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 #15 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 S￿ats 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 Spa￿S. 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 suc￿SsfUllY 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 pr￿bOn0 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 Suc￿sS 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 d￿S 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 ServI￿S 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 Un￿strICted 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 reqUI￿S 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 Un￿rtaIntieS 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 COn￿M. 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 instan￿S 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 Sus￿ptibIlity 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 fO￿S 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 be￿en 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 unreStr￿ted 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