ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
LITDRIVEUK
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1192075
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
LITDRIVEUK
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Pages 4 to 9 | Trustees' Report |
| Page 10 | Statement of Financial Activities |
| Page 11 | Balance Sheet |
| Pages 12 to 17 | Notes to the Financial Statements |
| Page 18 | Independent Examiner's Report |
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LITDRIVEUK
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1192075 DATE OF REGISTRATION 29th October 2020 START OF FINANCIAL YEAR 1st January 2022 END OF FINANCIAL YEAR 31st December 2022 TRUSTEES AT 31ST DECEMBER 2022 Louise Cass Emily McAllister Amanda McKenzie Benjamin Harris Samantha Church LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Foundation Registered 29th October 2020
OBJECTS
The objects of the CIO are to advance education for the public benefit by providing professional development to English Teachers or Tutors.
CORRESPONDENCE ADDRESS Litdrive UK P.O Box 11023 Leicester LE19 9DY PRIMARY BANKERS Lloyds Bank Plc 25 Gresham Street London EC2V 7HN SOLICITORS Nelsons Solicitors Provincial House 37 New Walk Leicester LE1 6TU INDEPENDENT EXAMINERS Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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LITDRIVEUK
(Charitable Incorporated Organisation)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2022
The Senior team of the LitdriveUK charity present their annual report and audited accounts for the year ending 31st December 2021 and confirm they comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS 102).
Our Aims
The charity operates under a Declaration of Trust dated 12 August 1909 and a scheme which was sealed by the Charity Commissioners for England and Wales on 9 April 1992 which included the regulations for the appointment of trustees.
The objects of the charity are the advancement of education for the public benefit by providing professional development to English teachers or tutors within the United Kingdom.
We aim to provide ongoing professional development to English teachers and tutors through a member-shared resource platform, an annual mentoring programme and a multi-faceted approach to subject-specific professional development training sessions. In doing so, we support English teachers to develop their knowledge and expertise, reduce workload and support teachers to avoid leaving the profession.
Our Objectives
Our objectives are set to reflect the educational aims of the charity., It is important to us that we maintain and enhance the current success of the charity during its term as a non-profit organisation.
The objective we have set for ourselves is within the context of the broader goals we set ourselves as a charity. In setting our objectives and planning our activities around these objectives, our voluntary team has given careful consideration to the Charity Commission’s public benefit advice.
Our key objectives for the year consisted of three key strands:
High quality resourcing, mentoring and CPD for English teachers
We see these three key objectives as central to how we meet our overarching charitable objective whilst still taking a considered approach to our volunteers’ workload and how we plan our activities as a result.
Resourcing:
i) To continue to develop our website functionality for members;
ii) To continue to uphold and develop our resourcing standards; iii) To ensure all policies are up to date and reviewed to support this.
Mentoring:
- i) To continue to develop our subject speci�c professional development offer; ii) To capture impact through insights work at key milestones of the programme; iii) To provide a clear mental model for mentors to support English teachers effectively.
Professional development:
-
i) To continue to develop our subject speci�c professional development offer; ii) -To provide choice and range to our members through professional development;
-
iii) T-To work with teachers and expert facilitators to raise the pro�le of this offer.
`
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LITDRIVEUK
(Charitable Incorporated Organisation)
TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
Review of Activities and Achievements
General:
As at 31st December 2021, the charity has 27041 members. Over the last five years, Litdrive has worked hard to maintain a clear vision, mission and set of values that demonstrates the power of collaboration, community and subject specific development for teachers to aid teacher retention. The impact of the pandemic 2020-2021 had a continuing impact on the charity, with a need to over- communicate the origin and journey of the charity to newer members without an in-person presence and with a depleting voluntary team. The senior team has been impacted by volunteers taking on new roles of employment, personal circumstances meaning limited capacity and one of our key priorities in 2023 is taking valuable feedback from the team to determine a sustainable organisational structure moving forward. We have developed a new partnership with Teach First networks, a leading charity supporting new teachers into the profession, working in areas of high deprivation and we look forward to working in alignment with this organisation to fulfil our vision and mission.
Resourcing:
Litdrive houses 4349 resources shared by members since July 2018. The senior team gathered feedback from members in the most recent member survey and some members shared a lack of confidence or lack of education regarding intellectual property or expectations around the approval process as reasons preventing them from sharing resources. The senior team took feedback from a voluntary working party regarding a redraft of the member guidance and this has since been published on our website, with a view to sharing the guidance in our next member bulletin. The charity has a positive working relationship with the CLA and as a result, has received one resource report in the last two years from members reporting on poor quality resources. Resources continues to be a key driver for website traffic with 229,965 resources downloaded in 2022.
Mentoring:
354 teachers have taken part in the mentoring programme. The declining numbers to each cohort may be as a result of the introduction of the Early Career Framework; a key component of the programme is that ECTs have a dedicated mentor as part of their induction. Retention to the programme has been high, with 3 withdrawals as at December 2022. The Founder will liaise with the Mentoring Associate to consider learning points from the matching process this year and how the team might support to promote this in good time for September launch this year. Members reported:
I have had the pleasure of working with an amazing teacher (ECT) during this year. We have met regularly and engaged in supportive and productive discussions.
Really useful sessions which I very much enjoyed with my mentee.
G was absolutely wonderful! She ensured that the sessions were based around what I would like. She suggested resources and has been very flexible and kind with her time.
Great for getting to know what other settings are doing and sharing best practice.
F was a brilliant support to have outside of my school setting. I was able to talk about my classroom strategies and real life examples of my role. Flo was then able to look at it in an impartial way and help my analyse situations with an outside perspective. I have found the experience extremely worthwhile and I have been implementing strategies throughout this year, and I will be using them as I progress through my career.
Having a mentor made a huge impact to my practice and my school. She helped me to plan and implement change which helped my colleagues and will improve student outcomes for years to come.
A valuable experience for both mentor and mentee. I highly recommend this programme to new and experienced practitioners.
I found it really rewarding - I enjoyed helping my mentee and when she got the promotion she went for I was so happy.
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LITDRIVEUK
(Charitable Incorporated Organisation)
TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
Professional Development
Litdrive’s professional development offer consists of an online schedule of pre-recorded expert-led sessions and regional professional development events, run by volunteers. This term, an event ran in Cheshire and an event ran in Sheffield, attended by 50 English teachers. An evaluation form is sent out to attendees within 48 hours of the event, with 100% positive overall experience rating.
Our online offer has continued to run, delivering pre recorded, subject specific sessions for members to access as part of their professional development. Last year, we introduced the option to download a certificate for completion in response to member feedback. CPD sessions have been viewed 24177 in 2022, at almost a million hours of CPD accessed by teachers. We have been approached by a university to run a large-scale conference in 2023 in partnership with the institution, and look forward to providing this as a formalised return to in person events for our members.
A key mechanism enabling professional development to run has been the knowledge, expertise and capacity of our voluntary team. In our AGM, some volunteers have reported that it was challenging to work in isolation to coordinate an event, or to source speakers.
Future Plans
The senior team intend to continue their current strategies which will be informed by the member survey and AGM data, along with volunteer review feedback. Our future plans are financed primarily from member service charges and any supporting partnership donations. The senior team needs to maintain an equitable balance ensuring that our members benefit whilst at the same time, ensuring a sound infrastructure and financial base is preserved for the following year. As the annual financial report demonstrates, our finances are still rather unpredictable and it has been difficult to undertake any projections in light of the pandemic changing the way that English teachers access CPD. Nevertheless, we continue to take a cautious approach to any future plans that differ or deviate from the activities outlined above, with a litmus test for all new initiatives: i) Will this improve the member experience? ii) -Will this maintain or reduce volunteer workload?
In 2023, we intend to explore moving towards a more stable infrastructure for the operational aspects of the charity, outsourcing where the team does not possess the expertise such as finance, HR, marketing and web development. We also intend to explore subject association status, providing an opportunity for us to be considered by donators as a viable philanthropic opportunity.
Resourcing:
We intend to continue to share and celebrate member shared resources, demonstrating our key value of collaboration. We will share highlights via our member communication and align this with the teaching calendar to ensure teachers are supported at key points such as revision in preparation for terminal assessments. We will continue to review and update our resource guidance and related policies where required. Finally, we will explore an prepare to simplify the resourcing categories for members.
Mentoring:
We will continue with our mentoring programme, refining the process with additional support materials and taking on board any other feedback from participants to improve the programme. In 2023/2024, we would like to consider the option of external accreditation, or printed certificates issued to those who complete the programme.
Professional Development:
We will continue to provide members with a hybrid offer of in-person and online professional development, working in partnership with key stakeholders across the sector to provide a high quality offer. We will utilise the voluntary team’s expertise to coordinate and deliver our first large-scale conference in partnership with a university to explore this as a long-term model for our professional development offer.
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LITDRIVEUK
(Charitable Incorporated Organisation)
TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
Our Finances
The financial statements for the year ended 31st December 2022 show net profit for the year of £21,496.
The principal source of income is service charges for membership and additional donations made by our supporting partners. The senior team is continuing their strategy of maintaining a very low annual service charge to operate the charity, before then deploying all net income resources back into serving the charity objective. A financial analysis and forecast will be competed in 2023 to see whether this is financially viable.
As a charity, the members have the assurance that all of our income must be applied for charitable purposes. As an educational CIO, we enjoy tax exemption on our activities, as well as exemption for VAT purposes, although this does mean we are unable to reclaim VAT input tax. We currently do not have any employees.
The Founder and Trustees regularly review the finances, budget and spend as part of effective stewardship of the charity. To financially safeguard the charity in the unpredictable climate of both our evolution as a charity in its infancy but coupled with the increased recruitment and retention crisis, we are now working with Lloyds Bank to open a reserve account to ensure we are able to maintain all regular costs in the event of a decrease in income. In the likelihood that we run a large-scale conference, these funds will be reported on separately to ascertain the financial benefit to the charity to using this model in future.
Policies
We have sought guidance from the Charity’s Commission regarding the essential policies we must hold to meet all the requirements outlined for a CIO. These are but will not exhausted to:
i) - Terms & Conditions 2022 ii) - Concerns & Complaints Policy 2022 iii) - Privacy Policy 2022
Structure and Governance
We currently have a robust voluntary structure, with senior officers overseeing our three strands of priority. We have made various adaptations to the roles within the voluntary body, creating a series of roles as it has become apparent that future capacity was required in that area of the charity’s work. We continue to welcome all contributions from members to further develop regional representation but also contributions regarding professional development delivery, administration and writing roles. We have a systematic approach to volunteer recruitment: all volunteers are interviewed by the Networks Associate and Founder, complete an induction and are supported by another volunteer from within the charity. They also sign an agreement that stipulates the expectations of the charity and outlines the support the charity will provide, including the opportunity to undertake any training relevant to the role. All volunteers are offered an annual review to provide ongoing feedback and suggestions regarding charity business.
Trustees are responsible for the overall management of the charity and meet three times a year. The work implementing most of their policies is carried out by the senior team and volunteers. All Trustees give their time freely and no remuneration or expenses were paid in the last year. No Trustee or person connected with a Trustee received any benefit from either means tested bursaries or donations paid to the charity.
The Founder stepped down as Chair of Trustees in August 2022 and a new Chair has been appointed to ensure absolute transparency and due diligence between the voluntary team and Board of Trustees. This will ensure enable the Founder to support in recruitment and ongoing support of any paid staff in future.
We have key supporting partners who we have established relationships with: IPEVO, Massolit, MTPT Project,Teach First and Quotation Bank. These partnerships were developed when the non-profit was in its infancy because the organisations aligned with our key values of ‘better balance’ for members. All partnerships are reviewed annually to ensure that the relationship is mutually beneficial and that the partnership enhances the value of the charity to members.
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LITDRIVEUK
(Charitable Incorporated Organisation)
TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
We have an informal relationship with the #TeamEnglish community, who continue to support all our charitable work via social media.
Risk Management
There are three core risks identified by the Founder regarding our charitable work:
Reputation
The charity’s success is built on its reputation for providing a high quality service to English teachers and tutors. We manage this risk through our policies, maintaining transparency in our plans, activities and impact and active identification and resolution of any concerns.
Finance
Our ability to continue is reliant on member service charges and the ability to pay service charges as they fall due. The risk is managed by marketing activity, having a reputation for the excellent quality of service and active cash-flow management.
Standards
To provide our members with a high-quality service, we must have systems and processes to ensure standards are met. Through our ongoing quality assurance, clear guidance to contributors and avenues for feedback, we ensure that our reporting rates are consistently minimal and we continue to receive positive feedback for the work that we undertake.
Through the risk management processes established for the organisation, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Senior Team and Trustees
Senior Team
Kat Howard: Founder Claire Hill: Senior Standards Office Zena Chadwick: Senior Networks Officer
Trustees
Louise Cass: Chair (1st September 2022) Kat Howard: Chair (1st October 2020 - 31st August 2022) Emily McAllister: Trustee (15th June 2021) Benjamin Harris: Trustee (1st October 2020) Amanda McKenzie: Trustee (15th June 2021) Samantha Church: Trustee (1st October 2020)
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LITDRIVEUK
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Activities for Generating Funds 3b Investment Income 3c TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Governance Costs 4b TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward Transfer of Funds 18 TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ 1,275 - 1,275 2,684 29,869 - 29,869 38,035 1 - 1 - 31,145 - 31,145 40,719 8,286 - 8,286 8,898 1,363 - 1,363 916 9,649 - 9,649 9,814 21,496 - 21,496 30,905 56,005 - 56,005 - - - - 25,100 77,501 - 77,501 56,005 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 12 to 17 form part of these financial statements.
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LITDRIVEUK ICh81ithbla Incorpo OrWisat) BALANCE SHEET AS AT 31ST DECEklBER 2022 Total 31.DoG-22 Total 31.D0c.21 Flxed Asts Tanc11¢ Awls InvotstmonlG Total Flxed Al Currmt A•i•t• Debttt8 & PrepayThnts Cash al 8ank and in Hand Total Curr•nt A••811 1275 77,473 78.748 77.473 78,748 57,349 57,349 Cr•dltor: ArncMJrth fIlg I1hIn 1247 1247 1.344 NET CURRENT ASSETS 77.501 77.501 56.005 TOTAL ASSET81695 cwrenl Ilat 77,S01 77.501 S8,005 ¢r¥Ul¢ur%.' AITwils farKJ In one year NET A8$ET8 77.SD1 77.501 58,QOS Funds of th• Charfty General Funds R•slriCted Funds 77W1 77A01 50.005 Total Fundo 77.501 77,501 56,005 AuJusF g@"J.. ......................... . ... Approved by th8 Tru8t808(1 .............................. . .. Slyiwd uii Ilth- l4rtryTrUte.. Printed Nam&'. LOU(SC cifigs
LITDRIVEUK
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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LITDRIVEUK
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Unrestricted Funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted Funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated Funds
These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings and Equipment
25% - Reducing Balance Basis
2. TANGIBLE FIXED ASSETS
The CIO held no fixed assets during this or the previous financial period.
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st December 2022 : None
31st December 2021 : None
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LITDRIVEUK
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations b) Activities for Generating Funds Membership Subscriptions c) Investment Income Interest 4. RESOURCES EXPENDED a) Cost of Charitable Activities Bank Charges Equipment Costs Gifts & Donations Licenses & Subscriptions Office Costs Sundry Expenses Telephone Costs Travel & Subsistence Website Costs b) Governance Costs Independent Examiners Fees 9 Legal & Professional Fees |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ 1,275 - 1,275 2,684 1,275 - 1,275 2,684 29,869 - 29,869 38,035 29,869 - 29,869 38,035 1 - 1 - 1 - 1 - Unrestricted Restricted TOTAL TOTAL Funds Funds 2022 2021 £ £ £ £ 34 - 34 214 482 - 482 - 200 - 200 755 2,139 - 2,139 1,542 426 - 426 1,344 562 - 562 373 84 - 84 56 142 - 142 - 4,217 - 4,217 4,614 8,286 - 8,286 8,898 750 - 750 650 613 - 613 266 1,363 - 1,363 916 |
|---|---|
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LITDRIVEUK
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
5. RESTRICTED FUNDS
The CIO held no restricted funds during this or the previous financial period.
6. INVESTMENTS
The CIO held no fixed assets investments during this or the previous financial period.
7. CASH AT BANK AND IN HAND
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Fund | Fund | 31-Dec-22 | 31-Dec-21 | |
| £ | £ | £ | £ | |
| Cash at Bank & in Hand | 77,473 | - 77,473 |
57,349 | |
| 77,473 | - 77,473 |
57,349 | ||
| 8. DEBTORS AND PREPAYMENTS Sundry Debtors |
Unrestricted Fund £ 1,275 |
Restricted Fund £ |
Total 31-Dec-22 £ - 1,275 |
Total 31-Dec-21 £ - |
| 1,275 | - 1,275 |
- | ||
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry Creditors Independent Examiners Fees |
Unrestricted Fund £ 497 750 |
Restricted Fund £ |
Total 31-Dec-22 £ - 497 - 750 |
Total 31-Dec-21 £ 694 650 |
| 1,247 | - 1,247 |
1,344 |
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
11. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Dec-22 31-Dec-21 £ £ £ £ - - - - 77,501 - 77,501 56,005 - - - - 77,501 - 77,501 56,005 |
|---|---|
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LITDRIVEUK
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
12. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial period.
13. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them.
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
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LITDRIVEUK
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
18. TRANSFER OF FUNDS
The Trustees of LitdriveUK sought guidance and advice and have agreed to register the new Charitable Incorporated Organisation, LitdriveUK (Registered Charity Number 1192075). All Assets and liabilities were transferred to LitdriveUK (Registered Charity Number 1192075) during the financial period ended 31st December 2021. The following assets and liabilities represent the CIO's operations prior to registering the Charitable Incorporated Organisation with the Charity Commission and the assets and liabilities transferred during the period ended 31st December 2021 are as follows:
| Fixed Assets Tangible Assets Current Assets Debtors & Prepayments Cash at Bank and in Hand Total Current Assets NET CURRENT ASSETS TOTAL ASSETSless current liabilities NET ASSETS Funds of the Charity General Funds Restricted Funds Total Funds Transferred Creditors:amounts falling due within one year |
Unrestricted Restricted Total Funds Funds 29-Oct-20 £ £ £ - - - - - - 36,900 - 36,900 36,900 - 36,900 11,800 - 11,800 25,100 - 25,100 25,100 - 25,100 25,100 - 25,100 25,100 - 25,100 - - - 25,100 - 25,100 |
|---|---|
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LITDRIVEUK
(Charitable Incorporated Organisation)
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/ members of LitdriveUK on the accounts for the year ended 31st December 2022 set out on pages 10 to 17.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
-
state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
K. Collaku MAAT Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
Date: 30th October 2023
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