Charity no. 1177927
CHOOSE LOVE
Report and Unaudited Financial Statements
31 March 2024
Choose Love Trustees' Annual Report For the year ended 31 March 2024
| Charity no. | 1177927 |
|---|---|
| Registered office and | 27 Provost St, Office 2, London N1 7NH |
| operational address | |
| Trustees | The trustees who served during the year and up to the date of this report |
| were as follows: | |
| Tracey Seaward | |
| Jessica Mills | |
| Geoffrey Cordell (Appointed on 7 March 2024) | |
| Julfikhar Farhaz Khan KC (Appointed on 22 April 2024) | |
| Eyinmisan Hope Harriman (Appointed on 22 April 2024) | |
| Dzikamai Jonathan Chibafa (Appointed on 7 March 2024) | |
| Andrew Purkis (Appointed on 7 March 2024) | |
| Hassan Elmasry (Appointed on 7 March 2024) | |
| Oliver Segal KC (Appointed on 7 March 2024) | |
| Josephine Naughton (Resigned on 7 March 2024) | |
| The Co-operative | Balloon Street, Manchester, M60 4EP |
| Bank | |
| Independent | Accountability Europe Limited, Omnibus Workspace, 39-41 North Road, |
| examiners | London N7 9DP |
Choose Love Trustees' Annual Report
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
The Trustees present their report and accounts for the year ended 31 March 2024.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, Statement of Recommended Practice - Accounting and Reporting by Charities (SORP) applicable to charities preparing their accounts in accordance with FRS 102.
Structure, Governance and Management
Choose Love is registered as a Charitable Incorporated Organisation (CIO) governed by a constitution registered 12 April 2018.
Overall governance of Choose Love is the responsibility of the trustees. The day-to-day running of the organisation is now delegated to the CEO and Deputy CEO, who have joined the organisation since the relevant reporting period: during the reporting period the charity did not have any staff and the day-to-day running of the organisation was managed by the trustees at the time.
The trustees have regard to the skills, knowledge and experience needed for the effective administration of the charity when selecting individuals for appointment as charity trustee. Trustees are appointed by the currently acting trustees and have been selected and appointed to ensure that the board has relevant background and skills which are considered important to enable the charity to achieve its charitable objectives.
Objectives and activities
The objects of the charity were during the reporting period:
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to relieve poverty, sickness and distress of persons who are internally displaced or who are asylum seekers or refugees fleeing war and persecution for the public benefit by the provision of such aid, food and assistance for such persons or organisations established to assist them as the trustees shall think fit.
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to advance the education of refugees, asylum seekers or internally displaced people wherever they are in the world, particularly, but not exclusively, by the provision of grants and other assistance to charities and other organisations which work with them.
Our purpose
Choose Love is a fast, flexible and innovative humanitarian movement working to deliver critical humanitarian aid by working directly with the communities who need them. We are proud to be a trusted partner of local grassroots organisations, amplifying the voice and actions of people most affected to ensure displaced families and individuals have what they need to rebuild their lives.
Our mission
Choose Love identifies need and raises funds to close and prevent gaps in services and protections for refugees and displaced people around the world.
Choose Love Trustees' Annual Report
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
Our vision
A world that chooses love and justice for everyone, where displaced communities thrive.
Our values
Choose Integrity; Choose Justice; Choose Learning; Choose Courage; Choose Solidarity; Choose Hope.
Public benefit
The trustees have considered section 17 of the Charities Act 2011 and Charity Commission guidance on public benefit.
Our activities and impact
Covering April 2023 – March 2024
During the year ending 31 March 2024 Choose Love CIO received donations totalling £304,208 and expended total resources of £347,085 leaving closing funds of £63,330.
Impact
During the reporting period, Choose Love CIO made a number of grants to the Choose Love restricted fund held by Prism the Gift Fund, a registered charity which hosted the wider Choose Love project, restricted for use in line with Choose Love's charitable purposes.
Future Plans
From May 2024, Choose Love CIO's charitable activities have increased significantly, and this has meant that new management, programme, fund raising, finance and risk management capabilities have needed to be set up in order to ensure Choose Love CIO is fully equipped to manage its operations.
Financial review
During the 12-month period, the charity generated total incoming resources of £304,208 (2023: £62,125) and expended total resources of £347,085 (2023: £nil).
As of 31 March 2024, Charity held £63,330 (2023: £106,207) in total reserves. Of this, £23,330 (2023: £106,207) was held as unrestricted funds, £40,000 (2023: £nil) was held as restricted.
Reserves policy
The Trustees regularly review the requirement to maintain reserves. Since the CIO has taken on the wider Choose Love project, after the reporting period, the trustees have determined a target level of unrestricted reserves of 3-6 months' operating expenditure is realistic and appropriate.
Management of risk
Since the CIO has taken on the wider Choose Love project, after the reporting period, the trustees have a risk management strategy that involves quarterly review of risks by the Finance, Risk and Assurance
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
Sub-committee of the Board and annually as a board. Systems of monitoring and mitigating identified risks are continually reviewed and implementation of procedures to minimize any impact of risks on the charity.
Going Concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Statement of responsibilities of the trustees
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure,
of the charity for the year. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Members of the charity have no liability to contribute to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
Independent examiners
Accountability Europe Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on Thursday, 30 January 2025 and signed on their behalf by
Geoffrey Cordell Chair of the Board of Trustees
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
I report to the trustees on my examination of the accounts of Choose Love for the year ended 31 March 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity trustees of the CIO 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 CIO's accounts carried out under section 145 of the 2011 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
Since the CIO'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 the Institute of Chartered Accountants in England and Wales (ICAEW), 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:
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accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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; or
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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.
…………………………
Aamer Shehzad FCA Accountability Europe Ltd Omnibus Workspace 39-41 North Road London N7 9DP
Date: 31/01/25
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
CHOOSE LOVE
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
| Notes 2 |
Unrestricted £ 264,208 |
Restricted £ 40,000 |
2024 Total £ 304,208 |
Unrestricted £ 62,125 |
2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted | Total | |||||||||||||
| £ | £ | |||||||||||||
| Income from: | ||||||||||||||
| Donations | - | 62,125 |
||||||||||||
| Total income | 264,208 | 40,000 | 304,208 | 62,125 | - | 62,125 | ||||||||
| Expenditure on: | 3 | 347,085 | - | 347,085 | - | |||||||||
| Charitable activities | - | - |
||||||||||||
| Total expenditure | 347,085 | - | 347,085 | - | - | - | ||||||||
| Net income/ (expenditure) for the year |
4 | (82,877) | 40,000 | (42,877) | 62,125 | |||||||||
| - | 62,125 |
|||||||||||||
| Net income | (82,877) | 40,000 | (42,877) | 62,125 | - | 62,125 | ||||||||
| Transfer between funds | - | - | - | - | - | - |
||||||||
| Net movement in funds | (82,877) | 40,000 | (42,877) | 62,125 | - | 62,125 | ||||||||
| Reconciliation of funds: | 106,207 | |||||||||||||
| Total funds brought forward | 106,207 | - | 44,082 | - | 44,082 |
|||||||||
| Total funds carried forward | 23,330 | 40,000 | 63,330 | 106,207 | - | 106,207 |
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
CHOOSE LOVE
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes 6 |
2024 | 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||||
| CURRENT ASSETS | |||||||||||
| Cash at bank | 65,490 | 106,207 | |||||||||
| LIABILITIES | |||||||||||
| Amounts falling due within one year | (2,160) | - | |||||||||
| NET ASSETS | 63,330 | 106,207 | |||||||||
| 7,8 7,8 |
|||||||||||
| FUNDS | |||||||||||
| Restricted | 40,000 | - | |||||||||
| Unrestricted: | |||||||||||
| General | 23,330 | 106,207 | |||||||||
| Total funds | 63,330 | 106,207 | |||||||||
| Approved by the trustees on 30 January 2025 | |||||||||||
| and signed on their behalf by: | |||||||||||
Geoffrey Cordell, Chair
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
CHOOSE LOVE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies
Charity information
Choose Love is a charity registered in England and Wales. The registered office is 27 Provost St, Office 2 London N1 7NH.
Basis of preparation
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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The charity is exempted from preparing cash flow statement due to adoption of the exemption available to the charities with income less than £500,000.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs of undertaken to further the purposes of the charity and their associated support costs.
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
- Accounting policies (continued)
Allocation of support costs
Expenditures are allocated to the raising funds and charitable activities where the cost relate directly to those activities. However, the cost of overall direction and administration of activities, comprising the overhead costs of the central function, is apportioned on the basis of the activities total direct costs.
Debtors
Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash in hand represents cash held in the charity's bank accounts.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.
| 2. | Income | Unrestricted | Restricted | 2024 £ |
2023 |
|---|---|---|---|---|---|
| £ | £ | £ | |||
| Donations and Grants | 264,208 | 40,000 | 304,208 | 62,125 | |
| 264,208 | 40,000 | 304,208 | 62,125 |
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
3. ANALYSIS OF EXPENDITURE
----- Start of picture text -----
Current Year
Charitable Support 2024 2023
Activities costs Total Total
£ £ £ £
Direct charitable costs 344,925 - 344,925 -
Professional Fees - 1,440 1,440 -
Independent examination - 720 720 -
344,925 2,160 347,085 -
Support costs allocation 2,160 (2,160) - -
Total expenditure 2024 347,085 - 347,085 -
Total expenditure 2023 - - - -
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Of the total expenditure, £347,085 was unrestricted (2023: £0) and £0 was restricted (2023: £0).
ANALYSIS OF EXPENDITURE - PRIOR YEAR
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Charitable Support 2023
Activities costs Total
£ £ £
Direct charitable costs - - -
Professional Fees - - -
Independent examination - - -
- - -
Support costs allocation - - -
Total expenditure 2023 - - -
4. NET INCOME/ (EXPENDITURE) FOR THE YEAR
2024 2023
Totalotall Total
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4. NET INCOME/ (EXPENDITURE) FOR THE YEAR
2024 2023
Totalotall Total
£ £
This is stated after charging:
Independent examination fee (excluding VAT) 600 500
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
5. ANALYSIS OF STAFF COSTS, TRUSTEES REMMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL
The total employee benefits including employer National Insurance and pension contributions of the key management personnel were £nil (2023: £nil). No member of staff received emoluments of more than £60,000 in this year (2023: £nil)
There were no trustees' remuneration or other benefits paid during the year (2023: £nil). There were no trustees' expenses paid during the year (2023: £nil).
5a. Staff numbers
The average number of employees (head count based on number of staff employed) during the year.
----- Start of picture text -----
2024 2023
No. No
Staff during the year - -
6. CREDITORS: amounts falling due within one year
2024 2023
Total Total
£ £
Accruals 2,160 -
2,160 -
7. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Current Year
General Total
unrestricted Restricted funds
£ £ £
Net current assets 23,330 40,000 63,330
23,330 40,000 63,330
ANALYSIS OF NET ASSETS BETWEEN FUNDS
(PRIOR YEAR)
General At the end
unrestricted Restricted of the year
£ £ £
Net current assets 106,207 - 106,207
106,207 - 106,207
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Choose Love Trustees' Annual Report For the year ended 31 March 2024
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8. MOVEMENT IN
FUNDS
Current Year At the start At the end
of the year Income Expenditure Transfers of the year
£ £ £ £ £
Restricted Fund - 40,000 - - 40,000
Unrestricted funds:
General fund 106,207 264,208 (347,085) - 23,330
Total funds 106,207 304,208 (347,085) - 63,330
MOVEMENT IN
FUNDS At the start At the end
(PRIOR YEAR) of the year Income Expenditure Transfers of the year
£ £ £ £ £
Restricted Fund - - - - -
Unrestricted funds:
General fund 44,082 62,125 - - 106,207
Total funds 44,082 62,125 - - 106,207
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8a. Purposes of restricted funds
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.£40,000 funds at the end of the year relates to The Leslie Smith Foundation.
9. RELATED PARTY TRANSACTIONS
There are no related party transactions to disclose for 2024 (2023: none). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. There are payments to and from members and trustees which are part of the normal course of business. Expenses reimbursed to trustees are disclosed in note 5.
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