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2021-03-31-accounts

REGISTERED COMPANY NUMBER: CE002123 (England and Wales) REGISTERED CHARITY NUMBER: 115705

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

LOVEBRUM

Zomma Bookkeeping Oaklands Shirlheath Leominster Herefordshire HR6 9RH

LOVEBRUM

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 19

LOVEBRUM (REGISTERED NUMBER: CE002123)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The trustees who are also directors 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 March 2021. The trustees have adopted the provisions 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 Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects, as set out in the Articles of Association, are to promote such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the Trustees may from time to time determine in particular by the provision of grants and financial assistance to charities and voluntary organisations in the City of Birmingham and its immediate surroundings.

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

LoveBrum's stated objectives are to:

Page 1

LOVEBRUM (REGISTERED NUMBER: CE002123)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

OBJECTIVES AND ACTIVITIES

LoveBrum's story

Formed: The charity was registered with the Charity Commission on 17 June 2014.

Why: Simply put, to make Birmingham even better; to create a Charity that local people could get behind, see local charitable projects benefit, and the city restore some real civic pride.

What: LoveBrum is a charity that supports projects that are often volunteer led and that deliver real change, with outcome and that can be seen, measured, enjoyed and loved.

How: Companies and individuals join LoveBrum. 100% of the individual membership fees go to our causes and nothing is deducted. The funding for our running costs comes from LoveBrum Corporate and Patron LoveBrum memberships. This means everything we raise from fundraising events goes straight through to the causes we support, with no costs deducted.

LoveBrum runs fundraising events and the money goes into the restricted LoveBrum Causes Fund. Our events are open to everyone and bring the whole city together to have fun and make a real difference.

Causes and projects apply for LoveBrum funding and go through a pre-approval process. Our members bring the causes they love into the LoveBrum family, so we can reach the people and places that really need our help. LoveBrum members vote on the causes they want to support. This means everyone has their say and gets involved. All the money raised in Birmingham by LoveBrum members and supporters stays in Birmingham.

We support the 'hard-to-reach' projects; those causes that are not that well profiled, or do not receive the platform, and funding, that they probably deserve. The cost of each project will be determined in each round.

Volunteers

Volunteers are highly valued and play a very significant role in LoveBrum. The trustees would like to thank them for their continued support and commitment.

Page 2

LOVEBRUM (REGISTERED NUMBER: CE002123)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Summary of the main achievements during the year:

2020/21 was a year like no other as LoveBrum faced the same challenges as the rest of the country due to the global pandemic. Despite the challenges we remain committed to our mission 'to make Birmingham better' and will do everything we can to support our communities.

The trustees have considered the impact of Covid-19 on the charity, its staff and volunteers. We did make use of the Coronavirus Job Retention Scheme during the lockdown period and sadly we did have to make one redundancy, with all staff working from home throughout lockdown. However, we emerge on a stronger footing and remain confident in our place in the ecology of the city.

The impact of COVID-19 on Birmingham

As with a vast number of businesses and charities, the pandemic has hit LoveBrum hard and the financial year was extremely difficult. Sadly, due to the unprecedented times we find ourselves in, Trustees made the decision to temporarily pause our funding rounds. This decision was not taken lightly, and many factors were taken into consideration. These funds will remain ring-fenced for future funding once we are back up and running at full speed.

That being said, we launched a brand new initiative, centred around uniting Birmingham at this critical time, and fundraising specifically for causes who are continuing to deliver great work to help our city during the pandemic. This replaced our usual rounds of funding as we unite Birmingham to come together and support each other during COVID crisis.

The campaign, #OneBrum will not only be raising money to help our charity survive these tough times, and also financially support local causes who are delivering specific COVID-related initiatives.

In 2020/21 we funded causes, which included the following:

Cause Amount Funded When Funded
Beyond The Horizon £1,400 April
Ladywood Helpers £1,400 April
Inspiration Sup £1,400 April
As-Suffa Trust £1,400 April
Inspiration Sup £2,000 May
Ladywood Helpers £2,000 May
As-Suffa Trust £2,500 June
Beyond The Horizon £500 June
Beyond The Horizon £2,000 June
Colebridge Trust £3,500 December
All Saints Youth £3,500 December
Bellagio Dance Studios £500 March
Smart Works £500 March

Page 3

LOVEBRUM (REGISTERED NUMBER: CE002123)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

FINANCIAL REVIEW

Financial review

The Statement of Financial Activities for the year ended March 2021 shows incoming resources totalling £206,891 (2020: £298,202) and resources expended totalling £203,124 (2020: £303,932), generating net incoming resources of £3,767 (2020: net outgoing resources of £5,730).

The charity's balance sheet is recording total net assets of £113,025 as at 31 March 2021 (2020: £109,258).

The charity has been fortunate to be funded by corporate partners (sponsors and patrons) who have generously donated to the charity to enable us to continue the good work we have already started.

Over the coming years, it will look to raise funding from voluntary donations and various fundraising events.

Funding from corporate partners is expended on day to day operational costs such as rent and marketing whilst the charity provides grants to charities and good causes from donations and money that is raised at LoveBrum's events.

LoveBrum remains committed to funding at least twelve causes every financial year.

Principal funding sources

The charity has been funded by corporate partners (sponsors and patrons) who have generously donated to the charity to enable us to continue the good work we have already started.

Over the coming years it will look to raise funding from voluntary donations and various fundraising events.

Reserves policy

LoveBrum's annual income is £206,891 which comes from a variety of sources - both private donations and from businesses.

It is the policy of the board to hold in reserve the equivalent of three months general running costs of £30,000 and the current reserve stands at -£27,671.

This policy will be reviewed through the lens of COVID-19 over the next twelve months.

FUTURE PLANS

Our plans for the future include:

Page 4

LOVEBRUM (REGISTERED NUMBER: CE002123)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The company is registered as a charitable incorporated organisation (CIO) and was set up by a Memorandum of Association on 17 June 2014. The members of the company are the Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Recruitment and appointment of new trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. None of the trustees has any beneficial interest in the company.

The Trustees are appointed by the Board and are subject to an open recruitment process with all vacancies advertised through all our major communication channels. They have a wide range of business skills and advise on all aspects of the charity's operation, giving strategic guidance on future development.

Organisational structure

The trustees are ultimately responsible for the decision making of the organisation but the day to day operation of the activities is delegated to its Head of Operations, Kathryn Simkiss.

The trustees meet on a monthly basis.

Induction and training of new trustees

Most trustees are already familiar with the work of the charity having being encouraged to participate in Sub Groups, Committees and as volunteers. New trustees are invited to an induction session to familiarise themselves with the charity and the context within which it operates.

A trustee induction pack has also been circulated to all trustees containing key documents and information about how the charity is organised and how it operates. An on-going programme of trustee training is being devised to further enhance this area.

Risk management

The board meets monthly and attend an annual strategic planning day every year.

The board is responsible for overseeing matters of risk and internal control. The trustees review their major risks, such as financial sustainability, the broader economic environment and issues such as changes to legislation on a regular basis.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

CE002123 (England and Wales)

Registered Charity number

115705

Registered office

Hollywood Monster Limited The Studios Redfern Park Way Birmingham West Midlands B11 2BF

Page 5

LOVEBRUM (REGISTERED NUMBER: CE002123)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

Trustees

R Paterson T Andrews J Sansi (resigned 1.9.20) P Ellis J Seabright R Simkiss S Ahmed (resigned 1.1.21) A Whelan (resigned 1.11.20) J McHugh H Floyd (appointed 1.6.21) M Shepherd (appointed 1.6.21)

Company Secretary R Paterson

Independent Examiner

Emma Thomas CIMA Zomma Bookkeeping Oaklands Shirlheath Leominster Herefordshire HR6 9RH

Accountants

JW Hinks LLP 19 Highfield Road Edgbaston Birmingham B15 3BH

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

FUNDS HELD AS CUSTODIAN FOR OTHERS

The charity does not hold funds as a custodian.

28 January 2022 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ R Paterson - Trustee

Page 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LOVEBRUM

Independent examiner's report to the trustees of LoveBrum ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity's trustees 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.

Independent examiner's statement

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 the Company 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.

CJlomas Emma Thomas CIMA Zomma Bookkeeping Oaklands Shirlheath Leominster Herefordshire HR6 9RH

25.01.2022 Date: .............................................

Page 7

LOVEBRUM

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
95,484
Charitable activities
4
Charitable activities
(55)
Other trading activities
3
36,936
Total
132,365
EXPENDITURE ON
Raising funds
7,077
Charitable activities
Charitable activities
-
Other
140,632
Total
147,709
NET INCOME/(EXPENDITURE)
(15,344)
RECONCILIATION OF FUNDS
Total funds brought forward
(12,327)
TOTAL FUNDS CARRIED FORWARD
(27,671)		 Restricted
funds
£
27,826
-
46,700
74,526
-
33,170
22,245
55,415
19,111
121,585
140,696		 2021
Total
funds
£
123,310
(55)
83,636
206,891
7,077
33,170
162,877
203,124
3,767
109,258
113,025		 2020
Total
funds
£
191,483
31,652
75,067
298,202
32,367
57,500
214,065
303,932
(5,730)
114,988
109,258

The notes form part of these financial statements

Page 8

LOVEBRUM (REGISTERED NUMBER: CE002123)

BALANCE SHEET 31 MARCH 2021

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
9
185
CURRENT ASSETS
Debtors
10
-
Cash at bank and in hand
(17,864)
(17,864)
CREDITORS
Amounts falling due within one year
11
(9,992)
NET CURRENT ASSETS/(LIABILITIES)
(27,856)
TOTAL ASSETS LESS CURRENT LIABILITIES
(27,671)
NET ASSETS
(27,671)
FUNDS
13
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
15,854
124,842
140,696
-
140,696
140,696
140,696		 2021
Total
funds
£
185
15,854
106,978
122,832
(9,992)
112,840
113,025
113,025
(27,671)
140,696
113,025		 2020
Total
funds
£
629
26,813
96,899
123,712
(15,083)
108,629
109,258
109,258
(12,327)
121,585
109,258

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 9

LOVEBRUM (REGISTERED NUMBER: CE002123)

BALANCE SHEET - continued 31 MARCH 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on

28 January 2022 ............................................. and were signed on its behalf by:

............................................. R Paterson - Trustee

The notes form part of these financial statements

Page 10

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

INCOME

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

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate 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.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment - 33% on cost Computer equipment - 33% on cost

TAXATION

The charity is exempt from corporation tax on its charitable activities.

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 restricted 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.

OPERATING LEASE COMMITMENTS

Rentals payable under operating leases, including any lease incentives received, are charged to the Statement of Financial Activities on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease assets are consumed.

GOVERNMENT GRANTS

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

continued...

Page 11

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES - continued

FUND ACCOUNTING

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. DONATIONS AND LEGACIES

Donations
Corporate membership
Grants
Gifts in kind
Grants received, included in the above, are as follows:
Big Lottery
3.
OTHER TRADING ACTIVITIES
Other revenue
HMRC CJRS grants		 2021
£
27,826
8,164
68,820
18,500
123,310
2021
£
68,820
2021
£
78,164
5,472
83,636		 2020
£
-
13,483
125,000
53,000
191,483
2020
£
125,000
2020
£
75,067
-
75,067

continued...

Page 12

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

4. INCOME FROM CHARITABLE ACTIVITIES

2021
Charitable
activities
£
Events income
(55)
5.
SUPPORT COSTS
Governance
Management
costs
£
£
Other resources expended
153,327
9,550
Support costs, included in the above, are as follows:
2021
Other
resources
expended
£
Wages and salaries (partial gift in kind)
128,542
Recruitment fees
6,125
Travel costs
38
Entertainment
-
Communications and IT
1,547
Other office costs
3,950
Advertising and marketing
9,641
General expenses
3,040
Depreciation
444
Independent examination fees (gift in kind)
500
Accountancy fees
1,200
Legal and professional
7,850
162,877
6.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2021
£
Independent examination fees (gift in kind)
500
Accountancy fees
1,200
Depreciation - owned assets
444		 2020
Total
activities
£
31,652
Totals
£
162,877
2020
Total
activities
£
161,998
-
1,950
276
1,810
15,845
20,534
5,282
444
500
1,200
4,226
214,065
2020
£
500
1,200
444

continued...

Page 13

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

8. STAFF COSTS

All staff were seconded to the charity and the value of this donated service has been recorded as a gift in kind.

9. TANGIBLE FIXED ASSETS

9. TANGIBLE FIXED ASSETS
Office Computer
equipment equipment Totals
£ £ £
COST
At 1 April 2020 and 31 March 2021 1,954 1,689 3,643
DEPRECIATION
At 1 April 2020 1,325 1,689 3,014
Charge for year 444 - 444
At 31 March 2021 1,769 1,689 3,458
NET BOOK VALUE
At 31 March 2021 185 - 185
At 31 March 2020 629 - 629
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Other debtors 15,854 26,813

continued...

Page 14

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Deferred income
Accrued expenses		 2021
£
-
-
4,167
5,825
9,992		 2020
£
10,740
2,443
-
1,900
15,083

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Donations held on trust fund
Big Lottery fund
OneBrum campaign
TOTAL FUNDS		 At 1.4.20
£
(12,327)
95,740
25,845
-
121,585
109,258		 2021
£
-
Net
movement
in funds
£
(15,344)
25,130
(25,845)
19,826
19,111
3,767		 2020
£
966
At
31.3.21
£
(27,671)
120,870
-
19,826
140,696
113,025

continued...

Page 15

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

13. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Donations held on trust fund
Big Lottery fund
OneBrum campaign
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Donations held on trust fund
Big Lottery fund
TOTAL FUNDS		 Incoming
resources
£
132,365
46,700
-
27,826
74,526
206,891
At 1.4.19
£
(351)
87,850
27,489
115,339
114,988		 Resources
Movement
expended
in funds
£
£
(147,709)
(15,344)
(21,570)
25,130
(25,845)
(25,845)
(8,000)
19,826
(55,415)
19,111
(203,124)
3,767
Net
movement
At
in funds
31.3.20
£
£
(11,976)
(12,327)
7,890
95,740
(1,644)
25,845
6,246
121,585
(5,730)
109,258

continued...

Page 16

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Donations held on trust fund
Big Lottery fund
TOTAL FUNDS		 Incoming
resources
£
129,312
43,890
125,000
168,890
298,202		 Resources
Movement
expended
in funds
£
£
(141,288)
(11,976)
(36,000)
7,890
(126,644)
(1,644)
(162,644)
6,246
(303,932)
(5,730)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Donations held on trust fund
Big Lottery fund
OneBrum campaign
TOTAL FUNDS		 At 1.4.19
£
(351)
87,850
27,489
-
115,339
114,988		 Net
movement
in funds
£
(27,320)
33,020
(27,489)
19,826
25,357
(1,963)		 At
31.3.21
£
(27,671)
120,870
-
19,826
140,696
113,025

continued...

Page 17

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Donations held on trust fund
Big Lottery fund
OneBrum campaign
TOTAL FUNDS		 Incoming
resources
£
261,677
90,590
125,000
27,826
243,416
505,093		 Resources
Movement
expended
in funds
£
£
(288,997)
(27,320)
(57,570)
33,020
(152,489)
(27,489)
(8,000)
19,826
(218,059)
25,357
(507,056)
(1,963)

The charity holds restricted funds comprising of unexpended balances of donations held on trust. These funds have been restricted by the trustees and will be used to support small charitable and community organisations in Birmingham in line with the charity's objects.

During the year ended 31 March 2019 the charity received restricted funding from The Big Lottery Fund which is to be used to support ongoing operations of the charity and small charitable and community organisations.

During the year ended 31 March 2021 the charity received restricted funding towards the OneBrum campaign which is to be used to support ongoing operations of the charity and small charitable and community organisations.

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021.

15. POST BALANCE SHEET EVENTS

These financial statements have been prepared on a going concern basis, the validity of which is dependent upon LoveBrum being able to continue to operate and come to terms with the significant impact of the Covid-19 pandemic. At the present time there are many unknown variables which makes forecasting the future results and impact on the charity challenging.

Covid-19 represents a significant event both during and since the end of the financial period. The impact of this and the countermeasures being taken to suppress it are considered to be non-adjusting post year end events and therefore have not been taken into account in preparing the Balance Sheet as at 31 March 2021.

continued...

Page 18

LOVEBRUM

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

16. ULTIMATE CONTROLLING PARTY

In the opinion of the trustees there is no ultimate controlling party other than the trustees themselves.

Page 19