Charlty reglstratlon number 1197035 Company reglstratlon number CE027545 (England and Wales) THE LOVE FOR LIFE FOUNDATION CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE LOVE FOR LIFE FOUNDATION CIO LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr D Lowe Mr D Thompson MrWOLowe MrDWard Charity number 1197035 Cgmpany number CE027545 Independent examlner Stuart Farrer FCA Sterling House Wavell Drive Cumbria CAI 25A THE LOVE FOR LIFE FOUNDATION CIO CONTENTS Page Trustees, report Statement of trustees. responsibilities Independent examiner's report Statement of linancial activities Balance sheet Notes to the h"nancial statements 7-11 THE LOVE FOR LIFE FOUNDATION CIO TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and linancial st8tements for the year ended 31 March 2024. The financial statement5 have been prepared in accordance with the accounting policies Set out in note I to the linancial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting bv Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R@public of Ireland IFRS 1021" leffective l Janu8ry 20191. Objectives and activities Our purposes can be summarised as follows.. To relieve the suffering of stray and unwanted animals that are in need of care and attention. To provide for sick or ill-treated animals. To provide and maintain an animal shelter and other facilitie5 for the reception and care of Stray and unwanted animals, and to re-home or foster where appropriate. To a5515t other organi5ations that provide the above service5. To educate the public in all aspects ol animal care and welfare. Public berjefi't The trustees have paid due regard to guidance issued by the Charity Commission in deciding what acrivities the charity should undertake. AcDviThes The Charity commenced operation5 on the Ilth September 2023 with the receipt of the initial funding of £IOO,000. Charitable activities cornmenced shortly afterwards with the award ol the h'rst grant to a local organisation. A total of £12,000 w85 awarded in the year ended 31st March 2024 with further grants being awarded in the neKt h'nancial year. Achievements and performance Signific(tnt Uctivities uchievements ogoinst objectives In this period. our goal was to ensure that the Ch8rity commenced operations, after initial delays due to the Covid pandemK. The trustees 3re delighted that the Charity was able to start m&eting it's objectives and was able to make several grant awards in the period. Financial review The trustees are happy to report that the Charity received an initial amount of funding and was able to commence activity. Suffi"cient funds were obtained to enable the Charity to undertake it's activities for the foreseeable future and are confident that further funding can be obtained a5 and when necessary. Reserves policy It is th& policy of the charity that unrestricted funds which h8ve not been design8ted for a specific use should be maintained at a level equivalent to between three and six month's expenditure. Th& trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to conrnue the charitws current acrvities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained rhroughout the year. Structure, go¥ernan¢e and management The charity 15 a Charitable Incorporated Organisation Foundation, as a body corporate under the Charitie5 Art 2011 as of 9th December 2021. On the same date it registered with the Charitie5 Commission. THE LOVE FOR LIFE FOUNDATION CIO TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORTI (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors for the purpose of company law. 8nd who served during the y&ar 8nd up to the date of signature of the financial statements were.. MrD Lowe Mr D Thompson MrWDLowe MrDWard Recruitment und uppointment of trustees The Founding Trustee is responsible for appointing trustees. There should be a minimum of three trustees, including the Founding Trustee and a maximum of seven. The Founding Trustee and any members of his family appointed as trustees shall serve until they resign or cease to be eligible in accordance with the terms of the Governing document. All other trustees are ppointed for a term of three years after which they must resign but may be reappointed by the Foundng Trustee lor a maximum of three such terms. After this they will only be eligible for reappointment after standing down for a period of one year. None of the trustees has any benelicial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Orgonisotional structure The Founding Trustee runs the charity on a day to day basis. Regular Trustee meetings are held to discuss grant awards. The trustees, report was approved by the B08rd of Trustees. MrD Lowe FoundlngTrustee Date.. THE LOVE FOR LIFE FOUNDATION CIO STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors ol The Love lor Found8tion CIO lor th& purpose of company law, are r&sponsible 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 ol the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these fi-nancial statements, the trustees are required to.. select suitable accounting ptslicies and then apply them consistently,. - observe the methods and principles In the Charitie5 SORP., rnake judgement5 and estimate5 that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fi'nancial statements., and 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 adeouate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure thar the financial statements comply with rhe Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detecknon of fraud and other irregularities. THE LOVE FOR LIFE FOUNDATION CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LOVE FOR LIFE FOUNDATION CIO I report to the trustees on my examination of the financial statements ol The Love for Life Foundarion CIO Ithe charity) for the Year ended 31 March 2024. Responsibilitse5 and basi5 of report As the trustees of the charity land also its directors for the purposes of company lawl you are regponsible for the preparation of the financial statements in accordance with the requirements ol the Companies Att 2006 Ithe 2006 Att). Having satislied myself that the linancial statement5 of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible lor independent examination, I report in respect of my examination ol the charity'5 linancial statements carried out under section 145 of the Charities Act 2011 (the 2011 Actl. In carrying out rny examination I have followed all the applicable Directions given by the Charity Comrni5sion under section 14515llbl of the 2011 Att. Independent examlner's ststement I have completed rny examination. I confirm that no matters have come to my attention in connection with the exarnination giving Me cause to believe that in any material respect.. ccounting records were not kept in respect of the charity as required by section 386 of the 2006Act,' or th& linanci31 st3tements do not accord with those records., or the linancial statements do not comply with the accounting requirernents of section 396 of the 2006 Act other than anv requirernent that the accounts give a true and fair view which is not a matter considered as part of an independent ex3mination', or the financial statements have not been prepared in accordance with the methods and principles tsf the Statement of Recotnmended Practice for accounting and reporhng by charities applicable to charities preparing their accounts in accordance with the Financial Repothng Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and hav@ 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 financial statements to be reached. Stuart Farrer FCA Sterling House Wavell Drive Cumbria CAI 25A Dated.. THE LOVE FOR LIFE FOUNDATION CIO STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Note5 Income from: Donation5 and legacie5 125.000 Charitable achvitie5 Grants Made 12,880 Net Income and movement In funds 112,120 Recontiliadon of funds.. Fund balances at l April 2023 Fund balan￿5 at 31 March 20Z4 112,120 The statement of financial acrvitres includes all gains and losses recognised in the year. All i￿ome and expenditure derive from continuing activities. The notes on pages 7 to 11 form part of these linancial statements. THE LOVE FOR LIFE FOUNDATION CIO BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Current assets Debtors io 25,000 87,870 Cash at bank and in hand 112,870 Credltors.. amounts falllng due wlthln one year Other Creditors li 750 Net current assets 112,120 The funds of the charity Unrestricted fund5 112,120 Total funds 112,120 The notes on pages 7 to 11 form part of these financial statements. The company is entitled to the exemption from the audit requirement contained in secron 477 of the Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying Wlth the requirements of the Companies Act 2006 with respect to accounting records and the preparation of tinancial statements. The Members have not required the cornpany to obtain an audit of its financial 5tatement5 for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provision5 applicable to companie5 Subject to the Small companie5 regime. The linancial statements were approved by the trustees on Mr D Lowe Trustee Company registration number CE027545 (England and Wales) THE LOVE FOR LIFE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charity infomiation The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Cummersdale House, Cummersdale, Carlisle, Cumbria, CA2 68H. 1.1 Reporting period The financial statements have been prepared for a 12 month period. The Charity was Dormant for the p￿viOUS 16 month compaotive period . 1.2 Accounting convention The financi31 statements have been prepared in accordance with the charity's Igoverning documentl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charities SORP "Accounting and Reporring by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporring Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecllve l January 20191. The charity is a Public Benelit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these tinancial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.3 Golng concem At the time of approving the financial 5tatement5, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thu5 the trustee5 continue to adopt the going concern basis of accounting in preparing the linancial staternents. 1.4 Charitsble fund5 Unrestricted funds are available for use at the discretion of the trustees in furtherance of theircharitable objectives. Restricted fund5 are Subject to 5pecilic condition5 by donor5 or grantor5 a5 to how they may be used. The purposes and U5e5 of the restricted lund5 are set out in the note5 to the financial 5tatement5. Endowment funds ar& subject to specifi'c conditions by donors that the capital must be maintained bythe charitv. 1.5 Income 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 notif ed ol the donation, unless performance conditions require deferral ol the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacie5 are recognised on receipt or otherwise if the charity has been notilied of an impendin8 distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy 15 treated a5 a contingent 85set. THE LOVE FOR LIFE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.6 Expenditure Expenditure is recogni5ed once there 15 a legal or con5truchve obligation to transfer economic benefit to a third party, it 15 probable that a transfer of economic benelit5 will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classilied by activity. The costs of each 3ctivity are rnade up of the total of dIr￿t costs 3nd shared cost5, including support costs involved in undertaking each activity. Direct costs attributable to 3 single activity are allocated directly to th3t activity. Shared costs which contribute to more than on& activity and support costs which are not attributable to 8 single activity are apportioned between those 8ctivities on 8 basis consistent with the use of resources. Central st3ff costs are 311ocated on the basis of rime spent, and depreciation charges are 311ocated on the portion of the asset's use. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, Other short-term liquid investment5 with original rnaturities of three months or less, and bank overdrafts. Bank overdraft5 are shown within borrowings in 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 '0rher Financial Instruments Issues, of FRS 102 to all of its linancial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provision5 of the In5trurnent. Financial a55et5 and liabilitie5 are offset, with the net amount5 presented in the financial 5tatement5, when there 15 a legally enforceable right to set off the recogni5ed amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bosicfinttncittlossets Basic linancial as5et5, which include debtors and cash and bank balance5. are initially measured at transaction price including tr3n53ction costs and are Subsequently carried at amorhsed cost using the effective interest rnethod unles5 the arrangement con5titute5 a financing transaction, where the transaction is measured at the presert value of the future receipts discounted at a market rate of interest. Financial assets £las5ified as receivable wthin one year are not amorhsed. Bo5icfinunciL711iobilities Basic fi'nancial liabilities. including creditors and bank loan5 are initially recognis&d at tran58ction price unle55 the arrangement con5titut&5 a financing transaction, where the debt instrument is measured at the pr&sert value of the future payments discounted at a Market rate of int&rest. Financial liabilities classilied as payable within one year are not amortised. Debt instruments are subsequently carried 3t amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, thev are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amorrised cost using the effective interest method. Derecognlrfon olfvnunclolllobllllles Financial liabilities are derecognised when the charitvs contractual obligations expire or are discharged or cancelled. THE LOVE FOR LIFE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benelits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of èn employee or to provide termination benefits. Critrcal accounting estimates and judgemerrt5 In the application of the charity's accounting policies, the trustees are required to mak& judgements, estimates and assumptions about the Carrying amount of as5et5 and liabilities that are not readily apparent from other sources. The estim8tes and associatecj assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that pericd, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted lunds 2023 Donations and gift5 125,0(X) Expenditure on charitable activities Grants Made 2024 Direct costs Grant funding of activities Isee note 51 12,000 Share of 5UPPOrt and governance cost5 Isee note 61 Support Governance 130 750 12,880 Analysis by lund Unrestricted funds 12,880 THE LOVE FOR LIFE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Grants Made 2024 Grants to institutions14 grants).. Saving ènd Rehoming Strays Schnauzerfest Penny Jones Animal Hospice Dogs Trust 4,000 1,000 6.000 1,000 12,000 Support Costs allocated to activities Grarrt5 Made Total 2024 2023 Webhosting Governance 130 750 2024 2023 Governance costs comprlse: Accountancy 750 750 Net movement in fund5 2024 2023 The n&t movement in funds is stated after ch8rging/lcreditingl-. Fees payable for the independent examination of the charity's financial statements 750 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefjrs fr￿￿ the charity during the year. Taxatlon The charity is exempt from taxation on its activities because all its incorne is applied for charitable purposes. 10- THE LOVE FOR LIFE FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 De￿or5 2024 2023 Amourrt5 falling due within one year: Other debtors 25,000 11 Other creditors falling due within one year 2024 2023 Accruals and deferred income 750 12 Unrestri¢ted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specih"c conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l Aprll Z023 Incoming resouites Resources expended At 31 March 2024 General funds 125,000 112,8801 112,120 13 Related party transartlons There were no disclosable related party transactions during the year12023- none).