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|Report ofthe Trustees||||
|---|---|---|---|
|Report ofthe Independent
Auditors
Launchpad
Limited|to the Members ofBusiness||16|
|Consolidated
Statement of Financial|Activities||21|
|Consolidated
Balance Sheet|||22|
|Parent Charity Balance Sheet|||23|
|Consolidated
Statement ofCashflows||24||
|Notes to the Financial Statements|||25|
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|||||for the Ye|ar Ended|31 March|2022|||
|---|---|---|---|---|---|---|---|---|---|
||||||2022|||2021||
|||||Unrestricted
funds|Restricted
funds|Total|Unrestricted
funds|Restricted
funds|Total|
||||Note|6|5|||||
|Income and endowments||||||||||
|from:||||||||||
|Investments||||1||1|8||8|
|Charitable
activities||||2,500|84,955|87,455|2,073|112,000|114,073|
|Government
grant|—CJRS||||||31,424||31,424|
|Other trading
activities|||5|1,142,849||1,142,849|1,080,546||1,080,546|
|Total income and
endowments||||1,145,350|84,955|1,230,305|1,114,051|112,000|1,226,051|
|Expenditure
on:||||||||||
|Charitable
activities||||337,032|90,621|427,653|286,983|120,258|407,241|
|Other trading
activities||||836,987||836,987|709,905||709,905|
|Total expenditure||||1,174,019|90,621|1,264,640|996,888|120,258|1,117,146|
|Net Income i(expenditure)||||(28,669)|(5,666)|(34,335)|117,163|(8,258)|108,905|
|Other recognised|gains|1||||||||
|(losses)||||||||||
|Unrealised
surplus|on|||||||||
|revaluation
oftangible
fixed|||||||2,150,000||2,150,000|
|assets||||||||||
|Transfers
between|funds|||(11,376)|11,376|||||
|Net movement
in|funds||19|(40,045)|5,710|(34,335)|2,267,163|(8,258)|2,258,905|
|Reconciliation
of|funds:|||||||||
|Total funds brought|forward||19|5,333,336|47,790|5,381,126|3,066,173|56,048|3,122,221|
|Total funds carried forward|||19|5,293,291|53,500|5,346,791|5,333,336|47,790|5,381,126|
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||||At 31 Marc|h 2022|||
|---|---|---|---|---|---|---|
||||||2022|2021|
|||||Note|F||
|Fixed assets|||||||
|Tangible assets||||12|6,069,140|6,096,000|
||||||6,069,140|6,096,000|
|Current assets|||||||
|Debtors||||14|144,328|121,822|
|Cash at bank|and|in|hand||174,789|315,720|
||||||319,117|437,542|
|Creditors: amounts|||falling due within one year|15|(441,165)|(589,363)|
|Net current|assets||/ (liabilities)||(122,048)|(151,821)|
|Total assets|less|current liabilities|||5,947,092|5,944,179|
|Creditors: amounts|||falling due after more than one year|16|(150,048)|(216,956)|
|Government|grants|||17|(450,253)|(346,097)|
|Net assets
/|(liabilities)||||5,346,791|5,381,126|
|Charity
Funds|||||||
|Unrestricted|funds|||19|5,293,291|5,333,336|
|Restricted funds||||19|53,500|47,790|
|Total charity|funds||/ (deficit)|19|5,346,791|5,381,126|
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||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
|||||||Note|E||
|Fixed assets|||||||||
|Tangible assets||||||12|4,950|1,375|
|Investments||||||13|2|2|
||||||||4,952|1,377|
|Current assets|||||||||
|Debtors||||||14|965,892|969,738|
|Cash at bank|and|in|hand||||15,221|18,858|
||||||||982,113|988,596|
|Creditors: amounts||||falling|due within one year|15|(49,300)|(26,611)|
|Net current assets|||/|(liabilities)|||932,813|961,985|
|Total assets|less|current|||liabilities||937,765|963,362|
|Net assets
/|(liabilities)||||||937,765|963,362|
|Charity Funds|||||||||
|Unrestricted|funds|||||19|884,255|915,572|
|Restricted funds||||||19|53,500|47,790|
|Total charity|funds||/ (deficit)|||19|937,755|963,362|
##
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|||2022|2021|
|---|---|---|---|
|||F||
|Cash flows from operating
activities||||
|Net incoming
resources||(34,335)|108,905|
|Depreciation||51,754|58,401|
|Government
grant amortisation||(15,444)|(11,457)|
|Interest
paid||(6,887)|(3,422)|
|Decrease
/ (increase)
in debtors||(22,506)|(32,130)|
|Increase
/ (decrease)
in creditors||(30,212)|32,207|
|Net cash from operating
activities||(57,630)|121,080|
|Cash flows from investing
activities||||
|Purchase oftangible
fixed assets||(24,895)|(40,858)|
|Net cash from investing
activities||(24,895)|(9,434)|
|Cash flows from financing
activities||||
|New bank loans|||50,000|
|Repayment
of bank loans||(65,293)|9,768|
|Interest
paid||6,887|3,422|
|Net cash from financing
activities||(58,406)|63,190|
|(Decrease)/Increase
in cash and cash equivalents||(140,931)|174,836|
|Cash and cash equivalents
at beginning|ofyear|315,720|140,884|
|Cash and cash equivalents
at end ofyear||174,789|315,720|
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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% or33%straight|line or 25% reducing|
||||balance||
|Leasehold|improvements||-20% or40% straight|line|
|Long-term|leasehold|property|- Not depreciated||
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|4.|INCOME FROM CHARITABLE|INCOME FROM CHARITABLE|INCOME FROM CHARITABLE|ACTIVITIES|ACTIVITIES|||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
|||||||8|F|
||Grants receivable —Unrestricted|||funds||2,500|2,073|
||Grants receivable —Restricted|||funds||84955|112000|
|||||||87,455|114,073|
|5.|INCOME FROII OTHER TRADING ACTIVITIES|||||||
|||||||2022|2021|
|||||||E||
||Unrestricted
funds|||||||
||Licence fees, hire charges||and|service|agreements|1,400|17,459|
||Other income|||||4,000||
||Provision
ofworkspace|||||1 137449|1,063,087|
|||||||1 142 849|1,080,546|
|8.|EXPENDITURE ON CHARITABLE ACTIVITIES|||||||
|||||||2022|2021|
|||||||f||
||Unrestricted
funds|||||||
||Staff costs (Note 9)|||||246,699|256,378|
||Young people training|and|community||events|25,889|6,831|
||Grants to young entrepreneurs|||||4,845||
||Legal fees|||||14,574||
||Consultancy|||||10,500||
||Other support costs|||||34525|23,774|
|||||||337,032|286,983|
||Restricted
funds'|||||||
||Staff costs (Note 9)|||||62,320|47,017|
||Young people training|and|community||events|23,390|64,040|
||Grants to young entrepreneurs|||||4,911|9,201|
||Other support costs|||||||
|||||||90,621|120,258|
|||||||427 653|407,241|
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|EXPENDIT|URE ON OTHER TRADING|ACTIVITIES||
|---|---|---|---|
|||2022|2021|
|||E||
|Unrestricted|funds'|||
|Staff costs|(note 10)|298,238|309,055|
|Support costs||838749|400,850|
|||838 987|709,905|
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|STAFF|COS'TS||||
|---|---|---|---|---|
||||2022|2021|
||||E|F|
|Salaries,|wages and freelance||531,934|544,586|
|National|insurance||52,229|52,040|
|Pension|costs||9,597|9,929|
|Training|and recruitment|fees|13497|20,342|
||||607,257|626,897|
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|The average
follows:|monthly|number
ofemployees
of the|group
during
the year|was as|
|---|---|---|---|---|
||||2022|2021|
|Management|and administration||4|4|
|Workspace|provision|and counselling|15|14|
||||19|18|
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||||2022|2021|
|---|---|---|---|---|
||||E|F|
|Auditors'
remuneration|||12,088|9,327|
|Depreciation|oftangible|fixed assets|51,754|58,401|
|Interest on
Amortisation|bank loans and overdrafts
of Government
Grant||6,887
~15 444|3,422
~11,457|
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||Long-
term
leasehold|Leasehold
improvements|Office furniture
and equipment|Office furniture
and equipment|Total|
|---|---|---|---|---|---|
||6|||||
|Cost or valuation:||||||
|At 1 April 2021|5,995,000|176,601||443,840|6,615,441|
|Additions||7,864||17,030|24,894|
|Disposals||||||
|At 31 March 2022|5,995,000|184,465||460,870|6,640,335|
|Depreciation:||||||
|At 1 April 2021||104,106||415,335|519,441|
|Charge for the year||29,228||22,526|51,754|
|Impairment||||||
|At 31 March 2022||133,334||437,861|571,195|
|Net book value:||||||
|At 31 March 2022|5,995,000|51,131||23,009|6,069,140|
|At 31 March 2021|5,995,000|72,495||28,505|6,096,000|
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|Charity|||
|---|---|---|
||Plant and||
||machinery|Total|
|||E|
|Cost or valuation|||
|At 1 April 2021|9,479|9,479|
|Additions|5,400|5400|
|At 31 March 2022|14,879|14879|
|Depreciation|||
|At 1 April 2021|8,104|8,104|
|Charge for the year|1,825|1,825|
|At 31 March 2022|9,929|9 929|
|Net book value:|||
|At 31 March 2022|4,950|4950|
|At 31 March 2021|1,375|1,375|
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|DEBTORS:|AMOUNTS
FALLING DU|E WITHIN ONE YEAR|E WITHIN ONE YEAR|||
|---|---|---|---|---|---|
|||Group||Charity||
|||2022|2021|2022|2021|
||||f|f||
|Trade debtors||67,335|97,751||7,406|
|Amounts
owed by group undertakings||||955,691|961,424|
|Other debtors||470||470||
|Prepayments|and accrued income|76,523|24,071|807|908|
|||144328|121,822|956,968|969,738|
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|CREDITORS: AMOU|NTS
FALLI|NG DUE WITHIN ONE YEAR|NG DUE WITHIN ONE YEAR|||
|---|---|---|---|---|---|
|||Group||Charity||
|||2022|2021|2022|2021|
|||E|F|E|F.|
|Bank loans and overdrafts||85,017|78,665|||
|Other loans|||119,600|||
|Trade creditors||51,057|22,615|26,264|2,374|
|Other tax and social security||40,569|84,933|12,008|15,100|
|Other creditors||98,951|125,146|3,818|2,300|
|Accruals
and deferred|income|165,561|158,404|7210|6,837|
|||441,165|589,363|49,300|26,611|
##
|||Group||Charity||
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
|||f||||
|Bank|loans|150,048|216,956|||
|||150045|216056|||
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|Group|||||||
|---|---|---|---|---|---|---|
|||||||Balance|
|||||||at 31|
||Balance at|||||INarch|
||1|April 2021
f|Income|Expenditure
F|Transfers|2022
F|
|Unrestricted|||||||
|funds|||||||
|General funds||5,333,336|1,145,350|(1,174,019)|(11,376)|5,293,291|
|Restricted funds|||||||
|Capital|||||||
|expenditure||46,590||(6,790)||39,800|
|Walcot|||||||
|Foundation—|||||||
|Pitch Forward|||25,000|(31,015)|6,015||
|Lambeth
Council|||||||
|—Build For|||||||
|Change|||18,000|(5,500)||12,500|
|GLA —Elevate|||41,955|(47,316)|5,361||
|Positive Futures|||||||
|Fund||400||||400|
|Nat West Youth|||||||
|Markets||800||||800|
|||47,790|84,955|90,621|11376|53,500|
|||5,381,126|1,230,305|1,264,640||5 346,791|
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||||||||Balance at|
|---|---|---|---|---|---|---|---|
||Balance at||||||31 March|
||1|April 2021
E||Income
f|Expenditure
F|Transfers|2022|
|Unrestricted||||||||
|funds||||||||
|General funds||915,572||317,101|(337,032)|(11,376)|884,265|
|Restricted funds||||||||
|Capital||||||||
|expenditure||46,590||-|(6,790)||39,800|
|Walcot||||||||
|Foundation—||||||||
|Pitch Forward||||25,000|(31,015)|6,015||
|Lambeth
Council||||||||
|—Build For||||||||
|Change||||18,000|(5,500)||12,500|
|GLA —Elevate||||41,955|(47,316)|5,361||
|Positive Futures||||||||
|Fund|||400||||400|
|Nat West Youth||||||||
|Markets|||800||||800|
|||47,790||84,955|90,621|11,376|53500|
|||963,362||402,056|427,653||937,765|
#
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|Group|||||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||F|F|F|
|Tangible|fixed assets|6,069,140||6,069,140|
|Other net|assets/(liabilities)|(775,849)|53,500|(722,349)|
|||5,293,291|53,500|5,346,791|
##
|Charity|||||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||F|F|6|
|Tangible|fixed assets|4,950||4,950|
|Other net|assets/(liabilities)|879,315|53,500|932,815|
|||884,265|53,500|937,765|
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|A summary
of|tradin|g
res|ults
is set out belo|w:-|||
|---|---|---|---|---|---|---|
||||||2022|2021|
||||||6|F|
|Turnover|||||1,137,449|1,063,087|
|Cost ofSales|||||(370,191)|(306,057)|
|Gross Profit|||||767,258|757,030|
|Other operating|income||||20,079|42,881|
|Administration|expenses||||(479,988)|(411,883)|
|Interest receivable|||||||
|Interest payable|||||(20,528)|(17,063)|
|Net profit|||||286,821|370,965|
|Charitable
payment||to Business Launchpad||Limited|(295,559)|(365,000)|
|Surplus/(Deficit)|retained||in subsidiary||(8,738)|5,965|
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|||||2022|2021|
|---|---|---|---|---|---|
|Tangible fixed assets||||5,054,190|6,094,624|
|Current assets||||301,519|410,370|
|Current
liabilities||||(1,356,478)|(1,524,1 73)|
|Liabilities due after more|than|one year||(150,048)|(216,956)|
|Government
grants deferred||income||(450,253)|(346,097)|
|Net assets||||4,409,030|4,417,768|
|Share capital||||||
|Reserves:||||||
|Distributable||||198,155|206,904|
|Un-distributable|(Revaluation||reserve)|4,210,852|4,210,862|
|Aggregate
share capital|and|reserves||4,409,030|4,417,768|