Reglstered Company Number: 02110648 Registered Charity Number- 299599 Business Launchpad Limited Consolidated Report and Financial Statements: Year ending 31 March 2025
Business Launchpad Limited Contents of the Financial Statements Year Ended 31 March 2025 Report of the Trustees Report of the Independent Auditors to the Members of Business Launchpad Limited 15 Consolidated Statement of Financial Activities 20 Consolidated Balance Sheet 21 Parent Charity Balance Sheet 22 Consolidatod Stat•m•nt of Cashflows 23 Notes to the Financial Statements 24
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 Reference and Administrative information Business Launchpad is a company limited by guarantee and a registered Charity governed by its memorandum and articles of association. Registered Company number: 02110648 (England and Wales) Registorod Charity number: 299599 Registered office: Trident Business Centre 89 Bickersteth Road Tooting London SW17 9SH Directors and Trustees: Ms H E Butler Mr D A Gordon (resigned 05.9.251 Mr O Olanrewaju Ms P Raja (resigned 05.9.25) MsAMRaja Ms B Riemer Mrw A M Sceats MrJR Wall Mr S J Williams Mr G Culverhouse (appointed 28.5.241 Chief Executive Officer: Felicia Mattis-Rome
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 Reference and Administrative Information Auditors: Barnes Roffe Audit Limited 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 WN8 6V Solicitors: Wrigleys Solicitors 19 Cookridge Street Leeds West York LS2 3AG Insurance Advisors: CaSE Insurance Manor House 1 The CreSnt Leatherhead Surrey KT22 8DH
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 The trustees present their report together with the audited financial statements of Business Launchpad Limited {"the charitable company") for the year ended 31 March 2025. This report has been prepared in accordance with Part 8 ofthe 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 accounting policies set out on pages 24 to 29 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 accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). Background- Business Launchpad- Transfom)ing Young Lives Through Enterprise The operation of the charity is founded on 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 IBLPI engages with around 1,000 young people each year Ihat face an array of barriers to enterprise with the goal of developing skills required to successfully set up and grow their own business or social enterprise and create future leaders. BLP has been dedicated lo transforming young lives through enterprise Sin 1988 and pride ourselves on creating safe spaces for young people through our programmes and workshops, both online and onsite. Business Launchpad (BLPI BLP supports young people in a variety of ways including the provision of hot-desking and co-working spaS at subsidized rates to test trade their business idea andlor host their first series of events. As well as intensive programmes and holistic support, BLP offers different formats of support to accommodate the specific needs of each client at each stage of entrepreneurship. Our offering covers., interactive workshops, 1..1 business support sessions, soft skills cullivation and review, nelworking events, access to funding, test trading opportunities as well as partnership formation and mentorship. This report provides an open and transparent account of our financial position and how our resources are invested in the activities pursuant to the strategic goals of the organisation.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 The BLP Mission Statement, Values and 2022-25 Strategy The BLP Group IBLP 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 organisations to thrive, and providing business skills and wellbeing coaching to marginalised young people. Our Vision Equipping and empowering marginalised young people 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 projeclslslaff and standing by the decisions and actions with honesty, openness and transparency. Community Focussed- 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. Public Benefit The Board of Trustees has taken account of the Charity Commission's guidancè on public benefit in reviewing BLP'S aims and objectives and planning future activities. Messa e from the Chair- BLP Activities 'Transforming Young Lives Through Enterprise, 2024-2025 summary Throughout the past year, Business Launchpad and Tooting Works have worked tirelessly to provide vital support, resources, and opportunities to aspiring entrepreneurs, budding startups, and community members to anyone matching the demographic we serve. We are pleased that our occupancy rates across Tooting Works have averaged 98 % and the Community Hub Spaces which were launched in 2023 have brought in more Yoy revenue, meaning the business nter could continue to financially support Business Launchpad. In 2024 - 2025, Business Launchpad directly supported 372 young people from London, evidencing our public benefit impact. 74°/4 of our young people identified as part of the global Majority highlighting our commitment to reflecting the diversity of London's population. In Jun8 2024 we won the Innovation Award and received highly commended status for Best Charity at the Wandsworth Business Awards, evidencing the charity as a beacon of hope and opportunity that fosters a sense of belonging and solidarity within our community.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 To do this work, we have been wonderfully supported wilh grant income in the year from the Violence Reduction Unit, Wandsworth Borough Council, Walcot Foundation, Wimbledon Foundation and Impetus. 1.1 Business Coaching Business 1..1 support has been a flagship and core Business Launchpad service for over 30 years. 1..1 s are a type of holistic business support that is available to young people, whether they are part of a programme or not. We offer free 1..1 support to a young person for a year and in 2024 - 2025, we supported over 80 clients, delivering over 300 hours of sessions both onsite and online. Within these sessions, we focus on building a business mindset, test trade their business ideas and provide neiworking opportunities. Young people who participate in this service are invited to use our spaces and attend relevant workshops. We find that 1'.1s yield some ofthe biggest impact on the young people with whom we work. Incubator Plus Programme Launched in January 2025 and powered by Walcot Foundation, Incubator Plus is our newest in-depth programme designed to support young people aged 16 to 30 to turn their ideas into real ventures. The programme blends enterprise and employability training with personalised coaching, combining the strength of group learning with the tailored guidance of 1..1 support. The first cohort, due to conclude in June 2025, engaged 46 young people through targeted outreach across London, with a particular focus in Lambeth. Participants accessed digital training in WordPress and Elementor alongside ongoing coaching, giving them both the technical skills and the mindset needed to test trade and grow their ventures. We find that Incubator Plus has already created a strong sense of community and ambition among participants, demonstrating the value of pairing practical skills with holistic support. Career Connect In August 2024, we delivered Career Connect, an employability fair designed to bring young people closer to the world of work by connecting them with employers. The event, delivered in collaboration with Age UK and Howden Insurance at Tooting Works, welcomed over 30 attendees. Young people had the chance to gain direct insights into different career paths, build networks, and explore opportunities that could help shape their future journeys. The response was overwhelmingly positive, with young people and employers alike expressing strong demand for future events of this kind. Career Connect highlighted the value of convening spaces where young people can access not only opportunities but also the inspiration and confidencè to pursue them.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 Decode My Future 3.0 Building on the achievements highlighted in last year's report, Decode My Future (a schoolslearly pipeline programme for a younger audience) concluded in March 2025, enrolling 104 young people aged 8 - 18 and surpassing its original target of 80. Delivered in partnership with Shapeways.io, the programme continued to focus on coding, creative tech, and building digital confiden, offering tailored leaming experiences for each age group. Younger participants (aged 8 - 111 explored coding through Scratch, while those aged 12 - 15 advanced into Java and mobile application development. The older cohort, aged 16 - 18, worked on web development using WordPress and Elemenlor, gaining skills directly applicable to the digital economy. For the younger age groups, aftercare mentoring reinfOrd digital safety, confidence, and leadership, ensuring that the programme's impact extended well beyond the classroom. The final phase also introduced collaborative delivery with Leaders in Community (Tower Hamlets), expanding reach and deepening the programme's impact. With 104 young people supported overall, Decode My Future has left a strong legacy, showing the power of early digital skills training to inspire ambition, build resilience, and open pathways into tech careers. Wands¥)rth Council's Workspace Activation Through our partnership with Wandsworth Council, we provided free workspace and tailored business support at Tooting Works to 60 entrepreneurs and 66 local businesses in 2024 2025. Support was offered through a blend of workshops and 1..1 sessions, giving local businesses access to practical advice, guidance, and mentoring. Participants represented 14 different sectors, with numerous in education. health, retail, and food. The most common outcomes reported were improvements in marketing strategy150 % l and business processes123 % }. others reported breakthroughs included securing finan, building new partnerships, or resolving critical barriers lo growth. This collaboration with Wandsworth Council highlights the power of pla-baSed partnerships to nurture a resilient and diverse local business community. Impetus We are pleased to announce our partnership with Impetus, commencing the fall of 2024. Impetus is a private equity foundation that handpicks high potential organisations supporbng young people in the UK. Impetus recognised Business Launchpad's impact and as a result, will be providing support to assist in refining our impact strategy and delivery plan to aid Business Launchpad with providing long-term impact to young people in a sustainable way. Impetus is providing advisory and capacity building support {business planning, leadership and performance management) alongside core funding., this strengthens our impact discipline while preserving independent governance and strategic control.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 Tooting Works, Activities Tooting Works has continued to perform well with occupancy rates steady at 980A. Over the course of this year the key priorities for TW have been to balance its core offer of being a community asset (by providing affordable office space) with rising costs to run the ntre and an aging building. We achieved this in the last year by opting against raising prIS for our leased units and maintaining a high occupancy rate as well as BLP'S improved self-sufficiency freeing up TW funds for other expense streams. Also, the community hub spaS launched in summer 2023 outperformed their income generation from the prior year on top of providing spaces for community events and collaborations. 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- Establish our spaces as community assets maximising opportunities to create social impact for tenants, clients and the wider community. 3- Facilitating 100 BLP clients into work plamentS, traineeships and apprentIShipS in our tenant businesses. 4- Having 25 % of our businesses trading with each other internally 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. The Year Ahead In the coming year, we intend to continue to support our stakeholders through consistently delivering high impact social and financial interventions in line with our strategic objectives. Accordingly, priorities for 2025-2026 will be as follows.. BLP Support a minimum of 260 marginalised young people. Develop our core interventions and introduce a new employability aspect to our entrepreneur focused programme model. Provide support new slart-ups, helping them scale and grow. Continue to develop corporate partnerships to enable pro-bono support such as mentorship and fundraising for our clients and the organization as a whole. Better record and document our social impact. TBC Maintain high occupancy rate by targeting a minimum occupancy of 960/0, and a monthly revenue target of £115k. Establish an assel management strategy and ring-fenced CAPEX reserve. To increase the occupancy across the newly launched Tooting Community Hub, mainly targeting the Kitchen and Dining Spaces. To continue to implement our new carbon neutral plan.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 Governance The charity is a company limiled by guarantee and does not have share capital and is constituted within the rules as laid down by Companies Act 2006. 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 Trustees volunteer their time and expertise to guide the development of the charity and support the work of the Chief Executive and staff. The Trustees are drawn from the community, industry, commerce, voluntary and statutory sectors. The Trustees decide on matters of policy, direction, planning and development relating to the charity and its subsidiary operation. They monitor the nature and quality of BLP'S services and training programmes and regularly review the provision and range of services provided to ensure the delivery of a consistent and high quality service, geared to the needs of the client group. The Board of Trustees meets quarterly. The skills base of the Trustees is frequently reviewed lo identify gaps wthin the Board of Trustees on a regular basis. Decisions on Ihe mix of experience and expertise required are undertaken in the conlext of currenl and future organisalional stralegic and operalional demands. Should the Board of Trustees identify a gap in Ihe skills base, suilable individuals are identified through the charity's and the Trustees, extensive support networks. Potential Trustees are provided with information on their roles and responsibilities as a Trustee and are provided with an overview of the organisalion by relevant Trustee(s) and the Chief Executive. During the year, new trustee appointments were made in order lo bring new expertise to the Board including Business Launchpad service user experience, and experien ofworking with young people. The following Trustees served during the year and up to the date of this report.. Ms H E Butler Mr D A Gordon (resigned 05.9.251 Mr O Olanrewaju Ms P Raja (resignéd 05.9.25) MsAMRaja Ms B Riemer Mrw A M Sceats MrJR Wall Mr S J Williams Mr G Culverhouse (appointed 28.5.241 The Chief Executive Officer ICEOI reports to the Board ofTrustees. The CEO is responsible, in consultation and with the guidance of the Trustees, for the overall operation of BLP and ils Servi$. Informal reporting to the Chair of the TrusteeslDirectors andlor individual Trustees, as appropriate, takes place in between meetings as needed. Chief Executive.. Felicia Mattis-Rome 10
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 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. The principal risks considered by the trustees this year included RAAC remediation and ageing buildinglfacilities issues on a live site, income volatility (statutory and philanthropic), tenant disruption and occupancy risk, data protection and cyber security, safeguarding, and key- person capacity. Mitigations and current status are summarised below. Mitigations are summarised below.. Identification of RAAC & Aging BuildinglFacilities.' Building management strategy, structural surveys and accommodating priority matrix to phase the works and manage cashflow. Income Volatility {statutorylphilanthropicl.' Diversified fundraising strategy, including introducing a new fundraiser role and targeting corporate partnerships le.g. Impetus). Tenant disruption and Occupancy risk.. Tenant satisfaction monitoring and budgeted works on repeatedly flagged improvement areas. Data and Cyber Security - Intention to move data from a local shared drive to the cloud and frequent staff training. Safeguarding Rolling out monrtor, evaluation, accountability and learning (MEALI framework. Going Concern The trustees have reviewed cashflow forecasts for at least twelve months from the date of approval, including the timing and phasing of RAAC remediation. Mitigations include phased delivery, active fundraising, and cost controls. Based on these plans and reasonable sensitivities, the trustees consider it appropriate to adopt the going concern basis of accounting. Safeguarding Business Launchpad has a safeguarding policy in place to protect the young people we support, ensuring their safety and wellbeing remain a top priority. All staff re1ve appropriate safeguarding training, with regular updates provided to maintain awareness and complian. EnvironmentaVESG BLPS environmental plan includes creating a more sustainable operation with a lower carbon footprint. Our goal is to redu the carbon footprint by 150kn by March 2028, as well as achieve a recognised environmental accreditation. In July 2025, we were awarded level one on the Greenmark accreditation scheme, and plan to reach level three by March 2028. Furthermore, as part of our building management strategy, we are covering all lighting to LEDS and have already reached the 2025-26 goal of 660/0 converted. Over the remainder of next financial year, our priorities will be recycling initiatives, securing our next utility contract with a suitable supplier, and improving energy efficiency through insulation installed when we repla the roof on one of our buildings.
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 Pay Policy for Key Management Personnel Key management personnel include the CEO and Executive Leadership team, consisting of 5 members. The basis for remuneration for these members is via a benchmarking and banding process executed by the Board in line with CIPD recommendations. Financial Review Net income (expenditure} for the year amounted to net income of £42k {2023124'. net income of £133kl. This reflects an increase in income of £98k, as well as an increase in expenditure of£189k. 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 was £1.51m compared wilh £1.14m in 20231234. This represents an increase of £1 Ook from the prior year. Income from charitable activities (grant funding) increased to £127k, from £70k in the prior year. Core income from trading activities in respect of the Trident Business Centre increased from £1.32m in 2023124 to £1.38m in 2024125. enditure Charitable expenditure for the year was £424k, compared with £367k in 2023124, due to an increase in grant and project activity. During the year there was a £75k crease in expenditure on Staff costs, but an overall decrease of £18k in other costs and support costs to support activities. Expenditure on trading activities increased to £1 m from £900k in Ihe previous year. ) Other reco nised ains I losses There was also an unrealised loss of £2m 1202312024.. £420kl on the revaluation of the long-term leasehold property held by Trident Business Centre after a professional external valuation was carried out in July 2025. The reduction in the fair value of ihe property is attributed to a headlease clause was overlooked in prior year property valuations. Specifically, the valuation carried out in July 2025 factored in a clause in the headlease that requires rent to be paid to the landlord based on the level of company profits. At present under the current structure no rent is due as a result of Trident Business Centre donating all profits up to the parent charity, BLP, each year. Given that fair value should be at open market value it was agreed with the valuers that this rent clause should be factored into the valuation. 12
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 Investment policy and objectives Business Launchpad, as a single entity, 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. Ros•rv8s policy The charity has invested in ils trading subsidiary, Trident Business Centre Limited, to provide the support and working capital it requires. The investment therefore utilises a significanl 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 2025 on the parent charity balance sheet, the investment in Trident Business Centre is £784,286 (2024.. £605,570), via an intercompany loan, and, after deducting creditors, this currently accounts for the majority of the unrestricted funds in the charity of £747,21412024'. £645,128), and so free reserves are minimal. At a group level, on the consolidated balance sheet as at 31 March 2025, there are unrestricted funds of £3,080,020 (2024.. £5,041,596}. However, the majority of these funds are represented by the long-term leasehold propety and other fixed assets of the Trident Business Centre with a net book value of £4,094,210 (2024.. £6,157,987). Bank loans of £497,939 {2024'. £511,931) and deferred government grant income of £631,421 {2024.' £674,165) relate to the property, so if these are deducted the net position is £2,964,850 {2024.' £4,971,891). This leaves a surplus of unreslricled funds of £115,17012024 £69,707) 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 to the charity. The Trustees are conscious of the level of reserves required by the charity. The Trustees are of the opinion that it will be prudent to aim to hold free reserves equivalent to three months of unrestricted operating costs {£300k) in the event of any orderly shutdown. At year-end, free reserves were £230k, representing just over 2 months. The trustees have approved a plan to rebuild free reserves over the next 5 years. The reserves level is monitored on an ongoing basis by the Trustees with particular reference to the strategic review. 13
Business Launchpad Limited Report of the Trustees for the Year Ended 31 March 2025 Statement 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 practi). Company law requires the members ofthe governing 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 govemors are required to.. Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgments and estimates Ihat are reasonable and prudent. State whelher applicable accounling slandards and stalemenls of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare Ihe financial statements on a going concern basis unless il is inappropriale 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 Ihem to ascertain their financial tx)silion and lo ensure that the financial st8lemenls 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 $0 far as the trustees are aware.. There is no relevant audit information 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 information and to establish that the auditors are aware of that infomiation. 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. By order of the Board O Olanrewaju Trustae 14
Business Launchpad Limited Report of the Independent Auditors to the Members of Business Launchpad Limited We have audited the financial statements of Business Launchpad (the parent 'charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balan 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 United 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 ststements.. give a true and fair view of the stale of the group's and of the charitable company's affairs as at 31 March 2025, 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 Accept& Accounting Practice., and have been prepared in accordancewith the requirements oflhe CompaniesAot 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial staternents section of our report. We are independent of the group and parent charitable company in accordan with the ethical requirements that are relevant to 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 Ihese requirements. We believe that Ihe audit evidence we have oblained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going Concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charitable company's ability to continue as a going concern for period of at least fvdelve months from when the financial 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. 15
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 trustees, annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othenNise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, 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 misstalement 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 of the audit.. the information given in the trustees, report for the financial year frjr which the financial statements are prepared is consistent with the financial statements., and Ihe truslees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and of the Charitable company and its 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 reiVed from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the infomation and explanations we require for our audit., or the tru5tee5 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 trusteès, réport and from the requiremènt to preparé a strategic report. 16
Business Launchpad Limited Report of the Independent Auditors to the Members of Business Launchpad Limited Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going conrn and using the going concern basis of accounting unless the trustees either intend to liquidate the charrtable 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 lo 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 not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitie5, 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 competence, capabilities and skills to identify or recognise non- compliance with applicable laws and regulalions", 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 sector., The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and the charitable company, are as follows.. Companies Act 2006., Charities Act 2011 and Charity Commission requirements and guidance., FRS 102 and Charity SORP: Health and Safely standards., General Data Protection Regulation., London living wage regulation., Social enterprise mark accreditation., 17
Business Launchpad Limited Report of the Independent Auditors to the Members of Business Launchpad Limited Employment legislation., and Tax legislation. We assessed the extent of compliance with the18ws and regulations identified above through making enquiries of management, reviewing board minutes, and inspecting legal Corresponden and invols., Laws and regulations were communicated within the audil team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout Ihe audil,. and 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 malters across the group. We assessed the susceptibility of the group and charitable company's financial stalements to material misstslement, including obtaining an understanding of how fraud might occur by.. Making enquires of management as to where they consider ihere was SUsptibIlity to fraud and their knowledge of actual suspected and alleged fraud., Considering the internal controls in pla 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 judgement and assumptions made in determining significant accounting estimates, including the valuation of leasehold property, accruals, bad debt provision and depreciation were indicative of management bias., and Investigating the rationale behind signrficant transactions, or transactions that are unusual or outside the group and charitable company's usual activities. The areas that we identified as being susceptible to misstatement through fraud were.. Management bias in regard to accounting estimates and judgements made., Management override of conlrols", and Posting 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 more that compliance with a law or regulation is removed from Ihe evenls and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealmenl, 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-WorklAudiUAudit-and-assurancelStandards-and- guidancelstandards-and-guidan-fOr-aud1torSlAud1tOrs-reSponsibilitieS-f0r- auditlDescription-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. 18
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 charitable company's trustees, as a body, in accordance with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 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 Audit Limited Chartered Accountants and Statutory Auditors Charles Lake House Claire Causeway Crossways Business Park Dartford, Kent DA2 6QA 23-Dec-2025 Date.. 19
Business Launchpad Limited (Company Number: 2110648- Charity Number: 299599) Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 2025 2024 Unrestricted funds Restricted funds Totsl untESttted Restrlcted nds funds Totsl Note In¢ome and endowments from.. Donations and legaeS Investments 6,752 1.640 6,752 1,640 127,248 1,377,S39 22,462 495 22,462 495 Charitable actitIeS 127.248 69.503 69,503 1,322,705 other trading activitle5 Totsl incomo and endowments 1,377.539 1,322,705 1.385.931 127.248 1,513,179 1.345.662 89.503 1.415,165 Expenditure on- Raising Funds Charitable acliwties 17.680 310.328 1,029.448 17,680 423,798 1,029,448 15.450 2S7.739 900.419 15,450 366,671 900,419 113.470 88.932 other trading activities Totsl expendrtu 1.357.456 113.470 1,470,920 1,213,608 68.932 1.282.540 Net income I lexpenditurel 28.475 13,778 42,253 132.054 571 132,625 Other ¢091$¢ gains I 11055851 Unrealised loss on valuation of tsngible fixed as5et5 11,990,000) 11,990,WQI 1420.WOI 1420,0001 Transfers funds 51 Net movement in fund$ 19 11.961.576) 13.829 11.947,7471 12¥7,9461 571 1287,3751 Reconciliation of funds- Total funds brought fonmard 19 5,041.596 36,916 5,078,512 5,329,542 36,345 S,365,887 Total lunds carried fonvard 19 3.080.020 50,745 3,130,765 5,041.596 36.916 5.078,512 All income and expenditu have arisen from ¢ontinJing a¢tivitEs. The stslement of financial a¢livitEs includes all gains and losses recognised during the year. The charity has taken advantage ofseclion 408 of the Companies Act 2006 to not publish its own Statement of Financial Activities. The charity's nel income for the year was £115,91512024'.net los$ £1275,7251. 20
Business Launchpad Limited (Company Number: 2110648- Charity Number: 299599) Consolidated Balance Sheet At 31 March 2025 2025 2024 Nots Fixed assets Tangible assets 12 4.097,830 4,097,830 6.165,274 6.165,274 Current assets Debtors Cash at bank and in hand 14 119.347 512,071 631,418 111,132 398,710 509,842 Creditors: amounts falling due within one year Net current assets l {liabilities) Total assets less currant liabilitios 15 (488,774) (424,925) 142,644 84,917 4,240,474 6,250,191 Creditors: amounts falling due after more than one year Government grants Net assets l {liabilities) 16 (478,288) {631,421) 3,130,765 (497,514) (674,165) 5,078,512 17 Charity Funds Unrestricled funds Restricted funds Total charity funds l {deficit) 19 19 19 3.080,020 50,745 3,130,765 5.041,596 36,916 5,078,512 The notes on pages 23-38 form part ofthese 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 and were signed on its behalf by.. O Olanrewaju - Trustee 21
Business Launchpad Limited (Company Number: 2110648- Charity Number: 299599) Parent Charity Balance Sheet At 31 March 2025 2025 2024 Note Fixed assets Tangible assets Investments 12 13 3,620 7,287 3,622 7,289 Current assets Debtors Cash at bank and in hand 14 792,286 83,997 876,283 605,720 91,465 697,185 Creditors: amounts falling due within one year 15 (81,946) {22,430) Net current assets l (liabilities) 794.337 674,755 Total assets less current liabilities 797,959 682,044 Net assets l (liabilities) 797,959 682,044 Charity Funds Unrestricted funds Restricted funds Total charity funds l (deficit) 19 19 747,214 50,745 797,959 645,128 36,916 682,044 19 The notes on pages 23-36 form 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 . and were signed on its behalf by.. O Olanrewaju - Trustee 22
Business Launchpad Limited Consolidated Statement of Cashflows For the Year Ended 31 March 2025 2025 2024 Cash flov from operating activities Net Incoming resources Depreciation Disposals Government grant amortisation Interest paid Decrease I lincreasel in debtors Increase l {decreasel in creditors 42,253 85,664 132,625 70,092 713 133,6441 40,361 105,279 58,483 (42,744 40,458 {8,215) 58,616 Net cash from operating activities 176,032 373,909 Cash flov from investing activities Purchase of tangible fixed assets (8,220 (320,1521 Net cash from investing activities (8,220 (320,1521 Cash flows from financing activities Repayment of bank loans Interest paid (13,993} 140,458 (6,739) 140,3611 Net cash from financing activities 154,451 147,1001 (Decrease)Ilncrease in cash and cash equivalents 113,361 6,657 Cash and cash equivalents at baginning of year 398,710 392,053 Cash and cash equivalents at end of year 512,071 398,710 The notes on pages 23-36 form part of these Financial Statements. 23
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 GENERAL INFORMATION Business Launchpad Limited is a charity registered in England and Wales. The registered office of the charity is Trident Business Cenlre, 89 Bickersteth Road, Tooting, London, SW17 9SH. The principal activity of the charily during Ihe year was Ihat of the provision of counselling and training, in order lo offer practical, omplete, and personalised business guidan and support to disadvantaged young entrepreneurs from across London, in the age range of 16 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 accordan with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements have been prepared on a going conrn basis underthe historical cosl convention with the eXpIlOn 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 I'the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in Assossment of going concorn The Irustees have assessed whether the use oflhe going conrn assumplion is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity and its subsidiary will have sufficient reSoUrS to meet its liabilities as they fall due. 24
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES {CONTINUEDI Income Income is recognised in the period in which the charity has entrtlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received. Income received by way of donations and gifts to the charity is included in full in the statement of financial activities when receivable. Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income 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 conditions 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 Servi is provided. An equivalent amount is included as expenditure. Donated SeNiS 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 benefits on the open market. The charity receives government grants for specific projects. Income from government and other grants are recognised at fair value. When the charity has entitlement after any performance conditions have been met, 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. Interest on 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. 25
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 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 straight line basis, and deferred when received in advance, in accordance with the below recognition policy. Revenue is recognised to the extent that it is probable that the economic benefits will flow lo Ihe company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideralion received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following crileria 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 revenuè can bé 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 paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe 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 expenditure 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 associated with fundraising and an allocation of support costs. Expenditure on charitable activities includes all costs associated wrth 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. 26
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 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 granls 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. Governance costs comprise all cosls involving public accounlabilily of the charity and ils compliance with regulation and good practi. Support costs include central functions and have been allocated on Ihe basis of time spent on the aclivities. Finance costs are charged to the Statement of Financial Activities over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as reduction in the proedS of the associated capital instrument. Tangible fixed assets Items of equipment are capitalised where the purchase pri exceeds £1,000 including irrecoverable VAT. Depreciation is provided at rates calculated to wrrte down the cost of each asset to its estimated residual value over its expected useful life. The deprecialion rates in use by the group are as follows.. offi furniture and equipment 250/0 or 330k or 500/0 Straight line or 250/0 reducing balan 20 % or 400/0 Straight line Not depreciated Leasehold improvements Long-term leasehold property Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net 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 assets, and so has not provided for depreciation on leasehold properties. It is the group's policy to maintain its properties in a sound state of repair and, accordingly, the trustees consider that the economic lives of the propertie5 and the life left on the lease are so long and the residual value at such a level that depreciation would be immaterial. 27
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Revaluation of tangible fixed assets Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value al Ihe balance sheet dale. Fair values are determined from market based eviden normally 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 recognised in the profit or loss. Government and local authority grants Grants are accounted underthe accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at Ihe same rate as the depreciation on the assets to which the granl relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure. Taxation The charity is an exempt charily Wlthin the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and Iherefore it meets the definition of a charitsble company for UK corporation tax purposes. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of Ihe charity. Restriclions 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. 28
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Pension costs and othar post-ratirement bènafits 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. Significant estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circUmstans. a) Critical judgements in applying the entities accounting policies.. There are no specificjudgements apart from those involving estimates as detailed below that management has made in the process of applying 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 Conrning 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 amounls 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 rècoverable 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. {iiil Fair value of long-term leasehold property There is estimation uncertainty in calculating the fair value of long-term leasehold property held at valuation. A review of the value of long-term leasehold propety is carried out by management regularly in addition to periodic external professional valuations, as discussed in note 12. Vvhilst every attempt is made to 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 fair value at Ihe balance sheet dale. 29
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 INVESTMENT INCOME 2025 2024 Deposit account interest 1,640 1.640 495 495 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Grants, receivable - Unrestricted funds Grants, receivable-Restricted fund.. -VRU Strong Futures -Walcot Foundations -Wandsworth Council -wimbledon Foundation 87,248 20,000 10,000 10,000 127 248 69,503 INCOME FROM OTHER TRADING ACTIVITIES 2025 2024 Unrestricted fvnds. Licence fees, hire charges and Servi agreements Provision of workspace 456.169 921.370 1,377,539 436,083 886,622 1,322,705 EXPENDITURE ON CHARITABLE ACTIVITIES 2025 2024 Unrestricted funds. Staff costs (Note 101 Young people training and community events Grants to young entrepreneurs Legal and professional fees Consultancy Website, IT subscriptions & costs Publicity and awareness Other support costs 198,863 46,497 20,000 7,645 166,686 32,527 5,300 10,000 20,953 5,089 19,437 37,747 297,739 12,647 S,041 19,635 310,328 30
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 Restricted funds. Staff costs {Note 101 Young people training and community events Grants lo young entrepreneurs Consultancy Website, IT subscriptions & costs Publicity and awareness Room hire-After school club Other support costs 70,527 3S,160 5,000 27,508 23,842 2,167 3,874 6,630 1,440 3,471 68,932 59 1,501 1,223 113,470 423,798 366,671 All support, staff costs and other expenditure have been incurred on charitable activities, in relation to the charity's principal activity of counselling, advisory and training. EXPENDITURE ON OTHER TRADING ACTIVITIES 2025 2024 Unrestricled funds. Staff cosls (note 10) Direcl costs Finance costs Support costs 383,032 467,289 56,225 122,902 1,029.448 303,385 437,699 55,303 104,032 900,419 All the above costs relate to the provision of workspa. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the yèar ended 31 March 2024. 31
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 TAXATION The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The non-charilable trading subsidiary is liable to pay corporation tax at a rate of 250/0 (2024 - 25 % l. There were no liabilities payable at 31 March 2025 (2024.. £Nil), as a gift aid donation was paid up within 9 months of the year end. 10. STAFF COSTS 2025 2024 Salaries, wages and freelance National insurance Pension costs Training and recruitment fees 571,494 50,186 11,137 19,605 652,422 444,380 37,265 8,064 7,870 497,579 One employee reiVed emoluments in the band £80,000 to £90,000 (2024.. 11. The average monthly number of employees of the group during the year was as follows.. 2025 2024 Management and administration Workspace provision and counselling 10 18 14 16 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 total remuneration {including taxable benefits and employer's national insurance) of the key management personnel for the year was £91,486 (2024.. £89, 541). 11. SURPLUS FOR THE FINANCIAL YEAR The surplusl(lossl for the financial year is stated after charging= 2025 2024 Auditors, remuneration Auditors, remuneration for non-audit work Depreciation of tangible fixed assets Interest on bank loans and overdrafts Amortisation of Government Grant 13,030 1,220 85,664 40.458 42,744 13,550 7,770 70,092 40,361 33,644 32
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 12. TANGIBLE FIXED ASSETS Group Long-term Leasehold Office furniture leasehold improvements and equipment Total Cost or valuation: At 1 April 2024 Additions Revaluation At 31 March 2025 5,575,000 770,455 3,041 503,174 6,848,629 5,179 8,220 (1,990,000) 508,353 4,866,849 (1,990,000) 3,585,000 773,496 Depreciation: At 1 April 2024 Charge for the year At 31 March 2025 209,628 67,649 277,277 473,727 18,015 491.742 683,355 85,664 769,019 Net book value: At 31 March 2025 3,585,000 496,219 16,611 4,097,830 At 31 March 2024 5,575,000 560,827 29,447 6,165,274 Cost or valuation as at 31 March 2025 is as follows.. Long-term leasehold property At valuation: March 2025 existing use basis 3,585,000 3,585,000 If the long-term leasehold propety had not been included at valuation it would have been included under the historical cost convention at £1,784,138 (2024 £1,784,138}. The leasehold propety has been independently valued at fair value by Crump Winter Limited, the Independent Valuer, an accredited external valuer with recognised and relevant professional qualifications and experience of the localion and category of the leasehold property being valued. The external valuation was carried out on 8th July 2025, and updated on 9th September 2025, giving a valuation of £3,585,000. The valuation has been prepared in accordance with the RICS Valuation Professional Standards, January 2022, Global and UK Editions (commonly known as the "Red Book"). 33
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 12. TANGIBLE FIXED ASSETS {CONTINUED Charity Plant and machinery Total Cost or valuation At 1 April 2024 Additions At 31 March 2025 27.663 1,373 29,036 27,663 29,036 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 20,376 5,040 25,416 20,376 5,040 25,416 Nat book value: At 31 March 2025 3,620 7,287 3,620 At 31 March 2024 13. FIXED ASSET INVESTMENTS Charity Shares in group undertakings COST At 1 April 2024 and 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investment assets outside the UK. The following company is a direct subsidiary of the charity.. Name Shareholding Trident Business Cèntrè Limited 100° Principal activity Provision of workspacé The accounts ofthe subsidiary are summarised in Note 22. 34
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Charity 2025 2024 2024 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 51,379 89,175 8,000 150 784,286 605,570 196 67,772 21,957 119,347 111,132 792,286 605,720 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Charity 2025 2024 2024 Bank loans and overdrafts (Note 18) 19.651 14,417 Trade creditors 72,263 55,811 7,130 5,870 Other tax and social security 42.008 35,516 11,954 10,260 Other creditors 149,621 90,888 50,000 Accruals and deferred income 205,231 228,293 488,774 424,925 12,862 81,946 6,300 22,430 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 2025 Charity 2025 2024 2024 Bank loans (Note 18) 478,288 478,288 497,514 497,514 35
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 17. GRANTS Group 2025 2024 Received and receivable At 1 April 2024 Re1vable during the year At 31 March 2025 871,000 871,000 871000 871,000 Amortisation At 1 April 2024 Credit to profit and loss account At 31 March 2025 196,835 42,744 239,579 163,191 33,644 196,835 Net balance At 31 March 2025 631,421 674,165 18. LOANS Group 2025 2024 Amounts falling due within one yèar Bank loans 19,651 14,417 Amounts falling due 2-S years Bank loans 52,270 52,264 Amounts falling due more than 5 years Bank loans 426,018 441,250 497,939 511,931 Bank loans are secured by a fixed charge over long term leasehold property and a floating charge over the company's other assets. The above represents loans from the Charity Bank at an interest rate of 3.250k per annum above the base rate of The Bank of England and is repayable over a period of 25 years. The balance outstanding is £481,098 12024.. £485,000). Also included is a bounce bank loan at an interest rate of 2.50A per annum and repayable over 5 years. The balan OLrtstanding is £16,841 {2024.' £26,931}. 36
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 19. FUNDS ANALYSIS Group Balan at 1 April 2024 Balance at 31 March 2025 Income Expenditure Transfers Unrestricted funds General funds 5,041,S96 1,385,931 {3,347,4S61 151) 3,080,020 Restricted funds Capital expenditure VRU Strong Futures Walcot Foundation Wandsworth Council Wimbledon Foundation 33,809 3,107 19481 (90,355) {12,116) (10,051) 32,861 87,248 20,000 10,000 7,884 51 10,000 10,000 36,916 127 248 113,470 51 5,078,512 1,513,179 3,460,926 3,130,765 Charity Balan at 1 April 2024 Balance at 31 March 2025 Income Expenditure Transfers Unrestrictod funds General funds Restricted funds Capital expenditure VRU Strong Futures Walcot Foundation Wandsworth Council Wimbledon Foundation 645,128 430,145 1328,008) (511 747,214 33,809 3,107 (9481 190,3551 112,1161 110,0511 32,861 87,248 20,000 10,000 7,884 51 10,000 127,248 10,000 113,470 51 682,044 557,393 441,478 797,959 37
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Unrestricted Restricted Total Tangible fixed assets Other net assetsllliabilities) 4,097,830 (1,017,810) 3,080,020 4,097,830 50,745 (967,065) 50,745 3,130,765 Charity Unrestricted Restricted Tolal Tangible fixed assets Other net assetsllliabilities) 3,620 743,594 747,214 3,620 50,745 794,339 50,745 797,959 21. MEMBERS, LIABILITY The charity does not have share capital and is limited by guarantee. In the event ofthe charity being wound up, the maximum amountwhich each member is liable to contribute is 50p. There were 10 members as at 31 March 2025. 22. TRADING ACTIVITIES OF SUBSIDIARY The charity has a trading subsidiary Trident Business Cenlre 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'.- 2025 2024 Turnover Cost of Sales Gross Profit 1,377,289 1467,289) 910,000 1,322,239 (437,6991 884,540 Administration expenses Other operating income Interest receivable Interest payable (564,445) 42,744 487 {54,099) (456,0031 33,644 170 (54,002) Net profit 334,687 408,349 38
Business Launchpad Limitsd Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 22.TRADING ACTIVITIES OF SUBSIDIARY- CONTINUED Revaluation of long leasehold property 11,990,000) 1420,000) Charitable payment to Business Launchpad Limited (408,349) Surplusl{Deficitl retained in subsidiary 12,063.662) {11.651) The net assets and liabilities of the subsidiary were'.- 2025 2024 T8ngible fixed assets Current assets Current liabilities Liabilities due after more than one year Government grants deferred income 4,094,210 539.423 {1,191,1141 {478.288} {631,421 } 6,157,987 418,229 {1,008,065) {497,514) {674,165) Net assels 2,332,810 4,396,472 Share capital Reserves.. Distributable Un-distributable {Revaluation reserve) 531,946 1,800,862 605,608 3,790,862 Aggregate share capital and reserves 2,332,810 4,396,472 39