Charity registration number 1184402 Company registration number 11716192 (England and Wales)
LOVE THE OCEANS CONSERVATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
LOVE THE OCEANS CONSERVATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Charity number Company number Registered office
AJ Biden F G VTrotman PE Durante 1184402
11716192 Longmire 200a Stockport Road Timperley WA15 7UA
Accountants
Longmire Consultants 200a Stockport Road Timperley WA15 7UA
LOVE THE OCEANS CONSERVATION
CONTENTS
| Page | |
|---|---|
| Trustees'report | 1 • 2 |
| Accountants'report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6-7 |
LOVE THE OCEANS CONSERVATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The trustees present their report and financial statements for the year ended 30 November 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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)" (as amended for accounting periods commencing from 1 January 2019).
Objectives and activities
The Trustees have had due regard to the Charity Commission's guidance on public benefit. Of the charitable purposes set out in the Charities Act 2011, the Charity principally contributes to the prevention or relief of poverty, and the advancement of environmental protection or improvement.
The charity's objects are:
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To promote for the benefit of the public the conservation, protection and improvement of the physical and natural environment by promoting biological diversity.
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To advance the education of the public in the conservation, protection and improvement of the physical and natural environment.
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To promote sustainable development for the benefit of the public by:
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a. The preservation, conservation and the protection of the environment and the prudent use of resources;
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b. The relief of poverty and the Improvement of the conditions of life in socially and economically disadvantaged communities; and
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c. The promotion of sustainable means of achieving economic growth and regeneration.
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To advance the education of the public in subjects relating to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote the study and research in such subjects provided that the useful results of such study are disseminated to the public at large.
Achievements and performance
Love The Oceans Conservation continues to successfully raise funds for planned community projects which, following delays due to COVID, were eventually able to start in the second half of 2021. Love The Oceans Conservation charity is registered with JustGiving and pays monthly membership fees to utilise the fundraising platform. It also receives donations direct from individuals, companies and a small amount of funds from Amazon Smile.
Financial review
During the year, the Charity's primary source of funds were small grants and donations through an organisation called Milkywire, under Stiftelsen World Foundation, and a fundraising ad agency called Good Loop. Some of these funds were restricted to projects like the Upcycling Trash initiative; unrestricted funds were spent on ongoing projects that required financial support. The Charity is still building reserves for a community swimming pool project which has an estimated cost of £80,000.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use are available for use as and when needed to meet the day-to-day requirements for the administration of the Charity's activities, and on smaller projects that are struggling and require funding. Based on the current period's activities the Charity requires reserves of approximately £21,000 per annum. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
Love The Oceans Conservation is a private company limited by guarantee without share capital and, in accordance with the Memorandum of Association, the liability of the members is limited to a sum of £10. The company was incorporated under UK Company Law on 6 December 201B and registered with the Charity Commission on 12 July 2019. Upon the resignation of any of the current trustees, the remaining trustees will invite nominations for new trustees. These nominations would be voted on at a General Meeting of the members and the appointment would be made at such a meeting.
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LOVE THE OCEANS CONSERVATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
AJ Biden
F G VTrotman
PE Durante
Statement of trustees' responsibilities
The trustees, who are also the directors of Love The Oceans Conservation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law 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 of the incoming resources and application of resources, including the Income and expenditure of the charitable company for that year.
In preparing these 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 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; 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 adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. An advantage of the exemption from audit under section 477 of the Companies Act 2006 has been taken.
The trustees' report was approved by the Board of Trustees.
F G V Trotman Trustee
Dated: 27th August 2024
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LOVE THE OCEANS CONSERVATION
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LOVE THE OCEANS CONSERVATION FOR THE YEAR ENDED 30 NOVEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Love The Oceans Conservation for the year ended 30 November 2023, which comprise the statement of financial activities and the related notes from the charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accounts (CIMA), we are subject to its ethical and other professional requirements which are detailed at https://www.aicpa-cima.com/resources/landing/ethicsprofessionalism-and-conduct
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Love The Oceans Conservation and state those matters that we have agreed to state to the charity's trustees. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Love The Oceans Conservation and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Love The Oceans Conservation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Love The Oceans Conservation. You consider that Love The Oceans Conservation is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Love The Oceans Conservation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Longmire Consultants Limited 200a Stockport Road Timperley WA15 7UA
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LOVE THE OCEANS CONSERVATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income | |||
| Donations and legacies | 2 | 97,015 | 32,196 |
| Expenditure Raising funds |
3 | 4,534 | 1,680 |
| Charitable activities | 4 | 47,760 | 19,453 |
| Total resources expended | 52,294 | 21,133 | |
| Net Income for the year/ | |||
| Net movement in funds | 44,721 | 11,063 | |
| Fund balances at 1 December 2022 | 40,372 | 29,309 | |
| Fund balances at 30 November | 85.093 | 40,372 | |
| 2023 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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LOVE THE OCEANS CONSERVATION
BALANCE SHEET
AS AT 30 NOVEMBER 2023
| `` Notes Current assets Cash al bank and in hand Creditors: amounts falling due within one year 7 Net current assets Income funds Unrestricted funds |
2023 £ 85,653 (600) 85,053 85,053 |
2022 £ 40,972 (600) 40,372 |
|---|---|---|
| 40,372 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2023.
The Directors/Trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question In accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on
F G V Trotman Trustee 27th August 2024
Company Registration No. 11716192
. 5.
LOVE THE OCEANS CONSERVATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
1 Accounting policies
Charity Information
Love The Oceans Conservation is a private company limited by guarantee incorporated in England and Wales. The registered office is 200a Stockport Road, Timperley, WA15 7UA.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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)" (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.
2 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 97,015 | 32,196 |
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LOVE THE OCEANS CONSERVATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3 Raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds |
||
| 2023 | 2022 |
||
| £ | £ | ||
| Fundraising and Publicity | |||
| Fundraising agents | 3,281 | 216 | |
| Support costs | 1,253 | 1,464 | |
| Fundraising and publicity | 4,534 | 1,680 | |
| 4 | Charitable activities | ||
| Charitable | Charitable |
||
| projects | projects |
||
| 2023 | 2022 |
||
| £ | £ | ||
| Charitable projects | 47,760 | 19,453 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6 Employees
The average monthly number of persons (including trustees) employed by the company during the year was:
| 2023 | 2022 | ||
|---|---|---|---|
| Number | Number | ||
| 3 | 3 | ||
| 7 | Creditors: amounts falling due within one year | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals and deferred income | 600 | 600 |
8 Related party transactions
There were no disclosable related party transactions during the year.
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