COMPANY REGISTRATION NUMBER: 06881893 CHARITY REGISTRATION NUMBER: 1131615 Love The One Company Limited by Guarantee Unaudited Financial Statements 30th April 2024 A R R PRICE LIMITED Chartered accountants 17 Newstead Grove NOThINGHAM NG14GZ
Love The One Company Limited by Guarantee Financial Statements Year ended 30th April 2024 Page Trustees, annual report (incorpoiating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position 10 Statement of cash flows 11 Notes to the financial statements 12
Love The One Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Year ended 30th April 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unauditeé financial statements of the charity for the year ended 31)th April 2024. Reference and administrative details Registered charity name Love The One Charity registration number 1131615 Company registration number 06881893 Principal office and ragistered 5 Amethyst Close office Rainworth Mansfield Notts NG21 OGH The trustees Dr M A Cusack OBE N Woodcock Dr C L Morris OBE Mr S J Maxey MrTJ Murphy Mr W Munton Dr T Dodd MsCECa Ms R Higgins (Resigned 7th November 2023) (Resigned 28th June 2023) (Resigned 31st January 2024) (Resigned 12th October 2023) (Appointed 18th November 2023) Company secretary Independent exarniner Rachael Higgins Mr A R R Price FCA On behalf of A R R Pri Limited 17 Newstead Grove NOThINGHAM NG14GZ
Love The One Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {ntinued) Year ended 30th April 2024 Structure, governance and management The charity (registered number 1131615) ts constituted as a company limited by guarantee, registered in England and Wales under company number 6881893. Its goveming documents is it Memorandum and Articles of Association. The directors are charity trustees as defined by the Charib'es Act. Trustees may be appointed by ordinary resolution, to appoint a person who is willing to act The Trustees may also appoint a person willing to act as a trustee, by a trustee resolution, but they must retire at the next annual general meeting Trustees are selected on the basis of their skills. experien and their sympathy with the airns of the Charity. As part of their induction trustees have access to reviewing the constitution, accounts and are referred to Charity Commission Guidance. The day-tTrday running is delegated to Dr Catherine Morris and Dr Mary Cusack. Objectives and activities The charities objectrves as set out in the governing document are the prevention or relief of povety amongst children. in particular but not exclusivety forthe benefitof those in developing countries, though but not limited to: the promotion and protection of and provision for health,. the advancement of education and training in community and child health, and childcare., addressing the physical, social, emotional and spiritual needs of children. including working through families and their communities= and the advocacy and protection of children who are disadvantaged or vulnerable to exploitation and abuse. Love the One exists to provide poor, orphaned and abused children with free holistic medical care, education and child care primarily in developing countries. Our primary focus is India where we base ourselves in the stste of Odisha nearby the city of Berhampur.
Love The One Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (connued) Year ended 30th April 2024 Achievements and performance INDIA In the time period, the Love the One stsff team grew to 181 people. Over the previous year, Love the One helped nearly 4000 children and young people. The voluntary directors. Dr Mary Cusack and Dr Catherine Morris had to stay in the UK due to immigration issues with their newly adopted children. On departure they We told by the Indian Authorities not to return to India until the children had been made British citizens and both doctor's visas were cancelled. Beeen Cat and Mary, they have 5 adopted children. Soma {18 years). Anish (16 years) and Pumi (15 years), Joshua (7 years) and Jesse (4 years). During this time period they made enquiries with an immigration lawyer in the UK and they were advised to stay in the UK and seek citizenship for the 5 children. Unft)rtunately, Soma, who was already 18 years old, was unable to direct apply for UK citizenship and in November 2023 applied for indefinite leave to remain on Human Rights grounds to the UK home office and the 4 younger children all had applications put in to become Brits'sh citizens. This whole process with home office and lawyer fees amountsd to over £20,000. Deva <18 years) and Basanti (16), siblings, who are full orphans and former child labourers continued to Sive in the famity home as foster children with Rina loong after them and attending Love the One school. In May 2022 a 5 month old baby called Teddy was given to the family by the local govemment orphanage to look after as he had medical needs too severe to care for him. I n this time period, Teddy continued to be caEd for by Rina and other helpers. Khusi, who had previously lived with them retumed to her cousin's house in Berhampur and continued to attend the Love the One school. HEALTH "From community clinics to specialised hospital care, from babies to teenagers, health care for all children is our aim." Love the One continued to be linked with Christian Hosprtal Berhampur in a medical partnership and with the medical director, Dr M.K.Nanda. This local hospital is where Love the One Children are admitted if they require simple hospital care and Love the One is a community paediatric service working in conjunction with Christian Hospitsl Berhampur. Daily Medic81 Clinic Each working day, a clinic is open for any child from the Love the One projects to come and be seen by the medical team Post the Covid 19 pandemic, the clinic team continued to function in the adapted format and the doctors did online consuIts. The clinic continued to see 5-10 children per day either from the different ntreS or referrals from the communities Love the One serves. These referrals are mainly children with additional needs or requiring life-saving surgery. Over 1200 children were seen over a one- year period in the clinic. Specialist Hospital Care and development of complex medical care in the centres. This year more children were helped with receiving SplalIsed hospital care. A number of the school and EPIC centre children have complex chronic medical needs that need continuing monitoring by the medical team, this includes a boy with type 1 diabetes. 2 boys with spinal probleTns and paralysis a boy with Duchenne's Muscular Dystrophy who had never before been able to go to school due to his severe physical disability as well as a number of children with sickle cell dEease and other complex
Love The One Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnue Year ended 30th April 2024 diseases. Many of these children would not be able to otherwise attend any schooling rf they were not at the Love the One school, due to the medical care they require. Children with Additional Needs The Children's Centre was renamed the Children's Therapy Centre and it continued to develop and help more and more children with additional needs despite the pandemic. More and more children with increasingly complex additional needs, were highlighted to us in the communits'es. The centre moved to a larger venue and during this period it was intermittenlty open ft)r the children depending on the regulations relating to the pandemic. Bespoke toys and therapy aids were bought for each child and delivered to them at home to aid in their developmenL EDUCATION "From the earty years to teenagers. we want to see all children have the opportunity to have an enjoyable, transformaknve education. During this year the EPIC centres continued to run in Berhampur. Paralakhemundi and Khandhamal. No new centres were opened during this time period. During this year the 5 existing EPIC (Early Paediatric Interventional Care) centres in and around Berhampur, the EPIC centre based in Paralakhemundi and the centre based in Baminigaon, Khandhamal, continued to sere their communities, however in the new school year, which starts in April, we had to make the very difficult decision to stop taking admissions for the new school year as the financial sttuation of the charity was becoming more unstable. The concept of the EPIC centre is as follows.. The children learn through play in 2 child friendly environrnent, which is a new concept in India. 5 staff were trained including an auxiliary nurse {ANM) to provide fun and complete childcare for these children. During this year the centres remained closed. The 'Love the One, School The school was originally started to help the older siblings of children attending the first EPIC centre that were either in child labour or not attending School. During this time period, the Love the One school moved into it's eighth year. In March 2023, at the stsrt of the new school year, it had classes ranging from LKG - Standard 10 with 385 children attending the school. The second Love the One school opened in Hub 2 Paralakhemundi for the graduates of our EPIC P1 ntre there also continued to run and grow. Unfortunatety, we faced some growing severe financial difficulties and a grant that had been promised in November 2023, to help to continue to run the school fell through. This resulted in us having to make a very difficult decision to close the schools in Berhampur and Paralekhemundi for the following school year and the schools were officially closed on 8th March 2024. This was an extremely difficult time which continued into the next financial year. During this ts.me period our Standard 10 students all passed their board exams. We were very happy.
Love The One Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontinued) Year ended 30th April 2024 Child Sponsorship Program Our child sponsorship program continued, however the uptake of new sponsored slowed down and some sponsors were unable to continue due to the worsening cost of living crisis. Each child in EPIC and the Love the One School is sponsored through their education. If all 30 children are sponsored at an EPIC centre, the cost of all the care, nutrition and provision they receive is covered by the child sponsorship program. By April 2024. 340 children were sponsOd. CHRISTMAS PARTIES The Christmas parties are very much part of the vision of Love the One to create great memories for the children, this year we reopened for partES after no parties due to the covid pandemic. CHILD CARE A lot of the work at Love the One requires providing children with a safe place that they can come to, ream, get healthy and be protected from the harsh environments they would otherwise spend their days in. Much Love the One time is spent advocating for each child to re1ve the care they need. This may be through advocating with their families so that they can attend a centre instead of being a child labourer or helping poor families through the corporate health system to get the treatment they are entitled to. Love the One has six cole values and the first is to be child centred in everything we do. So. every day the staff are encouraged to be child centred and they re1ve a lot of training in this area. Volunteers During this period we had 3 volunteers, the first Sin the covid pandemic. Staff Tr8ining and Development Leadership training and development restsrted and regular training was held. Charity Structure Over the lime period, the staff tearn grew from 169-181 By the end of the time period, a total of 9 properties were rented by the charity, the voluntsry directors, house, the Clinic, the Ghildren's Therapy Centre. the hostel for local staff the guest house for overseas volunteers, a building each EPIC centre, a large building to caterforthe'Love the One, school and office space and a hall to use for stsff training. 'Love the One, India, conb'nued to function as an Indian NGO. "Love the One, a Project of Sahanubhuti continued to run alongshye the projects. together serving all the centres. Over this ts'me period the reserves of Love the One started to be used and the one-off donations decreased significantly due to the world-wide cost of living crisis. Regular income also slowly started to decrease as people were unable to afford tt) continue to support Love the One. In November 2022 the Michael and Betty Litue Trust informally promised a larger amount a year later. A significant amount of funding went into the Friends of Love the One account in the USA in the previous year. During this financial time period these funds were used to continue to meet the increasing difference beeen expenditure and decreasing income.
Love The One Company Limited by Guarantee Trustses. Annual Report (Incorporating the Director's Report) Ccontlnued) Year ended 30th April 2024 The directors searched for funds, but none was available and so the very difficutt decision had to be made to shut the Love the One schools in March 2024. Social media continued to be a tool to raise the profile of Love the One, however iys impact started to decrease as other conflicts in the world stsrted. Financial review Income for the year totalled £633,013 (2023 £840,711). Our regular support started to decline with the deepening cost of living crisis both in the UK, decreasing regular giving and almost completely wiping out one off donab'ons and the increasing cost of living in India due to an increasingly unstable international picture. The large donations from the Michael and Betty Lrttle foundabon and the ongoing support from the original large donatson to Friends of Love the One continued to shore up the widening gap betsveen income and expenéiture. Despite lots of efforts from the directors, no new large grants were available in this time period and the remaining arnount from the Foux Foundation was agreed to be given to help continue the work of Love the One rather than set up new EPIC ntres. During this time period VCUKI gave £5,000 specifically to use for the immigration costs of Dr Mary and Dr Catherine's five adopted children who were all adopted after being abandoned with Mary and Cat whilst in India and had all been children in the Love the One programs. This money was given to Mary and Cat for this purpose. A £2,000 grant was also given to them frorn Friends of Love the One to buy a new laptop for Mary as the director and for use for making videos and other materials for social media. The Trustees would like to thank all of our supporters and volunteers that have and continue to support the work, without whom this work could not progress. Totsl expenditure during the year amounted to £734.434 (2023: £778,129) Note 3 & 4 detsils how the expenditure in the year has supported the delivery of the charity's objectives. This left expenditure exceeding income by £101,421 (2023." Income exceeded expenditure by £62,582). Total funds as at 30th April 2024 amounted to £144,454 all of which relates to unrestricted funds. (2023: £245.875) Reserves policy The company aims to have months, running costs available along with sufficient funds to carry out any necessary and eomrnitted capttsl expenditure. Risk Management The Trustees are aware of their obligations regarding risk assessment and management The Trustees are satisfied that the necessary procedures and systems to mrtigate risks are in operation. Plans for future perlods Due to the onset of a continuously worsening financial situation, plans for any fvrther expansion were put on hold and funds were sought to continue the work already running. Publ(c benefit statement The main activities undertaken by the charity are to further the charity's purposes for the public benefit and the trustees have regard to the Charity Commission guidan on public benefit
Love The One Company Limited by Guarantee Trustses. Annual Report {Incorporating the Director's Report) {continued) Year ended 30th April 2024 Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on .2&.1.o.z..IIS. and signed on behalf of the board of trustees by.. Dr C L Morris OBE Trustee
Love The One Company Limited by Guarantee Independent Examiner's Report to the Trustees of Love The One Year ended 30th April 2024 I report to the trustees on my examination of the financial statements of Love The One {'the charity,) for the year ended 30th April 2024. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of cornpany law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,) In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independènt examinerfs statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Insts'tute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. I have completed my examination. I confimi that no fftatters have come to my attention in connection with the examination giving me cause to believe". accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records: or the financial statements do not comply with the accounting requirements of section 396 ofthe 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination" or the financial statements have not been prepared in accordance with the method5 and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charits-es preparing their 8ccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in connection wtth the examination to which attention should be dfawn in this report in order to enable a proper understanding of the accounts to be reached. MrARRPritsFCA On behalf of A R R Price Limited Independent Examiner 17 Newstead Grove NOThINGHAM NG14GZ 2fr@ffe
Love The One Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30th April 2024 2024 Restricted fvnds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 586,885 45.720 632,605 836,890 1,g78 543 1,300 408 408 Total income 587,293 45,720 633,013 840,711 Expenditure ExpendFture on charitable activities Total expendfture 690,714 43.720 734,434 778,129 778,129 690,714 43,720 734.434 Net (expenditure)lincome (103.421) 2,000 (101,421) 62,582 Transfer beeen funds 2,000 (2,000) Net Movement in Funds (101,421) (101.421) 62,582 Reconciliation of funds Total funds brought forward Total funds carried forward 245.875 245,875 183,293 144,454 144,454 245,875 The statement of financial acknvities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notss on pages 12 to 21 fom) part of these flnanclal ststements.
Love The One Company Limited by Guarantee Statsment of Financial Position 30th April 2024 2024 2023 Note Fixed assets Tangible fixed assets 15 108,713 100,664 Current assets Debtors Cash at bank and in hand 16 6,103 50.704 56,807 12,733 147,972 160,705 Creditors: amounts falling due within one year Net current assets 17 21,066 15,494 145,211 35,741 Total assets less current liabilities 144,454 245,875 Net assets 144,454 245,875 Funds of the ¢hartty Restricted funds Unrestricted funds 144,454 245,875 Total charity funds 18 144,454 245,875 For the year ending 30th April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities_. The members have not required the company to obtsin an audit of its financial statements for the year in question in accordance with secb.on 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial ststements. These financial statements have been prepared in accordano with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on .&tsLp.*.1.25.., and are &gned on behalf of the board by". Dr C L Morris OBE Trustee The notes on pages 12 to 21 fomi part of these financial statements. 10
Love The One Company Limited by Guarantse Statement of Cash Flows Year ended 30th April 2024 2024 2023 Cash flows from operating activitles Net lexpenditure}lincome (101,421) 62,582 Adjustments for Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and sirnilar charges Gains on disposal of tangible fixed assets Accrued expensesl{income) 52,277 (408) 44,766 (543) 495 (1,300) (1 ,0261 569 Changes in." Trade and other debtors Trade and other creditors 6,630 5,003 (9,9301 2.380 Cash generated frorn operations {37,350) 97,424 Interest paid Interest received (495) 543 408 Net cash (used in)fftom operab'ng activitres {36,942) 97,472 Cash flows from investing activities Purchase of tangible assets Proceeds from sale of tangible assets Net cash used in investing activities (60,326) 153,013) 1,300 151,713) (60,326) Net (decrease)fincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year {97.268) 147,972 50,704 45.759 102,213 147,972 The notes on pages 12 to 21 form part of these financial statsments. 11
Love The One Company Limitsd by Guarantee Notss to the Financial Statsments Year ended 30th April 2024 General inforniatlon The charity is a public benefft entity and a prNate Company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 5 Amethyst Close, Rainworth, Mansfield. Notts, NG21 OGH. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement ot Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. Accounting policies Basls of preparation The financial statements have been prepared on the historical cost basis. The financial staternents are prepared in sterling, which is the functional GUenCY of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty Accounting estimates and assumpbons are made concerning the future and. by their nature, will rarely equal the related actual outcome. The key assumptions and other SoUrS of estimation uncertainty that have a significant risk of causing a matenal adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows.. Depreciation of tangible fixed assets.'_ Delemiining the appropriate rate of depreciation requires an estimate of the useful economic life and the future realisable value. The useful economic life is detemined to the period which the asset will be usable. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denorninated in foreign currencies are translated at the exchange rate ruling at the repoth.ng date, with any gains or losses being taken to the statement of financial activities. 12
Love The One Cornpany Limited by Guarantee Notes to the Financial Statements (¢tintinued) Year ended 30th April 2024 Accounting policies (condnued) Fund accounting Unrestricted funds are available for use at the discrets'on of the trustees to further any of the charity's purposes. Desigrbated funds are unrestricted funds earmarked by the trustees for particular futu project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of tsyo sub-classes: restricted income fvnds or endowment nds. Incoming resources Atl income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the anK)unt can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there Is evidence of entitlement to the gift, reIpt is probable and its amount can be measured reliably. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classrfied under headings of the statement of financial activities to which it relates: expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that acb'vity. Support costs are apportioned between chantable activities on the basis of charitable activity expenditure incurred during year. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequenuy stated at cost less any accumu18ted depreciation and impaimient losses. Tangible assets costing less than £500 are written off in the year of purchase. 13
Love The One Company Limitsd by Guarantse Notss to the Financial Statements (condnued) Year ended 30th April 2024 Accounting policies (continuedj Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows". Ftxtures and fittings Motor vehicles Equipment 15'h straight line 20Vo Straight line 33 % straight line Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instmment. 8asic financial instruments are initsally recognised at the amount reIvable or payable including any lated transaction costs, unless the arrangement constitutes a financing transacb'on, where it is regnised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and cuent liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Limited by guarantee The liability of the members in the event of a winding up is limited to £10. There are 5 members (2023.8) Donations and legacies Unrestricted Funds Restrrcted Total Funds Funds 2024 Donations Donalions Gift Aid 548,088 38,797 45,720 593,808 38,797 586,885 45,720 632,605 Unrestricted Funds Restricted Totsl Funds Funds 2023 Donations Donations Gift Aid 589,615 45.131 197,143 5,000 786,759 50,131 634.746 202.143 836,890 14
Love The One Company Limitsd by Guarantee Notss to the Financial Statements (continued) Year ended 30th April 2024 Charitable activftles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Contributions from interns 1,978 1,978 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest reIvable 408 408 543 543 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain cn disposal cf tangible fixed assets held for charity's own use 1.300 1,300 15
Love The One Company Limited by Guarantee Notes to the FinancAal Statements fwitinued) Year ended 30th April 2024 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Early Paediatric Interventional Care Centres Love the One School Children's Therapy Centre Clinic Children's Home PKD School Patients Home Support costs 119,171 186,929 45,941 76,077 11,498 27,869 38.720 157,891 186,929 45,941 76,077 11,498 27,869 223.229 5,000 228,229 690.714 43.720 734,434 Unrestricted Funds Restricted Total Funds Funds 2023 Early Paediatric Interventional Care Centres Love the One School Children's Therapy Centre Clinic childn'S Home PKD School Patients Home Support costs 144,574 49.726 46,523 92,310 5,578 21,340 4,884 202,040 566,975 19,760 183,555 4.103 3.736 164,334 233,281 50,626 96,046 5,578 21,340 4,884 202,040 211,154 778.129 10. Anatysis of support costs Totsl 2024 Total 2023 Stsff costs Premises Communications and IT General office Finance costs Governance costs 107.467 56,222 2,956 33,508 18,799 9,277 228,229 101,392 49,804 9,211 11,789 23,968 5,876 202,040 16
Love The One Company Limited by Guarantee Notes to the Financial Statements (continu•d) Year ended 30th April 2024 11. Net (expenditureifincome Net (expenditureyincome is stated after chargingl{crediting): 2024 2023 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets Foreign exchange drfferences 52,277 44,766 {1,30Q) 3,706 7,356 12. Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial ststements 1,921 1.675 13. Staff costs Total stsff costs: 2024 2023 Salaries Pension contributs.ons - defined contribution scheme 80,000 4,000 80.000 3,200 The charity is in partnership with Sahanubhuti an Indian registered Non-Governrnentsl Organisation {NGO). The UK Charity funds the staff of the NGO. The average head count of ernployees during the year was 2 (2023.. 2). No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 17
Love The One Company Limited by Guarantee Notss to the Financial Statements (cononued) Year ended 30th April 2024 14. Trusteo remuneration and expenses The charity has trustees who are paid for carrying the objectives of the charity in India and UK. The legal authority for the payments is provided for in the Company's Memorandum ofAssociation and has approval from the Charity Commission. The totals paid to each trustee induding employer pension contributions of £4,000 (2023.. £3,200} are as follows.. 2024 2023 Dr M Cusack Dr C Morris 42,000 42.000 41,600 41,600 In addition, trustees had travel and subsistence expenses reimbursed or paid direct to third parties amounting to £Nil (2023. £403) Number Nil (Number 2023 .1) 15. Tangible red assets Fixtures and fittings Motor vehicles Equipment Total Cost At 1 st May 2023 Additions 21,181 1,657 173,778 56,669 22,478 2,000 217,437 60,326 At 30th April 2024 Depreciation At 1 st May 2023 Charge for the year At 30th Aprll 2024 Carrying amount At 30th April 2024 At 30th April 2023 22.838 230,447 24,478 277,763 11,804 2,985 14.789 91,771 42.694 13,198 6,598 116,773 52,277 169,050 134,465 19,796 8.049 95,982 4.682 108.713 9,377 82.007 9,280 100,664 16. Debtors 2024 2023 Other debtors 6,103 12,733 18
Love The One Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th April 2024 17. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 10,405 2,189 1,280 7,192 1,620 8,792 5,082 21,066 15,494 18. Analysls of chantable funds Unrestrlcted funds At 01.05.2023 At Transfers 30.04.2024 IncoThE Expenditure General funds 245.875 587,293 (690,714) 2.000 144,454 At 01.05.2022 At Transfers 30.04.2023 Income Expenditure General funds 143.293 638,568 (566,975) 30,989 245,875 Restricted funds At 01.05.2023 At Transfers 30.04.2024 Income Expenditure EPIC Centres Purchase of computer Adoption costs 38,720 2.000 5.000 (38.720) <2,000) (5.OCKI) (43,720) 45,720 (2,000) At 01.05.2022 At Transfers 30.04.2023 Income Expendtture EPIC Centres Appeal "Adoption costs Jesse ' Purchase of Ambulance New building set up and operating costs 19,760 {19,760) 4,103 20,0()J (4,103) (3,736) {16,264) 40.000 158.280 (183,555) (211,154) (14,725) (30,989) 40,000 202,143 19
Love The One Company Limited by Guarantee Notes to the Financial Statements (conttnuedj Year ended 30th April 2024 18. Analysis of charitable funds (continued) EPIC Centres Donation reIVed for Ihe funding of the EPIC centres to carry on the work of Love the Qne. Purchase of a Computer A specific donation towards the cost of a new computer. The expenditure has b*n incurred and has accordingly the restriction has been released. The funds have been transfeed into general funds. Adoption Costs VCUKI gave £5000 specifically to use for the immigration costs of Dr Mary and Dr Catherine's Ive adopted children who were all adopted after being abandoned whilst they were in India and had all been in the Love the One programs. Adoption Costs Jesse An appeal to raise funds for Dr C Morris to adopt a 4 year old t)oy with severe disabilities. Formal adoption was granted in July 2022 Purchase of Arnbulan Aliza, A donation has been received for the purchase and operation of an ambulan in memory of baby Aliza who sadly passed away. The ambulance has been purchased for £16,264. The purchase has discharged the restriction and the asset will be held in unrestricted funds. A transfer has been made for this amount from restricted funds to unrestricted funds. New School Buildings Donations reiVed from donors to supp)rt the set up and operating costs of the sch¢)ols. Fixed assets have been purchased during the year for the set-up of the schools totalled £14,725. The acquisitions of these assets have discharged the restriction and the assets will be held in unrestricted funds. A transfer has been made for this amount from restricted funds to unrestricted funds. 19. Anatysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fed assets Current assets Creditors less than 1 year Net assets 108,713 56,807 (21.066) 144,454 108,713 56,807 (21,066) 144,454 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 100.664 160,705 (15,494) 245,875 100,664 160.705 (15,494) 245,875 20
Love The One Company Limited by Guarantee Notes to the Financial Statements (contsnuedj Year ended 30th April 2024 20. Analysis of changes in net debt At At 1 May 2023 Cash flows 30 Apr 2024 Cash at bank and in hand 147.972 (97,268) 50,704 21. Operating lease commitments The total future minimum lease payments under non-CanlIable operating leases are as follows.. 2024 2023 Not later than 1 year 26,893 36,097 22. Related parties During the year the charity paid immigrab'on costs of £5,000 for Dr fvlary Cusack and Dr C2therine Morris's five adopted children who were all adopted after being abandoned whilst they were in India in the Love the One programs. During the year trustees made donations to the charity totalling £4,850 (2023.. £2,240) 21