RegiSted number= 11008658 Charty numbar: 1176220 HUMAN LOVE (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 CONTENTS Page Reference and Adminlstratlve Details of the Charltable Company, Its trusteey and a¢lvl$ers Trust•es' Roport Indgpgndont Examin•r'8 Rgport Con8olldatsd Statoment of Flnanclal Actl¥ltl•s Conolldt•d Blanc• Sht•t 10 Charltable Company Balan¢9 Sh991 Notss to tho Consolldatsd Flnan¢lal Stat•mnts 12-20
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS Diractors and Trust8&s MHEQuinn M A Hoffrnann R S Sharp O M Simpson Company r•glstsr•d nUMr 11008658 Charlty reglsternd number 1176220 Regl8t•rod offlc• Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ Independent Examlner Yueling Wei FCCA Rawlinson & Hunter LLP Chartered Accountants Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ Bankers Coutt$ & Co 440 Strand London WC2R OQS Soll¢ltors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Page11
HUMAN LOVE
IA Company Limited by Guarnnts•l
ist•red number: 11008658
Charity number: 1176220
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Iruslees present their annual report together the consolidated finanoal sl*emenls of Human Love I'lhe
Charitable Companl'l for the year ended 31 March 2023. The trustees confirm that the report and financial
statements of the Charitable Company comply with the current statutory requirements, the requirements of the
Charitsble Companys goveming do¢umenl and the provisions of the Stslemenl of Recommended Practice
ISORPI, applicable to Chare$ preparing their accounts in accordance wrth the Financial Reporting Standard
appIlble in the UK and Rewbli¢ of Ireland IFRS 102).
Since the Charitable Company qUalifS as small under secbon 383 of the Companies Act 2006. the Strategic
report required of medium and large companies under Companies A¢t 20C (Strategic Report and Director's
Reportl Regulations 2013 is not require
HUMAN LOVE IA Company Limited by Guarnnts•l ist•red number: 11008658 Charity number: 1176220 TRUSTEES, REPORT l¢ontlnugdl FOR THE YEAR ENDED 31 MARCH 2023 ObJ•ctlv•s and Actlvlll•$ Icontlnu•d} b. STRATEGIES FOR ACHIEVING OBJECTIVES (continued) 3. Our Blood." is a singular. monumentsl Sculptu which wll consist of tsvo substsnb'al. identical cubes of frozen human bl¢x)d. One is made from donatsons by approxim*ely 5.000 resettled refugee volunteer$ and the other by 5,000 non-refugee volunteers. The sculpture is designed to demonstrate equality and solidarity. The two anonymous cubes will be displayed in bespoke refrigeration units and housed in a pavilion. The pavilion is designed by the renowned arthilecl Noman Foster and the Noman Foster Foundation. The exhibth'on will lour the globe and will debul in New York City. Each individual refugee sitter is given the opportunity to tell their story, share their experiences in a digitallvideo component. Our Blood is therefore not only a social sculpture but also a library and video archive of hurnan history and migratson. These videos wll be a powerful tool for creating awareness of the issue in an increasingly digrtal age. Through personal stories and public advocacy from well-known refugees and non-refugees, including inlelle¢lual$ and opinion fonmers. 100 Joumeys, Monumenlal Lives and Our Blood will hamess the power of influence lo spread the word and achieve the grealest possible impact. Each projed aims, through the sale of the sculptures to raise signthcanl funds lo support refugeey. Following the anticipated success of the 100 Joumeys exhibthn al The Getty from 202S, the current intention is then to return focus lo the fundraising required lo realise the Our Blood project, which in Ihe meantime has been paused due lo difficutties and interruptions arising from the Co¥i&19 pandemic and other world events. All profits from the athorks byill go to refugee causes selected by the STtters. refvgee advisors and Iruslees. c. ACTIVlnES FOR ACHIEVING OBJECTIVES The Iruslees have a number of powers which are detailed in the Memorandum of Association and which may be exercised in promoting the objectives of the Chantable Company. The primary activities during the year were devel¢)pment and fvndraising a¢tNitI'e$ on the 100 Joum8ys series, and the 2025 exhibition at the Getty. Achievem•nts and perfomiance . REVIEW OF ACTIVITIES In the finanrjal period under Teview, consolidated inrne receivable lotalled £255,31412022 - £57, 2441, which included in¢ome from the sale of arNvork and recharges due by the company under MmOn control, and, in the previous year, also donations linduding Gfft Aid) and interest receivable. Of this income, £Nil 12022 - £Nifj is restricted. Ctsnsolidaled expendrture for the peri¢xl was £311.05912022- £252,296) which includes expenditure on raising funds of £287,28012022- £240,583) and govemance costs of £23,77912022- £11,713). Financial review a. GOING CONCERN After making appropriate enquiries. the trustees have a reasonable expectation that the Charitable Company has adequate resources to conts.nue in operkn.onal existence for the foreseeab future. For this rea50n they continue Pagel 3
HUMAN LOVE IA Company Limited by Guarnnts•l ist•red number: 11008658 Charity number: 1176220 TRUSTEES, REPORT l¢ontlnugdl FOR THE YEAR ENDED 31 MARCH 2023 Flnanclal r¢vl•w l¢0ntlnu•dl a. GOING CONCERN Icontinuodl to adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption of the goin9 concern basis Can be found in the A¢ntIng Policies. The war in Ukraine, high level of inflation and interest rate rises had an effect on all UK companies in a wide ranging manner, potentially affecting their operational capability. liqvidily and financial posili¢n. The trustees have considered the implications and have pul in place busine$$ conts'nuity plans th* should allow the Charitable Company to conbnue in operation. b. RESERVES POLICY The cumulative income received by the Charitable Company was hher than the cumulative direct charitable expenditure and govemance costs incurred and resulted in a reserves surplus at the end of the period of £1,015.261 {2022- £979,561) of which £7,236 (2022- £7,236) is restn"cted. The Iruslees have no outstanding ¢ommrtments or cash demands whi¢h are not adequately covered by existing resources. At this stage the trustees feel that it would be inappropriate to adopt a specific reserves policy. The trustees will keep this under review. In future years. a Specffic reserves policy may be required. Structure, gov•rnan¢e and management a. CONSTITunoN The Charitsble Company is registe as a Charitable Company limrted by guarantee and was sel up by a Memorandum of A$$ooalion on 11 October 2017. The Charity is registered as a chanty with the Charity Commission {charity number 11762201. The principal object of the Charitsble Company is lo raise money and awareness of the global refugee crisis including through the Marc Quinn arfvrk projects 100 Joumeys, Monun7ental Lives and Our Blood. b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the Chan¢able Company 1$ Ihe SPOnsibl1itY of the trustees who are elected and ¢tropled under the ternis of the Articles ofAssociation. c. POUCIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES As part of their training, trustees are gNen an infomialion pack which includes the Charitable Company's Memorandum and Articles of Assoaation and Charity Commission guidance on Trustees, Responsibilits"es. All trustees are kept infomied at meetings of their duts.es and obligaty.ons under the law in addition to their proper conduct. The trustees are aware of their ObligatnS to ensure new trustees are property versed in their role. A similar induction process will be undertaken for new trustees as the Charitable Company devek)ps and will include providing the trustees wrth additional documentslion such a5 recent annual reports, grant making policy and relevant minutes. The training of trustees wll be kept under review. Pagel 4
HUMAN LOVE IA Company Limited by Guarnnts•l ist•red number: 11008658 Charity number: 1176220 TRUSTEES, REPORT l¢ontlnugdl FOR THE YEAR ENDED 31 MARCH 2023 Structur•, govornan¢• and manag•m•nt l¢ontlnu•dl d. ORGANISATIONAL STRUCTURE AND DECISION MAKING The trustees meet regularly and de$n$ are made al trustees, meetings. The day to day administration of the Charitsble Company is un¢Jertaken by the trLbStees. e. RISK MANAGEMENT The Iruslees have assessed the major risks lo which the Charitable Company is exposed. in particular those related to the operats'ons and finances of the Charitable C¢)mpany. and are satisfied that system$ and pro¢edure$ are in place lo mitigate our exposure lo the major risks. Plans for lutur• . FUTURE DEVELOPMENTS The Charitable Company's main objectives for the next financial year are.. To further increase awareness of YOO Joumeys through an exhibition al The Getty and the refugee cri8lS through promotional and markebng ath'vrties. To continue fundraising lo help ffijnd the projects and deliver various exhibrtions a$tIated with the prejecls over the next lew years. To continue to develop, produce and sell (via the Charitable Company's subsidiary company) sculptures from the 700 Journeys series for fundraising and awareness purposes. Intomal Control$ The trustees have overall responsibility for ensuring that the Charrtable Company has appropriate systems of internal controls. They are also responsible for keeping properaccounting records which disclose with reasonable accuracy al any lime the financial position of the Chanlable Company and enable them lo ensure Ihatlhe financial stslements follow best pract¢e. They a also responsible for the Chantable Company safeguarding rts assets and hence for taking reasonable steps for the prevents'on and deteth'on of fraud and other irregularities. The system of internal controls is deSned to provide reasonable, bul not absolute, assurance against material misstatement or loss. TRUSTEES, RESPONSIBILITIES STATEMEMT The trustees Iwho are also directors of Human Love for the purpose5 of company lawl are responsible for preparing the Trustees, Report and the financial ststements in a¢¢ordan¢e wth applicable law and United Kingdom Accounting Standards (Unrted lQngdom Generally Accepted Accounts'ng Practice). Company law requires the trustees to prepare financAal statements for each financial year. Under company law the Iruslees musl not approve the financial statements unless they are sab"sfied th* 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 the income and expendrture, of the Charitable Company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting FKlicies and then apply them consistently., Pagel 5
HUMAN LOVE
(A Company Limited by Guarantee) Registered number: 11008658 Charity number: 1176220
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023
TRUSTEES' RESPONSIBILITIES STATEMENT (continued)
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and 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 trustees are responsible for the maintenance and integrity of any corporate and financial information included on any website operated by Human Love or its subsidiary. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report was approved by the trustees, and signed on their behalf by:
t>� s�
D M Simpson Trustee
Date: 31/01/2024
Page I 6
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HUMAN LOVE I'the Charitable Company") FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HUMAN LOVE I report to the Iruslees of the Charitsble Company lan(J also rts direL#ors for the purpose of company lawl on my examination of the financial slalements for the year ended 31 March 2023 whi¢h comprise the Ctsnsolidaled Statement of Financial Adivilies, the Consolidate<l and Charitable Company Balance Sheet and the related notes. RESPECTIVE RESPONSIBIUTIES AND BASIS OF REPORT As the trustees of the Charitable Company land its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in acLordance with the requirements of the Companies Act 20061.the 2006 Acfl. Having Satisfied myself that the financial statements of the Charitable Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company's financial stalements as carried out under seth'on 145 of the 2011 Act. In carrying out my examination I have followed the Direcb"on$ given by the Charity Commission under section 14515llbl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I can confim that no matters have come lo my attention in connection wth the examination giving me cause to believe Ihal in any material re$k*Ct". accountin9 records were not kept in respect of the Charrtable Company as required by section 386 of the 2006 Act,. or the financial stslemenls do not accord wih those rectyds.. or the financial statements do not comply %wth the accounting requirements of section 396 01 the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a maller considered as part of an independent examination". or the financial statements have not been prepared in accordance with the methods and report principles of the Slalemenl of Recommended Practice for accounts.ng and reporting by charities applicable to charities prepanng their accounts in accordance wlh the FinanrAal ReportirvJ Standard applicable in the UK and Republic of Ireland IFRS 1021. Pagel 7
HUMAN LOVE IA Company Limited by Guarnntwl ist•red number: 11008658 Charity number: 1176220 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HUMAN LOVE I'the Charitable Company") FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT EXAIAINER% STATEMENT <tInu•d) I have novxKemi arm1 should be drawn in th ctyne across no othgr matters kn cu¢r•ctK with the examination to attenOn rt in ¢x(lerto gnabbtr • pffjpwunderslandO ofthe fin1 statements to rChod. Signed.. Yueling Wei FCCA Rawlinson & Hunter LLP Chartered Accountant and Independent Examiner Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ Dated.. 3 1 JAN Z024 Pagel 8
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 INCOME FROM.. Charitsble activrties Other income 207,849 207,849 37.516 TOTAL INCOME 255 314 EXPENDITURE ON: Raising funds Govemance costs 287.280 77 287,280 240,583 TOTAL EXPENDITURE 311 OS9 311059 252 296 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS 155,7451 ISS,7451 1$5,7451 155,7451 f195.052) (195,052) RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD The noleg on pages 12 10 20 lom part of these financial statements. Pagel 9
HUMAN LOVE
(A Company Limited by Guarantee) Registered number: 11008658 Charity number: 1176220
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023
| CURRENT ASSETS Stocks Debtors Cash at bank and in hand Note 8 9 CREDITORS:amounts falling due within one year 10 NET CURRENT ASSETS NET ASSETS FUNDS OF THE GROUP Restricted funds Unrestricted funds TOTAL FUNDS 11 11 |
£ 1,026,024 395 103.756 1,130,175 (594,944) |
£ £ |
2023 £ 535.231 535,23: 7,236 527,995 535,23: £ 1,026,024 9,224 19 659 1,054,907 (463,931) £ £ |
2022 £ 590,976 590,976 7,236 583,740 590,976 |
|---|---|---|---|---|
For the year ended 31 March 2023 the Charitable Company was entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the 2006 Act") relating to small companies and the members have not required the Charitable Company to obtain an audit for the year in question in accordance with section 476 of the 2006 Act.
The directors acknowledge their responsibilities for complying with the requirements of the 2006 Act with respect to accounting records and the preparation of financial statements.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the trustees and signed on their behalf, by:
b� 5 �
D M Simpson
Date: 31/01/2024
The notes on pages 12 to 20 form part of these financial statements.
Pagel 10
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note FIXED ASSETS Investments CURRENT ASSETS Oeblors 1,03S.424 989, 911 Cash al bank and in hand 819 609 1,036,243 990, 520 CREDITORS: amounts falling due wthin cffle year NET CURRENT ASSETS NET ASSETS FUNDS OF THE CHARITY Restricted funds 7,236 7,236 Unreslricled funds 1 OOB 025 972 325 TOTAL FUNDS For the year ended 31 March 2023 the Charrtable Company was entitled lo exemption from the requirement lo have an audit under the provIsn$ of section 477 of the Companies Act 20061'lhe 2006 Act") relating lo small companies and the members have not required the Charitable Company to obtain an audrt forthe year in question in accordance with section 476 01 the 2006 Act. The director5 ackno%edge their re5ponsibililies for complying with the requirements of the 2006 Act wrth respect to accoLJnting records and the preparation of financial s13temenls. These account5 have been prepared in accordance th the provisions applicable to Small companies subject lo the small companies regime. The financial statements were approved and ahOriSed for issue by the trustees and signed on their behalf, by.. D M Simpson Date". 3110112024 The notes on pages 12 to 20 form part of these financial statements. Pagel 11
HUMAN LOVE IA Company Limited by Guarantee) l$t¢r¢d numb¢r: 11008658 Charity numbèr: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES 1.1 Gonoral information Human Love I'lhe Charitable Companfl is a registered charity (charity number 11762201 limited by guarantee. whose principal object is to raise money and awareness of the global refugee crisis through the Marc Quinn aOrkS OLrtlined in the Trustees, Report 1.the Athork'l. The Artwork is being produced by the Charitable Company's wholly owned subsidiary incorporated in England and Wales, Human Love Worlthde Limited 1.the Subsidiarfl. In the event of the Charrtable Company being wound up, the IBbilty in respect of the guarantee is limited to £1 per member of the Charitable Company. The address of the registered office is given on page 1 of these financial statements. 1.2 Ba818 ol pr•paratlon of finan¢lal $tatsm•nts The financial statement$ have been prepared in accordan¢e wth Accounting and Repoth'ng by Charilie5'. Statement of Recommended Practice applicable to charities preparing their accoun15 in accordance wth Financial Reporting Standard applicable In the United Kingdom and Republic ol Ireland IFRS 1021. the Charits'es Act 2011 an¢J. where relevant. the Charities Act 2022. the Companies Act 2008 and UK Generally Aepted A¢wunbng Pra¢ts'ce. The Charf(able Company conslilules a public benefit entity as defined by Charities SORP FRS 102. The financial stslements are prepared on a going ncern basis and under the historical cost convents"on. The financial statements are prepared In Slerfing which is the functional currency of the Charitable Company. A separate Statement Of Financial Acb'vrties and Income and Expenditure account for the Charitable Company has not been presented as rt has taken advantage of the exemption allowed under section 408 of Companies Act 2006. Nel profft for the Charitsble Company for the year was £35,700 (2022- £25,503). The significant accounting policies applied in the preparab.on of these finan¢ial slalemenls are set out below. 1.3 Consolldatlon The con501idated financial slalemenls comprise those oflhe Charrtable Company and the Subsidiary, both made up to 31 March 2023. The financial statements are consolidated on a line-by-line basis and elirninate all intra-group transactions and balances. 1.4 Income All income is recognised once the Charitable Company has entitlement to the incorne and it is probable that the fvnds will be received wthin Ihe Charitable Company or on behalf of the Charitable Company and the monetary value of inrKJming resources can be measured with sufficient reliabilty. Donations a recognised in the finanoal ststements. wthin "Donations.. when the Charitable Company acts as principal for these fundraising projects. A correspDnding donation expense is recorded in respect of these donations such Ihat there is no nel impact on the Statement of Financial Activrties Irefer lo"Expendituie" belr)w for details). Page | 12
HUMAN LOVE IA Company Limited by Guarantee) l$t¢r¢d numb¢r: 11008658 Charity numbèr: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES {continuedl 1.4 Incomo Icontlnu•d) Donated services and facilitses are included at the value to the Charitable Company where thi5 can be quantified. Donation income is deferred when the donations are received in advance and specified by the donor as relating to speafic accounting periods,. or altematively which are subject to conditions which are still to be met and which are outside the control of Ihe Charitable Company., or when it is uncertain whether the nl"0n5 can or will be mel. These a deferred lo the year lo which they relate and released lo incoming fesources in that year. Income tax recoverable in relats'on to donations receNeil under Gfft Aid or deeds of covenant 1$ recognised al the b'me of the donation. Income from trading activities includes income eamed from the sale ofthe Athlork lan activity carried out by the Subsidiary). Income is recognised when significant risks and rewards of ownership of the Athork have transferred to the buyer. the amount of income can measured reliably. it is probable that the enOmiC benefits associated with the transaction will flow lo the Subsidiary and the costs incurred or lo be incurred in respect ol the Iransacts'on can be measured reliably. 1.5 Expend5tur• All expenditure is accounted for on an acefuals basis and has been classified under headings that aggregate all costs related lo Ihat category. Expendilufe is reco9nised where there is a legal or conslru¢¢ive obligation lo make payment$ lo third partie$. rt 1$ probable that the settlement will be required and the amount of the obligation can be measured reliably. Costs ol generating lunds are Costs incurred in attracting voluntary income, and those incurred In trading act'vilies that raise funds. Charitable activities and Govemance costs are costs incurred on the Charitable Company's operations, Including support cos15 and ¢osts relating lo the governance of the company apportioned lo charitable activth'es. All expendrture is inclUVe of irrecoverable VAT. 1.6 Investment in Subsidiary Investment in the Subsidiary is held at cost less wovision for impaimient, if any. 1.7 Debtors Trade and other debtors are recognised at the seldement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.8 Stocks Stocks and work in progress a stated at the lower of cost and net realisable value. being the estimated selling price less costs to complete and sell. Cost includes feasibility studie5 and design costs, together wrth all direct Ix)sts of the manufacture and pr¢xlu¢tion of any proieclg undertaken. Pagel 13
HUMAN LOVE IA Company Limited by Guarantee) l$t¢r¢d numb¢r: 11008658 Charity numbèr: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Icontlnued) 1.8 Stocks Icontinu8dl At each balance Sheet dale, stocks and Work in progress are assessed for impairment. If stock5 or work in progress are impaireil. the Carrying amount is re(luced lo ils eslimaled selling price less costs lo complete and sell. The impairment loss is recogni$ed immediately in the Profrt and Loss AoUnt. 1.9 Cash at Bank and in hand Cash al bank and in hand indudes cash and short tem highly Iwuid investments with a short maturity of three month$ or less from the date of acquItI)n or opening of the deposit or similar account. 1.10 LiabllStSos and provlsSons Liabilrtie$ are recognised when there 1$ an obligation al Ihe Balan¢e Sheet dale as a result of a past event, it is probab that a transfer ol economic benefit will l)e required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anli¢ipales It will pay to settle the debt or the amount il has received as advanced payments for the goods or services rt musl provide. Provisions are measured al the best estimate of the amounts required lo Settle the obligabon. Where the effed ¢)f the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre.tax discount rate that reflect5 the risks speufic to the Iiabilily. The unwinding of the diseount is reeognised within interest payable and similar charges. 1.11 Tax The Charitable company is exempl thin the meaning of Schedule 3 of the Charities Act 2011 and ig considered lo pass the lesls set out in paragraph 1 Sthedule 6 Finance Act 2010 and therefore11 meets the definition of a Charitable Company for UK corporation tsx purposes. Current tax represents the amount of tax payable OT recoverable in Tespect of the tsxable Profil or loss for the current or past reporting periods In relabon lo the commercial trading activity conducted by the Subsidiary. It is measured al the amount expected lo be paid or recovered using the tsx rates and laws that have been enacted or substantively enacted by the balance sheet date. The tax amount is shown under other expenditure in the Profit and Loss Account. 1.12 Fund accounting General fijnds are unrestrKted funds which are available for use at the discrth'on of the trustees in furtherance of the general objeth'ves ofthe Charilable Company and which have not been designated for other purposes. Restricted fvnds are funds which are to be used in accordance with speafic restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and adrnini5tering such lund5 are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial ststements_ COMMERCIAL TRADING OPERATIONS The Charitable Company has appointed the Subsidiary lo raise funds through promotional, marketing and fundraising campaigns and lo also procure the creation of the Artwork. Page | 14
HUMAN LOVE IA Company Limited by Guarantee) l$t¢r¢d numb¢r: 11008658 Charity numbèr: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 COhlMERCIAL TRADING OPERATIONS Icontinuedl A summary of the Subsidiary's trading results for the year ended 31 March 2023 and year ended 31 March 2022 are shown below. Unaudited financial slalemenls are filed annually with Companies House. Profit and lo$$ account Yearended 31 M•r¢h 2023 Year ended 37 M8rch 2022 Sales Cost ol sales Media. fundraising and 80cial media awareness expenses Recharged expenses Administrats've expenses Interest receivable and similar income Inleregt payab and similar expenges 255,314 136,5401 {177,4011 147,4651 {36,4971 57,207 (14,451) (161,9741 119, 719J 150,274) 148,8561 (31,353) Result for the year £ (220,555) 2023 2022 Net liabili(ies LL388.5851 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restrict funds fvnds 2023 2023 Total fvnds 2023 Total funds 2022 Donations Sale of arN¥ork$ 28 37,488 207,849 207,849 Pagel 15
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 OTHER INCOMING RESOURCES Unrn*tricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Recharged expenses Other interest receivable 47,465 47,465 19, 719 COSTS OF RAISING FUNOS Unrestrlctod Rostrfctod funds lunds 2023 2023 Total funds 2023 Total funds 2022 Cost ol sales Media. fundraising ar social media awareness expense Recharged expenses Administrats've expenses 36,540 36,540 14,451 177.401 47,46S 25,874 177,401 47,465 761,975 19, 719 24 The Group summary had one employee during the year under review12022- 11, exduding directors and trustees. Group Charitablo Company Group Chantable Company 2023 2023 2022 2022 Wages and salaries Social Secunty costs other c05ts- pension 9.559 1.192 220 27,432 4,214 688 No Iruslee received emoluments in the year under review, nor were any expenses paid lo the tmstees. Page | 16
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 GOVERNANCE COSTS Unrntricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Independent examiner's remuneration.. Independent examination Tax services Other services 18.510 2.560 2,709 18.510 2.560 2,709 5,490 3,490 2, 733 FIXED ASSET INVESTMENTS Shares In group und8rtakings Cost At 1 April 2022 At 31 March 2023 SUIdI1ry undertaklngs The foll¢)wng were sub$Jiary undertakings of the company.. Name Holding Human Love Worfthvide Limited 100% STOCKS Group Charilablo Company Group Charitable Company 2023 2023 2022 2022 Woth in progress Page | 17
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 DEBTORS Group Charitable Company Group Charitable Company 2023 2023 2022 2022 Amounts owed by group undertskings Other debtors Tax reVerable 1.035,424 989,911 395 9,224 10. CREDITORS.. Amounts fa115ng withln ono year Charrtab Company 2023 Group Charitabl Company 2022 Group 2023 2022 Bank overdrafts Trade creditors Amounts owed lo group undertakings Other tsxation and social securty Accruals and deferred income 167 8,091 428.27 7 1.556 87 1,986 3,887 12,781 $49.235 16.93 9.956 3.887 463 931 960 Pagel 18
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11. STATEMENT OF FUNDS Group Balan¢• at 31 March 2023 Balan¢0 at 1 April 2022 In¢om• Expondre Unrestricted fund5 Other General fvnds 11 27 R•strfct•d funds Inlemalional Rescue Committee Total of funds 059 Charftable Company Balanco at 31 March 2023 Balance at 1 April 2022 Incomo ExndItur• unrtrICtsd funds Other General funds 972 325 1008 025 Restrlctod funds Inlemalional Rescue Committee Total of funds The unrestricted fvnds represent the general seNe5 of the Charitable Company which are not restricted for particular purposes. The $triCted fund$ repsent the proportion of donation income due lo the Inlernats'onal Rescue Committee, the global charity partner of the Our 81ood projeci. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Group Unrestri¢te(I fvnds 2023 Restrl¢ted funds 2023 Totsl fund$ 2023 Total funds 2022 Current assets Creditors due within one year 1.122.939 {$94.9441 7.236 1.130,175 1594,9441 1,054.907 1463,931) Pagel 19
HUMAN LOVE IA Company Limited by Guarnnteo) ist•red number: 11008658 Charity number: 1176220 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. LEGAL STATUS Human Love is a Charitable Company limited by guarantee with no share capital. In the event of the Charitable Company being wound up, the sole member, Bronze Orchid Limited, has agreed lo pay up lo £1 towards". payment of those debts and liabiliti'es of the Charttable Company inwrred before f( ceased to be a member,. payment of the rstS, charges and expenses of wnding up, and the adjustment of rights of contributors among themselves. 14. ULTIMATE CONTROLLING PARTY The uhimate controlling party is considered lo be the Board of Trustees. 15. CONTINGENT LIABILITIES For certain donations, the Chartsble Company has agreed to make onward donations lo the Inlemalional Rescue Committee I"IRC'I. as slipulaled lo the donors and as reflected in restricted reserves (see Note 111. If and when a formal agreement is in place bets¥een the Charitable Company and the IRC, it is intended that the parts'es will work on the basis that rf these Contributions do not exceed the sum of $350,000, IRC will be enlilled lo reckive the difference beten the sum of $350,000 and the lolal value of donations made. 16. RELATED PARTY TRANSACTIONS The group lolal within creditors falling due ¥h1n ¢)ne year (Note 10} indudes an amount of £549,235 (2022 £428.217) due lo 8ronze Orchid Limrte<l. an enbty which is controlled by M H E Quinn who is a Iruslee of the Charity. This amount represents funding from Bronze Orchid Limited for the Athlork projects net of payroll recharges and various running costs recharges. 11 is unsecured, interest free and repayable on demand. Page | 20