Charity registration number 1197035 (England and Wales)
THE LOVE FOR LIFE FOUNDATION CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THE LOVE FOR LIFE FOUNDATION CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr D Lowe Mr D Thompson Mr W D Lowe Mr D Ward Charity number 1197035 Independent examiner Stuart Farrer FCA Sterling House Wavell Drive Rosehill Carlisle Cumbria CA1 2SA
THE LOVE FOR LIFE FOUNDATION CIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
THE LOVE FOR LIFE FOUNDATION CIO
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
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 Charities Act 2011 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)" (effective 1 January 2019).
Objectives and activities
Our purposes can be summarised as follows:
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To relieve the suffering of stray and unwanted animals that are in need of care and attention.
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To provide for sick or ill-treated animals.
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To provide and maintain an animal shelter and other facilities for the reception and care of stray and unwanted animals, and to re-home or foster where appropriate.
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To assist other organisations that provide the above services.
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To educate the public in all aspects of animal care and welfare.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Activities
The Charity commenced operations on the 11th September 2023 with the receipt of the initial funding of £100,000. Two grants amounted to a total of £6,000 was awarded in the year ended 31st March 2025.
Achievements and performance
Significant activities and achievements against objectives
This is the second year of the charity and the trustees are delighted that the Charity was able to start meeting it's objectives and was successfully awarded two grants in the period.
Financial review
The trustees are happy to report that the Charity received an initial amount of funding during the previous year and was able to commence activity. Sufficient 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 as and when necessary.
As at the year ended 31 March 2025, total funds of the charity amount to £104,704 (2024: £112,120), all of which are unrestricted.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. 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.
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THE LOVE FOR LIFE FOUNDATION CIO
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Structure, governance and management
The charity is a Charitable Incorporated Organisation Foundation, as a body corporate under the Charities Act 2011 as of 9th December 2021. On the same date it registered with the Charities Commission.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr D Lowe Mr D Thompson Mr W D Lowe Mr D Ward
Recruitment and appointment 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 appointed for a term of three years after which they must resign but may be reappointed by the Founding Trustee for 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 beneficial 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.
Organisational 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 Board of Trustees.
Mr D Lowe Founding Trustee
16 September 2025
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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 of The Love for Life Foundation CIO (the charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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 financial statements to be reached.
Stuart Farrer FCA
Sterling House Wavell Drive Rosehill Carlisle Cumbria CA1 2SA 17 September 2025
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THE LOVE FOR LIFE FOUNDATION CIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 82 | 125,000 |
| Total income | 82 | 125,000 | |
| Expenditure on: | |||
| Charitable activities | |||
| Grants Made | 4 | 7,498 | 12,880 |
| Total expenditure | 7,498 | 12,880 | |
| Net income/(expenditure) and movement in funds | (7,416) | 112,120 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2024 | 112,120 | - | |
| Fund balances at 31 March 2025 | 104,704 | 112,120 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 11 form part of these financial statements.
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THE LOVE FOR LIFE FOUNDATION CIO
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year Other creditors 12 Net current assets The funds of the charity Unrestricted funds 13 |
2025 £ - 105,649 105,649 945 |
£ 104,704 104,704 104,704 |
2024 £ 25,000 87,870 112,870 750 |
£ 112,120 |
|---|---|---|---|---|
| 112,120 | ||||
| 112,120 |
The notes on pages 6 to 11 form part of these financial statements.
The financial statements were approved by the trustees on 16 September 2025
Mr D Lowe Founding Trustee
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THE LOVE FOR LIFE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
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 6BH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 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 notified of the donation, unless performance conditions require deferral of 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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE LOVE FOR LIFE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at 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, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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THE LOVE FOR LIFE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | - | 125,000 |
| Other | 82 | - |
| 82 | 125,000 |
4 Expenditure on charitable activities
| Grants Made | Grants Made | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Direct costs | ||
| Grant funding of activities (see note 5) | 6,000 | 12,000 |
| Share of support and governance costs (see note 6) | ||
| Support | 403 | 130 |
| Governance | 1,095 | 750 |
| 7,498 | 12,880 | |
| Analysis by fund | ||
| Unrestricted funds | 7,498 | 12,880 |
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THE LOVE FOR LIFE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5 Grants payable
| Grants payable | ||
|---|---|---|
| Grants Made | Grants Made | |
| 2025 | 2024 | |
| £ | £ | |
| Grants to institutions: | ||
| Saving and Rehoming Strays | - | 4,000 |
| Schnauzerfest | - | 1,000 |
| Penny Jones Animal Hospice | 5,000 | 6,000 |
| Dogs Trust | - | 1,000 |
| Scottish Saving and Rehoming Strays | 1,000 | - |
| 6,000 | 12,000 |
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6 Support costs allocated to activities
| Grants Made 2025 £ Webhosting 403 Governance 1,095 2025 Governance costs comprise: £ Accountancy 1,095 1,095 7 Net movement in funds 2025 £ The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements 1,095 |
Total 2024 £ 130 750 |
|---|---|
| 2024 £ 750 |
|
| 750 | |
| 2024 £ 750 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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THE LOVE FOR LIFE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9 Employees
The average monthly number of employees during the year was:
| Total There were no employees whose annual remuneration was more than £60,000. |
2025 Number - |
2024 Number - |
|---|---|---|
Remuneration of key management personnel
There were no remuneration of key management personnel.
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Debtors
| Amounts falling due within one year: Other debtors 12 Other creditors falling due within one year Accruals and deferred income |
2025 £ - 2025 £ 945 |
2024 £ 25,000 |
|---|---|---|
| 2024 £ 750 |
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific 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 1 April 2024 | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| resources | expended | 2025 | ||
| £ | £ | £ | £ | |
| General funds | 112,120 | 82 | (7,498) | 104,704 |
| Previous year: | At 1 April 2023 | Incoming | Resources | At 31 March |
| resources | expended | 2024 | ||
| £ | £ | £ | £ | |
| General funds | - | 125,000 | (12,880) | 112,120 |
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THE LOVE FOR LIFE FOUNDATION CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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