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2024-03-31-accounts

FIRST LOVE FOUNDATION LIMITED

FINANCIAL STATEMENTS AND TRUSTEES’ REPORT YEAR ENDED 31 MARCH 2024

COMPANY REGISTRATION NO: 07193272 (England and Wales) CHARITY REGISTRATION NO: 1137819

FIRST LOVE FOUNDATION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024

CONTENTS PAGE
LEGAL AND ADMINISTRATIVE INFORMATION 2
CHAIRMAN’S STATEMENT 3-8
REPORT OF THE TRUSTEES 9-12
REPORT OF THE INDEPENDENT EXAMINER 13
STATEMENT OF FINANCIAL ACTIVITIES 14
BALANCE SHEET 15
NOTES TO THE ACCOUNTS 16-23

FIRST LOVE FOUNDATION LIMITED LEGAL AND ADMINISTRATION INFORMATION FOR THE YEAR ENDED 31[ST] MARCH 2024

CHARITY REGISTRATION NUMBER 1137819 COMPANY REGISTRATION NUMBER 07193272 901 Import Building REGISTERED OFFICE 2 Clove Crescent London E14 2BE CHIEF EXECUTIVE Denise Bentley Samuel Okafor (Chair) TRUSTEES Rasheed Amunikoro (Treasurer) – resigned 31 Mar 24 Aerold Bentley Katherine Hedderly – resigned 31 Mar 24 Jennifer Izekor – appointed 16 Sep 24 Rachel Redfearn – resigned 31 Dec 24 Michelle Taylor – appointed 12 Sep 24 Peter Thompson – resigned 31 Mar 24 CAF Bank Ltd BANKERS 25 Kings Hill Avenue Kings Hill, West Malling, Kent, ME19 4JQ Kevin Fisher BA FCA CTA INDEPENDENT EXAMINER Kingston Burrowes 308 Ewell Road Surbiton Surrey KT6 7AL

Page 2

FIRST LOVE FOUNDATION LIMITED CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31[ST] MARCH 2024

The cost-of-living crisis continues to devastate households across London and the UK. For frontline service like ours, the landscape has shifted dramatically. Cases that were once categorised as low-level benefit issues are now overshadowed be increasingly complex and multifaceted situations. These require not only specialised legal expertise but also skills commonly associated with health and social care settings. Meanwhile, soaring housing costs, escalating rent arrears, and rising evictions have become distressingly commonplace, threatening the stability of low-income households.

As a front-line advice organisation, responding to these challenges has tested our capacity and resilience. For the very first time in our history, we have been compelled to close the service periodically to manage peaks in demand and address a growing backlog. This was not unique to us, but a regular pattern ricocheting throughout the local advice network, and what we subsequently found, across London and beyond.

The funding landscape for advice services remain equally challenging. Access to Justice must remain a fundamental part of our social fabric, freely available at the point of need for society’s most vulnerable. Yet, over the past two years, the advice sector has been grappling with burnout, funding shortfalls, and high turnover rates, making it increasingly dibicult to retain talent and the institutional knowledge required to meet demand.

Despite these pressures, we continue to persevere. With most of our clients presenting cases that require representation from the outset, we have invested in expertise to establish ourselves as a Specialist Legal Advice Service, capable of providing appeals representation up to the level of Upper Tribunal. This is arduous and demanding work, with some cases initiated this year extending beyond the timeframe of this annual report – potentially requiring up to two years to resolve. Yet, for households in crisis, knowing that we will stand by them and persist until their case is resolves obers much-needed reassurance amidst immense stress.

Our service is holistic by design, addressing interconnected issues faces by those we support. However, such an approach is inherently challenging to resource. This year, we have taken significant steps towards addressing this, securing multi-year financial commitments from key supporters, including City Bridge Foundation, Mercers’ Charitable Foundation, London Borough of Tower Hamlets Mayors Community Fund, and continued partnership with Poplar HARCA. We are deeply grateful for this support, which enables us to further our mission.

model to underpin our flagship Advocacy & Advice Service. We remain unwavering in our commitment to supporting households in crisis, ensuring they are empowered and equipped to navigate the challenges they face.

INNOVATION CONTINUES TO BE AT THE HEART OF ALL WE DO

Denise, our Chief Executive, was featured in The Guardian, providing a unique platform to share the story of our decision to close our foodbank. This opportunity has sparked invitations to speak at events across the UK contributing to shaping ideas within the Access to Justice arena.

Our bold move away from emergency food aid continues to bring a spotlight to our work. This year, we shared our journey at the Legal Services Consumer Panel Seminar, an advisory subcommittee of the Ministry of Justice. The wider legal sector, much like the Panel itself, is wrestling with the enduring challenge of improving access to justice for the most vulnerable in society. This comes at a time of diminishing resources and the widespread closure of law centres across the UK, despite the growing demand for such services.

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FIRST LOVE FOUNDATION LIMITED CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31[ST] MARCH 2024

Listen-Learn-Design

Our holistic approach was particularly well received, with our multi-disciplinary model— integrating advocacy, holistic support, and benefits advice—being highlighted as innovative in reaching the most vulnerable.

Our outreach model also stands out. Embedded within some of the most isolated communities in one of the most deprived areas in the UK, remains unparalleled in its ability to access hard-toreach, low-income households. These households often present with protected and complex issues, and approach ensures they are met with tailored and impactful support.

We are actively exploring partnerships with local community projects interested in adopting our complex case model. This, combined with our expert Advice Service, is set to remain a cornerstone of our unique approach and a defining feature of our work.

Looking forward, we will remain true to our listen-learn-design ethos, becoming more agile, able to respond to the evolving and unmet needs of those we serve.

External Relations

In her capacity as commissioner and Independent Chair of the Bank of England Citizens’ Panel (Greater London), Denise continues to play a pivotal role in advancing dialogue on critical societal issues. Alongside her leadership at First Love Foundation, these eborts have resulted in growing number of external engagements in Westminster and beyond, further amplifying our mission and impact.

We continue to leverage opportunities to engage with senior leadership across various sectors. These collaborations are focussed on exploring how organisations can respond ebectively to the ongoing cost-of-living crisis that is plaguing households across the UK.

ADVOCACY & ADVICE

Our Advocacy Working collaboratively with our Advice team, they play a critical role within our multidisciplinary approach, embodying our ethos that Every Household Matters .

Our advocates conduct a therapeutic yet robust triage process, mapping the unmet needs of each household. With a solid working knowledge of benefits, they address lower-level benefit issues and refer more complex cases, such as appeals to our in-house Advice team for specialist support.

We remain committed to investing in the expertise of our Advice Service. This year, we welcomed Alketa Hystuma , an accomplished professional with fourteen years of experience in the sector. Her recruitment reflects our ongoing aspiration to enhance the capability and reach of our service.

Now established as a Specialist Advice Service , we are proud to provide representation for cases, including those requiring appeals at tribunal level, ensuring households receive the comprehensive support they need to navigate complex challenges.

OUR IMPACT

of dedicated casework for each. We observed a notable rise in debt-related cases, with 55% of

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FIRST LOVE FOUNDATION LIMITED CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31[ST] MARCH 2024

these cases being related to rent arrears. Additionally, 40% of our cases originated from outreach locations, demonstrating the importance of these partnerships in reaching clients. The months with the highest level of engagement were from September to November, during which 53% of the cases came through outreach, reflecting the growing demand for our services in these areas.

Such work has supported us in awarding our clients with £327,265.82[1] in backdated and ongoing payments.

Out of the 75 reported outcomes over the year so far, we found:

limited to clients' debt being clear, homelessness prevention, and clients taking their own action.

We aim for clients to be active participants while we work alongside them to help achieve their outcomes. We measure this through a mental well-being score called SWEMWBS (Short Warwick-Edinburgh Mental Wellbeing Scale). This is calculated by scoring seven statements across a range of 1 to 5, e.g. relating to the statement ‘ None of the time ’ through to ‘ All the time ’.

comparison from triage to case closure, we found that clients experienced a 93% increase in their well-being score . By quantifying feelings of community and confidence, we can be assured that we are aiding clients in leading their own independent lives.

Who We Helped

In the year to Mar 2024, through our ‘whole household’ approach, we supported a total of 833 unique individuals (a 33% year on year increase) from 278 households (a 6% year on year increase).

Of these individuals, 479 were adults (31% increase on previous year) and 354 were children (28% increase on previous year). We can also report:

poor mental health, long-term sickness, debt and unabordable housing costs.

Multiple and Complex Cases

Across all the households we helped, each presented with an average of two complex cases, with an upper limit of 6 or 7 cases in some instances. Overall, we dealt with a total of 552 complex cases, a year-on-year increase of 210%.

1 There are a number of cases that are still at the appeals/tribunal stage that are yet to be added to this figure – and can take up to two years before resolution

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FIRST LOVE FOUNDATION LIMITED CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31[ST] MARCH 2024

Of those cases:

11% of our work is related to appeals, which across London, is an area of high need. As such, it is an area we anticipate will continue to grow. Specialist expertise is needed – and as I previously cited can on average take up to two years from application to appeal, right through to conclusion – requiring many hours of case work. It is one of the most important ways to achieve access to justice for those unjustly denied support.

The challenge we face is not only securing the funding to grow and expand this area, when funding is so competitive, but also the expertise.

MEET STEVEN

It was only through mapping the needs of Michael’s household, that we discovered his father Steven (73) was facing a crisis of his own.

A lorry driver, he had worked all his life, but after his wife passed away, his health declined i.e. COPD & Pancreatic Cancer, leaving him breathless, severely abecting his mobility.

By the time he came to our service in April 2023, he was facing potential eviction.

With such serious health issues, we knew he was entitled to the Attendance Allowance (health related benefit for those above working age). He also knew, tearfully revealing that in fact he had applied five times, but without success .

We immediately set to work – and to which he was entitled . He was thankful, grateful, crying on the shoulder of Lydia, our advisor.

With income now restored, we also resolved his housing issues, applying for funding for a mobility scooter to restore his independence.

Sadly, he passed away the week before its delivery.

RIP

Steven’s story speaks to the importance of our service – but I believe more importantly to why we believe Every Household Matters . It is one of the most powerful ways of ensuring access to justice to prevent people like Steven falling through the cracks.

The challenge we face here at First Love Foundation in the years to come, will be to keep growing ‘our village’ of brave funders, and partners, (see below), willing to journey with us, and support the work we do, because they too believe that no one in our society should go through crisis alone.

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FIRST LOVE FOUNDATION LIMITED CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31[ST] MARCH 2024

WE DID NOT DO THIS ALONE

Our Funders

We are profoundly grateful to our funders, whose generosity and support have been instrumental in sustaining and expanding our work. Their belief in our mission enables us to provide essential services to households in crisis, empowering individuals to overcome challenges and build sustainable, independent lives.

A special thanks to Poplar HARCA, the East End Community Foundation, NatWest, City Bridge Foundation, Mercers’ Charitable Foundation, Forrester Family Trust, the National Lottery Cost of Living Fund, Buzzacott and others who have contributed to our success. Through their funding, we have been able to:

Their partnership and commitment inspire us to continue striving for a society free from poverty, and we look forward to working together in the coming year to achieve even greater impact.

Our Advisory Board

We would like to extend our deepest gratitude to Mark McClennon , Courtney Stipe-Holm , Suzi Gulin-Warren , Melanie Stocker , and Kyle Mavris . Their guidance, expertise, and commitment have been pivotal in helping us navigate the challenges of the past year. Whether obering strategic insights, challenging us to think diberently, or championing our mission, their contributions have strengthened our work and enabled us to deliver meaningful impact.

Our Partners

We are immensely thankful for the support and collaboration of our partners—Trilogy, Burberry, Publicis Groupe, NatWest, and Telehouse. Through their resources, expertise, and shared vision, they have played a crucial role in helping us address the challenges faced by households in crisis. From supporting innovative initiatives to providing funding and advocacy, these partnerships have been a cornerstone of our success. We look forward to deepening these relationships and exploring new opportunities to create lasting change in the year ahead .

Our People

not come without its challenges. But our people (despite the size of our team) are passionate about social justice, working tirelessly to ensure the lives of those who come to us for help are transformed through love, and social justice. I would like to pay tribute to tour people, namely, Lydia Ango, Anike Olaitan-Omole, Alketa Hystuma, Esi Lalaj, Nancy Corgnale, Tammi Jahan and Viliena Fernandes for their tenacity and commitment to our cause.

Our Board

I would like to pay tribute to our Board of Trustees for their work over the past year, and in particular, extend a vote of thanks to three of our Trustees who at the conclusion of our financial year will, in accordance with the requirements of our AGM, resign from the Board. On behalf of everyone at First Love Foundation, I would like to express a vote of heartfelt thanks to Yomi Amunikoro, Katherine Hedderly and Peter Thompson for their service, and wish them every success in the future. Board turnover plays a key part of our development plans for the leadership of the charity, bringing on new skills to the Board to support our strategic aims.

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FIRST LOVE FOUNDATION LIMITED CHAIRMAN’S STATEMENT FOR THE YEAR ENDED 31[ST] MARCH 2024

LOOKING FORWARD INTO 2024/25

A Britain without Poverty… still

There is still much to do – but we will not give up. In the coming year, we will place a laser focus on:

outcomes we’ve delivered but for the incredible people who make it all possible. It is our people – the heart of First Love Foundation—who drive our mission forward with passion, resilience, and unwavering dedication.

Their commitment to empowering households in crisis, their willingness to innovate, and their ability to overcome challenges are what make First Love Foundation truly exceptional.

Together, we will continue to build a future where Every Household Matters .

Join us.

With thanks

Samuel Okafor | Chair of the Board of Trustees, First Love Foundation

Page 8

FIRST LOVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] MARCH 2024

The Board of Trustees, who are also directors of the Charity for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (Charities SORP (FRS102)) issued in October 2019.

MISSION, VISION & VALUES

We believe Every Household Matters .

Our vision is for a Britain without Poverty.

As a Christian charity, First Love Foundation remains steadfast in its commitment to creating meaningful and lasting change in society. Through our eborts to lift households out of poverty, we strive to empower individuals, regardless of background, to lead sustainable, independent lives.

Our approach is underpinned by the following core values: Love, Compassion, Enabling, Empowering, Tenacity, and Resilience.

Our Ethos:

We are guided by the belief that:

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Governing Document

First Love Foundation ‘the Foundation’ is governed by its Memorandum and Articles of Association.

Constitution

The Foundation is constituted as a company limited by guarantee and registered as a charity in England and Wales. A Trustee and the Chief Executive are the founders of the Foundation.

Recruitment and Training of Trustees

Trustees are recruited by way of nomination by a member of the Board of Trustees (the 'Board') and the securing of a majority vote. Upon recruitment, the new trustees are inducted through the

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FIRST LOVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] MARCH 2024

issuing of a trustee handbook, which includes the relevant Charity Commission material, the Foundations governance, structure, management, strategy, and key policies.

Organisational Management

The Board are legally responsible for the overall management and control of the Foundation and meets on a quarterly basis. The CEO and the Management Team have delegated authority to deal with the business of the Foundation and carries out the work of implementing the Foundations policies on a day-to-day basis. The CEO reports to the Board on a periodic basis.

External Relationships

The Foundation works with a number of partners who are supportive of its mission.

Risk Management

The Board is ultimately responsible for the management of the risks faced by the Foundation and has a formal risk management policy to assess business risks and implement risk management strategies. This involves identifying the types of risks, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks. Detailed consideration of the risk is delegated to the CEO and Management Team.

OBJECTIVES AND ACTIVITIES

Charitable Objects

The objects for which the Foundation is established, all of which shall be exclusively charitable, are:

About First Love Foundation

The Foundation was borne out of the founders’ passion and desire to see transformation of those experiencing poverty and crisis through social justice. Using a ‘listen-learn-design’ approach, the foundation responds to poverty, and its causes through holistic, person-centred, effective interventions that tackles poverty and the root causes of it.

Public Benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities.

Page 10

FIRST LOVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] MARCH 2024

FINANCIAL REVIEW

Reserves are unrestricted funds (available to spend on any of the charity’s purposes), retained in order to provide:

The Board of Trustees reviews First Love Foundation’s strategy and Annual Plan in the light of the above criteria in order to determine the appropriate level of reserves.

At the end of March 2024, the charity’s reserves stood at £231,000, of which £209,000 was represented by fixed assets and £22,000 by working capital. This is a reduction from unrestricted funds of £374,000 at the previous year end (as restated, see note 12 to the accounts).

Like the sector at large, we experienced a surge in income during the first year of the pandemic, from which we were able to establish healthy unrestricted reserves. The associated tough fundraising conditions across the sector, rising costs of energy, and long-term staff sickness meant we had to draw on our reserves.

We have proactively taken measures to reduce and regulate our operating costs, including the reduction of headcount, and other associated running costs, to ensure we can continue to demonstrate to our supporters (current, and potential) good stewardship, and value for money.

Our income generation plan focuses on two things – the attainment of multi-year funding, and generation of new streams of income, to build the financial sustainability of the foundation.

The aim is to ensure every role, and essential core operational costs of running the service is covered by specific funding, whether restricted, or unrestricted. We are pleased to report that we have secured a number of multi-year grants, for which we are grateful to City Bridge Foundation, Mercers’ Charitable Foundation, the Tower Hamlets Mayor Community Grant Programme and the East End Community Foundation (on behalf of Poplar HARCA).

In the coming year, we will build on this, with a laser focus on developing other streams of income that will help to sustain the necessary and important service we provide across London.

As such, the Trustees aim to rebuild the charity’s working capital reserves but remain confident that the charity can continue in operation as a going concern, thanks to the continued support of our many partners.

STATEMENT OF TRUSTEE RESPONSIBILITIES

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

Company law applicable to charities in England and Wales, the Charities Act 2011, Charity Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements (Accounts and Reports) 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, including the income and expenditure of the charity for that period.

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

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FIRST LOVE FOUNDATION LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31[ST] MARCH 2024

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with 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.

This report is prepared in accordance with the special provision of part 15 of the Companies Act 2006 relating to small companies.

Approved by the Board of Trustees on 27[TH] January 2025

SIGNED ON BEHALF OF THE BOARD

Samuel Okafor | Chair of the Board of Trustees, First Love Foundation

Page 12

REPORT OF THE INDEPENDENT EXAMINER FIRST LOVE FOUNDATION LIMITED YEAR ENDED 31[ST] MARCH 2024

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 14 to 23.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Kevin Fisher BA FCA CTA For and on behalf of Kingston Burrowes Audit Ltd Statutory Auditor

308 Ewell Road Surbiton Surrey KT6 7AL

30 January 2025

Page 13

FIRST LOVE FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] MARCH 2024

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
Income from charitable activities
3
Investment income
Other income
Total incoming resources
EXPENDITURE ON:
Charitable activities
4
Net income/(expenditure)
Reconciliation of funds:
Total funds brought forward
12
Movement in year
Total funds carried forward		 Restricted
Unrestricted
Total
Restricted
Unrestricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
192,303
409,305
601,608_120,950_
749,229
870,179
12,500
-
12,500_-
- -
-
1,649
1,649-
_912
912
-
-
--
5,197
5,197
204,803
410,954
615,757_120,950_
755,338
876,288
228,803
553,675
782,478_117,131_
631,965
749,096
(24,000)
(142,721)
(166,721) 3,819
123,373
127,192
24,000
374,136
398,136_20,181_
250,763
270,944
(24,000)
(142,721)
(166,721) 3,819
123,373
127,192
-
231,415
231,415_24,000_
374,136
398,136

The notes on pages 16 to 23 form part of these accounts.

Page 14

FIRST LOVE FOUNDATION LIMITED BALANCE SHEET

FOR THE YEAR ENDED 31[ST] MARCH 2024

FIXED ASSETS
Tangible fixed assets
9
CURRENT ASSETS
Debtors
10
Cash
CREDITORS: Amounts due within one year
11
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Restricted Funds
12, 13
Unrestricted Funds		 Restricted
Unrestricted
Total
Restricted
Unrestricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
-
209,185
209,185_-
_247,654
247,654
5,000
6,000
11,000
6,250
26,000
32,250
62,812
48,048
110,860
25,250
111,242
136,492
67,812
54,048
121,860
31,500
137,242
168,742
(67,812)
(31,818)
(99,630) (7,500)
(10,760)
(18,260)
22,230
22,230
24,000
374,136
150,482
-
231,415
231,415
24,000
374,136
398,136
-
-
-
24,000 -
24,000
-
231,415
231,415_-
_374,136
374,136
-
231,415
231,415
24,000
374,136
398,136

For the year ended 31st March 2024 this charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.

The Trustees acknowledge their responsibilities for (a) ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the 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 company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Approved by the Board of Trustees on 27[TH] January 2025 and signed on their behalf by

Samuel Okafor | Chair of the Board of Trustees, First Love Foundation

The notes on pages 16 to 23 form part of these accounts.

Page 15

FIRST LOVE FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] MARCH 2024

1. ACCOUNTING POLICIES

The trust constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

b. Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Where there are terms or conditions attached to incoming resources, the charity is only entitled to the income once those conditions are satisfied. In particular, where major grants are received to fund activities over future months, there is an implied condition that the grant may not be spent before those periods without express permission, so the relevant income is not recognised in the year but shown on the balance sheet as deferred income.

c. Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.

d. Charitable activities

Costs of charitable activities are those costs relating to the activities carried out to meet the objectives of the Charity. These include both directly attributable costs and apportioned support costs.

e. Fixed assets and depreciation

Fixed assets are items, for example office equipment, computers or vehicles, owned by First Love Foundation for use in our work (not as an investment), which have a life of more than 12 months, and a value on acquisition of over £500. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment 33% on cost
Fixtures and fittings 20% on cost
Leasehold improvements 10% on cost

f. Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 16

FIRST LOVE FOUNDATION LIMITED NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] MARCH 2024

2. DONATIONS & LEGACIES
a. Major grants and funding
Action for Bow
Bearded Kitten
Burberry
Buzzacott
City of London
East End Community Foundation/Poplar HARCA
Foodbank Riverside
Forrester Family Trust
Hasluck Charitable Trust
Kidz Café
Mercers’ Charitable Foundation
National Lottery & Cabinet Office
Natwest
New Policy Institute
Pay UK Ltd
Publicis Sapient
Ricoh UK
Telehouse Daletech
The Delta Group
Truman Estates
Vanguard
Wakefield Trust
Worshipful Company of World Traders
Total major grants and funding		 Restricted
Unrestricted
Total
Restricted
Unrestricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
18,750 - 18,750
6,250
-
6,250
- -
-
-
5,000
5,000
-
3,380 3,380
-
6,000
6,000
10,000 - 10,000
5,000
-
5,000
13,950 - 13,950
15,000
-
15,000
10,000
- 10,000
3,000
20,000
23,000
- -
-
5,178
-
5,178
-
12,500 12,500
-
-
-
- - -
-
2,704
2,704
- - -
5,099
-
5,099
4,000 - 4,000
-
-
-
74,955 - 74,955
-
-
-
-
15,000 15,000
-
25,000
25,000
- - -
-
4,000
4,000
- - -
-
9,902
9,902
-
9,000 9,000
24,000
8,500
32,500
-
18,666 18,666
-
-
-
-
15,400 15,400
-
-
-
9,000 - 9,000
12,000
-
12,000
- - -
-
15,000
15,000
7,500 - 7,500
2,500
-
2,500
- -
-10,000
-
10,000
500 - 500
3,000
-
3,000
148,655
73,946 222,601
91,027
96,106
187,133

Page 17

FIRST LOVE FOUNDATION LIMITED NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] MARCH 2024

2. DONATIONS AND LEGACIES, continued
b. Total voluntary income:
Major grants and funding, see above
Donations in kind
Other donations
Total donations and legacies
3. INCOME FROM CHARITABLE ACTIVITIES
Government grants:
London Borough of Tower Hamlets
Total income from charitable activities
4. EXPENDITURE ON CHARITABLE ACTIVITIES
a. Direct charitable activities:
Advertisement and promotion
Agency and other non-payroll staffing
Client and visitor welfare / entertainment
Equipment storage
Project costs
Rent and rates
Salaries and wages
Volunteer expenses
Total direct costs		 Restricted
Unrestricted
Total
Restricted
Unrestricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
148,655
73,946
222,601
91,027
96,106
187,133
43,648
222,545
266,193
29,923
436,311
466,234
-
112,814
112,814
-
216,812
216,812
192,303
409,305
601,608
120,950
749,229
870,179
12,500
-
12,500
-
-
-
12,500
-
12,500
-
-
-
-
2,146
2,146
-
526
526
-
12,142
12,142
-
890
890
-
-
-
-
3,530
3,530
-
2,842
2,842
-
2,429
2,429
-
7,740
7,740
-
9,057
9,057
57,600
208,800
266,400
13,800
162,645
176,445
153,190
177,840
331,030
79,279
311,303
390,582
-
5,586
5,586
-
5,570
5,570
210,790
417,096
627,886
93,079
495,950
589,029

/ continued…

Page 18

FIRST LOVE FOUNDATION LIMITED NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] MARCH 2024

4. EXPENDITURE ON CHARITABLE ACTIVITIES, continued
Restricted Unrestricted Total Restricted Unrestricted Total
Funds Funds Funds Funds Funds Funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
b. Support costs:
Bank charges
 - 80 80 - 102 102
Computer costs
 - 4,645 4,645 - 294 294
Depreciation (note 9)
 - 39,969 39,969 - 40,699 40,699
Governance costs
 - 9,050 9,050 - 6,329 6,329
Health and safety
 - 210 210 - - -
Insurances
 - 3,897 3,897 - 3,385 3,385
IT support and telephone costs 14,400 23,589 37,989 14,475 34,234 48,709
Legal and professional fees
 - 15,869 15,869 - 20,211 20,211
Light, gas and heating
 - 8,321 8,321 - 2,511 2,511
Motor vehicle expenses
 - - - - 531 531
Office expenses
 - 3,042 3,042 - 1,577 1,577
Printing, postage and stationery
 - 342 342 - 826 826
Recruitment costs
 - 5,476 5,476 2,674 2,094 4,768
Repairs, renewals and cleaning
 - 10,100 10,100 - 7,166 7,166
Platform costs 1,648 4,481 6,129 1,648 3,420 5,068
Staff entertainment
 - - - - 1,195 1,195
Staff training 1,965 399 2,364 5,255 3,965 9,220
Staff welfare
 - 605 605 - 494 494
Subscriptions
 - 3,203 3,203 - 2,290 2,290
Travel and subsistence
 - 1,930 1,930 - 2,450 2,450
Website
 - 1,371 1,371 - 2,242 2,242
Total support costs 18,013 136,579 154,592 24,052 136,015 160,067
Total expenditure on charitable activities
 228,803 553,675 782,478 117,131 631,965 749,096

Page 19

FIRST LOVE FOUNDATION LIMITED NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] MARCH 2024

5. INDEPENDENT EXAMINER

The Independent Examiner's fee for the 2024 accounts was £ 1,200 (2023: £1,140). The fee related solely to the examination, with no other additional work being undertaken (2023: £nil).

6. STAFF COSTS

Salaries and wages
Pension costs: Defined contribution scheme
Social security costs
Total staff costs		 2024
2023
£
£
298,916
347,290
8,577
11,213
23,537
32,079
331,030
390,582

The average number of employees in the year was 8 (2023: 10).

No staff received employee benefits at a rate of more than £60,000 per annum.

A defined contribution pension scheme is in place.

7. TRUSTEES

One Trustee, Aerold Bentley, received £3,276 for mileage and parking expenses (2023: £3,913) for Operations work (including IT) that was otherwise unpaid. No remuneration, benefits or other expenses were paid to any of the Trustees in the year (2023: £ nil). The Trust received no donations from its Trustees in the year (2023: £ nil).

8. RELATED PARTIES

Aerold Bentley, co-Founder & Trustee, is married to Denise Bentley, co-Founder & Chief Executive.

Page 20

FIRST LOVE FOUNDATION LIMITED NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] MARCH 2024

9. TANGIBLE FIXED ASSETS

Cost
As at 1st April 2023
Additions
Disposals
As at 31st March 2024
Depreciation
As at 1st April 2023
Provided during the period
Disposals
As at 31st March 2024
Net Book Value
As at 1st April 2023
As at 31st March 2024		 Computer
Fixtures
Leasehold
Total
equipment
& fittings
improvements
£
£
£
£
33,058
64,900
202,728
300,686
1,500
-
-
1,500
(5,948)
-
-
(5,948)
28,610
64,900
202,728
296,238
19,779
12,980
20,273
53,032
6,716
12,980
20,273
39,969
(5,948)
-
-
(5,948)
20,548
25,960
40,546
87,054
13,279
51,920
182,455
247,654
8,063
38,940
162,182
209,185

10. DEBTORS

10. DEBTORS
Accrued income
Other debtors
Total		 2024
2023
£
£
5,000
26,250
6,000
6,000
11,000
32,250

Page 21

FIRST LOVE FOUNDATION LIMITED NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] MARCH 2024

11. CREDITORS: Amounts falling due within one year
Accruals

Deferred income

Taxation and other creditors

Total
 2024
2023
£
£
7,108
4,740
85,312
7,500
7,210
6,020
99,630
18,260

Deferred income arises where grants are received in advance to cover activities in future months. All income deferred at March 2023 and March 2024 was fully expended in the following financial year.

12. RESTATEMENT OF FUNDS

The allocation of expenditure to Restricted and Unrestricted funds in note 4 for the prior year ended 31 March 2023 has been restated in these accounts. This is because expenditure on the Advice Centre in 2022-23 was mostly reported as expenditure from unrestricted funds, but a material amount was funded by restricted income brought forward and received within the year, so should have been reported as being spent from restricted funds. A small correction was also made to the allocation of Donations in Kind in note 2b.

The balances on restricted funds as at March 2023 are therefore also restated as shown below.

Statement of Financial Activities
Net income previously reported
Adjustment: Increase in expenditure from restricted funds
Restated net income for the year to 31 March 2023
Balance Sheet
Net Assets previously reported at 31 March 2023
Corresponding adjustment to balances
Restated Net Assets at 31 March 2023		 Restricted
Unrestricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
88,846
38,346
127,192
(85,027)
85,027
-
3,819
123,373
127,192

109,027
289,109
398,136
(85,027)
85,027
-
24,000
374,136
398,136

Page 22

FIRST LOVE FOUNDATION LIMITED NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31[ST] MARCH 2024

13. RESTRICTED FUNDS

Amounts received and carried forward for specific purposes were as follows:

Opening balance at 1 April 2022
Income in 2023 (restated)
Expenditure in 2023 (restated)
Closing balance at 31 March 2023 (restated)
Income in 2024
Expenditure in 2024
Closing balance at 31 March 2024		 Advice centre
Marketing
Total
£
£
£
20,181
-
20,181
95,302
25,648
120,950
(115,483)
(1,648)
(117,131)
-
24,000
24,000
203,155
1,648
204,803
(203,155)
(25,648)
(228,803)
-
-
-

Page 23