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← Love Underdogs

2024-07-31-accounts

Company registration number: 08148156 Charity registration number: 1152792

Love Underdogs

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 July 2024

Reference and Administrative Details 1
Trustee' Report 2 to 5
Independent Examiner's Report 6 to 7
Statement of Financial Activities 8 to 9
Balance Sheet 10 to 11
Notes to the Financial Statements 12 to 20

1152792

08148156

Kings Head House 15 London End Beaconsfield HP9 2HN

Page 1

The trustee, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 July 2024.

Over the past year, Love Underdogs has strategically shifted its focus to enhance efficiency while maintaining a significant impact on dog welfare. To adapt to the increasing challenges faced by our partners—who are overwhelmed by a surge in street dogs—we have adjusted our approach to rehoming. We are now prioritising dogs that are less challenging to place, allowing us to facilitate adoptions at a higher rate while still delivering the high level of care and commitment for which we are known. This shift has enabled us to reduce operational costs without compromising on welfare standards. By having a smaller number of dogs at our shelter at any given time, yet achieving a higher adoption rate , we have optimised resources while continuing to make a meaningful difference.

Our commitment to successful adoptions and retention has seen significant improvements. We have refined our matching process , implementing additional screening and preparation steps to ensure that dogs and families are well-suited to each other from the outset. These refinements have contributed to a notable reduction in adoption failures and returns. Our post-adoption support remains a cornerstone of our work, with our team offering guidance to adopters and continued access to expert advice when needed.

We also continue to assist dogs in need within the UK where our expertise and capacity allow , ensuring that our impact extends beyond our immediate rehoming efforts.

In line with our streamlined approach, we now operate with a smaller but highly skilled and experienced team . This has ensured that every aspect of our work—from dog rehabilitation to adoption matching and post-adoption support—is handled with exceptional expertise and care. Our team’s ability to assess, rehabilitate, and place dogs successfully remains one of our greatest strengths.

The Trustees continue to oversee and evaluate the charity’s financial health, operational effectiveness, and long-term sustainability. We have reviewed major risks and are confident that our systems and procedures remain robust enough to mitigate these effectively.

Love Underdogs remains committed to its mission of transforming the lives of rescue dogs and the families who adopt them. By continuously evolving our strategies, focusing on quality adoptions over quantity , and ensuring the best welfare outcomes , we are well-positioned to continue making a lasting difference in the year ahead.

Page 2

The trustees confirm that the statements comply with current statutory requirements and the requirements of the charity’s memorandum and articles of association.

Principle funding comes from donations from trustees, with remainder coming from monthly donations, adoption fees & Gift Aid receivable.

The Statement of Financial Activities shows a gross income of £422,725 (2023 - £418,333) and expenditure of £451,700 (2023 - £580,558). The balance held as unrestricted reserves at 31 July 2023 was £244,134 (2023 - £273,109). The unrestricted reserves are primarily to cover the development and future running expenses of the Charity.

The balance held as unrestricted reserves at 31 July 2024 was £244,134 (2023 - £273,109). The unrestricted reserves are primarily to cover the development and future running expenses of the Charity. The Charity holds a reserves policy.

The trustees and officers serving during the year and since the year end were as follows:

Trustee: Ms K A Hauser

Love Underdogs is a registered charity and a company limited by guarantee. As such it is governed by its Memorandum and Articles of Association.

The role of the company is clearly defined by the Company’s Memorandum and Articles of Association and is in accordance with the Companies Act 2006.

Trustees are selected for appointment having regard to the skills, knowledge and experience which they can bring to assist the effective running of the charity, and their demonstrated commitment to the aims and objectives of the charity. The Trustees hold meetings to discuss and confirm any decisions relevant to the future of the charity.

Page 3

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustee, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.

The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

The trustee (who are also the directors of Love Underdogs for the purposes of company law) are responsible for preparing the trustee' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Page 4

Company law requires the trustee to prepare financial statements for each financial year. Under company law the trustee must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustee are required to:

The trustee are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustee are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustee of the charity on 21 February 2025 and signed on its behalf by:

Karine Hauser

Karine Hauser (Mar 20, 2025 12:41 GMT)

......................................... Ms K A Hauser Trustee

Page 5

I report to the charity trustee on my examination of the accounts of the Company for the year ended 31 July 2024.

As the charity’s trustee of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Since the Company'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 I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

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

  1. accounting records were not kept in respect of Love Underdogs as required by section 386 of the 2006 Act; or

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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.

Page 6

......................................

Simon Mannings

31 Downs Road Langley Slough SL3 7BZ

21 February 2025

Page 7

Income and Endowments from:
Donations and legacies 3 389,200 389,200
Other income 4 22,919 22,919
Total income 412,119 412,119
Expenditure on:
Charitable activities 5 (441,094) (441,094)
Total expenditure (441,094) (441,094)
Net expenditure (28,975) (28,975)
Net movement in funds (28,975) (28,975)
Reconciliation of funds
Total funds brought forward 273,109 273,109
Total funds carried forward 15 244,134 244,134
Unrestricted Total
funds 2023
Note £ £
Income and Endowments from:
Donations and legacies 3 418,333 418,333
Total income 418,333 418,333
Expenditure on:
Charitable activities 5 (580,558) (580,558)
Total expenditure (580,558) (580,558)
Net expenditure (162,225) (162,225)
Net movement in funds (162,225) (162,225)
Reconciliation of funds
Total funds brought forward 435,334 435,334
Total funds carried forward 15 273,109 273,109

The notes on pages 12 to 20 form an integral part of these financial statements. Page 8

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 15.

The notes on pages 12 to 20 form an integral part of these financial statements. Page 9

Fixed assets
Intangible assets 9 30,314 37,672
Tangible assets 10 105,407 123,073
135,721 160,745
Current assets
Debtors 11 1,171 7,614
Cash at bank and in hand 12 116,836 111,696
118,007 119,310
Creditors: Amounts falling due within one year 13 (9,594) (6,946)
Net current assets 108,413 112,364
Net assets 244,134 273,109
Funds of the charity:
Unrestricted income funds
Unrestricted funds 244,134 273,109
Total funds 15 244,134 273,109

For the financial year ending 31 July 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 12 to 20 form an integral part of these financial statements. Page 10

The financial statements on pages 8 to 20 were approved by the trustee, and authorised for issue on 21 February 2025 and signed on their behalf by:

Karine Hauser

Karine Hauser (Mar 20, 2025 12:41 GMT)

......................................... Ms K A Hauser

Trustee

The notes on pages 12 to 20 form an integral part of these financial statements. Page 11

The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustee is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.

The address of its registered office is: Kings Head House 15 London End Beaconsfield HP9 2HN

These financial statements were authorised for issue by the trustee on 21 February 2025.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Love Underdogs meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The trustee consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Page 12

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Page 13

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Website and software

10% straight line basis

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Motor vehicles 25% reducing balance Office Equipment 15% reducing balance Kennels 15% reducing balance

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future income from the related project.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 14

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:

1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

Unrestricted income funds are general funds that are available for use at the trustee discretion in furtherance of the objectives of the charity.

Page 15

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Unrestricted
funds
General
£		 Total
funds
£
Donations and legacies;
Donations from individuals 387,499 387,499
Regular giving and capital donations 1,701 1,701
Total for 2024 389,200 389,200
Total for 2023 418,333 418,333
4
Other income
Unrestricted
funds Total
General funds
£ £
Fees and supplies 22,919 22,919
Total for 2024 22,919 22,919
5
Expenditure on charitable activities
Activity
undertaken
directly 2024
£ £
Rehabilitation and rehoming of rescue dogs 456,299 456,299

Page 16

Rehabilitation and rehoming of rescue dogs 580,558 580,558

No trustee, nor any persons connected with them, have received any remuneration from the charity during the year.

The aggregate payroll costs were as follows:

==> picture [465 x 57] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Wages|and|salaries|210,542|209,706| |Pension|costs|3,556|4,131| |Other|staff|costs|1,916|450| |216,014|214,287|

----- End of picture text -----

No employee received emoluments of more than £60,000 during the year.

Page 17

The charity is a registered charity and is therefore exempt from taxation.

Cost
At 1 August 2023 73,578 73,578
At 31 July 2024 73,578 73,578
Amortisation
At 1 August 2023 35,906 35,906
Charge for the year 7,358 7,358
At 31 July 2024 43,264 43,264
Net book value
At 31 July 2024 30,314 30,314
At 31 July 2023 37,672 37,672
10Tangible fixed assets
Furniture
and Motor
equipment vehicles Total
£ £ £
Cost
At 1 August 2023 195,605 21,240 216,845
Additions 467 - 467
At 31 July 2024 196,072 21,240 217,312
Depreciation
At 1 August 2023 73,279 20,025 93,304
Charge for the year 18,419 182 18,601
At 31 July 2024 91,698 20,207 111,905
Net book value
At 31 July 2024 104,374 1,033 105,407

Page 18

At 31 July 2023 122,326 1,215 123,541
11 Debtors
2024 2023
£ £
Trade debtors 1,171 1,007
Prepayments - 778
Other debtors - 5,829
1,171 7,614
12 Cash and cash equivalents
2024 2023
£ £
Cash on hand 1,712 1,565
Cash at bank 115,124 110,131
116,836 111,696
13Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 5,499 3,155
Other taxation and social security 3,790 3,041
Other creditors 305 750
9,594 6,946

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £3,556 - (2023 £4,131).

Page 19

General 273,109 412,119 (441,094) 244,134
Balance at 1 Incoming Resources Balance at 31
August 2022 resources expended July 2023
£ £ £ £
Unrestricted funds
General 435,334 418,333 (580,558) 273,109

During the year the trustees made charitable donations to the charity of £349,975 (2023: £351,425), which are included in Donations and Legacies receipts.

Page 20

2025-03-20

Love Underdogs 2024_Co_Hse

Final Audit Report

Created: 2025-03-19 By: Simon Mannings (simon@ridgewayaccounting.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAO9Jh7xtB8LL0QKZ1PG2spikcxLs2cD3I

"Love Underdogs 2024_Co_Hse" History

Document emailed to Karine Hauser (karine@loveunderdogs.org) for signature

2025-03-19 - 7:29:23 PM GMT

Document emailed to Simon Mannings (simon@ridgewayaccounting.co.uk) for signature 2025-03-19 - 7:29:23 PM GMT

Email viewed by Karine Hauser (karine@loveunderdogs.org) 2025-03-20 - 12:37:31 PM GMT

Agreement completed.

2025-03-20 - 2:03:09 PM GMT