyear ended 31August 2025 which comprise the Consolidated Statement of Finantial ActNities. Consolidated and Charr(y Balance Sheets. Con501idated Statementof Cash Flows and notesto the financial staternents, including a summary of significant accounting policies. The financial reporting frameworkthat has been applied in their preparation is applicable law and United Kingdom Accountine Standards. including Financial Reporting St3nd3rd 102 The FinonciolReporting Stondordupplicoble in the UKondRepublic ollreltsnd Iunited Kingdom GenerallyAccepted Accounting Practice). In our opinion. the financial statements= give a true and f3ir¥iew of the state of the group's and of the parent charitable cornpèn¢s affairs as at 31 August 2025 and of the group's and parent charrtable companvs net movement in funds, Induding the income and expendrture, for the year then ended.. have been proper prepared in accordancèwbth United Kin8dom GenerallyAccepted Accounting Practice.- and have been prepared in accordan with the requirements of the Companies Art 2fM)6. Basb for oplnlon We conducted our audit in accordance with Intemational Standard5 on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under those standards are further described in the Auditorfs respon5ibilitie5 forthe audit of the financial statements section of our report. We are independent of the group in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRCS Ethical Standard. and we have fulfilled our other ethical respon5ibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba%s for ouropinion. Conclusions relatinB to 8oln8 contern In auditing the financial statements, we have concluded that the trustee< use of the going concern basi5 of accounting in the prepzration of the financial statements is appropriate. Based on the work we hève perforn)ed, we have not identified any material uncertaintie5 relating to events or conditions that. individually or collective. may c35t Significant doubt on the group'5 ability to tontinue a5 3 going concem for a period of at least twefve months from when the flnantÉal statements are authorised for issue. Our responsibilities and the responsibilities of thetrustees with respectto goingconcern a described in the relevant seaions of thts pOrt. Other Inforniatton The tiit5tees are responsible for the other infonnation. The other information comprises the information included In theTrustee5' Annual Report. Our opinion on the financial statements does not cover the other information and, except tothe extent otherwise explicitly stated in our report, we do not express any lomi of assurante conclusion thereon.
LAUNCHPAD SOCIAL ENTERPRISE Annual Report and Finanual Strtementsforthe yearended 31 Awst 2025 In connection with our audit ol the finanaal statements, our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially inwnsi5tent with the financial statements, orour knowledge obtained inthe audit orotherwise appearsto be materially misstated. If we identifv such material ineonsistencie5 or apparent material misstatements, we are requlred to determine whether there is a material misstatement in the financial staternents or a material mi55tatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other infom)ation, we are required to report that faci. We have nothing to report in this regard. Opinion5 on other matters prescrlbed bythe Companies Acl 2(X)6 In our ownion. based on the work undertaken in the course of the audit- the information given in the Trustees. Annual Report Iwhich includes the strate8¥c report and the directors. report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consislent with the financial 5tatements', and the strategtc report and the dirertors. report included within the Trustees, Annual Report have been prepared in accordante with applicable legal requirements. Matters on whlch we are requlred to report by *xtÈption In the light of the knowledge and understsnding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual RekN)rt (which incorporate5 the strategic report and the directors, report). We have nothin6 to report in respect of the following matters in relztion to whith the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting record5 have not been kept by the parent charitable company,. or the parent charitable company financial ststements are noi in agreement wSth the accounting records and tum5- or certain disclosures of trustees. remvneration speciffied 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 accordan wlth the small companies. regime and take a(fvantage of the small cornpanies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responslbllltles of trustèes for the financlal statements As explained more fully in the trustee5' responsibilities Statement setout on page 4. thetrustees (who are also the directors of the charitable cornpanyforthe purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that give a true and fair view. and for such internal control a5 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerfor. In preparin£ the financial statements. the trustees are responsible for a$5essing the group's and the parent charitable companvs ability to continue as a going toncern. disclosin& as applicable, matters re13ted to 8oing concern and using the going concern basis of accountin8 unless the trustees either intend io liquidate the group or the parent charttable company or to cease operations. or have no realistic aernative but to do 50.
LAUNCHPAD SOOAL ENTERPRISE Annual Report and Hnantial Statementslor the rended 31 August 2025 Audltorfs responsibilities lor alIt ol the finandal statements Our objectives are to obtain reasonable assurance about whetherthe financial ststements as a whole are free from material misstatement. whether (fue to fraud or error. znd to t5sue an auditorfs report that includes our opinion. Reasonable assurante is 3 hi8h level of assurance but is not a guarantee that arn audit conducted in actordancewtth ISAS IUKI will always detect a material mi5Statementwhen it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the agggate. they could reasonably be eypected 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 regulatlons. We desi8n procedures in line with our responsibilities, outlined above, to deteet material misstatements in respect of irregularities. induding fraud. The extent to which Dur procedures are capable of detecting irregularities. including fraud is detailed below.. Based on our understanding of the group and the environment In whlch tt operates, we identified that the principal risks of non-complian with laws and regulations related to safeguardin& health and safety and employment (including taxation), and we considered the extent to which non-compliance might have a material effect on the financial statefflent5. We also considered those laws and regulations that have a direct impact on the preparation of the financial Statements such 85 the Companies Act 2006 and the Charities Act 2011. We evaluated managemenV5 incentivesand opportunitles forfraudulent manipulation of the financial ststements lincluding the risk of override of controlsl and determined that the principal risks were Telateil to income reCognitn. Audit procedures perfomied by the engagement team intluded.. Inspecting correspondente wtth regulators and tax authorities.. Discussions with management including considerdtion of known or susperted instances of non- compliance with laws and regulation and fraud,. Evaluating managemenvs controls designed to prevent and detect ifTegularities; Identifying and testing Joumals; and Challenging a$5umptions and judgements made by management in their accountlng estimates. Because of the inherènt limitations of an audit, there is a risk that we wlll not detect all irregularitie5, ncludin8 those leadingio a material misstatement in the financial statement5 or non-compliance with regulatlon. Thi5 risk 1case$ 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 awarè of instances of non-compliance. The risk i5 also 8reater re8arding irregularities occurring due to fraud rather than error. as fraud invofves intentional concealment. forgery. collusion, omi5slon or mlsrepresentation. A further description of our responsibilities for the audwt of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or auditorsres nsibilities. This description forrns part of our audr(orfs report.
LAUNCHPAD SOCIAL ENTERPRISE Annual Report and Flnandal Ststements forthe yeaf ended 31 Awst 2025 Use of our report This report is made solelyto the charitable company's member5, a5 a body, in accordance with Chapter 3 of Part 16 of the Companies Aci 2LX)6. Our audit work has been undertaken $0 that we might state to the charitable company's members those fflatters we are required to state to them in an Auditor's report and for no other purpose. To the fvllest extent perniitted by law, we do not accept or assume re5ponsibiltty to anyone other than the charitable company and the Charitable company's members, as a boo*, for our audit work, for this report. or for the opinions we have formed. Jane Askew (Senior Statutory Auditor) For and on behalf of Haysmac LLP. Statutory Auditor Date.. 51312026 10 Queen Street Place London EC4R IAG io
LAUNCHPAD soaAL ENfERPRISE Company Number 9166520 Annual Report and Finandal Statements for thè yearended 31 August 2025 CONSOLIDATED STATEMENT OF FINANCIAL AcrivrriES Note Intome: Donations Charitable artlvities Othertrading activities Investrnent income 5.591623 11,329 10,4 4,929.0% 4,2 Total Income 4.94285 Expènditure: Contribution to staff costs Charitable activities Othertrading adivities Taxation charge 5.214.tAB 40,49) 119,11241 4.519.927 ILI3 Total Expenditure s2078 45.830 Net mo¥ementol funds fortheyezr 379.364 375,455 Fund balances at 01 September2024 747,426 371.971 Fund balaThs at 31Ault 2025 L126,nl 747.426 All Income and gains for the year are recognised on the statement of financial activities. All of the charivs attivities are clas5ffied as continuin8. The reyjlts for the year include those of the subsidiary undertaking for the year to 31 August 2025. li
LAUNCHPAD SOCIAL EP4TERPRISE Company Number 9166520 Annual Report and F5nandal Statements forthè year tnded 31 Awst 2025 CON50LIDATED BALANCE SHEEr Intandble Assets 374.034 425,533 Tanglble A55ets Property. plant and equipment 465, 386,230 Current Assets Debtors and Prepayments Cash at Bank 46.7C#J 694.277 740.977 LLK3,417 L127.8 Creditors-wnountsfallinKduewlthln one Jtar 415.201 2n.407 Net Curnent Assets L55I583 1,281,333 Credltots.. falllngdue afternxKe than one year 425,793 S33,7 Net Assets 6. 747,426 Reseryes unStrIlted Funds L126,VX) 747.426 747.426 The notes on pages IS to 23 form part of these financial Statements. The financial statements were approved by the Board of Trustees and authoiised for issue and signed on behalf of the Board by.. t Revil Philip Mounstephen Chairman Dated..
LAUNCHPAD SOCIAL ENTERPRISE Company Number 9166520 Annual Report and Flnandal Statements for the Year*nd 31 Auiiist 2025 BALANCE SHEET Flxed Assets Property, plant and equipment 95.171 105.239 Investments Investment in Subsldiary L424,4C6 L424,4 CuTnIA$Sets Debtors and Prepayments Cash at Bank 420 14.782 15.202 4L376 4L376 Credltor5-amountsfallingdue wlthln one year 8L283 114.CQl Net CurrentAsMts 1.479.670 1,430.846 dltoys: fallinidue after moyethan one year 761157 1.1%,657 NetAssets n7,S13 Reserve5 unStriCted Fund 717,513 n7.$13 The net income for the charitable company for the year to 31 Au8u5t 2025 was £483J2412024'. net expenditure £5,8881. The notes on pages 15 to 23 form part of these financial statements. The financial statements were approved by the Board of Trustees and authorised for issue and signed on behalf of the Board by: The Chairman evd Philip Mour15tephen Dated: 13
LAUNCHPAD SOCIAL ENTERPRISE Company Number 9166520 Annual Report and Flnandal Ststements forthe year ended 31 2025 CONSOLIDATED CASH FLOW STATEMEHr Net cash provlded byoperatlnK artlvltles 653,168 47L050 Cash flowslrom In¥e#lng acbvities: Purchase of intangible fixed assets Purchase of tangible fixed assets Net cash (used In) Imiestlng activltles 213,459 215.339 185.425 1185.4251 Cash flows from finan *tlvStles: Cash ourflows from repayment of borrowin8S r4et cash {used In) flnancing activities 188,6891 188,6891 178,689 78,689 Change in cash and cash equivalents in the reporknn8 period 349.140 X6,936 Cash and cash equivalents at 01 September 2024 694.277 487,341 Cath and tash equlvalents at31Aiyust 2025 1ts13.417 694,277 Reconciliation of net movement Infundslo net tash fl¢h¥lrom o trati tivitie5 Net income forihe reporting period Depveciation charge5 Amortisatlon of goodwill lincreasel in debtors Ioecreasel in creditors 379.364 133,PJ9 53.379 137.7431 124.369 375,455 1,399 53.191 118,3321 133,6631 Net cash provSded by operaling ¥tivities 653,168 471.050 Anal is of Cash and Cash Cash at bank and In hand li L043.417 14
iAUNCHPAD SIXIAI ÉNTERPRISE Notes to the Financial Statements forthe yearended 31 Awtst 2025 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING pouaES Legal status olthe charity Launchpad Social Enterprise is a company limited by guarantee. registered in En8land and Walès. Launchpad Social Enterprise is a public benefft entity as defined by FRS102 Basis ol preparfng thÈfinancial statements The financial statements have been prepared In accordance with the Charitie5 Statement of Recommended Practice ISORPI, Accounting and Reporting by Charities, publtshed in October 2019, the Companies Art 2(X)6, the Charities Act 2011 and applicable UK accounting standards, includin8 FRS 102. The financial ststements have been prepared on a going conrn b35is under the historlcal cost orwention. Under 'Going Concern, below. the trustees stale that they have reasonable expectation that there are no material uncertainties that call into doubt the chafiiable company's ability to continue in operation and meet its liabilities as they fall due. Consequently, the trustees have a reasonable expectation that the Group will continue in existence for the next 18 months and, therefore, have adopted the golng toncern basis in preparing these financial statsments. Basls of con5011datlon The consolidated 5tstement of financial artivitS ISOFAI. group balance sheet and consolidated statement of cash flows consolidate the financial statements of the Charity and its wholly owned subsidiary, Paint Pots Pr&School & Nursery Ltd. The finanaal statements of the subsidiary are consolidated with the Chartty on a line-by-line basrs. Trdn5actions and balantes between the entitles are eliminated on consolidation. Detsils of the subsidiary undertaking are given in Note 3. No separate SOFA has been presented for the Charity alone, as perwnitted by $408 of the Companies Art 2006. The total income of the Charity for the year was £S76,66212024.. £121,8891 and the net result of thè Charity was a surplus of £483,32412024.. defiat gf £5,888). Going concern The Trustees have a reasonable expertation that the charity has adequate resources to rneet its liabilities as they fall due for the foreseeable fvture. The Trustees consider that there are no material uncertainties that may cast doubt on the charivs ability to continue as a going concern and thev therefore continue to prepare the financial 5tstements on the going concern basis. Income All income is recognised when the charity has entitlement to the funds, any performance conditlons attached to the itemlsl of income have been met and it is probably that the income will be received, and the amount can be reliably measured. Incomefrom nur5eryfees are intluded in the Ststement of Financial ActNities ISOFAI when the charity becomes entitled to the fees and any condltions for receipt are met.
LAUNCHPAD SOCIAL EPITERPRISE Notes tothe Flnancial Statements forthe year ended 31 August 2025 L ACCOUNTING pouaES Icontlnued) Income from 8ovemment and other grants, whether'cJpital' grants o¥'reventse' grants. is recognised when the charity has entitlement to the fund5. any performance conditions attached to the grants have been met, it is probably that the income will be recei¥ed. and the amount can be measured rellably. Grants are accounted for on a re1Vable basis. Expenditure Expenditure is rètognised once there is a legal or construcuve obllgatlon to make a payment to a thlrd party, it Is probable that settlement will be required, and the amount of the obligatiorn can be measured reliably. expenditure is accounted for on the accrua15 basis, and the trading costs have been classified under headings that relate to the categories of trading income. Charitable expenditure relate5 to the costs inCUd in support of the datOdaY operations of each nursery setting. Support costs zre overhead costs necessariW Incurred In the runrtlng of thÈ tharrty. Penslons Defined contribution plons Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are reco8nised as an asset to the extent that the prepayment will lead to a redurtion in future payrnents or a cash refund. Operatln8 leases Lease payments are reco£nised as an expense over the lease term on a stfaight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tanglblefixtd assets Fixed assets are capitalised at cost, where acquired or mana8ements approximatlon valuatlon of cost where donated. In the charitsble company. depreciation is pThided to write off the cos¢ less an estimated residual vBlue, or all fixed assets evenly overtheir expected economic usehjl lives as follows=. Property- Yurt Fixtures and fittinÉs 15 years straight-line 20% reduung balan 16
LAUNCHPAD 50aAI ENTERPRISE 14otes to the Financial Ststements forthe year ended 31 AuSt 2025 I. ACCOUNTING POUCIES {¢onllnued} Forthe subsidiary undertakin& depreciation is provided towriteoff the cost, less an estimated residual value. orall fixed assets evenly over their expected economic usefvl lives as follows.'- Land & Buildings Fixtu$ aNd fitttng5 Motor Vehicles Equlpment Any leasehold propertles ovèr life of the lease 20% straight line 25% rtraight line 33% strdight line The need for any impairment of a fixed asset write4own is considered if there is concern over the carrying value of an asset and 15 assessed by cornparing that carrying fdlve al$t the value in use or realisable value of the asset when appropriate. Intan8lble fixed assets Intangible assets are stated at cost less accumulated amortisation. Amortlsation for all intangible asset5 is olculated on a raight-lle basis over thelr estimated useful live5 as follows.. • Goodwill 10 year5 straight line Critlcal judgements and e51imates Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and 355umptions coneerning the future. The resuking accountin8 estimates and assumptions will, by definition. seldom equal the related artual results. The estÈmates and assumptions th* have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The useful economic life of the 8oodwll is based on management'sjudgement and experience. When managernent identifies thai artual useful economit lives differ Material from the estimate used to calculate amortisation, that charge is adjusted prospectivety. Z. EXPENDITURE Grnup 25 SupportC05ts Depreaation Amortlsarion of goadwill on subsidiaryaqui5ition Expenditure on charftable activities Corporation Ta¥ 557,3% 51B,274 133.793 91,39J 53.379 s3.tsi 4.524.928 3.895.126 119.4241 8L325 114.4OJ C68 W,445 L$ 1932 S,250,078 4.5EQ,8XI 93,338 127,777 17
LAUNCHPAD soaAi EMTERPRISE Notes tothe Financial Ststements for the year ended 31 AIW 2025 Gmup Comp NetincryTre15 stated after¢hl. Servi$ provided by the Charit15 auditors: Audit fees Accounts preparation fees 24.020 L610 IL220 Depreciation Operating lease rentals-buildings 10.445 26L722 22&167 3. INVESTME1 IN SUBSIDIARY On l Febr¢Jary 2022. the company purchased I(K of the share capital of Paint Pots Pre-school & Nursery Limited to expand it5 work in ear years provision. The total cost of acquisition was £1.424.406 split as follows.. l Feb 2022 qu5sftSon Completion Payment Capltalised Costs of Acquisition L320,157 104,249 4244 Fairvalue of NetAssÈts uired: Tangible Fxed As5et5 Intangible Fixed Assets Cash at bank and in hand Debtors and Prepayments Creditors and accruals 169,720 939,667 59,443 343.8481 891491 Goodwill arising on acquisition 53L915 ¥4244 Pèint Pols Pre-school & Nursery Ltd (company number 038956S91 is a UK Registered company with registered office at Paint Pots House, I Sprin£ Ccent. Southampton. England, S017 2FZ. The aggregate of the companrfs assets, liabilities and funds at 31 Avgust 2024 was £1,461,33612024.. £1.512.1061. The companvs gross ir*ome for the year to 31 August 2025 was £5.629.44212024.. £4,936,284) and the deficit for the year laftergift aid payrnentl was £50.77012024". surplus £434.5351. Goodwill on acquisition is amorbsed over 10 years commencing in the year to 31 August 2023. 18
iAUNCHPAD SOCIAL ENTERPRISE Notes to the Financial Statementslor theyear ended 31 Aug1 2025 The Consolldated Statement of Financial Activit5. Consolidated Balance Sheetand Con501idated Cash Flow Statement include the companls share of the subsidiarfs results for the year. Followingthe acquisition, the companychanged itsfinancial yearendfrom 31 Detemberto 31 August. 4. STAFF C05rs All staff are employed by Launchpad Social Enterprise or its 5ubsldiary undertaking, except for Nlck Ralph, whose stipend charge is recharged via Portsmouth Diote* Board of Finance. 5tsff costs for the period were as follows: ConsoMated 2025 2024 Comwnv 2025 2024 Wages and Salaries Secondment Fee5-The W Canon Nock National insvrancecontributi0Th5 Pensioll costs 3543373 11.835 276.582 2.940.813 31.770 176.723 50.010 3.894,410 3.199.316 11.835 31,770 11.835 31.770 The average monthly number of employees, including directors, during the year wa5 18312024- 1741 acrossthe charitable tompany and r(s subsidiary undertakin8, worknng a mixture of parttime and full- tlme term hours. During the year, there were no redundancy payments rnade {2024.. £2,278 redundancy paid to one individuall. Trustee travel expenses reimbursed during the year amounted to £6412024.. Ef4Jl. No employee earned ffl0 than £60,01 perannum12024: nlll Remuneratlon of Key Mamgemènt Per50nnel Key management personnel are deemed to be those having authority and responsibility dele8ated to them by the trustees. for planning, dirertin& and controlling the actNities of the organisation. For the year ended 31 August 2025 this covered Executive Director-The Revd Canon Nick Ralph 2025 2024 The Revd Canon Nick Ralph Salary and Pen510n Expenses 9.956 29,998 31,770 19
LAUNCHPAD SOCIAL ENTEIIPRISE Notes tothe Flnan¢lal Ststemènts forthe year ended 31 Aiwist 2025 5. SUPPORT COST ANALYSIS Gmp Cornpany Office support ttssts offi Rent 53larles. HR & ¢ruitMent10Verhead? Subscfiption5 & publications Audit accountancy and taxation servitrs 2611 214.741 26L722 228,167 462 30,034 1171 L231 19.1 34.101 73,111 24 17( 35 IL220 S57.396 5ffj274 8L325 114.4Q) 6. TANGIBLE FIXED ASSETS Consol1ded Freehold Leasehold Other & &Mldiry Impro¥ Mrtorvthldes E4uipment Fixiure & FlttlnBS Valuètlon as at.. 015eptembÈr 2024 Additions 31Au8USt 2025 516.333 514 42Q495 54576 479,071 17,(fy3 L113,518 213.459 326.971 671216 1514 Oepre£iation OISeptember J)24 Charge forthe ye81 At 31Au8USt 2025 3LYXI 381. .ic 29&741 55.994 351735 9,547 I.7 ii. n7.288 133,799 86L087 7.629 IS257 39.951 Net BOokve At31Awt2025 At 31August2024 97.693 4.351 123,754 386,230 Cornparry Freehold Flxture & FlttSngs Ouildin Valuation as at.. OISeptember2024 31August2025 129,C03 17.C83 I176 129.(03 17.LYJ 144176 Depredatlon At OISeptember2(ll4 Charge fortheyear At 31August 2025 3l39) 4561 39.951 9,547 1507 40,937 10.t8 SL5 Net Book Value At 3LAu8USt J115 At 31Au8USt 2024 ¥Y.J3Z 97.693 95,171 20
LAUNCHPAD SOCIAL ENTERPRISE Notes to the Financial Statements for theyÈar ended 31 August 2025 7. INTANGIBLE FIXED ASSErs Consolld*td Goodwlll Total Cost: OISeptember2024 Additions 31August 2025 fA5.1 64Si Amortisatlon.. At 01september2Id Charge forthe year AI 31Au8USt2Q5 219,586 s3.1 271777 219,586 53.379 272, Net BookValue- At 3lAu8USt2025 At 31 Au8u5t 2024 3ll342 374,034 425,533 8. DEBTORS ANO PREPAYMENTS Group Company Trade DebtOf5 Prepayments and ac(yued income Other Debtors ll481 420 1344 84.443 447(K) 420 9. CREDITORS editofs:Amounts fallinKdue withln ye¥ Grnup Compry Trade CrÈditor5 Loans Payable Obligations under finan lease cofitTrcts Accruals and deferred irscome Othertaxation and soual securfty otherCredilor5 43.537 74.SLXI 4.189 74420 46.153 24 74.5tKI 74,5(X) 74.50) I34 6.43) 36,812 415,201 27L4K)7 81,283 114.IX)I 21
LAUNCHPAD SOCIAL ENTERPRISE Notes to the Financial Ststementsfor the y•ar 31 AuSt 2025 Credltor5: ATh)untsfallln8due knrnM)lEthQnF ye Group Company Loans Payable Obligations Underrinan lease cOntts Amount owed to subsidiary undertakin Deferred Tax 417,(W XIL5CQ &793 417.C£¥) SOLX 345.157 695.157 19.425 425.793 s33.1 761157 1.196,657 Loans Payable includes £491,5 12024= £576.(1101 repayable to Winchester Diocesan Board of Finante IWDBFI. These loans are unsecured. interest free and repayable as follows= Gmup Comp* Repayable within lyear Repayable between 2-5 year5 Repayable over MO than Syear5 74.Xl) 745¢Y) 74. 298,((D 298.(MM) 119,lJXI 203. I19.) 203,% 49L5(XJ 576.IfA) 49L5( 576.LKKI 10. LEASE COMMThENTS Commltments under operating leases Totsl future minimum lease payments under non-cancellable operatin8 leases for land and buildings are as follows.. Group comp¥ Within one year Twtsto five years (erfIve years 235.216 21L566 .fJ)$ 823,027 453. 475.949 LS87.411 LS10.542 22
LAUNCHPAD soaAL EpifERPRISE Notes to thè Financial Ststements for the year ended 31 Au&t 2025 11. RECONCIUATION OF MOVEmEr IN NET DEBT Atol Spptember Othernon- At31Au8ust C•sh Hows Fln*)cin¢ ta5h thanges Cash at bank and in hand Debt due within Iyear Debt duÈ afterrnore than Iyear FInar leases 691.277 349.140 74. io.( 1.043,417 174.5DJI 1417.oyjl I74,) 74.5) (S,5() 117.lni IOLIi 437. 538,935 12. RELATED PARryTRANSAclloNS At 31 Au8ilSt 2025. loans totslling £491,SCQ12024= £576.(KlJl were ¢)wed to Winchester Diocesan Board of Finance IWDBFI. LSE wa5 Set up by WDBF in 2015 in order to make use of a restricted fund in WD8F for social responsibilty. WD8F is akn a truslee of the Charity. Ouring the year, the charityreceNed a grant from tts subsidiary cofflpany Paint Pots of £576.66212024: £121.8891. During the year, the charity repaid £350,(M)012024.. £nill against amounts owin8 to Paint Pots. At 31 Au8USt 2025. the amount owing to Palnt Pots was £345.15712024.. £695,157). None of the trustees te1Ved any remuneration from the charity. During the year, travel expense5 of £6412024: £601 were 1Mbused to one trustee. 13. SUBSIDIARY ENTITY The results of the subsidiary company, Paint Pots Prtrschool & Nursery Ltd (company number 038956591 are Set out below. Income Expenditure 5urplus/ldeficitl for the year 5,629,442 4.936.284 5,680,212) 4,1.749 150,770 434.535 Total assets I4,(61 1,701,922 1342,7151 1189.8161 4464336 L512.106 net funds at the end of the year