Companies House records for both FLO and FLT are currently showing that our Financial Statements for period ending 30th September 2023, due to be filed by 30th September 2024 (an agreed extension) are overdue.
The Trustees and Directors are fully aware of this situation. Following a risk assessment, they approved the late filing to enable some key business decisions to be completed and reflected in the Statements.
Both sets of financial statement and accounts will be filed by 31st January 2025 with plans to submit the reports for period ending 30th September 2024, ahead of the filing deadline (30th June 2025). This will be accompanied by a detailed Annual Report and a Social Impact report covering the last few years.
Brief overview:
- FLO accounts are a consolidation of the charity accounts and the subsidiary company FLT.
- FLT files separate accounts. The Directors have agreed to the orderly wind down of FLT as an entity. FLT has reported negative net assets which when consolidated within the Charity, reduces the net worth of the Charity.
- The primary reason for the losses is a loan payable to social investment funders. Agreement has been reached to collect out and wind down the loan notes which will enable the Directors to conclude an orderly wind down and closure of FLT. This ensures the Charity is protected and can continue to be viable and deliver its charitable objectives into the future.
- This agreement was expected to be in place in September 2024 but was delayed. Both Trustees and Directors wish to ensure this is accurately communicated and captured in our statements.
- FLO as a standalone charity has a positive net worth and viable future business plan.
The Trustees and Directors wish to assure our stakeholders that Five Lamps Organisation, a charity that has delivered for our beneficiaries for almost 40 years, is operating ‘business as usual’ including our vibrant Youth and Community hub, our Five Lamps homecare service and Conduit Loans.
“Charities are all facing challenges to remain viable and able to support beneficiaries and local communities. Our decision to close FLT and simplify our structure will enable us to strengthen the Charity and deliver more for local people. We have exciting plans including the continued expansion of our Youthy and Community hub, growing our homecare service providing an alternative model that gives people choice in their care provider and support as well as the launch of our new locality based CDFI (Community Development Finance Institution) which focuses our lending and financial inclusion work back into our local communities. We accept that not filing our accounts on time can raise concerns so hope this statement provides some confidence. We appreciate the support our stakeholders, funders and professional bodies have provided to help us navigate these much needed changes and very much look forward to 2025’: Pat Chambers. Trustee & Chair of Five Lamps Organisation.
Pat Chambers
Trevor Watson
