Registered Company Number: 02110648 Registered Charity Number: 299599 Business Launchpad Limited Consolidated Report and Financial Statements: Year ending 31 March 2023 Iiiiiilliii *ACIS2N74• 20112120fJ COMPANIES HCXJSE
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Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 Report of the Trustees Report of the Independent Auditors to the Members of Business Launchpad Limited 13 Consolidated Statement of Financial Activities 18 Consolidated Balance Sheet 19 Parent Charity Balance Sheet 20 Consolidated Statement of Cashflows 21 Notes to the Financial Statements 22
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 Reference and Administrative infonnation Business Launchpad is a company limrted by guarantee and a registered Charity governed by ils memorandum and articles of association. Registered Company number- 02110648 (England and Wales) Registered Charity number: 299599 Registered office: Trident Business Centre 89 Bickersteth Road Tooting London SW17 9SH Directors and Trustees: William Anthony Maurice Sats David Adam Gordon James Richard Wall Olu Olanrewaju Akta Mahendra Raja Bianca Riemer (appointed 13 June 2022) Hayley Elizabeth Butler (appointed 9 September 2022) Pavitra Raja {appointed 9 September 2022) Zoe Hannah Roberts (appointed 9 September 2022) Simon John Williams (appoinled 9 September 2022) David Thomas Abbott (resigned 24 May 2022) Amha Mensah {resigned 20 October 2022) Chief Executive Officer: Felicia Mattis-Rome
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 Reference and Administrative Information Auditors: Barnes Roffe LLP Chartered Accountants and Statutory Auditor Charles Lake House Claire Causeway Crossways Business Park Dartford Kent DA2 6QA Bankers: The Co-operative Bank Business Account P.0. Box 250 Delf House Skelmersdale WN86 Solicitors: Wrigleys Solicitors 19 Cookridge Street Leeds West York LS2 3AG Insurance Advisors: CaSE Insurance Manor House 1 The Crescent Lealherhead Surrey KT22 8DH
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 The trustees present their report together with the audited financial statements of Business Launchpad Limited {Ihe charitable company.) for the year ended 31 Mar¢h 2023. This report has been prepared in accordan with Part 8 of the Charities Act 2011 and serves as a directors, report for the purposes of the Companies Act 2006. The financial statements have been prepared in accordance with the accounling policies set out on pages 22 to 27 therein and comply with the charitable company's governing document, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in ac¢ordance wilh the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). Background - Business Launchpad - Transforming Young Lives Through Enterprise The operation of the charity ts founded on an integrated business incubation programme providing the tools needed to start up and run a successful enterprise. Targeting a client base of young people aged 16 - 30 living in London. Business Launchpad engages with typically over 1 ,000 young people each year, providing specialist enterprise consultations, test trading and leadership opportunities to develop skills required to successfully set up and grow their own business or social enterprise. Business Launchpad (BLP) supports young people in a variety of ways including the provision of {below market rate) office. hot-desking and co-working SpaS. As well as Business Coaching and holistic support, we offer different formats of support to accommodale the specific needs of each client al each stage of their business. Our offering covers; workshops, 1..1 business support sessions. soft skills cultivation and review, networking events, access to funding, test trading opportunities as well as partnership fomiation and mentorship. Trident Business Centre Limited (trading a5 Tooting Works) is a Social Enterprise and a commercially managed workspace. established in 1988 to provide income for the charty. As the trading home of 81 private and public sector organisations (operating specifically in the local area), employing over 470 individuals. Trident Business Centre is the second largest employment space in the Borough of Wandsworth. Trident Business Centre has quickly become a community asset generating a substantial economic impact on the lorAI area. This report provides an open and transparent account of our financial posilion and how our resources are invested in the activities pursuant to the strategic goals of the organisation. Public Benefit The Board of Trustees have tsken account of the Charity Commission's guidance on public benefit in reviewing BLP'S aims and objecttves and planning future activities.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 The BLP Mission Statement. Values and 2022-25 Strategy The BLP Group (BLP and its subsidiary Trident Business Centre Limited) have adopted the following integrated mission statement, values and strategic goals for 2022-25. The BLP Mission Statement Developing vibrant community assets, supporting local people, businesses and organi5ations to thrive, ail d providing business skills and wellbeing coaching to marginalised young people. Our Vision Equipping and empowering marginalised young peopte to become entrepreneurs through the support of a diverse network of people. businesses and organisations all working and succeeding together. Our Values Adaptable & Flexible- managing the well-being of projectslstaff and standing by the decisions and actions with honesty. openness and transparency. Community Fo¢ussed- increase our positive impact on the community Young People at the Heart of all we do Accountable to ourselves and our stakeholders Collaborative & Entrepreneurial- form partnerships, share learning and join with others Strategic Goals 2022-2025 1- Provide entrepreneurial support to a minimum of 600 marginalised young people across London, with specialist support to an additional 100 young people via our cohort programme. 2- Estsblish our spaces as Community assets maximising opportunities to create social impacl for tenants, clients and the wider community. 3- Facilitating 100 BLP Clients into work placements, traineeships and apprenticeships in our tenant businesses. 4- Having 250/0 of our businesses trading with each other intemally by 2025 boosting the local economy and reducing carbon footprint. 5- Move towards carbon neutrality by 2025 with significant savings in utility costs up to £40K over the business plan period.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 Message from the Chair- BLP Activities 'Transfonning Young Lives Through Enterprise. 2022-2023 summary Our year to the end of March 2023 was a year focused on research, redefinition and further development of Business Launchpad's strategic interventions to ensure we are meeting our charitable objectives. We focused heavily on reassessing the post-pandemic needs of our clients and wider stakeholders. This led to the development of a new 'Business Idea to Start up Programme,. This year long cohort programme launched in January 2023 and is a high quality and engaging coaching and skills development programme for 40 young people aged 16-30 across London. This programme runs alongside our usual business coaching which is offered to anyone matching the demographic we ser4e. Employability Programme Our Employability Programme is delivered across two cohorts. Working in partnership with South Thames College. the team hosted 44 young people from across London. The young attendees were supported with how lo perfomi well in an interview, nelwork, update their CVS, and how to job search successfully. Via the programme. the young people were also connected with several of our 89 tenant businesses for future job opportunities. Young & Gifted Programme The BLP Young and Gifted programme is designed for marginali%ed young people, with a business idea. who may have barriers to starting their own business. The programme focusses heavily on mind-set growth where the key objective is to help build confidence and remove imposter syndrome in order for young people to start developing Iheir idea into a fully-fledged product ready to be test traded. The programme supported 24 young people. in-person and via pre-recorded sessions, with holistic business development sessions covering digital marketing, personal brand, finance, and how to raise funds through pitching to investors. Tech Week Programme In March this year. the team organised and delivered Digital Tech Week for young aspiring entrepreneurs. Here, we offered 22 young people in-person support and supported a further 71 young people via virtual sessions. The participants were exposed to the latest innovations and tools essential for success in the digital business. They learnt how to build a website, develop their personal branding and how to create engaging videos to boost sales. At the end of Digital Tech Week, attendees left with a deeper understanding of digital technologies, enhanced digital literacy, practical skills. and a network of connections.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 Tooting Works. Activities Tooling Works has continued to perform well with occupancy rates steady at 100% and we have a waiting list of over 100 small businesses from the local area. Over the course of this year the key priorities for TW has been to develop its core offer of being a community asset and providing affordable and flexible office space by developing the quality of its facilities and improving its financial position. We achieved this by sucSsfUllY completing the affordable workspace project. through a £225k grant from Wandsworth Council, which was, match funded by The Charity Bank. The new co-working and events spaces and enterprise kitchens we launched in summer 2023. These spaces will not only generate new income streams but also provide spaces for community events and collaborations. Community Hub Spaces Tooting Community Hub has already begun to foster trading and partnership opportunities between several Tooling Works tenants, and the wider community. Another ongoing partnership is with Supply Wandsworth (Part of the Economic Growth Team at Wandsworth Council). Over the next years: we will be hosting their events in our new spaces, enabling them to educate and support local businesses on the prospects of bidding for larger contracts. promoting intemal trade and the importance of localised business. The Year Ahead . In the coming year, we intend to continue to support our stakeholders through consislently delivering high impact interventions in line with our strategic objectives. Across Tooting Works, we intend to continue reinforcing our presence as a community asset while striving to lowerthe arbon foolprint of those wtthin our small business community. Additionally, over the next year we will- Further invest in BLP staff capacity so we can support all stages of business development. Continue to develop our core intepientions while building on the learnings from our new cohort model programme. Focus on supporting a minimum of 500 marginalised young people. Work with young people with lived experience to lead our youth engagement activities. Provide greater depths support to 4 new stsrt-ups helping them to scale and grow. Develop corporate partnerships, which will enable prbOn0 support such as mentorship and fundraising, to our clients and the organisation. Review our impact framework and establish a more robust monitoring and evaluation framework. Further innovation and modernisation of TBC. I would like lo thank all our slaff for their hard work and contribution towards the SucsS of the organisation. A special thanks also to the Trustees for their support, commitment and dedication to the impact goals of the charty.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 Governance The charity is a company limited by guarantee and dS not have a share capital and is consliluted within the njles as laid down by Companies Act 1985. The governing document is through the vehicle of a Memorandum ofAssociation. BLP is governed by a Board of Trustees, who are also the Directors for the purposes of The Companies Act. The Truslees volunteer Iheir time and expertise to guide the developmenl of the charity and support the work of the Chief Executive and stsff. The Trustees are drawn from the communty, industry, commerce. voluntary and statutory sectors. The Trustees decide on matters ofpoli¢y. direction, planning and development relating to the charity and its subsidiary operation. They monitorthe nature and quality of BLP'S ServIS and training programmes and regulady review the provision and range of services provided to ensure the delivery of a consistent and high quality servi, geared to the needs of the client group. The Board of Trustees meet every 6 weeks. The skills base of the Trustees is frequently reviewed to identify gaps within the Board of Trustees on a regular basis. De¢isions on the mix of experience and expertise required are undertaken in the context of current and future organisational strategic and operational demands. Should the Board of Trustees identify a gap in the skills base, suitable individuals are identified through the charity's and the Trustees, extensive support networks. Polential Trustees are provided with information on their roles and responsibilities as a Trustee and are provided with an overview of the organisation by relevant Truslee(5> and the Chief Executive. During the year, new trustee appointments were made in order to bring new expertise to the Board including Business Launchpad service user experien, and experience of working with young people: The following Trustees seNed during the year and up to the date of this report.. William Anthony Maurice Sceats David Adam Gordon James Richard Wall Olu Olanrewaju Akta Mahendra Raja Bianca Riemer (appointed 13 June 2022) Hayley Elizabeth Butler (appointed 9 September 2022) Pavitra Raja (appointed 9 September 2022) Zoe Hannah Roberts (appointed 9 September 2022) Simon John Williams (appointed 9 September 2022} David Thomas Abbolt (resigned 24 May 2022) Amha Mensah (resigned 20 October 2022} The Chief Executive Officer (CEO) reports to the Board of Trustees. The CEO is responsible, in consultation and with the guidance of the Trustees, for the overall operation of BLP and its services. Infomial reporting to the Chair of the TrusteeslDirectors andlor individual Trustees, as appropriate, takes place in between meetings as needed. Chief Executive.. Felicia Mattis-Rome
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 Risk Management The Chief Executive reports to the Board on risk management. Key risks have been identified in the Risk Register. Action to address risk is planned and monitored in Board meetings. Financial Review Net income (expenditure) for the year amounted to net income of £19k (2021122: Net expenditure of £34k). This reflects a decrease in expenditure for the year, due to a decrease in grant and project activity. The following are the reasons for our financial result for the year as set out in the Statement of Financial Activities: a) Income & Endowments Total income for the year 2022123 was £1.20m, compared with £1.23m in 2021122. This represents a decrease of £30k from prior year. Income from ¢haritsble activities (grant funding) decreased to £41 k. from £87k in the prior year. Core income from trading activities in respect of the Trident Business Centre, increased marginally from £1.14m in 2021122 to £1_16m in 2022123. enditure Charitable expenditure for the year 2022123 was £337k. compared with £428k in 2021122, due to a decrease in grant and project activity, and reduction in staff costs. Expenditure on trading activities increased marginally to £843k from £837k in the previous year. During the year there was a £77k decrease in expenditure on Staff costs Investment policy and objectives Business Launchpad, as a single entty, operates with a low cash balance, and its only investments relate to its trading subsidiary. Trident Business Centre Limited. Business Launchpad is the sole shareholder in Trident Business Centre Limited, which donates its profits every year to Business Launchpad. Business Launchpad also has a loan outstanding to Trident Business Centre, on which it receives interest. Trident Business Centre Limited is a community asset which serves the mission of Business Launchpad both financially and logistically. 10
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 Reserves pollcy The charity has invested in its trading subsidiary, Trident Business Centre Liiniled, in order to provide Ihe support and working capital it requires. The investment therefore utilises a significant amount of the charity's reserves. As noted above the trustees consider this investment is essential to the charity's mission both as a community asset and financially as a result of the donation the charity receives each year. As at 31 March 2023 on the parent charity balance sheet, the investment in Trident Business Centre Limited is £970,549 {2022- £955.691), via an intercompany loan, and this Currently exceeds the level of UnstrICted funds in the charity of £921.424 (2022.. £884,265). At a group level, on the consolidated balance sheet as at 31 March 2023, there are unrestricted funds of £5.329.542. However. the majority of these funds are represented by the long-lerm leasehold property and other fixed assets of the Trident Business Centre with a net book value of £6,326.107. Bank loans of £508.828 and deferred government grant income of £707,809 relates to the property, so if these are deducted the net position is £5.109,470. This leaves a surplus of unrestricted funds of £220,072 which are being utilised by the trading subsidiary, Trident Business Centre, for working capital requirements. Therefore, there are currently no surplus funds (free reserves) available in the charity. The Trustees are conscious oflhe level of reserves required by the charity. The Trustees are of the opinion that it will be prudent to aim for a level of three months operaling costs of the charity to be held in reserves. which is equivalent to. the estimated costs of any orderly shutdown, and meeting asset replacement costs as and when they artse. As such the aim is to increase the level of free reserves. The reseNes level is monitored on an ongoing basis by the Trustees with particular reference to the strategic review.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2023 ststement of Trustees, Responsibilities The trustees (who are also the directors of Business Launchpad Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law reqUIS the members of the goveming body to prepare financial statements for each financial year, which give a true and fair view of the financial activities of the charitable company and its subsidiaries during the year and of their financial position at the end of the year. In preparing those financial statements, the governors are required to-. Select suitable accounting policies and then apply them consistently. Qbserve the methods and principles in the Charities SORP. Make judgments and estimates that are reasonable and prudent. State whether applicable accounting standards and statements of recommended practice have been followed. subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on a going concem basis unless it is inappropriate to presume that the charity will continue in business. The members of the governing body are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charitable company and its subsidiaries and which enable them to ascertain their financial position and to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 1993 and regulations there under. They are also responsible for safeguarding the assets of the charitable company and its subsidiaries and for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: There is no relevant audit infomation of which the charitable company's auditors are unaware., and The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforrnation and lo establish that the audttors are aware of that information. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act of the Companies Act 2006 relating to small companies. 16112123 By order of the Board Bianca Riemer Trustee 12
Business Launchpad Limited Report of the Independent Auditors to the Members of Business Launchpad Limited We have audited the finan¢ial statements of Business Launchpad (the parent 'charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities. the Consolidated Balance Sheet, the Charitable company Balan Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Untted Kingdom Accounting Standards, including Financial Reporting Standard 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 charitable company's affairs as at 31 March 2023. and of the group's incoming resources and application of resources. including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Actspted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducled our audit in accordance with International Standards on Audiling (UK) IISAS (UKI) and applicable law. Our responsibilities under those standaids are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities 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. Emphasis of Matter We draw attention to Note 12 to the financial statementwhich. along within note 2, describes the group's policy in respect of the valuation of long-term leasehold properly, and the trustee's consideration around the year end valuation in the absence of a formal external valuation. Our opinion is not modified in respect of this matter. Conclusions relating to going concem In auditing the financial stalemenls, we have concluded that Ihe trustees, use of the going concern basis of accounting in the preparation of the financial siatements is appropriate. Based on the work we have performed. we have not identified any material UnrtaIntieS relating to events or conditions that. individually or collectively, may cast significant doubt on the group's or parenl Gharitable company's ability to continue as a going concern for a period of at least twelve months from when the financhal statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 13
Business Launchpad Limited Report of the Independent Auditors to the Members of Business Launchpad Limited other information The other information comprises the information included in the trustees, annual report other than the financial statements and our auditors, report thereon. The trustees are responsible for the other information contained within the truslees. annual report. Our opinion on the financial statements does not coverthe other information and, exceptto the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misslatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ofthe audit.. the information given in the tnjstees, report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the trustees, report has been prepared in accordance with applicable Segal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and ofthe charitable company and ils environment obtained in the course of the audit. we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of tTUStees' remuneration spectfied by law are not made., or we have not received all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage ofthe small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. 14
Business Launchpad Limited Report of the Independent Auditors to the Members of 8usiness Launchpad Limited Responsibilities of trustees As explained more fully in the trustees, responsibilities ststement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible 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 determine is necessary to enable the preparalion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststements. the trustees are responsible for assessing the charitable ¢ompany's abilty to continue as a going COnM. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are considered matertal 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 with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below- Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations. was as follows.. The engagement partner ensured that the engagement team collectively had the appropriate competen. capabilities and skills to identrfy or re¢ognise non- Compliance with applicable laws and regulations., We identified the laws and regulations applicable to the group and the charitable company through discussion with directors and other management, and from our knowledge and experience of the charity seclor-, The specific laws and regulations which we considered may have a dire¢t material effect on the financial statements or the operations of the group and the Gharitable company, are as follows.. Companies Act 2006" Charities Act 2011 and Charity Commission requirements and guidance- o FRS 102 and Charity SORP. Health and Safety standards- General Data Protection Regulation- o London living wage regulation- Social enterprise mark accreditation- 15
Business Launchpad Limited Report of the Independent Auditors to the Members of Business Launchpad Limited Employment legislation; and Tax legislation. We assessed the extent ofcompliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, and inspecting legal correspondence and invoices", Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instanS of non-compliance throughout the audit. As auditors of all the subsidiaries of Business Launchpad Limited we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across the group. We assessed the susceptibility of the group and charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by- Making enquires of management as to where they consider there was SusptibIlity to fraud and their knowledge of actual suspected and alleged fraud- Considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations., Reviewing the financial statements and testing the disclosures against supporting documentation- Inspecting and testing journal entries to identify unusual or unexpected transactions. Assessing whether judgemenl and assumptions made in determining significant accounting estimates. including the valuation of leasehold property, accruals. bad debl provision and depreciation were indicative of management bias.. and Investigating the rationale behind significant transaclions, or transactions that are unusual or outside the group and charitable company's usual activities. The areas that we identifEd as being susceptible to misstatement through fraud were: Management bias in regard to accounting estimates and judgements made. Management override of controls.. and Posling of unusual joumals or transactions. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the mofe that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will.be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurf ing due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.Ilwww.frc.org.uklOur-WorkJAudiVAudit-and-assurancelStandards-and- guidancelstandards-and-guidance-for-auditorslAuditors-responsibililies-for- audiVDescription-of-auditors-responsibilities-for-audit.aspx. This description fOS part of our auditor's report. 16
Business Launchpad Limited Report of the Independent Auditors to the Members of Business Launchpad Limited Use of our report This report is made solely to the Charitab company s trustees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company s Irustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the charitable company and the charitable company's trustees as a body. for our audit work, for this report, or for the opinions we have formed. Ben Bradley (Senior Statutory Auditor) for and on behalf of Barnes Roffe LLP Chartered Accountants and Statutory Auditors Charles Lake House Claire Causeway Crossways Business Park Oartford, Kent DA2 6QA Date.. 17
Business Launchpad Limited (Company Number: 2110648 - Charity Number: 299599) Consolidated Statement of Financial Activities for the Year Ended 31 March 2023 2023 2022 Unrestricted Restricted funds funds Total Unrestncted Restricted funds lunds Totsl Note Income and endowments from: Investments Charitable acliwlie5 Other trading activities Total ineome and endowment5 Expenditure on- Charitable aclwilies Other trading activities 6.412 1.158.204 34,434 40.846 1.158.204 2,500 1,142,849 84,955 87,455 1.142,849 1.164.618 34,434 1.199.052 1.145,350 84.955 1.230,305 285.100 843.267 51,589 336.689 843.267 337,032 836.987 9Q,621 427,653 836,987 Total expenditure 1.128,367 51.589 1.179.956 1,174.019 90,621 1,264,640 Net income I lexpendlturel 36.251 {17.15SI 19.096 128,6691 15,6661 134,3351 Other recognised gains I Ilossesl Unrealised surplus on revaluation of tangible fixed assets Transfers been funds 111,3761 140,0451 11.376 5.710 Net movement in funds 19 36.251 (17,1551 19.096 34.335} Reconciliation ol funds- Totsl funds brought forward 19 5.293,291 53.500 5.346.791 5.333.336 47,790 5,381,126 Total fund5 carried forward 19 5.329.542 36.345 5,365,887 5.293.291 53,SOO 5,346.791 All income and expenditure has arisen from continuing activtties. The statement of financial activities includes all gains and losses recognised during the year. The charity has taken advantage of section 408 of the Companies Act 2006 to not publish its own Statement of Financial Activities. The charity's net gain for the year was £20,004 (2022. net deficit of £25,597). 18
Business Launchpad Limited (Company Number: 2110648 - Charity Number: 299599) Consolidated Balance Sheet At 31 March 2023 2023 2022 Note Fix9d assets r8ngible assets 12 6.335,926 6.335,926 6,C69,140 6,C69,140 Current assets Debtors 14 216.412 392,053 608,465 144,328 174.789 319.117 Cash at bank and in hand CreditO- amounts falling due within one year 15 1361.8671 1441,1651 Net current assets I Iliabilitiesl 246.S98 {122,0481 Total assets less current liabilhties 6,582.526 5,947,092 Creditors.. amounts falling due after more than one year 16 {508.8281 1150.048) Government grants Net assets I Iliabilitiesl 17 {707.8091 5,365,887 1450,253) 5,346,791 Charty Funds unreStrted funds 19 5.329.542 36.345 5.365,8B7 5.293.291 53,500 5,346,791 Restn¢ted funds 19 Totsl charlty funds I Ideficitl 19 The notes on pages 2240 form part of these financial statements. These financial statements have been prepared in accordance with the special provisions of Part 15 ofthe Companies Act 2006 relating to small charrtable companies. The financial statements were approved by the Board of Trustees on rJoc.16,.2.Q23.... and were signed on its behalf by.. E Eieh<e 8 Riemer- Trustee 19
Business Launchpad Limited (Company Number: 2110648- Charity Number: 299599) Parent Charity Balance Sheet At 31 March 2023 2023 2022 Note Fixed assets Tangible assets Investments 12 13 9,819 4.950 9.821 4.952 Current assets Debtors Cash at bank and in hand 14 971,061 28,613 999,674 965,892 16,221 982,113 Creditors: amounts falling due within one year (51.726) (49,300) 932.813 937.765 Net current assets l (liabllitles) Total assets less current liabilities 947,948 957,769 Net assets l (liabilities) 957,769 937.765 Charity Funds Unrestricted funds Restricted funds Total charity funds l (deficit) 19 19 19 921,424 36,345 957,769 884,265 53,500 937,765 The notes on pages 2240 fomi part of these Financial Statements. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. The financial statements were approved by the Board of Trustees on Dec 16,2023 and were signed on its behalf by= K Eiewg B Riemer- Twstee 20
Business Launchpad Limited Consolidated Statement of Cashflows For the Year Ended 31 March 2023 2023 2022 Cash flows from operating a¢tivitie$ Net incoming resources Depreciation Government grant amortisation Interest paid Decrease l (increase) in debtors Increase l (decrease) in creditors 19,096 42,100 {15,444) {13,443) {72,083) 268,876 (34,335) 51,754 (15,444) (6,887) (22,506) (30.212) Net cash from operating activities 229,102 157,630) Cash flows from investing activities Purchase of tangible fixed assets (308,886) (24.895) Net cash from investing ath"vities (308,886) 124.895) Cash flows from financing activities New bank loans Repaymenl of bank loans Interest paid 485,000 (201,395) 13,443 165,293) 6,887 Net cash from financing activities 297,048 I58,4(} (Decreaselllncrease In cash and cash equivalents 217,264 {140,9311 Cash and cash equivalents at beginning of year 174,789 315.720 Cash and cash equivalents at end of year 392,053 174,789 The notes on pages 2240 form part of these Financial Statements. 21
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 GENERAL INFORMATION Business Launchpad Limited is a charity registered in England and Wales. The registered office of the charity is Trident Business Centre, 89 Bickersteth Road, Tooting, London, SW17 9SH. The principal activity of the charity during the year was that of the provision of counselling and training, in order to offer praclical. complete. and personalised business guidance and support to disadvantaged young entrepreneurs from a¢ross London, in the age range of16 to 30. who want to Set up and run their own enterprise. ACCOUNTING POLICIES Basis of preparing the financial statements The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practi. The financial statements have been prepared on a going concern basis underthe historical cost convention with the exception of tangible fixed assets which are included at revaluation. The presentation currency is £ slerling, and rounded to the nearest £'OOO. Basis of consolidation The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a Single entity- Intercompany transactions and balances between group companies are therefore eliminated in full. Assessment of going concern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The truslees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees ofthe charty have concluded thatthere are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charily to continue as a going cOnrn. The trustees are of the opinion that the charity and its subsidiary will have sufficient resources to meet its liabilities as they fall due. 22
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 ACCOUNTING POLICIES (CONTINUED) Income Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be reived. Income received by way of donations and gifts to the charity is included in fvll in the statement of financial activities when receivable. Donations are recognised when the charrty has confirmation of both the amount and settlement dale. In the event ofdonations pledged but not rerkived, the amounl is accrued for where the receipt is considered probable. In the evenl that a donation is subject to conditions thal require a level of performan before the charity is entitled to the funds. the inGome is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those condrtions will be fulfilled in the reporting period. Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. Donated services and facilities provided to the charity are recognised in the period when it is probable that the economic benefits will flow to the charity, provided they can be measured reliably. This is normally when the service is provided. An equivalent amount is included as expenditure. Donaled services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain facilities or services of equivalent economic benefils on the open market. The charity receives government. Income from government and other grants are recognised al fair value when the charity has entitlement after any performance conditions have been mel. it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Intereston funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank. 23
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 ACCOUNTING POLICIES (CONTINUED) Revenue earned by the trading subsidiary comprises revenue recognised by the company in respect of rental income and ancillary income for services and utilities provided. Income is recognised on a slraighl line basis. and deferred when received in advan. in accordance with the below recognition policy. Revenue is recognised to the extent that it is probable that the economic benefits will flow lo the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied-. the amount of revenue can be measured reliably; it is probable that the company will receive the consideration due under the contract- the stage of completion of the contract at the end of the reporting period can be measured reliably- and the costs incurred and the costs to complete the contract can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenditure is stated inclusive of irrecoverable VAT. Expenditure comprises direct and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expendilure headings. The classification between activities is as follows.. Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This includes the costs of fundraising events, staff costs associaled with fundraising and an allocation of support costs. Expenditure on charitsble activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include charitable grants, staff costs and an allocation of support costs. 24
Business Launchpad Limited Notes to the Consolidated Financial Ststements for the Year Ended 31 March 2023 ACCOUNTING POLICIES {CONTINUED) Grants payable are charged to the statement of financial activities in the year in which they are approved for payment and provision is made for grants agreed and approved but unpaid at the year end. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Support costs include governance costs and other support. Governan costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Support costs include cenlral functions and have been allocated on the basis of time spent on the adivities. Finance costs are charged to the Statement of Financial Activities over the term of the debt using the effective inlerest method so that the amount charged is at constant rate on the carrying amount. Issue costs are initially recognised as reduction in the proceeds of the associated capital instrument. Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £250 including irrecoverable VAT. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use by the group are as follows.. Office fumiture and equipment 25¥0 or 330kn straight line or 250A reducing balance 200kn or 40% straight line Not depreciated Leasehold improvements Long-term leasehold propety Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impainnent if ¢ir¢umstan¢es indicate their carrying value may exceed their nel realisable value or value in use. The group has invoked a true and fair override from the requirements of the Companies Act 2006 to charge depreciation on leasehold properties, that are included within tangible fixed assels, and so has not provided for depreciation on leasehold properties. It is the group's policy to maintain rts properties in a sound state of repair and, accordingly, the trustees consider thal Ihe economic lives of the properties and the life left on the lease are so long and the residual value at such a level that depreciation would be immaterial. 25
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 ACCOUNTING POLICIES- Gontinued Revaluation of tangible fixed assets Individual freehold and leasehold properties are carried at current year value at fair value al the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying arnount does not differ materially from that which would be detemiined using fair value at the balance sheet date. Fair values are detennined from market based eviden normalty undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in the Statement of Financial Activities, unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case. the excess losses are reco9nised in the profit or loss. Deferred government grants Government grants in respect of capitsl expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. Taxation The charity is an exempt charty within the meaning ofschedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Fund aGGounting Unrestricted funds can be used in accordance with the charitable objectives at the discrelion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity- Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension Costs and other post-retirement benefits The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the Statemenl of Financial Activities in the period to which they relate. 26
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 ACCOUNTING POLICIES- continued Significant estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and olher factors, including expectations of future events that are believed lo be reasonable under the circumstances. a) Critical judgements in applying the enttties accounting policie5'. There are no specificjudgements apart from those involving estimates as detailed below that management has made in the process of apping the entities accounting policies that have a significant effect on the amounts recognised in the financial statements. b) Critical accounting estimates and assumptions.. The company makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below: {1) Useful economic lives of tangible assets. The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets These are re-assessed annually. They are amended when necessary to reflect any estimated changes. {ii) Impairment of debtors The company makes an estimate of the recoverable amount of trade and other debtors. When assessing their impairment, the management considers factors including the current credit rating of the debtor. the ageing profile of debtors and historical experience. (iii) Fair value of long-term leasehold property There is estimation uncertainty in calculating the fair value of long-temi leasehold property held at valuation. A review of the value of long-lerm leasehold property is carried out by management regularly in addition to periodic external professional valuations. as discussed in note 12. Whilst every attempt is made lo ensure that the value is as accurate as possible, there remains a risk that the value disclosed in the accounts does not match the actual fairvalue at the balan sheet date. 27
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 INVESTMENT INCOME 2023 2022 Deposit account interest INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Grants receivable- Unrestricted funds Grants receivable- Restricted funds 6,412 34,434 40.846 2.500 84,955 87,455 INCOME FROM OTHER TRADING ACTIVITIES 2023 2022 Unrestricted funds- Licence fees, hire charge5 and service agreements Other income Provision of workspace 11,830 1,400 4,000 1.137.449 1,142,849 1,146.374 1,158,204 EXPENDITURE ON CHARITABLE ACTIVITIES 2023 2022 Unrestricted funds. Staff costs (Note 9) Young people training and community events Grants to young entrepreneurs Legal fees Consultancy Other support costs 210,425 25.129 6,281 6,156 4,900 246,699 25,889 4.845 14,574 10,500 34,525 337.032 285.100 Restficted funds- Staff costs (Note 9) Young people training and community events 19,076 29,010 62.320 23,390 28
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 Grants to young entrepreneurs Other support costs 4,911 51,589 90,621 336,689 427,653 All support, staff costs and other expenditure have been incurred on charitable activities, in relation to the charity's principle activity of counselling, advisory and training. EXPENDITURE ON OTHER TRADING ACTIVITIES 2023 2022 Unrestricted funds. Staff costs (note 10) Support Costs 300,421 542,846 843,267 298,238 538,749 836,987 All of the above costs relate to the provision of workspace. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trustees, expenses There were no Irustees, expenses paid forthe year ended 31 March 2023 nor for the year ended 31 March 2022. TAXATION The charity is exempt from corporation tax as all tts income is charitable and is applied for charitable purposes. The non-charitable trading subsidiary is liable to pay corporation tax at a rate of 190k. There were no liabilities payable at 31 March 2023 (2022.. £Nil). The company has carried for#vard trading losses of £8,762 (2022.. £10, 365) to offset against future taxable profits. 29
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 10. STAFF COSTS 2023 2022 Salaries, wages and freelance National insurance Pension costs Training and recruitment fees 457,318 45,889 8,276 18,439 529,922 531,934 52,229 9.597 13.497 607,25 One employee received emoluments in excess of £60,000. The average monthly number of employees of the group during the year was as follows- 2023 2022 Management and administration Workspace provision and counselling 14 16 15 19 The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees and the Chief Executive. The totsl remuneration (including taxable benefits and employerfs national insurance) of the key management personnel for the year was £89,046 (2022.. £134.558) 11. SURPLUS FOR THE FINANCIAL YEAR The surplus for the financial year amounted to £19.096 (2022.. deficit of £34.335) is stated after charging.. 2023 2022 Auditors, remuneration Depreciation of tangible fixed assets Interest on bank loans and overdrafts Amortisation of Government Grant 11.400 42,100 (13,4431 15,444 12,088 51,754 6,887 15,444 30
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 12. TANGIBLE FIXED ASSETS Group Long- ten leasehold Leasehold improvements Office fvrniture and equipment Total Cost or valuation: At 1 April 2022 Additions Disposals At 31 March 2023 5.995,000 184.465 280,686 460.870 6,640,335 28.200 308,886 5.995.000 465.151 489.070 6,949,221 Depreciation: At 1 April 2022 Charge for the year Impairment At 31 March 2023 133.334 25,185 437.861 16,915 571,196 42,100 158.519 454.776 613,295 Net book value: At 31 March 2023 5.995.000 3C6.632 34.294 6,335,926 At 31 March 2022 5,995,000 51,131 23,009 6,069,140 Cost or valuation at 31 March 2023 is as follows- Long-term leasehold propety At cost At valuation: October 2021 existing use basis 5,995.000 5,995,000 31
Business Launchpad Limited Notes to the Consolidated Financial Ststements for the Year Ended 31 March 2023 12. TANGIBLE FIXED ASSETS (CONTINUED) If the long-tem leasehold property had not been included at valuation it would have been included under the historical cost convention at £1.784,138 (2022 £1,784.138). The most recent external valuation carried out was on 6 October 2021 and was carried out by Copping Joyce, Chartered Surveyors and RICS registered valuers, gNing a valuation of £5,995.000 During the year ended 31 March 2023, a formal external valuation of the long-tem leasehold property has not been carried out. In the year significant expenditure. classifEd as leasehold improvement costs, has been incurred on the property in order to develop certain workspaces and this work has continued into the next financial year. Given the above, the trustees do not consider it appropriate to cary out a formal external valuation until the workspace project is complete, which will be during the year ended 31 March 2024. The trustees consider that the valuation as at 31 March 2023 would not be materially different to the valuation as at 6 October 2021, although they do acknowledge that there is some uncertainty in any valuation due to currenl market conditions, in particular interest rate increases. However, with occupancy levels and rental income being maintained. and with the workspace project improving the property and expected to provide additional rental income, the trustees expectation is that these factors mitigate the impact of any downward pressure on valuation from interest rate rises and market conditions. Charity Plant and machinery Total Cost or valuation Al 1 April 2022 Additions At 31 March 2023 14.879 7,662 22,541 14,879 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 9,929 2,793 12,722 9,929 12,722 Net book value: At 31 March 2023 At 31 March 2022 9.819 4,950 9,819 4,950 32
Business Launchpad Limited Notes to the Consolidated Financial Ststements for the Year Ended 31 March 2023 13. FIXED ASSET INVESTMENTS Charity Shares in group undertakings COST At l April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 MarGh 2022 There were no investment assets outside the UK. The following company is a direct subsidiary of the charity.. Name Shareholding Trident Business Centre Limited 1000 Principal activity Provision ofwork5pace The accounts of the subsidiary are summart5ed in Note 23. 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Charity 2023 2022 2022 Trade debtors Amounts owed by group undertakings other debtors Prepayments and accrued income 164.034 67,335 970,549 955,691 310 470 202 807 971,061 956,968 23,366 470 29 012 76.523 216.412 144.328 33
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Charlty 2023 2022 2022 Bank loans and overdrafts Trade creditors Other tax and social security Other creditors Accruals and deferred income 9,842 85.017 63,194 51,067 17,511 40,569 101,174 98,951 170,146 165,561 361,867 441.165 20,764 26,264 17,511 12,008 3,378 3,818 7,210 51,726 49,300 Bank loans are secured by a fixed charge over long-term leasehold and a floating charge over other assets. 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2023 Charity 2023 2022 2022 Bank loans 508,828 150,048 508.828 150,048
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 17. GRANTS Group 2023 2022 Received and receivable At 1 April 2022 Receivable during the year At 31 March 2023 598,000 273,000 871,000 478,400 119,600 598,000 Amortisation At 1 April 2022 Credit to profrt and loss a¢¢ount At 31 March 2023 147,747 132.303 15,444 147,747 163 191 Net balance At 31 March 2023 707,809 450,253 18. LOANS Group 2023 2022 Amounts falling due within one year Bank loans 9,842 85,017 Amounts falling due 2-5 years Bank loans 508,828 150,048 518,670 235,065 Bank loans are secured by a fixed charge over long term leasehold propety and a floating charge over the company's other assets. The above represents loans from the Charity Bank at an interest rate of 3.25D/o per annum above the base rate of The Bank of England and is repayable over a period of 25 years. The balance outstanding is £481.897. Also included is bounce bank loan at an interest rate of 2.5Q/o per annum and repayable over 5 years. The balance outstanding is £36.773. 35
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 19. FUNDS ANALYSIS Group Balance at31 March 2023 Balance at 1 April 2022 Income Expenditure Transfers Unrestricted funds General funds 5.293,291 1,164,618 (1.128.367) 5,329,542 Restricted funds Capital expenditure 39.800 (3.455) 36,345 Lambeth Council Build For Change 12.500 (12.500) GLA- Elevate 29.955 (29,955) DWP Resouce Management- Kickstarter 4,479 (4.479) Positive Futures Fund 400 (400) Nat West Youth Markets 800 53,500 34,434 5.346,791 1.199,051 800 51.589 1.167.672 36.345 5 365 887 36
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 19. FUNDS ANALYSIS (CONTINUED) Charity Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Transfers Unrestricted funds General funds 884,265 322,259 (285.1 (Kl) 921,424 Restricted funds Capital expenditure 39.800 (3,455) 36,345 Lambeth Council Build For Change 12.500 (12,500) GLA- Elevate 29,955 (29,955) DWP Resouce Management- Kickslarter 4,479 (4.479) Positive Futures Fund 400 (400) Nat West Youth Markets 800 53,500 34,434 937,765 356,693 800 51,589 336,689 36,345 957.769 37
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Unrestricted Restricted Total Tangible fixed assets Other net assetsl{liabilities) 6,335.926 {1.006,384) 5,329.542 6.335,926 36,345 (970,036) 36,345 5,365,887 Charity Unrestricted Restricted Total Tangible fixed assets Other net assets/(liabilities) 9.819 904.812 921.424 9,819 36,345 947,950 36,345 957,769 21. MEMBERS, LIABILITY The charity does not have a share capital and is limited by guarantee. In the event of the charity being wound up. the maximum amount which each member is liable to contribute is 50p. There were 10 members at 31 March 2023. 38
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 22. TRADING ACTIVITIES OF SUBSIDIARY The charity has a trading subsidiary Trident Business Centre Limited which is incorporated in the UK. Audited accounts have been filed with the Registrar of Companies. A summary of trading results is set out below'.- 2023 2022 Turnover Cost of Sales Gross Profit 1,146,358 {376,856) 769,602 1,137,449 (370,191) 767,258 Other operating income Administration expenses Interest receivable Interest payable 15,444 1468,412) 16 {27,084) 20,079 (479,988) (20,528) Net profit 289,466 286,821 Charitable payment to Business Launchpad Limited (290,374) {295,559) Surplusl(Deficit) retained in subsidiary (908) (8,738) 39
Business Launchpad Limited Notes to the Consolidated Financial Statements for the Year Ended 31 March 2023 22. TRADING ACTIVITIES OF SUBSIDIARY - CONTINUED The net assets and liabilities of the subsidiary were'.- 2023 2022 Tangible fixed assets Current assets Current liabilities Liabilities due afler more than one year Government grants deferred income 6,326,107 579,342 (1.280,690) (508,828) (707.809) 6.064,190 301,619 (1,356,478) (150,048) (450.253) Net assets 4,408,122 4,409,030 Share capital Reserves: Distributable Un-distributable (Revaluation resenie) 197,258 4,210,862 198,166 4,210,862 Aggregale share capital and reserves 4,408,122 4,409,030 40