VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 1M3 Registered number: 1459149 Charity number.. 279859 LAUNCHPAD READING (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P W43 LAUNCHPAD READING (A company limited by guarantee) CONTENTS Page Roference and Adminislrative Details of the Charity. its Trustees and Advisers Trustaes. Report 2-15 Independent AudTlors' Report on the Financial Stslements 16-19 Consolidated Statement of Financial Activities 20 Consolidatod Balanca Sheet 21 Charity Balance Sheet Consolidated Statement of Cash Flows 23 Notes io th8 Finan¢tal Ststemenis 24-41 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P W43 LAUNCHPAD READING (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Sean Sulclrffe, Chair lan Haslam. Vice Chair to 16 November 2023 William Montague, Vice Chair from 16 November 2023 Hannah Powell, Vice Chair froin 23 Noveinber 2022 Suzanne Stallard, VI￿ Chair to 23 November 2022 Ajison Wright, Vice Chair from 16 November 2023 (appointed 23 November 20221 Matt Andrews Deborah Ethards Anna Ghelli (appointed 19 May 20221 Philip Jones Helen Waring Company registered number 1459149 Charity registered number 279859 Registered office The Stables la Merchants Place Reading RG1 1DT Company secretary Kate Firth Chief executive officer Su Hamblyn Independent auditors James Cowper Kreston Audit Chartered Accourrtants Statutory Auditor Reading Bridge House George Street Reading Berkshire RG18LS Bankers Barclays Bank PIC Apex Pla2a Reading RG1 1AX Metro Bank 201 Broad Street Mall Reading RG17QA Solicitors Field SeyTnour Parkes The Old Coroners Court No 1 London Street Reading Berkshire RG14QW Page 1 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P4143 Trustees, Report for the year ended 31 March 2023 Thank you to our team The Board of trustees and senior management team would like lo take this opportunity lo thank the Launchpad team- every one of our amazing staff and volunteers who have worked so hard over the last 12 months to help change the lives of our clients. Launchpad'5 Mission, vision and value5 Our Vision Launchpad Reading wants everyone in Reading to have Iheirown home and the opportunity for a positive fvture. Our Mission Our mis￿on is to house, support and empower vulnerable people to transfomi their lives and fulfil their potential. Our Values We are committed to the following values.. RESPECT.. EMPOWER: INTEGRITY: INFLUENCE: We respect the unique worth of every individual Everyone has the opportunity lo help others fulfil their potential We are open, consistent and accountable We use our skills and knowledge to encourage change and innovation Every petson who tums to us for help is drfferent and faces unique challenges. We provide bespoke. holistic support on an individual basis. always considering the best way lo help in each situation. These are the tangible things we do to help people in Reading-. Provide decent. safe accommcxjation Provide high qualty. individually tailored suppc Help people become more active and involved in their local community Raise awareness of homelessness across Reading Work productively with other local agencies and organisations Our Services Launchpad is Reading's leading homelessness prevention charity, providing vital information and holistic 5UPPOrt for individuals. couples and families who t*)n't have a stable place lo live, or are at risk of losing their home. We deliver 3 key services - y￿ prevent homelessness> provide hornes and rebuild lives: Preventing homelessness - Homelessness figures are rising year on year. Launchpad works in a number of ways to stop a housing problem becoming a crisis, and lo prevent homelessness in Reading. Our drop-in service offers speaalist infomiakn.on and support for anyone at risk of losing their home. No referral is needed - anyone can simply visit our offices. Sometimes people need more help to overcome a serious housing-related challenge. Our floating support service works with individuals, couples and families lo address the root of their housing problems so they are able to obtain and sustain a long-lerm home and lead fvll and independent lives. We provide tsilored support for periods of three lo six months for people who have special educats'onal needs or disabilities, are victs'ms of domestic abuse or are leaving care or prison, and people who are struggling with issues such as addiction. debt management. hoarding. poor mental health and numeracy and Ir(eracy. Page 2 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P W43 A specialist solicitor provides housing and homelessness-related legal advice, and we employ MEAM (Make Every Adult Matter) Coordinator lo ensure people with complex needs receive integrated support from all relevant agencies across the town. During periods of extreme cold, we SUFPOrt Reading's Severe Weather Emergency Provision as needed Iwth volunteers, toiletries and food) to support the town's rough sleepers., and in hotweather. we supply water and sun cream lo our dients. 2. Providing hom•s- Launchpad aims to br•akth• eycl• of homol•ssn•ss by providing both tomporary and long-term homes for those who don't have a cloan. safo and stable placo to live. Our supportod housing service provides and maintains temporary accommodation across Reading for up to 104 people al a time who are homeless or al risk of becoming homeless and combine5 this with individual. targeted 5UPPOrt lo get Te5idents' lives back on track. Each client is supported for 6 to 12 month5 with a peisonalised support plan to tackle the issues that are holding them back so they can obtain arkd sustain more pemianent housing. and live independently. We also provide affordable, sustainable and long4erni accommodation for 12 individuals, couples and families in housing need. Where possible, these are allocated to people who have been supported by Launchpad and are now able to live independently and wilhoul our spectalisl help, or those in housing need. Resettlement - Launchpad's aim for evèry client is for them to find and keep a clean, safe and stable home where they can manage a long-term tenancy and live a full lrfe. Sometimes clients need extra help to step away from our seNices. move into the community and no longer rely on our support. 3. Robuilding lives- We know il takes more than just a home to help people move out of homelessness. We support people to tackle their issues and rebuild their lives through therapeutic activities and support with education. training and employment. Launchpad 135 - Work and Lrfe Skills centre The Work and Life Skills centre at 135 Cardrff Road isjusl ten minutes, walk from Launchpad's town centre offi￿S and boasts the following bespoke facilities for vulnerable people ir¢ Reading. At the ￿ntre. people who are homeless or at risk of losing their home can learn new skills, attend counselling. build confidence and get back into training. education and employment. The centre houses: a training kitchen for cooking and barista training courses a DIY workshop a laundry area to help clients leam how to maintain a home and practice self-care hairdressing facilities vthere professional volunteers provide free hair cuts regularly an IT suite for job 5earGhing and online learning a counselling setvice a space for creative writing, art, photography and wellbeing activibes such as yoga and meditation. Page 3 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P W43 Client stories- Brian Brian is 65 and has been a Reading resident for 35 years. He has been homeless many limes over many years. Brian had an extremety difficult early family life. For a long time he was resilient lo the challenges he face, but in 2022, things became too much for Brian and he accepted that he needed help. 'After living a very chaotic lifestyle for a long time. things came to a head for me in eady in 2022. At that point, rf I wasn't supportod by Launchpad I don't kn¢yw whor• I'd bo now. "I woke up in a car park with rats crawling over me. Can you imagine how that fell? This was my lowest point- the final straw. I was really, really. really (knwn. l am a proud man. BLrt that was just too much. I knew that I needed some help al that point. °As a younger man I could cope with the challenges of homelessness. When you're homeless, drink, drugs and the threat of violence are never far away. Back then I could cope with the instsbility that comes with sofa surfing or Sleeping rough for years on end. "I'm older now, 65 and my health has been deteriorating ft)r some time. I've been off the drugs ft)r trNo years, but l am sts'll drinking- to cope wth how I feel. When you're homeless, drink doesn't help, but it does also help. Do you kr￿W what I mean?" Brian's first contact with Launchpad was with the Floating Support team. in 2022. They quickly referred him to the charity's Supported Housing team. °This was the best thing that has happened to me for a long time. The Launchpad team have brought some stability to my life, initially through moving me into their Supported Accommodation. Whilst I was in lemporary accommodation, Ihey (Launchpadl alg) helped me to apply for my fvll benefit entslement. This has ensured I can afford to pay my bills and keep a roof over my head. °My Launchpad support officer has been amazing, I can't tell you IKJW much he has changed my life for the better. With his help, I've also been able to access coun5elling. I hope that now I have a place to call home and the suppjrt of a counsellor. that I will be able to focus on my drinking problem. "I'm now living in Reading Borough Council's shemered accommodation. I'm moving on from Launchpad's short-term support programme into a much longer-temi home. My home- I love my room. I have my own space. my own TV, my own bed. It's been a long time since I could say that." Launchpad's lrfe-changing work can onty happen wth the help of our supporters. Wrth)ul the funds you donate, it is likely that Brian would still be sleeping rough. . To help protect the privacy ofthose we halp names hav8 bean changed Page 4 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 7143 The last year has really demonstrated how vital Launchpad's work is for the Reading community. and we are incredibly proud of what has been achieved in the face of the devastating cost of liwng crisis. As with other charities, this year has been a difficult one with rising costs and increased demand across all services. The difficult financial climate meant a fall in fundraising income, and we have had to spend more on delivering the essentials to the people we support, such as gas and electricity- On a positive note, our contract with Reading Borough council has been extended by 2 more years. and we are currently working on acquiring more accommodab.on so we can support more people in the town. Launchpad remains a strong and ambrtious charity with plans to help more people overcome their housing challenges in the coming years. Impact and achievements In 2022123, Launchpad helped 1,473 people {2021122- 1,129)- a 30% increase on the previous year and a reminder of the continuing importance of our work. One of the main factors behind the rise in client numbers across the year is the number of people tuming to us for help was due lo the cost of living crisis. Many people who never thought they would need our help found themselves at risk of homelessness. The number of clients supported by each serrfi¢e: 213 households were helped by our Floating Support servi 883 clients attended Drop-in 25 clients moved on from our supported housing serwce to Private attommodation 158 people were supported by our supported kjusing team 148 clients were helped by our work and lrfe skn.lls centre 28 clients were helped by our removals team 18 people were supported al our new drop in service in South Reading Our in house legal provision Iprovided in partnership wth Turpin Miller} also helped 59 people with their housing issues. including representation at court rf required. This excludes those people supported via drop in. or floating support dients. In 2022123. Launchpad Reading's seNice delivory achievements included: Preventing homelessness 883 people used our Drop in seNice - an incrèase of 42% from last year, reflecting the rise in demand in light of the cost of living crisis. The drop in service is available to anyone in housing need or with a housing issue. Over the year, this included people seeking help ￿ryth Universal Credit, landlord disputes, registering as homeless and facing eviction. This seNice, run with the support of a dedicated team of volunteers, helps people resolve their housing crises, feel supported and better infomed and signposts them to local support agencies. Floating support- 213 single people and fanilies received support from Launchpad's floating support service. 11 provides tailored support for 3 to 6 months for people at risk of losing their home because of an issue such as debt, hoarding, poor mental health or addiction. or to those requiring support to settle into new accommodats'on lo enable them to sustain their new tenancy. A new weekly Drop in service was established in May 2022 in South Reading. followng an approach by Thames Valley Police who were concemed about the rise in dosure orders in the area since the pandemic. The Surgery provides specialist housing information and 5UPPOrt," we work with tenants who are being affected by cuckooing and other forms ol exploitation or are involved with public nuisancE or disorder in or near their property. Page 5 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P W43 Launchpad's South Reading surgery helps tenants address the issues that are putting their housing at risk, so anti-social behaviour in the neighbourhood can be minimised and residents can remain housed. This support includes helping tenants aC￿sS treatment for substance misuse. providing infomialion about how to safely manage their front door and assisting with setting up Universal Credit to avohd rent arrears. Providing homes Supported housing- In 2022123,158 people were housed and supported by our supported housing seNice. Each was provided with a place to live in one of Launchpad's properties and supported over 6 to 12 months by one of our support staff lo help them prepare for a planned and positive move on to a tenancy they can sustain. Our wort with local partner agencies and community groups ensured dients received wrap-around support and the best opportunity to rebuild their lives and move out of homelessness. 25 clients were resettled inlo long term accommodation. Launchpad supported by soUr￿ng white goods. helping with budgeting and making sure people will be able to manage their tenancy. As a result of our worf( on belonging and inclusivity. we have this year introduced house meetings for our tenants. as well as client surveys, a client charter and suggestion boxes around the seNice to ensure our clients have multiple ways to feed back to us and infomi our setvices. Rebuilding lives Launchpad 135, Reading s Work and Life Skills centre has seen considerable growth with referrals coming from extemal sources such as Social Prescribing, Probation and other agencies. This year.. there were a total of 1,348 attendances at 135 lone person may attend more than once} 148 individuals attended Launchpad 135 al least once 7 clients secured voluntary placements - a key step in building confidence and progressing to future employment opportunities 8 clients secured employmenl Counselling 23 individuals received counselling p￿Vided by volunteer counsellors. The main reasons for requesting counselling included depression, anxiety, emolional management, trauma and loss. Volunleering Launchpad has a team of over 100 volunteers'Nho provided 3,721 hours1202112022- 3,690 hours) of SUF port during the year_ This is the equivalent of more than 2 full-time staff for the year and equates to a donation of over £50,0Tr). Our volunteers work in both client-facing and back-office roles- they provide counselling, support homeless people at our drop-in service, run activities at Launchpad 135, cheer on runners al our events, give com- munity talks about the charity, and help wth office-based administration. Our regular volunteers work wth us for a few hDurs or even several days a week, and other volunteers support us on a more ad-hoc basis at fundraising events such as Big Sleep Out and the Pancake Race. Partnership working Launchpad prides itself on its wide netsvork of partners and collaborats've way of working, and has excellent relationships with local agencies including Thames Valley Police, Reading Borough Council, Change Grow Live, and the National Probation Seryice amongst others. Legal support- we work in partnership with Oxford-based law fimi Turpin & Miller LLP and jointty fund access to a solicitor who works from our office. The solicitor provides crucial housing and homelessness- related legal advice- and takes legal action on behalf of people who are al risk of losing their home or who don't have a safe place to live. The solicitor works with our clients to ensure they are treated lawtully by landlords, housing associations and other agencies across Reading- by upskilling our staff, educating peo- ple WI￿ come to us for support on their legal rights, helping them navigate complicated legal proceedings and acting as an advocate when they are too vulnerable to use their voice. Page 6 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P W43 LaLFnchpad 135 has expanded its programme of activities and offerings and has developed partnerships with statutory agencies, corporate supporters such as Bowmer + Kirkland and Metrobank. and charrties and community groups such as.. Activate Leaming- Reading College The Community Mental Health Team National Careers Advice Rabble Theatre Reading Probation Servi Reading Voluntary Action- Gel Online Reading and Social Prescribing Yeldall Manor In February 2023. Reading Welfare Rights began to offer 'Advice Fridays. based at Launchpad 135 every Friday from 11am- 4pm to anyone who needed help, including the general public. The 'Breathing Space, project continued lo utilise space in Launchpad offices at ￿lIOn House out of office hours. Breathing Space is open in Ihe evening for people needing short term mental health support, and is run by the charity T(>Jether for Mental Wellbeing. Pro-bono support from partners and supporters continues to be invaluable" Christmas gifts for clients and their families were provided by The University of Reading via The Giving Tree project organised by Connect Reading (the local business community partnership) We continue to be supported with clothes and essentials for clients by local charity The Cowshed Crumbs continued lo support us with edible items for our events Anonymous Coffee provided barista skills training for clients at Launchpad 135. as well as coffee for events Ikea continued to support US V¥ith the provision of moving in packs The creative agency TMW Unlimited supported our marf(eting team with a pro-bono project to refresh our messaging and tone of voice The Oracle shopping centre supported us Mth rooms for training and meetings Organisational development There is a continuing focus on culture. govemance and staff wellbeing. which is of particular importance at time when demand for our services is increasing. We have continued to invest in staff and managerial training and have implemented several new wellbeing initiatives lo support our staff, indLtding peer-led Rellective Practice to help Colleagues deal with the emotional impact of their work. We have also reviewed and upgraded staff packages and benefits. Wilh the help of an extemal consuftant. we have stsrted working towards embedding a culture of 'Belonging', to fully embrace our aim5 of inclusivity and equity. We have also invested fvrther in IT to aid efficiencies in work practices and improve communication across the organisation. Many of our ongoing developments are informed by feedback from our staff, including via surveys and focus groups. We held a 2nd staff survey to allow staff a Voice and to identify key themes to work on within staff focus groups which continued to focus on the key themes of communication, health and wellbeing, training, ED&1 and client strategy. Key outcomes for client focussed activity included- Eslablishmenl of a dienl charterof behaviour Exil 5urvey5 for clients when they leave the service Housing surveys for tenants Suggestion boxes in client waiting room Page 7 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 10143 A new Propety Strategy was launched during the year which provides a framework to support the development and management of Laun¢hpad Reading's propety assets to achieve our ambition of delivering collaborative propety solutions which achieve our charitable objectives. Launchpad follows the principles of the Charity Govemance Code, which helps to shape development and communicakn.on of strategy across the organisation. Fundraising Fundraisin Standards Inforn￿tiOn Launchpad is committed to its charitable aims. and fundraises in orderto provide housing and additional support and services lo its clients. Launchpad Reading has an ethical fundraising policy, abides by the Fundraising Regulators Code of Practice arbd follows the Chartered Institute of Fundraising's Codes of Fundraising Practice. The Head of Ma￿ettng and Fundraising is a member of the Institute of Fundraising. We do not use exlemal fundraisers, with the exception of a grants and trusts consultsnt who works with us one day a week as an extension to the team. Launchpad respects the rights of its supporters to receive clear, truthful information on the work of Launchpad and will openly report how we spend donated monies and undertake lo manage donors. data and information responsibly. We comply with the Chartty Commission and UK law in every respect. induding those regarding openness and honesty wth our supporters and members of the public. Tho Big Sleep Out The Big Sleep Out was back in person at Reading Abbey Ruins on Saturday 8 October 2022 with just 30 particspants sleeping outside to mark Wodd Homeless Day Ithis is a quarter of the partlGipants compared to previous years of the Big Sleep Out in person event). Events continue lo be a challenge with lower numbers of participants signing up. so the trustees confirmed a decision to move this event to biennial. Despite the low turn out, the event still raised over £20,000. Christmas - campaign and event At a lime when many reflect on their lives and look to give to those in need, the local communty were incredibly generous, supporbng our online Christmas campaign and raising nearly £24,000. This year, we moved our muca) loved Carols event to Reading's Concert Hall and had event support from SFL. Ticket proceeds and donations on the night totalled over £18.000 with 380 people enjoying an evening of carols with Reading Gospel Choir and Bulmershe School choir and readings from our business supporters and volunteers. Paneaka Race OUT iconic. much-loved pancake race Tetumed in February 2023 - 36 teams from bu5ine5se5 and community groups- in fancy dress- raced against each other on Broad Street. and raised over £8.000. Individual giving A5 tnore people are struggling themsetrves. the number of people giving to charity across the UK has fallen sharply las evidenced by a CAF suNey of June 2022} and this has been reflected in a drop in one off donations to Launchpad. Regular giving We have also seen a drop in those who choose to support us with a regular monthly donation as a result- we assume- of the cost of living crisis. Corporate support Corporate support started to build from January 23 as more people retumed to the office. Our allotment days continue lo grow in popularity, as have talks lo office stsff as HR and management become awaTe that some of their own people may be struggling and need our support. Page 8 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 11143 The Future Our three priorities remain- Services- to help more people across Reading to avoid homelessness We want to help more pecf)le experiencing or facing homelessness and support them to find long-tenn solutions. Securing extensions of our current servi¢es, adapting these services tteatively to the needs of the people that use them Creating a new services strategy and developing our SeN1￿$, creating new partnerships to deliver services outside of our current geographical area into Grealer Reading and Berkshire Offering additional drop-in capacity in new areas (ie.. South Reading) to connect more with our community and take our seNices lo those who need them Expanding services at Launchpad 135 by working w¢th more partners within the local community delivering a wider programme of courses and support, to maximise the impact of skills and experience in areas of need. rather than duplicating existing provision Providing more oppothnilies for the client Vol￿ to infom) existing services, and to shape new projects and offerings Property - Increase our number of secur8. affordable housing slock We want lo ensure we continue to increase our affordable propety options. and the number of bed spaces we own. to house more families and singles across Reading. Purchasing new property and continuing to increase our number of swjre. affordable property option5 for individuals. couples and families across Reading Investing in propety and infrastructure to maintain our high standards and address the challenges of climate change Renovating existing office space to provide more flexible and accessible space for our clients and better working conditions for staff RevÈewing leaseholds lo secure favourable terms for the future People - Build on our resilience and expertise and move forward together We want to build on our services and develop a cuf(ure that is continually leaming and developing- where our staff and volunteers, and the people we exist to serve, feel valued and empowered. Creating an equitable working environment that enables employees to succeed within their roles Fostering a collaborative working cumure which promotes inclusion and belonging Developing and enhancing skills so that everybody can perform well Mqlhin their roles Improving our ability to attract a diverse range of talent and improve our retention levels Celebrating success and perfomiance across the organisation Continue to develop the organisalional ujlbjre and environment We wll also continue to monitor and review the needs of our clients, and those in need within Reading to identify potential improvements to, or expansion of, servÉce5 provided- and lo work with clients lo identify and adapt activities and services delivered at our work and lrfe skills cenlre. This is to ensure that these best meet the needs of our client group and give them the best possible chance of a posib.ve future. Page 9 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 12143 Financial review Income & Expenditure The principal funding sources for the charity during 2022123 were-. Rental income (comprising Housing Benefit and tenant charge element) Contract income from RBC to provide a supported housing service and a floating suppjrt (preventing homelessness) service to people housed in non-Launchpad accommodation Grants from Trusts and statutory bodies that fund the additional services and activities that help our clients to re-build their lives Voluntary donations and income from fundraising activities The economic thallenges across the economy throughout 2022123 have impacted on Launchpad in a number ofways- significant increase in the number of people tuming to Launchpad for supwt - many finding themselves vulnerable to the risk of homelessness for the first time., increasing costs - particularfy in respect of utilrties and interest rates; and decreasing fundraising income- as many of our supporters have had their own cost of living struggles. However, we were also immensely grateful for a significant donation-in-kind received during the year. The Edward GO5￿1ng Foundation gifted the freehold b'lle of a property to Launchpad Reading. Launchpad had previously leased the property and had substantially deveknped and maintained the property over recent years. The transfer of ownership resulted in an uplrft in value of £209,999 which has been recognised as income in 2022123. This donation wll have a lasting impact on Launchpad and its beneficiaries - ownership provides certainty and removes the impact of increasing lease costs over time. The annual savings on costs wsll enablè further ongoing investmént into our prO￿rty portfolio. We were also grateful for the continuing support from trusts and foundations - the grants from which make a fundamental difference lo the additional Se￿iCe$ that we are able lo provide. Recognising the impact that rising costs are having on charities, The National Lottery awarded an uplift in funding of £43k to cover the three years 2022-2024. all of which has been recognised a5 income in these accounts in the year in which it was received. Whilst carefully balancing our finances, it has been important to continue investment in areas such as staff welfare. training and development- to ensure that our staff are supported to best seNe our clients needs. Investment has also continued in IT- we completed our migration to a cloud-based system and have further invested in IT hardware to ensure that this is fit for pury)ose with the increasing demands of sofrNare and cyber security. Woth started on implementing new sofvare systems which will improve efficiencies across the organisalion. from HR & payroll to client support. Expenditure was below expectations in some areas, e.g. the end of lease commitments such as the gift of freehold from The EthNaTd Goslling Foundation. We were also subject to a number of insurance claims resulting from storm and fire damage {our first for rnany yearsl. Suitable insurance cover meant that we did not surrer financially, though the knock-on impact C￿ operational time meant that a number of other planned projects were delayed. We took the opportunity to pay down some outstanding loan financing, to mitigate the cost of increasing interest rates. We continued our searth for suitable property to purchase to enable us to increase our housing provision. It is always challenging to find propety that meets the needs of our client group le.g. size, location. shared houses vs setf-contained flat5}, and 15 also affordable. Cash balance was high at the year-end as a planned purchase did not proceed to completion, though we are pleased to confirm the purchase of trNO additional properties in August 2023 and October 2023. Once refurbished. these properties will add a further eleven longFterm affordable bed-spaces. Page 10 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 1 Environmental considerations are taken into account in all of our operations, particularly in respect of worts in our properties, which are also completed lo best practice in terms of e.g. fire regulations. Despite the challenging market conditions al the time, we entered into new 'green' energy contracts during Ihe year - an important commitment given the size of our property portfolio. The cost of living crisis wll not be short-lived. Atthe lime of wrib'ng, we continue to see ever-increasing number5 of people seeking help at our weekly drop-in sessions. Our services have never been more needed. Careful finanaal management wqll aim to ensure that we continue to generate operational surpluses to ensure that we are able to continue investment in capital assets such as our housing stock, office premises and IT. ReSe￿OS The Board of Trustees has examined Launchpad's requirements for reserves in light of the main risks to the Charity. The Trustees have set a reserves policy which requires that Launchpad's reserves are maintained at level which ensures that core activity could contirue during a petiod of unforeseen difficulty. and a proportion of those reseNes is held in a readily realisable fomi. On this basis, the Trustees have identrfied the need for free unrestricted reserves of £550,000. The trustees also designate unrestricted fund5 for known or expected commitment5 such as those relating to property or project development. The Trustees monitor the level of reserves as part of management account5 reporting and review the reserves policy and reserve requiremerrts at least annually. Launchpad's reserves can be summarised as.. Total funds at 31 March 2023 less.. Restricted fvnds less.. Designated funds £6,822,681 1£ 75,1401 £1305 100 £5442441 However. at 31 March 2023, the value of fvnctional fixed assets {primarily property used for core service provision) was £6,858,047 which means that Launchpad has no 'free reserves,. However, if both fvnctional assets and long-term borrowing lof £1,390,400) M,hich is related to property purchase and development are excluded., the picture is as follows= Net Cu￿ent assets at 31 March 2023 less.. Restricted fvnds less.. Designated fvnds £1,355,034 1£ 75,140} Included within designated fvnds is £1,000.000 which has been sel-aside to facilitate the purchase of residential propety for use by our clients. It had been hoped to purchase propety during the year bul no suitable properties were idenlrfied. Where possible. Launchpad will buy propetty rather than leasing as this provides security and improved cash flow in future. The remainder of the designated funds is primarily for provision of additional services to our clients such as the invaluable work conducted al our work & life-skills centre, Launchpad 135, as well as funding access to a specialist solicitor to help dienls with more comptex housing issues. Funds have also been designated for further IT development. improvements lo our office environment and long-term maintenance of our housing stock. The Trustees are confident thatthe level of free reserveswill increase during the coming years due to a reduction in loan finanang and related repayments. Investrnents Aside from retaining a prudent amount in reserves each year, most of the charity's funds are to be spent in the short or medium temi so there are no funds for long-term inveslmenl. Funds held for longer than 12 months (medium temil are held in interest bearing deposit accounts. As the purchase of new properb.es did not happen as planned during 2022123, some of the cash set aside for the purchase was instead used lo pay down some Page 11 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 14143 of the existing loan portfolio. This has reduced Launchpad's debt burden and annual repayment requirements (both capital and interest) meaning th* a greater proportion of operational su￿lUse$ will be available for investment in new propety and setvice delivery. structure, governance and management Legal Structure Launchpad Reading is a registered chartty and is a company limited by guarantee incorporated on 5 November 1979. The Charity's governing instrument is its IAemorandum and Articles of Association. Members have guaranteed a contribution of £10 each in the event of the dissolution of the charty- Organisational Structure Launchpad Reading has a Board of Trustees with tetr4een six and fifteen members who meet quarterfy and are responsible for the strategic direction and policy of the charity. A scheme of delegation is in place and day-tc day responsibility for the provision of the services rests with the Chief Executive Officer along with the Senior Management Team. Public Benefit The Trustees confirm that they have complied with the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. There are clear identffiable benefits to the community from Launchpad Reading's charitable activities= Launchpad Reading offers free advice and support to anyone in Greater Reading who doesn't have a stable place to live or is at risk of losing their home. and needs hoiising or homelessness-related infomiation and supwrt. The Floating Support service offers help lo sustain tenancies and prevent homelessness to those in need across Reading. We provide good quality, supported accommodation to those who are vulnerable and homeless in our society, and increase the opportunities for our sefvice users to be re-integrated back into the community. Launchpad Reading is aware of ils responsibility to act as a good neighbour and lakes a proactive role in managing it5 tenants and properties for the gocLI of the community. Recruitment and Appointment of Launchpad Trustees The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association the members of Board of Trustees have lo be elected by trNo thirds of the Board of Trustees. One third of members of the Board of Trustees are up for r￿leCtIon each year. Launchpad Reading focuses upon the needs of those people who are homeless or al risk of homelessness in Reading, and their needs for support and accomrnodation. The Board of Trustees seeks to ensure that the needs of this group are appropriately reflected through the diversity of the trustee body- Trustee skills audits help to inform future recruitment to the Board to ensure access to a broad range of relevant skills and experience with Mthich to guide the charity. The charity seek5 trustees who represent both the local community, have a housing background andlor the traditional skills needed for running a small business. Best practice requires us to report that two trustees have served on the Board for more than 9 years- both of these trustees continue lo promde valuable contributions to the running ofthe charity- We were pleased to welcome trNO new trustees during the year, adding to the breadth and depth of skills and experÈence on the Board. Succession planning and diversity lin all rts forms) are vital to the long-lemi success of the Board and so new applicants for tiusteeship are welcomed, with further work on active rec¥uitrment of new trustees currently under review. Page 12 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 1N43 Trustee Induction and Training New trustees are initially interviewed by existing board member5, then invited and encouraged to attend a series of short meetings to familiarise themselves with the charity and the context within which it operates. These are led by the Chair, Chief Executive Officer and the senior management team of the charity, and cover.. The obligations of Trustees The main documents, which set out the operational framework for the charity including the Memorandum and Articles of Association ResourGing and the current financial position Future plans and objectives A trustee handbook provides clear guidance for new trustees. Al trustee5 are regulady invited to relevant training and provided with updates to ensure that they are clear on their roles and responsibilities. Safeguarding We tske the safeguarding of our clients, volunteers and staff very seriously. All staff and volunteers go through a robust recruitment process, which include5 full referencing, plus DBS checks rf they are required for the Tole. Our Code of Conduct dearfy sets out expectations for professional boundaries and safeguarding. Safeguarding is part of our mandatory induction and training programmes for dient-facing staff and volunteers. We also have a wide range of safeguarding poli￿eS and procedures. Where safeguarding concerns arise, we fvlly investigate and make reports to safeguarding teams in relevant organisations. We have processes in place to ensure we continually leam and improve our practice in relation to safeguarding. Launchpad also has a whistleblowing policy. and anti-bullying and harassment policies. Risk & Intomal Control The Board of Trustees oversee a review of the risks to which the charity is exFosed. and these are recorded in risk register. We have an established risk assessment and evaluation process Mthich is updated as required and reviewed at least annually. Where appropriate. systems and procedures have been established to mitigate the risks the charity faces. In conjunction with this, Launchpad staff, management and twstees adopt a dynamic response to risk management and regulady review and assess risk. as well as our response to those risks as they evolve over time. Launchpad mitigates risk by taking a rigorous approach to wlicy development, implementation and enforcement in areas including safeguarding. vulnerable adults, data security. heatth and safety. employment, financial management and control. and fvndraising. Intemal control risks are minimised by the implementation of procedures for auth0ri5ation of all transactions and projects, and ensuring procedural compliance with any current legislative requirement5 or best practi￿. Procedures are in place to ensure compliance with health and Safety of staff, volunteers, clients and visitors lo accommodation and office environments. These procedure5 are reviewed regulady to ensure that they continue to meet the needs of the charity. Principal Risks and Uncartainti8s The trustees have established a register for all major strategic, business and operational risks, identified by them, to which the charity is exposed. These have been reviewed regularty during the year by the relevant subcommittee. and annually by the Board of Trustees. Systems and procedures have been established lo manage these risks. and initial responsibility for managing risk lies with the CEO and Senior Management Team, prior lo review by the trustees. The table below summari$es the highest-rated key risks from the risk register, and demonstrates the management and monitoring ofthese risks. Page 13 VrbJJkgun*urvTrarwoCbc￿ Ref. T3RWF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 16M3 Identified Risk Factor Risk Control Moniloring Board of Trustees Senior Management team Health & Safety (Critical Incident) Incident procedure & Death of Client procedure Health & Safety Policy and Procedure Business Continuity Plan Stsff training Challenging economic enviKonfflenl Monitoring of Monthly Management AGcounts & b￿dget spend5 Forecasting and cashflow analysis Utilities multi-year contracts secured & prices fixed Mortgagelborrowing interest rates fixed Board of Trustees SeTrior Management team Los5 of fundraising & grant income Monthly FR Income Update Fundraising strategy reviews Maximisation of Gift Events- ROI reviews. Marketing- target potential new supporters Board of Trustees Senior Management team Marketing & Fundraising Committee Cyber Security e.g. ransomware attacks staff training, Poli￿e9 & procedures in pla Board of TNstees Senior Management team All staff Relevant firewalls, Mu￿1-faCtor authentscation. email filtering & encryption in place Security monitoring & systems updates are completed prompdy Adverse PR- neIgh￿urS I new developments I client actions I complaints Misrepresentation in the media Public perception Management and monitoring of potential issues-joint response from support. housing & marketing teams when n￿ssary Board of Trustees Senior Management team Regular communication with supporters and beneficiaries strong relationships with TVP & neighbours in place to limit adverse impact- shared intel and reaction to complaints Related Parti85 & Connected Organisations At every meeting, Trustees are asked to declare any conflicl of interesl. Matt Andrews and Bill Montague, who setved as trustees during the year. are linked with the provis¢on of Se￿iCe$ to Launchpad. as Irustees of Reading Rotary Community Projects, a landlord of Launchpad Reading. Trustees are not involved in discussions or decisions in which they have a conflict of interests. Pay and remuneration of key management stsff The remuneration of the CEO is agreed by the Board of Trustees and this is benchmarked against similar organisations. The remuneration of senior management is set by the CEO. This is ￿nChmarked agaiTrsl similaf-sized private. public and chaiity sector organisats'ons. Atl staff are entitled to the same employment benefits. Page 14 VkiuaBunatLnTrarffjxlvM Ref. fJwF8L-ZKDZ 17 Nov 2023 15..47..34 Gfvrf (UTC +0) D 111 P 17143 Trustees, responsibilities statement The Trustees (who are a150 director5 of Launchpad Reading for the purpose5 of company lawl are responsible for preparing the Trustees, report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounts"ng Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable o)mpany and of the incoming resources and application of resources, including the inceme and expenditure. of the charitable company for that period. In preparing these financial slatements, the Trustee5 are required to." select suitable accounting policies and then apply them consistentty., observe the methods and principles in the Charities SORP: make judgments and accounting estimates that are reasonable and prudent.. stale whetl)er applicable UK Awounling Standards have beeii followed. subject to any material departures disclosed and explained in the financial slalements- prepare the finanaal statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation_ The Trustee5 are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's tran5action5 and disclose wth reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detec*"on of fraud and other irregularits"es. DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Trustees at the lime vthen this Trustees. report is approved has confim)ed that.. so far as that Trustee is aware. there is rKJ rdevant audit information of which the charitable compan￿$ auditor ts unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charitable company's auditor is aware of that informakn"on. This rerxirt was approved by the Trustees on 16 November 2023 and signed on their tehalf by: Sean Sutcirffe. Chair 17 Novgmbgr 2023 Page 15 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 18143 LAUNCHPAD READING (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LAUNCHPAD READING Opinion We have audited the financial statements of Launchpad Reading (the 'parent charitable companll and its subsidiaries (the 'group'l for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activitie5, the Consolidated Balance Shee( the Charity Balance Sheet, the Con501idated Slalement of Cash Flow5 and the related note5. inGluding a sumniary of 5igntfiGant aGGounting polirAe5. The finanGial reporting framework that has been applied in their preparation is applicable law and United lfjngdom Ac(x)unling Stsndards, including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the Group's and of the parent charitable compan￿9 affairs as at 31 March 2023 and of the Group's incoming rescmJr￿S and application of resources, including its income and expenditure for the year then ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wrth the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with IntematiDnal Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independenl of the Group in accordance V￿th the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard, we have fulfilled our other ethical responsibilib.es in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the WOTk we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Group's or the parent charitable companls ability to continue as a going concem for a period of at least trNelve months from Mthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect to going con￿rn are described in the relevant sections of this rewL Page 16 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 19M3 LAUNCHPAD READING (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LAUNCHPAD READING (CONTINUED) Other information The other infom)alion comprises the infom)ation included in the Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the other information ¢(￿laIned within the Annual Report. Our opinion on the financial statements doe5 not cover the other infomiation and. eKGept lo the extent otherwise expliGitIy stated in our report. we do not express any fomi of a55uranGe GQnGIu5ion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statement5 OT our knowledge obtained in the ￿Urse of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material mis51atements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the infomiation given in the Trustees, Report is inconsistent in any material respect wth the financial statements., or the parent charitable (xjrnpany has not kept surri￿e[rt accDUnting records" or the parent charitable company financial statements are not in agreement with the accounting records and retums., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fvlly in the Trustees. Responsibillies Statement, the Truslees (who are also the directors of the charitable company for the purposes of company lawl are reswnsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees delemine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the finanaal statement5, the Trustees are responsible for a55e5sing the Group's and the parent charitable companqs abilty to continue as a going concem, disclosing. as applicable, matters related to going concem and ¥Jsing the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 17 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 20143 LAUNCHPAD READING (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LAUNCHPAD READING (CONTINUED) Auditors. responsibilities for the audit of tha financial ststemenis We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereundef. Our ctjjeclives are to obtsin reasonabte assurance about whether the financial statements as a whole are tree from material misslatemenl. whether due to fraud or error, and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assuran￿, but 15 not a guarantee that an audti conducted in accordance wth ISAS (UK) wll detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement that we designed and perfomied to detect material misstatements in respect of irregularities, including fraud, were as follows.. Enquiry of management and those charged with governance around actual and polenlial litigation and claims., Enquiry of management and those charged with govemance lo identify any material instances of non compliance with laws and regulations.. Reviewing financial statement disclosure5 and testing to supporting documentation to assess compliance with applicable laws and regulations.. Performing audit Work to address the risk of irregularities due to management override of controls, including lests'ng of joumal entries and other adjustments for appropriateness, evaluating the business rationale of signfficant transactions outside the nonnal course of business and reviewng accounting estimates for evidence of bias. Because of the inherent limitations of an audit. there is a risk that we Mqll not detect all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional Con￿alment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Finan￿al Reporting Council's website at.. W)￿W This description foms part of our Auditors. Report. Usa of our report This rewt is made solety to the Gharitable Gompanvs trustees. as a body. in aGcordanGe Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable CoMpan￿S trustees those matter5 we are required 10 State to them in an Auditors, Report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audrt work, for this report, or for the ownions we have formed. Page 18 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 21143 LAUNCHPAD READING (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LAUNCHPAD READING (CONTINUED) James Cowper Kreston Audit Chartered Accountants and Statutory Auditor Reading Bridge House George Street Reading Berkshire RG18LS Dale= 20 November 2023 James Cowper Kreston Audit are eligible to act as auditors in temis of section 1212 of the Companies Act 2006. Page 19 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 22143 LAUNCHPAD READING (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANC￿ ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Other trading activÉbes InvestrrEnts 595,960 2.655,842 153,687 3,375 261.444 1.330 857,404 2,657,172 153,687 3,375 607,905 2,538,447 125,818 513 Total income 3.408.864 262.774 3.671,638 3,272.683 Expenditure on: Raising funds Charitable activities 118,129 2.819,606 118,129 3.049,006 140,220 2,807,473 229.400 Total oxpandiiura 2.937.735 229.400 3.167,135 2,947.693 Net movement in funds 471.129 33.374 504,503 324,990 Reconciliation of funds: Total funds brought forward Net movement in funds 6,276,412 471.129 41.766 33.374 6,318,178 504,503 5,993,188 324.990 Total funds carried forward 6,747,541 75.140 6.822,681 6,318.178 The Con501idated Statement of Finanaal Activitie5 indudes all gains and Ios5e5 recognised in the year. The note5 on pages 24 to 41 form part of these finanual statements. Page 20 VkiuaBunatLnTrarffjxlvM Ref. fJwF8L-ZKDZ 17 Nov 2023 15..47..34 Gfvrf (UTC +0) D 111 P2W43 LAUNCHPAD READING (A company limited by guarantee) REGISTERED NUMBER.. 1459149 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Fixed assets Tangible assets Current assets 12 6,858.047 6,856,336 Debtors 14 351,387 1,000,000 395,426 313,678 750,000 411.633 Investments Cash al bank and in hand 15 1,746,813 1,475,311 Creditors.. amounts falling due wthin one year 16 {391.7791 1359.9011 Nei currant assets 1.355.034 1,115,410 Total assets18ss current liabilities 8,213.081 7,971,746 Creditors.. amounts falling due after more than one year 17 11,390,400) {1,653,5681 Total net assets 6,822,681 6,318,178 Charity funds Restricted funds 18 75.140 6,747.541 41,766 6,276,412 Unrestricted fvnds 18 Total funds 6,822.681 6,318,178 The charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with sectson 476 of the Companies Act 2006. However. an audit is required in accordance with section 152 of the Charities Act 2011. The Trustees a¢knO￿edge their responsibilities for complwng wth the requirements of the Acl respect to accounting records and preparation of financial statements. The financial Statements have been prepared in accL)rdance wth the provisions applicable to entities Subject to the small companie5 regime. Th nancial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Sean Sutcliffe (Chairl Dale= 16 November 2023 The noles on pages 24 to 41 fomi part of these financial statements. Page 21 VkiuaBunatLnTrarffjxlvM Ref. fJwF8L-ZKDZ 17 Nov 2023 15..47..34 Gfvrf (UTC +0) D 111 P24143 LAUNCHPAD READING (A company limited by guarantee) REGISTERED NUMBER.. 1459149 CHARITY BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Fixed assets Tangible assets Investments 12 13 6,858.047 1.000 6,856,336 1,000 6,859,047 6,857,336 Current assets Debtors 14 355,142 1,000,000 390,671 319.965 750,000 404,346 Investments 15 Cash at bank and in hand 1,745,813 1,474,311 Creditors.. amounts falling due within one year 16 1391,7791 (359.9011 Net current assets 1,354.034 1.114,410 Total assets less current liabilities 8,213,081 7,971,746 Creditors.. amounts falling due after more than one year 17 11,390.400) {1,653,568) Total net assats 6,822.681 6,318,178 Charity funds Reslricled funds unresth.cted funds 18 75.140 ,747.541 41,766 6,276,412 Total funds 6,822,681 6,318,178 The charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 152 of the Charities Act 2011. The Trustees acknovledge their responsibilities for complwng with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Sean Sutcliffe (Chairl Dale= 16 November 2023 The notes on pages 24 to 41 fomi part of these financial statements. Page 22 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 25M3 LAUNCHPAD READING (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Noi8 Cash flows from operating activitios Nel cash used in operating activities 21 567,961 435,471 Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets 3,375 174,375) 513 156,557) Net cash used in investing activities 171,000) 156,0441 Cash flows from financing activities Repayments of bwowng (263.168) 1844,482) Net cash used in financing activities (263,168) 1844,4821 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 233,793 1465,0551 1,626,688 1,161,533 Cash and cash equivalents at the end of the year 22 1,395,426 1,161,633 The notes on pages 24 to 41 fom part of these financial statements Page 23 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 26M3 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting polieies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 2019}, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Launchpad Reading meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise slated in the relevant aCC￿ntIng policy. The Consolidated Statement of Finartcial Activities (SOFA} and Consolidated Balance Sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has r￿t presented its own Statement of Financial Activities in these finan￿al ststements. 1.2 Company status The charity is a (xjmpany limited by guarantee. The members of the ￿MpanY are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. 1.3 Fund accounting General funds are unrestricted funds Nthich are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and ￿1¢h have not been designated for other purposes. Designated funds comprise unrestricted funds that have been Sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are fvnds which are to be used in accordance with specific restrictÈon$ imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the SFecific fvnd. The aim and use of each restricled fund is set out in the notes lo the financial slalemenls. 1.4 Income All income is recognised once the charity has entiuement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Page 24 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 27143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting polieies {continuodl 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, it 15 probable thal a transfer of eGOllOtniG benefits will be required in 5ettletnent and the amounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared cost5 which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned betrween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciab.on charges allocated on the porb.on of the assefs use. Support costs are Ih)se costs incurred directly in support of expenditure on the objects of the tharity. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in activities that raise funds. Charitable activities are costs incurred on the charitys operations. including support costs and costs relating lo the govemance of the charity. 1.6 Basis of consolidation The financAal statements consolidate the accounts of Launchpad Reading and all of its subsidiary undertakings I'subsidiaries,). The results of subsidiaries acquired during the year are induded from the effective date of acquisition. The charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure Account. The income and expenditure account for the year dealt with in the accounts of the charity was £504,50312022- £324,990). 1.7 Tangible fixed assets and depreciation Tangible fixed assets costing £1.000 or more are capilalised and recognised when future e￿noMiC beneffts are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recogni5ed at cost. After recognition. under the cost model, tangible fixed a5set5 are measured at cost less accumulated depreciation and any accumulated impairment losses. Al cost5 incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated usefvl lives, using the straight4ine method. Depreciation is provided on the following bases: Freehold propety Short-lemi leasehold property Motor vehicles Office and general equipment 2% straight line. Land is not depreciated. Over the term of the lease 200kn straight line 200kn_33.3% straight line Page 25 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 28143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting polieies {continuodl 1.8 Invesiments Investments in subsidiaries are ValU￿j at cost less provision for impaimient. 1.9 Debtors Trade and other debtor5 are recyjgnised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.10 Current asset investments Cu￿ent asset investments are fvnds held for major investmertt such as property purchase or redevelopment. These funds are highly liquid wth a short maturity of three months or less. 1.11 Cash at bank and in hand Cash at bank and in hand includes cash and SI￿rt-tem1 highly liquid investments wlh a short maturity of three monlhs or less from the dale of acquisition or opening of the deposit or similar account. 1.12 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 1.13 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fiJnd in respect of the year. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors. including expectaticffls of fvture events that are believed to be reasonable under the circumstances. Page 26 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P *M3 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Judgements in applying accounting policies and key sourcas of estimation The preparation of the financial ststements requires management to make eslimales and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during th? year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following have had the most Significant effect on amounts reccrfjnised in the financial statements. Tangible fixed assets {note 121 Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining lrfe of the asset and projeded disposal values. Bad debts (note 14) A provision is made against speafic debtors based on the age of the debt and an assessment of recoverability. Page 27 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 30143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Ineoma from donations and legacies Unrosirietod Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Donations 454.387 2,500 139,073 454.387 263.944 139.073 352.638 106.268 148.999 Grants 261,444 Fundraising general 595,960 261,444 857,404 607,905 Total 2022 505,968 101,937 607,905 Donations in 2023 indude a donation-in-kind of £209.999 as detailed in note 12. Ineoma from charitable activities Unrostricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Housing & support Addf(ional support services 2,655.842 2.655.842 1.330 2,535.787 2.660 1.330 2,655,842 1,330 2,657,172 2,538.447 Total 2022 2,535,787 2,660 2,538,447 Page 28 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 31143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Other trading aciiviiies Unrestri¢ted funds 2023 Total funds 2023 Total funds 2022 Commercial rents 153,273 414 153.273 414 120,973 4.845 Other income 153,687 153,687 125,818 Total 2022 125,818 125,818 Expenditur8 on raising funds Unrestrictod funds 2023 Total funds 2023 Total funds 2022 Events and activitie5 26,254 76,897 14,978 26.254 76.897 14.978 31,396 92.401 16.423 Stsff costs Other staff costs 118,129 118,129 140,220 Total 2022 140,220 140,220 Page 29 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 32143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of oxpondiiure by activities Activitias undertaken directly 2023 Support Costs Total funds 2023 Total funds 2022 2023 Housing & support Addf(ional support services 2,363,774 220.587 375,710 88,935 2.739.484 309.522 2,584,955 222.518 2,584,361 464,645 3,049,006 2,807,473 Total 2022 2,362,694 444,779 2,807,473 Analysis of direct costs Additional support services Housing & support 2023 Total funds 2023 Total funds 2022 2023 staff costs 1,260,928 147,889 898,509 50,724 5.724 142,348 14,372 1.403,276 162,261 898,509 53,950 66.365 1.275.036 171,213 791,467 64,714 Depreaation Propety costs Other staff costs 3,226 60,641 Activities 2,363,774 220,587 2.584.361 2,362.694 Total 2022 2,225,047 137,647 2,362,694 Page 30 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 3 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of oxponditure by activities (continued) Analysis of support costs Additional support s&r4iees 2023 Housing & support 2023 Total funds 2023 Total funds 2022 Depreciation Premises & office costs Other staff costs 80,656 219.225 6.396 2,875 9,684 56,874 39.746 49,189 120.402 268.414 6.396 2.875 9.684 56,874 115,560 274.904 4.436 2,734 14,832 32,313 Bank charges & other fees other costs Governance costs 375,710 88,935 464.645 444,779 Total 2022 359,908 84,871 444.779 Auditors. romun8ration 2023 2022 Fees payable to the chariws auditor for the a￿lIt of the chanws annual accounts 10.340 9.400 Fees payable to the charitys auditor in respect of: Al nork-audit services not included above 3.395 3,085 Page 31 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 34143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Staff costs Group 2023 Group 2022 Company 2023 Ccmpany 2022 Wages and salaries Social security costs Pension costs 1,300,598 126,673 91,819 1,184,627 109,737 87.196 1,300,598 126.673 91.819 1.184,627 109.737 87.196 1.519,090 1,381,560 1,519.090 1,381,560 The average number of persons employed by the charity during the year was as follows.. Group 2023 No. Group 2022 No. Chief ExecutNe Service Delivery for Clients Finance & Administration Fundraising 35 35 48 47 The average headcount expressed as full-lime equivalents was.. Group 2023 No. Group 2022 No. Chief Executwe Service Delivery for Clients Finan￿ & Administration 31 29 Fundraising 42 39 The number of employees wlKJse employee benefits {excluding employer ￿nsiOn costs} exceeded £60,000 was.. Group 2023 Group 2022 In the band £60,001- £70,000 Page 32 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 35M3 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11. Trustees. remuneration and expanses During the year, no Trustees received any remuneration or other benefits {2022- £NIL}. During the year ended 31 March 2023, expenses totalling £NIL were reimbursed or paid diredy to Trustees12022- £NILI. 12. Tangible fixed assets Group and Company Freohold Leasehold property proporty Motor vehicles Office oquipmant Total Cost or valuation At 1 April 2022 Additions 6,690,448 873,575 49,800 23,988 {10,2151 446,691 50,387 154.2431 8,130,285 947,950 1830.5961 Disposals {766.138) At 31 March 2023 7.564.023 177.208 63.573 442.835 8.247.639 Doprociation At 1 April 2022 Charge for the year On disposals 638.384 177.1)68 225.998 46.220 {102,562) 49.800 4.798 {10,2151 359.767 54.577 154,2431 1.273,949 282,663 1167,0201 At 31 March 2023 815,452 169,656 44,383 360,101 1,389,592 Net book value At 31 March 2023 6.748.571 7.552 19.190 82.734 6.858.047 At 31 March 2022 6.052. 717,348 86,924 6.856,336 During the year, the Edward GosUing Foundation kindly gffted the freehold tille ol a property to Launchpad Reading. Launchpad had premously leased this propety from the Edward Goslling Foundation and had substantially developed the propety over recent years. The transfer of ownership has resulted in an uplrft in value of £209.999 ,Nhich has been recorded as a donalion-in-kind in 2022123. Leasehold improvements have decreased by £663,576, and a freehold property addition of £873.575 has been recognised, reflecting the change in Launchpad's interest in the propety. Page 33 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P W43 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Fixed asset investments Investments in subsldlary companies Charity Cost or valuation At 1 April 2022 1.000 At 31 March 2023 1.000 Net book value At 31 March 2023 1,000 At 31 March 2022 1,000 14. Debtors Group 2023 Group 2022 Company 2023 Company 2022 Due within on8 year Trade debtors Amounts owed by group undertakings other debtors 103,619 97.363 84.696 22.678 28,471 219,297 92.220 11.430 8,443 207,872 28,471 219,297 8,443 207,872 Prepayments and accrued income 351,387 313.678 355,142 319,965 15. Cu￿ent assel investments Group 2023 Group 2022 Company 2023 C(mpany 2022 Cash deposit 1.000,000 750,000 1.000.000 750,000 Page 34 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 37143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Craditors: Amounts falling due wilhin one year Group 2023 Group 2022 Company 2023 Ccmpany 2022 Bank loans 89,760 150,361 66,189 89,760 84,249 57,439 2,205 126.248 89,760 150.361 66.189 89,760 84,249 57.439 2.205 126.248 Trade creditors Other tsxalion and social security Other creditC￿5 AccNals and deferred income 79,625 79.625 391,779 359,901 391,779 359.901 Group 2023 Group 2022 Company 2023 Cc*npany 2022 Deferred income at 1 April 2022 Resources deferred during the year Amounts released from previous periods 30,202 15,667 {30,2021 77,669 30,202 177,6691 30,202 15,667 130,202) 35,056 30,202 13S.056) 15,667 30,202 15.667 30,202 Loan5 are secured against the freehold properties of the charity to which they relate. 17. Creditors: Amounts falling due after more than one year Group 2023 Gr04JP 2022 Company 2023 Company 2022 Bank loans 1,390,400 1,653,568 1,390.400 1.653,568 Loans are secured against the freehold properbes of the charity to which they relate. Page 35 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 38143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. stsiemeni of funds Staiement of funds - Current year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditur8 Unrestricted funds Designated funds Designated Funds- all funds 1.002.971 (31.274) 333.403 1.305.100 Gen8ral funds General Funds- all funds 5.273,441 3,408,864 12,906,461) (333,403) 5.442,441 Total Unrestricted funds 6.276,412 3.408,864 12,937.735) 6.74T,541 Restricted funds WoTk and Life Skills 36.766 180,474 52,300 (181,232) 135.559) 36.008 16.741 Client Wellbeing Funds Volunteering Resettlement & Move On Funds 5.000 30,000 (12.609) 22.391 41,766 262,774 (229,400) 75,140 Total of fund5 6.318,178 3,671,638 13,167,135) 6.822,681 Page 36 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P 39M3 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. stsiemeni of funds {continuad) Staiement of funds - prior year Balance at 31 March 2022 Balance at 1 April 2021 Transfers inlout Income Expenditure Unrestricted funds Designated funds Designated Funds- all funds 1.110.000 (110.1511 3.122 1,002.971 Gen8ral funds General Funds- all funds 4,847,927 3,168,086 12,739,450) (3,1221 5,273,441 Total Unrestricted funds 5.957.927 3,168,086 12,849,601) 6.276.412 Restricted funds Work and Life Skills Client Wellbeing Funds Volunteering Resettlement & Move On Fund5 lo,￿0 97,597 7,000 170,8311 17,0001 119.1121 36,766 19.112 6,149 11.1491 5,000 35,261 104,597 198,0921 41.766 Total of funds 5,993,188 3,272,683 12,947,693) 6,318,178 Page 37 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P40143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Summary offunds Summary of funds - current year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditur8 Designated funds General fvnds Restricted funds 1.002.971 5.273.441 41,766 (31,274) 3.408,864 12,906.461) 262,774 (229,400) 333.403 1.305,100 (333,403) 5.442,441 75,140 6.318,178 3,671,638 13,167,135) 6,822.681 Summary of funds - prior year Balance at 31 March 2022 Balance at 1 April 2021 Transfers inlout Income Expenditure Designated funds General funds 1.110,C￿0 4.847.927 35,261 (110,1511 12,739,450) 198,0921 3,122 (3, 1221 1,002,971 5.273.441 41.766 3,168,086 104,597 Reslricled funds 5,993,188 3,272,683 12,947,693) 6,318,178 Designated funds indude £1,000.000 12022.. £750.0001 for propety purchase Ino suitable propety was identffied durtng 20221231 and £160.000 {2022'. £60.0001 for the development and maintenance of properties. Other designations include £155,100 12022.. £192.9711 for the development and delivery of services and ongoing investment in assets such as IT. for which no Ihird-paity funding is currently secured. Restricted funds relate to the following.. Work and Life Skills Various grants lo provrde and develop training and education to assist clients in reluming lo work and develop life skills_ Some of these grants have specific restrictions relating to a particular activity e_g. budgeting, art etc. Launchpad 135 continues to be supported by a 3-year restricted grant from the National Lottery Community Fund IRC London and South East Region programmel. Client Wellbeing Various grants lo support the physical. mentsl, psychological. emotional and social wellbeing of clients. Including access to a housing solicitor and additional services lo help address anti-social behaviour issues which may put housing at risk. Resettlement & Move On Various grants to support the resettfement and MoV￿n of Launchpad clients into independent living, including access to Launchpad's removals service. Page 38 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P41143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 20. Analysis of nei assets between funds Analysis of net assats betwaan funds- currant year Unrestricted Rastricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets 6,858,047 1,671,673 (391,7791 11.390,4001 6,858.047 1,746.813 1391.7791 {1.390.4001 75.140 Creditors due within one year Creditors due in more than one year Total 6,747,541 75,140 6.822,681 Analysis of net assats between fun(ts - prior year Unre51ricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Current assets 6,856,336 1,433,545 (359,9011 11,653,568) 6,856,336 1,475.311 1359.901) {1,653,568) 41.766 Creditors due wthin one year Creditors due in more than one year Total 6,276,412 41,766 6,318,178 21. Reconciliation of net movement in funds to net cash flow from operating activities Group 2023 Group 2022 Net income for the year las per Statement of Financial Actiwties) 504.503 324,990 Adjustments for: Depreciation charges Dividends. interests and rents from investments Increase in debtors 282.663 {3,375} 137,709} 31.878 (209,999) 286,774 1513) 194,366) 181,414) Increaselldecreasel in creditors Donation-in-kind (note 121 Net cash provided by operating activities 567.961 435,471 Page 39 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P42143 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of cash and cash equivalants Group 2023 Group 2022 Cash in hand 395.426 1,000,000 411,633 750,000 Cash deposit Total cash and cash equivalents 1,395,426 1,161,633 23. Analysis of changes in net debt Other non- cash Al 31 March changes 2023 At 1 April 2022 Cash flows Cash at bank and in hand Debt due Mqthin 1 year Debl due after 1 year Liquid investments 411,633 {89,7601 11.653,5681 750,000 233.793 (250.000) 395,426 189,7601 {1.390.4001 1.000.000 263.168 250.000 1581,6951 496,961 184,7341 24. Operatingloase commitments At 31 March 2023 the Group and the charity had commitments to make future minimum lease payments under nOn-Can￿lIable operating leases as follow5= Group 2023 Group 2022 Company 2023 Company 2022 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 331,643 418,598 374,817 799,598 715,989 331.643 418.598 374.817 799,598 715,989 750,241 1,890,404 750,241 1,890,404 Page 40 VrbJJkgun*urvTrarwoCbc￿ Ref. T3WF8L-ZKDZ 17 NLv2023 15..47..34 GMT(UTC +0) 0 111 P43M3 LAUNCHPAD READING (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 25. Related party transa¢iions The totsl payments for seNices or gwds made lo organisalions connected to Launchpad Reading trustees during the period was £34,391 (2022 £33,956). The organisation paid was Reading Rotary Community Projects £34.391 12022 - £33.9561 for Tent. All activities with connected organisations were carrted out on an ams length basis in the normal course of activities. Post balance sheet events On 1 August 2023, Launchpad invested in the freehold of a residential propety. The purchase was made using historical reserves - a £700,OCM) inveslment, which includes purchase and renovation costs. The property will be used to provide additional longer-term affordable housing. On 5 October 2023, Launchpad invested in the freehold of a further residential propety. The purchase was made using histortcal reserves - a £500,000 investment, Mthich indudes purchase and renovation costs. The propety will be used to provide additional longer-term affc*dable housing. 27. Principal subsidiaries The followng was a subsidiary undertaking of the charitr. Nam8 Company Registered offiea or Class of Holding number principal place of business shares Ineludad in consolidalion Launchpad Reading 11162563 The Stables. Merchants Place, Ordinary Services Limited Reading RG11 DT 100% Yes The financial results of the subsidiary for the year were: Name Income Expenditure Net assets Launchpad Reading Setvices ￿Mited 629.922 629.922 1.000 Page 41