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← Muchloved Charitable Trust

2023-12-31-accounts

Charity registration number 1118590

MUCHLOVED CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

MUCHLOVED CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J Davies Mr J H Lomax Charity number 1118590 Principal address Nash House, Repton Place White Lion Road Amersham Buckinghamshire HP7 9LP Auditor UHY Ross Brooke Suite I, Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY

MUCHLOVED CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Statement of financial position 9
Statement of cash flows 10
Notes to the financial statements 11 - 21

MUCHLOVED CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report and accounts for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Charities Act 2011 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 UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The charity's objects are the relief of any persons who have suffered bereavement, particularly the death of a family member or friend, by providing or assisting in the provision of bereavement support, advice and counselling.

The policies adopted in furtherance of these objects are to work with partners providing at-need bereavement services in the funeral and charity sectors as well as bereaved users directly and there has been no change in these policies during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

During the year the main activity has been the provision of a remembrance website service tailored to the specific needs of bereaved people, plus a bereavement support resource centre.

Public Benefit Statement

MuchLoved Charitable Trust has carried out its duty with regard to the public benefit and the objectives of the charity.

The charity does not undertake significant fundraising activities for Muchloved Charitable Activities.

Achievements and performance

There has been continuing high demand and use of the bereavement tribute website service. Over the year approximately 70,000 new Tribute sites were created with 220,000 virtual candles lit and over £25million donated to good causes in memory of loved ones.

We have further developed in-memory support services within the charity and funeral sectors and now run Tribute Fund partnerships with nearly 400 charities as well as working with over 2,000 funeral director branches across the UK providing a personalised funeral tribute service for their families.

During the year we carried out training workshops and facilitated a number of online webinars. We also ran various bereavement training sessions and offered GriefChat counselling.

As well as continuing to enhance our bereavement services, we focused on updating and improving our technical and data systems and processes, developing better integration capabilities, introducing latest Microsoft tools and working towards ISO27001 information security certification.

MUCHLOVED CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The charity holds sufficient unrestricted cash funds to cover fluctuations in receipts and expenditure and has been working to increase income over the year primarily through partnerships with charities and funeral directors.

Freely available reserves increased in the year to 31 December 2023 to £465,332. This meant that at year-end the reserves met the policy of a minimum three months' expenditure. This can be primarily attributed to cost management and increased income. Going forward this will provide the funds needed for carrying out essential technical development work and the recruitment of technical, administrative and managerial staff required to support the service.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Risk Management

The charity trustees follow a risk management strategy designed to identify principal risks and uncertainties that the charity may face and prevent it from achieving its objectives, together with reviewing the effectiveness of associated systems and procedures that are in place to mitigate against such risks. Specific areas of risk identified and reviewed are as follows:

Financial sustainability: regular reviews of available funds are undertaken to ensure that all current liabilities have adequate cash coverage.

Information Technology risks: the security of the IT system is controlled and supervised by experienced technical staff.

Health and Safety of staff and visitors: this is constantly under review so that all requirements are met, and accident risks are minimised.

To reduce the organisational risk and better secure the ongoing upkeep of tribute sites for users, the charity is divesting the running and development of the online platform, however it will continue to support in-memory services, develop bereavement partnerships and provide grief resources, advice and counselling.

Structure, governance and management

The charity was established as an unincorporated organisation by a charitable trust deed on 28 February 2007.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr J Davies Mr J H Lomax Mr A Daniels (Resigned 22 August 2023)

Trustee selection is made through appointment by the current trustees and new trustees are required to have a high level of commitment to MuchLoved with a suitable range of skills and experience so that they can help to constructively challenge and shape the strategy. All trustees give their time voluntarily and receive no remuneration or other benefits.

Daily operational responsibilities are delegated to key management personnel. Their pay and remuneration is reviewed annually and adjusted for factors including inflation, any change in responsibilities and any clear comparative benchmarking of similar roles.

MUCHLOVED CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

In accordance with the company's articles, a resolution proposing that UHY Ross Brooke be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

Mr J Davies Trustee Dated: 29 October 2024

MUCHLOVED CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MUCHLOVED CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MUCHLOVED CHARITABLE TRUST

Opinion

We have audited the financial statements of Muchloved Charitable Trust (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, Balance Sheet and Statement of Cash Flows and notes to the financial statements, including 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 statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance 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 these requirements. We believe that the audit evidence we have obtained 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 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve 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.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise 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 information 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 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 misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

MUCHLOVED CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MUCHLOVED CHARITABLE TRUST

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement (set out on page 4), the charity trustees 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 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 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.

We have considered:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Charities Act and tax legislation.

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 the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring 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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MUCHLOVED CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MUCHLOVED CHARITABLE TRUST

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity'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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

UHY Ross Brooke Statutory Auditor

29 October 2024

Suite I, Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY

UHY Ross Brooke is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

MUCHLOVED CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income and endowments from:
Charitable activities 3 1,715,657 1,247,667
Investments 4 11,886 2,465
Other income 6 175,000 -
Total income 1,902,543 1,250,132
Expenditure on: 5
Charitable activities 7 1,713,329 1,161,942
Total expenditure 1,713,329 1,161,942
Net income and movement in funds 189,214 88,190
Reconciliation of funds:
Fund balances at 1 January 2023 504,516 416,326
Fund balances at 31 December 2023 693,730 504,516

The statement of financial activities includes all gains and losses recognised in the year. The split of income and expenditure deriving from discontinued and continuing activities is disclosed in note 5.

MUCHLOVED CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 13 10,898 9,031
Investments 14 217,500 -
228,398 9,031
Current assets
Debtors 15 315,885 297,652
Cash at bank and in hand 2,681,130 2,434,296
2,997,015 2,731,948
Creditors: amounts falling due within 16
one year (2,531,683) (2,236,463)
Net current assets 465,332 495,485
Total assets less current liabilities 693,730 504,516
The funds of the charity
Unrestricted funds 18 693,730 504,516
693,730 504,516

The financial statements were approved by the trustees on 29 October 2024

Mr J Davies Trustee

MUCHLOVED CHARITABLE TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
24
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
289,211
(11,763)
11,886
(42,377)
-
246,834
2,434,296
2,681,130		 2022
£
£
267,750
(5,914)
2,465
(3,449)
-
264,301
2,169,995
2,434,296

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Muchloved Charitable Trust is an unincorporated charity registered with the Charities Commission for England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Articles of Association, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and so continue to adopt the going concern basis of accounting in preparing the financial statements.

The trustees are in advanced stages of considering and consulting on an organisational restructure in which certain activities would be moved to a trading company, however the charity would continue in operational existence.

1.3 Charitable funds

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditure is recognised on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be reliably measured. Expenditure is categorised under the following headings:

-Expenditure on charitable activities includes the costs of activities undertaken to further the purpose of the charity.

-Support costs are those costs incurred during activities that are no directly associated with the purpose of the charity.

-Governance costs are the costs associated with the governance arrangements of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 33.3% straight line Computers 33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Due to the size of the subsidiaries, the charity has not prepared consolidated accounts.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Funds received as agent

Funds received as agent are accounted for as set out in note 13.

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

Partner subscriptions
Donation processing fees
Tribute storage space
Training and consultancy		 2023
£
511,789
1,199,415
-
4,453
1,715,657		 2022
£
466,090
775,021
3,033
3,523
1,247,667

4 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 11,886 2,465

5 Continuing and discontinued activities

On 1 January 2024 activities relating to partner subscriptions and donation processing fees were taken over by the charity's subsidiary Muchloved Limited. Of the total income of £1.902,543, £1,652,771 related to these discontinued activities and the remaining £249,772 related to activities that will continue. Of the total expenses of £1,713,329, £1,666,329 related to discontinued activities and £47,000 to continuing activities.

6 Other income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Net gain on disposal of intangible fixed assets 175,000 -

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Other income

(Continued)

At 31 December 2023 intellectual property was sold to the subsidiary Muchloved Limited in exchange for shares in the company.

.

7 Expenditure -charitable activities

Staff costs
Consulting
IT software & consumables
Hosting
Subscriptions
Staff travel, training and other costs
Bad and doubtful debts
Share of support costs (see note 8)
Share of governance costs (see note 8)		 2023
£
720,600
366,046
186,155
130,950
49,433
40,215
(2,000)
1,491,399
210,833
11,097
1,713,329		 2022
£
433,399
398,218
26,764
108,694
47,978
9,269
2,000
1,026,322
126,325
9,295
1,161,942

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

8
Support costs
Depreciation
Marketing and exhibitions
Office consumables
Rent
Telephone and utilities
Insurance
Repairs
Professional fees
Bank charges
Audit fees
Accountancy
Analysed between
Charitable activities
Payments to auditor
Audit of financial statements
Other services		 Support
costs
Governance
costs
£
£
9,896
-
20,632
-
84,045
-
36,424
-
5,065
-
2,218
-
21,633
-
27,337
-
3,583
-
-
6,850
-
4,247
210,833
11,097
210,833
11,097		 2023
£
9,896
20,632
84,045
36,424
5,065
2,218
21,633
27,337
3,583
6,850
4,247
221,930
221,930
2023
£
6,850
13,560
20,410		 Support
costs
Governance
costs
£
£
6,247
-
29,098
-
26,449
-
35,078
-
4,389
-
2,160
-
97
-
19,700
-
3,107
-
-
6,500
-
2,795
126,325
9,295
126,325
9,295
2022
£
6,500
3,000
9,500		 2022
£
6,247
29,098
26,449
35,078
4,389
2,160
97
19,700
3,107
6,500
2,795
135,620
135,620
9 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 6,850 6,500
Depreciation of owned tangible fixed assets 9,896 6,247
Profit on disposal of intangible assets (175,000) -

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits during the year. One trustee was reimbursed expenses for travel and office costs as follows:

2023 2022
£ £
Accumulated balance brought forward 4,293 2,072
Incurred during the year 2,131 2,221

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

10
Trustees
Reimbursed during the year
Accumulated balance carried forward
11
Employees		 (Continued)
-
-
6,424
4,293		 (Continued)
-
-
6,424
4,293
4,293

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
17
2023
£
638,995
64,582
17,023
720,600		 2022
Number
11
2022
£
386,687
37,000
9,712
433,399
The number of employees whose annual remuneration was more than £60,000
is as follows:
2023 2022
Number Number
£80,001 to £90,000 1 -
£90,001 to £100,000 2 1

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

13
Tangible fixed assets
Fixtures,
fittings &
equipment
£
Cost
At 1 January 2023
10,385
Additions
1,202
At 31 December 2023
11,587
Depreciation and impairment
At 1 January 2023
8,478
Depreciation charged in the year
2,017
At 31 December 2023
10,495
Carrying amount
At 31 December 2023
1,092
At 31 December 2022
1,907
14
Fixed asset investments
Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
15
Debtors
Amounts falling due within one year:
Debtors
Other debtors		 Computers
Total
£
£
30,693
41,078
10,561
11,763
41,254
52,841
23,569
32,047
7,879
9,896
31,448
41,943
9,806
10,898
7,124
9,031
Subsidiaries
£
-
217,500
217,500
217,500
-
2023
2022
£
£
92,374
56,606
223,511
241,046
315,885
297,652		 Total
£
41,078
11,763
52,841
32,047
9,896
41,943
10,898
9,031
217,500
217,500
-
2022
£
56,606
241,046
297,652

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

16 Creditors: amounts falling due within one year

Other taxation and social security
Creditors
Other creditors
Accruals and deferred income		 2023
£
157,151
47,688
2,110,203
216,641
2,531,683		 2022
£
91,903
35,182
1,924,907
184,471
2,236,463

Accruals and deferred income includes deferred income of £196,714 (2022 £138,243) which represents annual partner subscriptions billed in advance.

Deferred income
At start of year
Released to income in the year
Deferred in the year
At end of year
17
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
138,243
(138,243)
196,714
196,714
2023
£
17,023		 2022
£
90,237
(90,237)
138,243
138,243
2022
£
9,712

The charity operates a defined contribution pension scheme for all qualifying employees.

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds		 1 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£
504,516
1,902,543
(1,713,329)
693,730
1 January
2022
Incoming
resources
Resources
expended
At 31
December
2022
£
£
£
£
416,326
1,250,132
(1,161,942)
504,516

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Funds received as agent

The charity processes donations from users of its platform which are given for onward transmission to an end charity specified by the user, after deduction of donation processing fees and addition of gift aid where applicable.

Whilst the legal position is that the donations are made to MuchLoved Charitable Trust with narrow restrictions as to how the bulk of the funds are applied, the accounting substance is one of acting as agent, with the charity having minimal discretion as to how funds are applied. For this reason, donations and the associated gift aid received and remitted onwards have not been accounted for as the income and expenditure of the charity. A summary of the amounts processed on this basis is shown below:

2023 2022
£ £
Received as agent in the year 24,357,666 19,540,330
Paid onwards as agent in the year 26,634,666 22,644,731
HMRC Gift Aid received as agent in the year 4,047,577 3,241,110
HMRC Gift Aid debtor at year end (included within other
debtors) 188,036 214,599
Owed to end charities at year end (included within other
creditors) 2,127,047 1,924,907

20 Operating lease commitments

The total of future minimum lease payments under non-cancellable operating leases at the end of the reporting period was:

Not later than one year
Later than one year and not later than five
years		 2023
£
-
-
-		 2022
£
28,000
2,462
30,462

21 Events after the reporting date

To reduce organisational risk and better secure the ongoing upkeep of tribute sites for users, from 1 January 2024 the charity is divesting the running and development of the online platform, however it will continue to support in-memory services, develop bereavement partnerships and provide grief resources, advice and counselling.

22 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

MUCHLOVED CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

22 Related party transactions

(Continued)

The remuneration of key personnel in the year was £210,662 (2022 £183,441).

At 31 December 2023 the entity was owed £25,175 by its subsidiary Muchloved Limited.

23 Subsidiaries

Details of the charity's subsidiaries at 31 December 2023 are as follows:

Name of undertaking Nature of business Class of % Held
shares held Direct
Muchloved Limited Dormant Ordinary A 50.00
I-Netco Limited IT Ordinary 100.00
24 Cash generated from operations 2023 2022
£ £
Surplus for the year 189,214 88,190
Adjustments for:
Investment income recognised in statement of financial activities (11,886) (2,465)
Gain on disposal of intangible assets (175,000) -
Depreciation and impairment of tangible fixed assets 9,896 6,247
Movements in working capital:
(Increase) in debtors (18,233) (40,137)
Increase in creditors 295,220 215,915
Cash generated from operations 289,211 267,750