A lapse is usually an appropriation or an amount of funding that has been approved by Parliament that is not used and expires at the end of the year, whereas a re-profile is an amount of funding that has been approved and for which authority already exists or has been granted to not lose that but re-profile it, postponing its use to the subsequent year or years. That's what we call a re-profile, whereas a lapse is something that does not get used and is lost.
On June 21st, 2022. See this statement in context.