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|Report ofthe Trustees|||
|---|---|---|
|Report of the Independent
Auditors to the Members|of Business||
|Launchpad
Limited|||
|Consolidated
Statement
of Financial Activities||21|
|Consolidated
Balance Sheet||22|
|Parent Charity Balance Sheet||23|
|Consolidated
Statement
of Cashflows||24|
|Notes to the Financial Statements||25|
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||||for the Ye|ar Ended|31 March|2021|||
|---|---|---|---|---|---|---|---|---|
|||||2021|||2020||
||||Unrestricted
funds|Restricted
funds|Total|Unrestricted
funds|Restricted
funds||
|||Note|E|E|E|f||E|
|Income and endowments|||||||||
|from:|||||||||
|Investments|||8||8|31||31|
|Charitable
activities|||2,073|112,000|114,073|3,984|32,216|36,200|
|Government
grant|—CJRS||31,424||31,424||||
|Other trading
activities|||1,080,546||1,080,546|1,126,581||1,126,581|
|Total income and
endowments|||1,114,051|112,000|1,226,051|1,130,596|32,216|1,162,812|
|Expenditure
on:|||||||||
|Chaditable
activities|||286,983|120,258|407,241|377,275|44,465|421,740|
|Other trading
activities|||709,905||709,905|714,353||714,353|
|Total expenditure|||996,888|120,258|1,117,146|1,091,628|44,465|1,136,093|
|Net income I(expenditure)|||117,163|(8,258)|108,905|38,968|(12,249)|26,719|
|Other recognised|gains i||||||||
|(losses)|||||||||
|Unrealised
surplus|on||||||||
|revaluation
oftangible
fixed|||2,150,000||2,150,000||||
|assets|||||||||
|Transfers
between|funds||||||||
|Net movement
in|funds|19|2,267,163|(8,258)|2,258,905|38,968|(12,249)|26,719|
|Reconciliation
of|funds:||||||||
|Total funds brought|forward|19|3,066,173|56,048|3,122,221|3,027,205|68,297|3,095,502|
|Total funds carried forward||19|5,333,336|47,790|5,381,126|3,066,173|56,048|3,122,221|
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|||||2021|2020|
|---|---|---|---|---|---|
||||Note|f||
|Fixed assets||||||
|Tangible assets|||12|6,096,000|3,963,541|
|||||6,096,000|3,963,541|
|Current assets||||||
|Debtors|||14|121,822|89,692|
|Cash at bank and in|hand|||315,720|140,884|
|||||437,542|230,576|
|Creditors: amounts|falling|due within one year|15|(589,363)|(433,622)|
|Net current assets I(liabilities)||||(151,821)|(203,046)|
|Total assets less current||liabilities||5,944,179|3,760,495|
|Creditors: amounts|falling|due after more than one year|16|(216,956)|(280,720)|
|Government
grants|||17|(346,097)|(357,554)|
|Net assets I(liabilities)||||5,381,126|3,122,221|
|Charity Funds||||||
|Unrestricted
funds|||19|5,333,336|3,066,173|
|Restricted funds|||19|47,790|56,048|
|Total charity funds|I(deficit)||19|5,381,126|3,122,221|
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|||||2021|2020|
|---|---|---|---|---|---|
||||Note|F||
|Fixed assets||||||
|Tangible assets|||12|1,375|4,249|
|Investments|||13|2|2|
|||||1,377|4,251|
|Current assets||||||
|Debtors|||14|969,738|858,147|
|Cash at bank and|in|hand||18,858|19,196|
|||||988,596|877,343|
|Creditors: amounts||falling due within one year|15|(26,611)|(21,172)|
|Net current assets I(liabilities)||||961,985|856,171|
|Total assets less|current liabilities|||963,362|860,422|
|Net assets I(liabilities)||||963,362|860,422|
|Charity Funds||||||
|Unrestricted
funds|||19|915,572|804,374|
|Restricted
funds|||19|47,790|56,048|
|Total charity funds||I(deficit)|19|963,362|860,422|
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||||2021|2020|
|---|---|---|---|---|
||||E||
|Cash flows from operating|activities||||
|Net incoming
resources|||108,905|26,719|
|Depreciation|||58,401|63,264|
|Government
grant amortisation|||(11,457)|(11,457)|
|Government
grants received|- CJRS||(31,424)||
|Interest paid|||(3,422)|(8,892)|
|Decrease
/ (increase)
in debtors|||(32,130)|(21,657)|
|Increase
/ (decrease)
in creditors|||32,207|27,825|
|Net cash from operating
activities|||121,080|75,802|
|Cash flows from investing|activities||||
|Purchase oftangible
fixed assets|||(40,858)|(21,627)|
|Government
grants received|- CJRS||31,424||
|Net cash from investing
activities|||(9,434)|(21,627)|
|Cash flows from financing|activities||||
|New bank loans|||50,000||
|Repayment
of bank loans|||9,788|(77,238)|
|Interest paid|||3,422|8,892|
|Net cash from financing
activities|||63,190|(68,346)|
|(Decrease)/increase
in cash and cash equivalents|||174,835|(14,171)|
|Cash and cash equivalents|at beginning|ofyear|140,884|155,055|
|Cash and cash equivalents|at end ofyear||315,220|140,884|
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|useful
life. The depre|useful
life. The depre|ciation
rate|s
in use by the group ar|e as follows:|
|---|---|---|---|---|
|Office furniture
and||equipment|-25%or 33%straight|line or 25% reducing|
||||balance||
|Leasehold|improvements||-20% or40% straight|line|
|Long-term|leasehold|property|- Not depreciated||
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|NCOME FROM CHAR|ITABLE|ACTIV|ITIES|||
|---|---|---|---|---|---|
|||||2021
F|2020f|
|Grants receivable —Unrestricted||funds||2,073|3,984|
|Grants receivable —Restricted||funds||112,000|32,216|
|||||114,073|36,200|
|INCOME FROM OTHER TRADING ACTIVITIES||||||
|||||2021f|2020f|
|Unrestricted
funds.||||||
|Licence fees, hire charges and||service|agreements|17,459|48,202|
|Provision ofworkspace||||1 063087|1,078,378|
|||||1 080,546|1,126,581|
|EXPENDITURE ON CHARITABLE ACTIVITIES||||||
|||||2021f|2020
f|
|Unrestricted
funds||||||
|Staff costs (Note 9)||||256,378|293,809|
|Young people training|and community||events|6,831|46,111|
|Grants to young entrepreneurs
Other support costs||||23774|2,001
33,354|
|||||286,983|377,275|
|Restricted
funds||||||
|Staff costs (Note 9)||||47,017|22,950|
|Young people training|and community||events|64,040|14,243|
|Grants to young entrepreneurs||||9,201|7,272|
|Other support costs||||||
|||||120,258|44,465|
|||||407,241|421,740|
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|EXPENDIT|URE ON OTHER TRADING|ACTIVITIES||
|---|---|---|---|
|||2021|2020|
|||E||
|Unrestricted|funds|||
|Staff costs|(note 10)|309,055|310,167|
|Support costs||400,850|404,186|
|||709,905|714,353|
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|STAFF|COSTS||||
|---|---|---|---|---|
||||2021|2020|
||||E|F.|
|Salaries,|wages and freelance||533,232|560,504|
|National|insurance||48,583|51,569|
|Pension|costs||10,313|10,191|
|Training|and recruitment|fees|20,342|8,050|
||||612,450|630,314|
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|The average
follows:|monthly|number
ofemployees
ofthe|group
during
the year|was as|
|---|---|---|---|---|
||||2021|2020|
|Management|and administration||4|4|
|Workspace|provision|and counselling|18|17|
||||22|21|
##
||||2021
F|2020f|
|---|---|---|---|---|
|Auditors'
remuneration|||9,327|8,790|
|Depreciation|oftangible|fixed assets|58,401|63,264|
|Interest on
Amortisation|bank loans and overdrafts
of Government
Grant||3,422
~11457|8,892
~I1,457|
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||Long-
term
leasehold|Leasehold
improvements|Office furniture
and equipment|Office furniture
and equipment|Total|
|---|---|---|---|---|---|
||F|||||
|Cost or valuation:||||||
|At 1 April 2020|3,845,000|148,519||431,063|4,424,582|
|Additions||28,082||12,776|40,858|
|Disposals||||||
|Revaluation|2,150,000||||2,150,000|
|At 31 March 2021|5,995,000|176,601||433,839|6,615,440|
|Depreciation:||||||
|At 1 April 2020||76,374||384,667|461,041|
|Charge for the year||27,732||30,668|58,401|
|Impairment||||||
|Revaluation||||||
|At 31 March 2021||104,106||415,335|519,442|
|Net book value:||||||
|At 31 March 2021|5,995,000|72,495||28,504|6,096,000|
|At 31 March 2020|3,845,000|72,145||46,396|3,963,541|
|Cost or valuation
at 31 March 2021 is as follows:||
|---|---|
||Long-term|
||leasehold|
||property|
||E|
|At cost||
|At valuation:||
|October 2021 existing use basis|5,995,000|
||5,995,000|
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|have been included
under the h|istorical cost convention
as follows:||
|---|---|---|
||2021
f|2020|
|Cost|1,784,138|1,784,138|
||1,784,138|1,784,138|
##
|Charity|||
|---|---|---|
||Plant and||
||machinery|Totalf|
|Cost or valuation|||
|At 1 April 2020|9,479|9,479|
|Additions|||
|At 31 March 2021|9,479|9,479|
|Depreciation|||
|At 1 April 2020|5,230|5,230|
|Charge for the year|2,874|2,874|
|At 31 March 2021|8,104|8,104|
|Net book value:|||
|At 31 March 2021|1,375|4,249|
|At 31 March 2020|4,249|4,249|
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||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2021|2020|2021|2020|
|||||E|E|E|
|Trade debtors|||97,751|65,463|7,408|3,405|
|Amounts|owed by group undertakings||||981,424|852,895|
|Prepayments||and accrued income|24,071|24,229|908|1,847|
||||121,822|89,692|989738|858,147|
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|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2021|2020|2021|2020|
|||K|6|F|6|
|Bank loans and overdrafts||78,665|74733|||
|Other loans||119,600||||
|Trade creditors||22,615|1g742|2,374|2,658|
|Other tax and social security||84,933|46 g55|15,100|13,114|
|Other creditors||125,146|124,813|2,300|2,400|
|Accruals and deferred|income|158,404|167,379|6,837|3,000|
|||589363|433,622|26,611|21,172|
##
|||Group||Charity||
|---|---|---|---|---|---|
|||2021|2020|2021|2020|
|||E|6|F|F|
|Bank|loans|216,956|161,120|||
|Other|loans||119,600|||
|||216,956|280,720|||
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|19.
FUNDS ANA|LYSIS||||||
|---|---|---|---|---|---|---|
|Group||Balance
at 1 April
2020|Income|Revaluation|Expenditure|Balance
at 31
March
2021|
|||||||E|
|Unrestricted
funds|||||||
|General funds||3,066,173|1,114,051|2,150,000|(996,888)|5,333,336|
|Restricted funds|||||||
|Capital expenditure||54,848|||(8,258)|46,590|
|Walcot Foundation|- Develop||||||
|Your Side Hustle|||12,866||(12,866)||
|CityBridge Trust - Build Your Side|||||||
|Hustle|||30,532||(30,532)||
|Positive Futures Fund-|||||||
|Summer's
Not Cancelled|||13,866||(13,866)||
|The National
Lottery - Hustle|||||||
|Hard|||44,800||(44,800)||
|Be Fit4 Life/Elevate|||9,936||(9,936)||
|Positive Futures
Fund||400||||400|
|Nat West Youth Markets||800||||800|
|||56,048|112,000|2,150,000|120,258|47790|
|||3,122,221|1,226,051|2,150,000|(1,117,146)|5,381,126|
##
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||||Balance|||Balance at|Balance at|
|---|---|---|---|---|---|---|---|
||||at 1 April|||31 March||
||||2020|Income|Expenditure|2020||
||||E|E||E||
|Unrestricted
funds||||||||
|General funds|||804,374|398,181|(286,983)|915,572||
|Restricted funds||||||||
|Capital expenditure|||54,848||(8,258)|46,590||
|Walcot Foundation||- Develop||||||
|Your Side Hustle||||12,866|(12,866)|||
|CityBridge Trust|- Build Your Side|||||||
|Hustle||||30,532|(30,532)|||
|Positive Futures|Fund—|||||||
|Summer's
Not Cancelled||||13,866|(13,866)|||
|The National
Lottery - Hustle||||||||
|Hard||||44,800|(44,800)|||
|Be Fit4 Life/Elevate||||9,936|(9,936)|||
|Positive Futures|Fund||400||||400|
|Nat West Youth Markets|||800||||800|
||||56,048|112,000|120,258|47|790|
||||860,422|510,181|407,241|963,362||
#
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|Group||||
|---|---|---|---|
||Unrestricted|Restricted|Total|
||E|F|E|
|Tangible fixed assets|6,096,000||6,096,000|
|Other net assets/(liabilities)|(762,664)|47,790|(714,874)|
||5,333,336|47,790|5,381,126|
##
|Charity|||||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||||f|
|Tangible|fixed assets|1,375||1,375|
|Other net|assets/(liabilities)|914,197|47,790|961,987|
|||915,572|47,790|963,362|
##
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|A summary
of|tradin|g
re|sults
is set out belo|w;-|||
|---|---|---|---|---|---|---|
||||||2021|2020|
|Turnover|||||1,063,087|1,078,379|
|Cost ofSales|||||(306,057)|(299,618)|
|Gross Profit|||||757,030|778,761|
|Other operating|income||||42,881|11,457|
|Administration|expenses||||(411,883)|(417,300)|
|Interest receivable|||||||
|Interest payable|||||(17,063)|(22,533)|
|Net profit|||||370,965|350,385|
|Charitable
payment||to Business Launchpad||Limited|(365,000)|(345,000)|
|Surplus/Deficit|retained||in subsidiary||5,965|5,385|
##
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|||||2021|2020|
|---|---|---|---|---|---|
|||||E||
|Tangible
fixed assets||||6,094,624|3,959,292|
|Current assets||||410,370|206,130|
|Current
liabilities||||(1,524,173)|(1,265,345)|
|Liabilities due after more|than|one year||(216,956)|(280,720)|
|Government
grants deferred||income||(346,097)|(357,554)|
|Net assets||||4,417,768|2,261,803|
|Share capital||||||
|Reserves:||||||
|Distributable||||206,904|200,939|
|Un-distributable|(Revaluation||reserve)|4,210,862|2,060,862|
|Aggregate
share capital|and|reserves||4,417,768|2,261,803|