REGISTERED CHARITY NUMBER: 1136381 REGISTERED COMPANY NUMBER: 06506079 {England and Wales) LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Loveworks
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEE5 AND FINANCIAL sTATEmEr$ YEAR ENDED 31 JULY 2024 Table of Contents Company Information............................................. .................................................... Report oftheTrustees......................-............................................................. Independent Examinerfs Report....... Statement of Financial Activitie5 .10 Statement of Financial P051tion............ Notes to the Financial Statements -10 Page 2
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 The trustees, who are also direttors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024. The financial statements have been prepared in accordance with The Statement of Recommended Practice I'SORP") applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS1021 and The Charities Act 2011. Company Information Registered Company nurnber 06506079 IEngland and Wales) Registered Charlty number 1136381 Re8lstered office First Floor Offices 3a-7a Bell Street Reigate RH2 78H Trustees Gemma Harle (Chair- Appointed 31 January 20241 Stephen Vickery Alexander McTavish (Treasurer) Karen Jones (Resigned 19 March 2024) {Resigned 11 Au8USt 20231 IResigned 5 October 20231 Nick Skelton Susanna White Independent Examiner Philip Horesh Kalculus Chartered Accountants First Floor 314 Regents Park Road London N3 2LT Governlng document Loveworks.org timited is a charitable company limited by guarantee, as defined by the Companies Act 2006. The company was established under the Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. At 31 July 2024 there were 3 member515 at 31 July 20231. A summary of the objectlves of the charity Loveworks is a local charity based in Rei8ate, Surrey with a mission to improve the lives of the local community through food. Our vision is that we will work in partnership with the local community to: Poge 3
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 l. Meet emergency food needs.. Through the provision of food parcels to those experiencing food povery. 2. Provide fresh produce: From local allotments that we manage in partnership with other allotment holders so that our food parcels are full of goodness. 3. Prevent the recurrence of food poverty: Through signposting, education and partnerships so that we can SUPPOrt people not to need us again. Recrultment and appointment of new trustees An initial approach is made by one of the existing Trustees, who meets with the prospective trustee and outlines the nature and responsibilities of the role. The prospective trustee then meets informally with the rest of the board. Subject to board acceptance and a unanimous vote in favour, the new trustee is appointed, subject to due diligence lincluding where appropriate a DBS checkl. The new trustee is given a summary pack of the charity's history and work to date. a copy of the charity's constitution and a Charity Commission document outlining the role of a trustee. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Statement of Public Benefft The trustees have paid due regard to the guidance on public benefit produced by the Charity Commission and are confident that the work of the Charity meets all the criteria for public benefit. Trustees Responslbllftles in latiOn to the financial statements The Trustees are required by company law to prepare financial Statements for each financial year, which give a true and fair view of the financial activities of the charity and its financial position at the end of the year. In preparlng those Statements the Trustees are required to: al Select suitable accounting policies and apply them consistently bl Make jud8ments and estimates that are reasonable and prudent cl State whether the policies adopted are in accordance with the Companies Act 2006 and with applicable accounting standards and statements of recommended practice, subjert to any material departures disclosed and explained in the financial statements. d) Prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the financial statements comply with s419121 of the Companies Act 2006. 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. Flnanclal review and Trustee Reserves Policy The financial position of the charity deteriorated overthe year with total reserves carried forward of £131,346, reflecting the challenging conditions faced by many following the pandemic, the ongoing cost of living crisis and decreased availability of grants to support our work. The trustees maintained the agreed level of reserves to £55,000, to provide for premises costs and other committed running costs for a period of at least one year and staff costs for a period of six months. This will continue to be reviewed on a regular basis. Page 4
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANaAL STATEMENTS YEAR ENDED 31 JULY 2024 ON BEHALF OF THE BOARD: 17 March 2025 Trustee Poge 5
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Report of the Trustees Chairman'5 report We continue to fully utilise the warehouse Space and improve efficiencies, which have enabled us to continue to pack and provide food parcels to people who are experiencing food poverty. Oui beneficiaries can collect their parcels from any of our four foodbanks and for those that are unable to travel to the foodbank we provide a delivery service and have Secured funding to subsidise the travel cost for those who need it most. Over the last year, we have packed and handed out 2,802 food parcels. which has fed 6,471 people of which 2,256 were children. The estimated cost fo the food handed out was in excess of £165,000. We continue to focus on our commitment to reduce dependency on the food bank and our Care Worker has supported a number of our beneficiaries to access the additional support and services they require to help them move out of food poverty. Being a local charity we have maintained a strong presence at local event5 creating awareness of the need to support people in food poverty and, alongside our own events, they have enabled us to generate financial and food donations from individuals and local businesses. We have also benefited from having a dedicated Fund Raising Manager who has increased our profile in the area and has worked closely with local business and schools. We are supported by over 100 volunteers who have provided over 2,762 volunteer hours. Our allotments at Park Lane and Woodhatch in Reigate continue to be very productive, providing fresh fruit and vegetables for the foodbank as well as a great community space for our volunteers. Once again we have obtained grants from Surrey County Council and Reigate & Banstead Council, specifically utility top up funding and we continue to receive donations from local businesses and individuals. We therefore remain in a reasonably strong financial position. We expect to see a chal lenging landscape with the cost of living continuing to rise and the availability of grants to reduce while the need for emergency food parcels will continue increasing. We remain comrnitted to support the community not only in the provision of emergency food parce15 but also the support needed to assist people to move out of food poverty. We have received notice that our Chief Charity Officer will be leaving early in the new financial year and l am pleased to say we have appointed a replacement ensuring there is minimal disruption to the work of the Charity. I would also like to express our thanks to Kate Curtis who successfully led the Charity through a significant amount of change. Everything we achieve is because of our hard working staff, our fantastic volunteers, the support of our partner agencies and the generosity of our donors for which we are so thankful. Gernma Harle Chairrnan Page 6
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Independent Examlnerfs Report I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024 set out on pages 8 to 14. Responsibilities and basis of report As the charity's trustees (who are also it5 directors for the purpose5 of company lawl, you are responsible for the preparation of the accounts in accordance with the requirements of the Companie5 Art 20061.the 2006 ACVI. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligable for independent examination, I report in respect of my examination of your charity'5 accounts as carried out under 5ettion 145 of the Charities Act 20111.the 2011 Act"). In carrying out my examination I have followed the directions given by the Charity Commission under sertion 14515llbl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination givin8 me cause to believe: accounting records were not kept in respert of the Company as required by section 386 of the Companies Act 2006,. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirement5 of Section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair vie, which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and priciples of 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 the Republic of Ireland IFRS 1021. ve no concerns and have come across no other matters in connettion with the examination to which attention Id be drawn in this report in order to enable a proper u¥Trderstanding of the accounts to be reached. Philip Horesh Kalculus Chartered Accountants First Floor 314 Regents Park Road London N3 2LT Date.. Poge 7
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Statement of Financial Activitles 2024 Unre5trirted Designated funds Fund5 2023 Total funds Total funds Restricted funds INCOME FROM: Donations Activities for generating funds Investments Other income Totsl income 224,511 7,290 5,532 36.693 Z61.204 7,290 5,532 277,766 6.978 2.150 237,333 36,693 274,026 286,894 EXPENDITURE ON: Raisin8 funds Costs of generating income Charitable activities Achieving charitable objects Support costs Governance costs Totsl resources expended 8,832 8,832 5,047 210,780 66,521 2,654 288,787 37,068 247,848 66,521 2,654 325,855 214,384 58,910 4,462 282,803 37,068 NET INCOMEI(EXPENDITURE) FOR THE YEAR BEFORE TRANSFERS (51,454) (375) (51,829) 4,091 Transfers between Funds NET INCOMEI(EXPENDITURE) FOR THE YEAR RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD (51.454) 1375) (51.829) 4,091 117.361 65,907 55,000 55.(K)O 10,814 10,439 183,175 131,346 179,084 183,175 The statement offinoncial activities includes oll gains and losses recogni5ed in the year. All incoming re50urce5 and resources expended derivefrom the continuing artivities. The notes on pages 10 to 14form part of thefinancial stotements. Page 8
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Statement of Financial Position 2024 2023 Notes Tangible fixed assets Office equipment Furniture and fixtures Van Totsl non-current assets 12 460 483 7,911 8,854 776 1.867 9.307 11,950 12 12 Current assets Debtors Cash at bank Food donations Total current assets 13 1,892 115,008 10,859 127,759 2,970 158,721 11,114 172,805 Total assets 136,613 184,755 Credltors Creditors falling due within one year Total assets less current liabilities 14 15,2671 131,346 11,5801 183,175 Creditors falling due in more than one year NET ASSETS 131,346 183,175 Funds Unrestricted funds Designated fund5 Restricted funds TOTAL FUNDS 16 65,907 55,000 10,439 131,346 117,361 55,000 10,814 183,175 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounting records that comply with Sections 386 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Ibl The financial statement5 have been prepared in accordance with the Special provisions of the Companie5 Act 2006 relating to small charitable companies and with The Statement of Recommended Practice I'SORP") applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFR51021. The financial statements were approved by the Board of Trustees on its behalf bv.. 17 March 2025 and were signed on Alex McTavish .Trustee Poge 9
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Notes to the Financial Statements ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under the historical cost convention and in accordance with The Statement of Recommended Practice I'SORP") applicable to charities preparing their accounts in accordance with the Financi31 Reporting Standard applicable in the UK and the Republic of Ireland IFRS1021 and The Charities Act 2011. Exemption from preparing a cash-flow statement Exemption has been taken from preparing a cash-flow statement on the grounds that the charity qualifies as a small companv. Income All incoming re50urce5 are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that a88regate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Volunteers and donated goods The value of services provided by volunteer5 15 not incorporated into these financial statements. Goods donated and held as stock for distribution by the charity, including food item5, are recognised as incoming resources within donations when received and as stock with an equivalent amount included as resources expended when distributed. Goods donated to the charity, and still held at the year end are reported at the estimated replacement cost. Depreciation Office equipment and fixtures and fittings are depreciated on a straight line basis over a three year period. Motor vehicles are depreciated on a reducing balance basis at a rate of 15% pa. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objective5 at the discretion of the trustee5. Restricted funds can only be used for particular restricted purposes within the objects of the charity- Restriction5 arise when specified by the donor or when funds are raised for particular restricted purposes. Designated funds are a proportion of the unrestrirted funds that have been set aside by the Trustees to provide a reserve to cover the cost of known and committed future expenditure. Penslon costs The charity ha5 established a pension scheme in line with the auto-enrolment requirements. Windlng up or dissolution of the charity If upon winding up or dissolution of the charity there remain any assets after the satisfaction of all debts and liabilities. the assets representing the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity. Page 10
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY2024 ACtIVlTIES FOR GENERATING FUNDS 2024 2023 Fundraising events 7,290 6.978 INVESTMENT INCOME 2024 2023 Deposit account interest 5.532 2,150 4. COSTS OF GENERATING INCOME 2024 2023 Staff costs Other costs 3,298 5,534 8,832 2.663 2,384 5,047 ACHIEVING CHARITABLE OBJEcfivES 2024 2023 Staff costs Food provided to beneficiaries Other costs 59,361 179,244 9,243 247,848 47,938 160,117 6,329 214,384 SUPPORT COSTS 2024 2023 Staff costs Building costs Other administration cost5 3,298 44,406 18.817 66.521 2,663 42,343 13,904 58,910 GOVERNANCE COSTS 2024 2023 Staff costs Professional fees Other costs 1.225 1.2(Y) 229 2,654 414 1,200 2.848 4,462 NET INCOMINGIIOUTGOING) RESOURCES Net resources are stated after charging/lcreditingl: 2024 2023 Depreciation on owned assets Professional fees 3,096 1,200 2,356 1.200 Poge 11
LOVEWORKS.ORG LIMITED REPORT OFTHE TRusfEES AND FINANCIAL STATEMENTS YEAR ENDED 31JULY 2024 TRUSTEES, REMUNERATION AND BENEFITS No trustees, remuneration or other benefit was paid for the year ended 31 July 2024, nor for the year ended 31 July 2023. Trustees. Expen5e5 No trustee5' expenses were paid for the year ended 31 July 2024, nor for the year ended 31 July 2023. 10. RELATED PARTY TRANSAcnoNS There were no transactions with related parties during the year. 11. STAFF COST5 Staff costs include the following: ZOZ4 2023 Wages & salaries Social security cost5 Other pension costs 64,550 51,492 2,631 67,181 2,186 53,678 The number of employee5 Ifull-time equivalentl at the year end was as follows: 2024 2023 Charitable activities Management & activities No employee was paid over £60,000 during the year. 12. TANGIBLE FIXED ASSETS Office FurnJture Equipment and fixture5 Van Cost At l August 2023 Additions Oi5posals At31July 2024 2.053 4,386 14,935 2,053 4.386 14,935 Depreciation At l August 2023 Dlsposals Charge for year At 31 July 2024 11.2771 12,5191 15,6281 13161 (1,593) 11,3841 (3,903) 11,3961 {7,0241 Net book value At 31 July 2023 At 31 July 2024 776 460 1,867 9,307 7,911 Poge 12
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMEp¥rs YEAR ENDED 31JULY 2024 13. DEBTORS 2024 2023 Prepayments 1.892 1,892 2,970 2.970 14. CREDITORS 2024 2023 Accruals 5.267 1,580 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Designated Restricted Funds Total Funds Fund5 2023 Total Funds Unrestricted Funds Fixed assets Current assets Current liabilities 8,854 62,320 (5,2671 65,907 8,854 127,759 15,2671 131,346 11,950 172,805 {1,580 183,175 55.000 10,439 55,(KK) 10,439 16. MOVEMENT IN FUNDS- 2024 At 0110812023 Net movement in fuTrd5 Transfers between funds At 3110712024 Unre5trirted funds General fund Designated funds Required by Reserves Policv Restricted funds Poverty prevention For combating low skills For combating food poverty For staff costs For IT equipment Totsl Restricted Fund5 TOTAL FUNDS 117.361 151,4541 65.907 55.000 55.000 3,905 4.034 2,675 3.905 4,034 2.500 {1751 200 10,814 183,175 12001 13751 (51,8291 10,439 131,346 *Donation for poverty prevention to be used for a combination of utility top-ups, electrical goods and staff costs. Page 13
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 16. MOVEMENT IN FUNDS- 2024/Continued... Net movement in ftjnds, included in the above are as follows: Incoming resources Resources expended Transfers between funds Movement in funds Unrestrlcted funds General fund Designated funds Required by Reserves Policy Restricted funds Poverty prevention For combating low skills For combating food poverty For staff costs For IT equipment Total Restrirted Funds TOTAL FUNDS 237,333 {288,7871 151.4541 34,641 2,052 134,816} 12,0521 12001 137,0681 (325,855) 11751 12001 13751 (51,829) 36,693 274,026 The Trustees have decided to set the level of designated funds at £55,000 to reflect the current running costs of the charity, comprising the rental of premises for the foodbank and the level of staff hours. Poge 14
LOVEWORKS.ORG LIMITED REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024 Thank you! Thank you to everyone who supported our work in 2023-2024. We would in particular like to thank: our outstanding and committed volunteers who deliver our services all year round with kindness, compassion, professionalism and withoutjudgement. the local Reigate, Redhill and Merstham communitie5 who continually support us through food and monetary donations the following organisations for their active support: All Saints Church, Merstham Arnold Clark Community Fund Community Foundation for Surrey Cubitt & West Esure Fidelity Gail's Bakery (Reigate) Hawthorns School Jackson Stops JGCL Limited JSS (North Downsl Limited Just Langton London Insurance Brokers Martial Arts Reigate Merstham Churches Merstham Baptist Church Merstham Community Facility Trust Merstham Cricket Club Merstham Food Limited Merstham Football Club Monty's Bakehouse Mor8an Prestwich Morrisons (Reigatel Raven Housing Trust RBC allotments Trust Red Oak Family Centre Redhill Street Pastors Redhill Redstone Rotary Club Reigate and Banstead CC Reigate Business Guild Reigate College Reigate Grammar School Reigate Methodist Church Reigate Priory Football Club Reigate Probus Reigate St Mary's Church Reigate St Mary's School Renewed HopeTrust Rotary Club Redhill, Reigate and District Run Reigate Sainsbury's (Redhilll St Katherines Church, Mertstham St Luke's Church, Reigate 5t Mar8aret's Church, Chipstead Stowe Family Law Surrey County Council The Admiral The Churchill Foundation The Leigh Trust The Woodhatch Centre Unite the Union Voluntary Attion for Reigate & Banstead Willis Towers Watson Winterbotham Darby Wisley Foundation Thank you to anyone we may have missed, those who donate regularly, who have given one-off donations, fundraised for us or attended our events. Everything helps make a difference. Poge 15