2020-12-31-accounts - Festival Of Life

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FESTNAL OF LIFE IA Company LImIl by Guardntso INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF FESTIVAL OF UFE ICONTINUEDI Ro$pon$lbllitios of Iwsto As explalned more luly in the trustees. responsibilib.eg stslemenl, the trustees I0 are also the dlreclorg of the chartsble cornpany for the purposes of company lawl are responsible for the preparation of the financial ststemenls and for Ing satisfied that they give a true and fair view. and for $u¢h inlemal control as the trustees determine is necessary to enable the prepar'on of finan¢>al $tstements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial stslements. the trustees are responsible for a$$S1ng the charitable Company's ability to continue as a going concem. disclosing. as applicable, matters related to going concern and using the going concern basis of acccmjnting unless the trustees either intend to hquidate the tharttable company or to cease operations, or have no reali5ts'c ajtemalive but to do 50. Audltor¥' rg•pon•lbblltSe¥ for t •udlt of tho fin•ncl•l ¥tst•menl¥ Our objecb.ves are lo obtain reasonable assurance at<Jul thether the financial statements as a %thole are free from material misslaternenl, whether due lo fraud or error. and to issue an aLtrdilor's report that includes our opinion. Reasonable a$$uran¢e 1$ a high levd of as$uran¢e, bul 1$ not a guarantee that an audit conducted in accordance wth ISA$ IUKI wll athys detect a material misstatement vthen it exists. Misstatements can arlse from fraud or error and are considered material rf, indiwdualty or in the a9gregale, they could reasonably be expected lo influence the eC0MiC deciOn3 of users taken on the basis of these financial statement5. Irrggularrtios. induding fraud. are instsn¢es of n¢y0MPlla8 with la and regulali¢)ns. We design procedures in line with our responsibilities, oullirled above, to detect material misstalemenls in respect of irregularth'es, Including fraud. The extent to wthich our procedures are capable of detectin9 irregularities, including fraud 1$ detailed below. Enquiry of management, those charged ilh govemance around actual and potent1 Igats.0n and claims,. Enquiry of entity staff to identify any instances of non4ompliance v•th18ws and regulatlons., Reviewng minutes of meebngs ol those charged wth govemance.. Reviewing financial statement disclosures and testing lo supporting documentation lo assess compliance th applicable laws and regulations. Perforniing audit over the risk of management override of contro15, including testsng of journal entries and olher adjustments for appropriateness. evaluating the l)usiness rionale of significant transactions outside the nornial course of business and revieir¥J accowbbng estKnates for bras. Because ol the inherent limitations of an audrt, there is a nsk that V+ill not detect all irregularities, including those leading lo a matefial misglalement in the financial statements or non<omplian¢e wth regulation. This risk Increases the more that compliance wlh a law or regulation is remove(l from the events and transactions fle¢ted in the finan¢ial $lalemenl$. as will be le$$ likely to become •Yare of in$tan¢es ol non<omplianc&. The risk is also greater regarding irregulanbes occurring due to fraud rather than error, as fraud involves intentional concealmenl. forgery. Co1810n, omiSn or misrepresentahon. A fvrther de51p.0n of our resp)nsibilth"e$ 1$ avaikableon the Finanual Repon9 Coun¢il'g websrte at httpS.'l.frC.Org.uk1our-worklAudiuAudlt-anaSsU1aCeIStadards-and-gUid3n¢e-foT-auditOrS}AuditOrs- responsibilth.es-for4uditesC[lpti0r1*0f-aUdftOrS-reSponsibie$-fOr-audit.aspx. This description forms part of our auditor's report. Page 8

			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	2019
		Note
Income and Endowments	from:
Donations and legacies			884,937	884,937	1,232,142
Other trading activities					8,061
Investments					12
Total income			884,943	884,943	1,240,215
Expenditure on:
Charitable activities			483,541	483,541	1,398,470
Total expenditure			483,541	483,541	1,398,470
Net movement in funds			401,402	401,402	(158,255)
Reconciliation offunds:
Total funds brought forward			900,285	900,285	1,058,540
Net movement in funds			401,402	401,402	(158,255)
Total funds carried forward			1,301,687	1,301,687	900,285

			Note	2020f	2020	2019	2019 F
Tangible fixed assets			14
Current assets
Debtors			15	569,916		615,031
Cash at bank and	in	hand		747,909		312,822
Total current assets				1,317,825		927,853
Creditors: amounts		falling due within one
year			16	(16,138)		(27,568)
Net current assets					1,301,687		900,285
Total assets less	current liabilities				1,301,687		900,285
Net assets/(liabilities)					1,301,687		900,285
Total net assets					1,301,687		900,285
Charity funds
Unrestricted funds			18		1,301,687		900,285
Total funds					1,301,687		900,285

		2020	2019
Cash flows from operating activities
Net cash used in operating activities		401,402	(158,255)
Decrease/(increase) in debtors		45,115	25,923
Increase/(decease) in creditors		(11,430)	(23,669)
Interest and Dividends		(6)	(12)
Cash flows from investing activities
Dividends, interests and rents from investments			12
Net cash provided by investing activities			12
Change in cash and cash equivalents in	the year	435,087	(156,001)
Cash and cash equivalents at the beginning	ofthe year	312,822	468,823
Cash and cash equivalents at the end of	the year	747,909	312,822
The notes on pages 13to 25 form part ofthese financial statements

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
Dontions and Legacies
Partners Donations	878,261	878,261	958,929
Parish Contributions	69,186	69,186	95,695
Other Donations	6,777	6,777	13,229
Offering	16,277	16,277	81,510
Thanksgiving	8,896	8,896	25,201
CSRlncome	1,738	1,738
Gift Aid	(96,198)	(96,198)	30,000
FOL Manchester			27,578
Total 2020	884,937	884,937	1,232,142

		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
Stalls	Income			8,061
Total	2019	8,061	8,061

		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
		F
Bank	Interest			12
Total	2019	12	12

				2020	2019
Charitable Activities
Rent Expenses					319,752
Ministry Expenses				5,294	30,011
Stalls					3,359
Protocol					824
Honoraria				25,750	14,820
Technical/Production	Costs			58,660	297,029
Partners Costs				6,301	10,832
Other Festival Costs					666
Grants (See Note 8)				15,580	17,500
Choir Expenses					823
FOL Manchester					216,008
Youth Event				20,346	64,129
CSR				65,137	19,565
Professional Fees	and Services			8,743	4,107
Staff Costs				786
Support and Governance		Costs (See Note 7 )		276,944	399,045
Total Expenditure	on Charitable		Activities	483,541	1,398,470

Support and Governance	Support and Governance	Costs
			2020	2019
Support and Governance		Costs
Telephone			1,413	1,543
Advertising Expenses			1,740	8,170
Staff Costs			213,815	229,605
Transport Expenses			96
Professional Fees			11,515	15,533
Bank Charges			3,439	4,883
Website Expenses			9,156	9,730
Insurance Expenses			30
Travel Expenses			1,993	18,101
Sundry Expenses				2,403
Staff Training and Development			53	2,702
Volunteer Expenses			3,505
Auditors' Remuneration			2,880	2,880
IT and Communications	Expenses		16,447	5,541
Contractors Fees and Services			4,160
Equipment Rental/Lease			175
Bad Debts			2,916
Suspense Account			(305)
Office and Administrative		Costs	3,856	16,007
Postage Expenses			60	8,101
Security Services				54,948
Hospitality Expenses				18,898
			276,944	399,045

	Grants to	Total	Total
	Institutions	funds	funds
	2020	2020	2019
			F
Grants to Charities	15,580	15,580	17,500
Total 2019	17,500	17,500

The Charity	has made the following material grants	to institutions during the year:
		2020	2019
Name of institution
CLOJ Brazil			5,000
FOL Russia			10,000
Compassion	UK	13,080
Hope UK		2,500	2,500
Total		15,580	17,500
Total Grants		15,580	17,500

		Unrestricted	Total	Total
		funds	funds	funds
		2020	2020	2019
				F
Charitable	Activities	467,961	467,961	1,380,970
Grants		15,580	15,580	17,500
Total 2020		483,541	483,541	1,398,470
Total 2019		1,398,470	1,398,470

		Activities	Grant
		undertaken	funding of	Support	Total	Total
		directly	activities	costs	funds	funds
		2020	2020	2020	2020	2019
			E
Charitable	Activities	191,018		276,943	467,961	1,380,970
Grants			15,580		15,580	17,500
		191,018	15,580	276,943	483,541	1,398,470
Total 2019		1,055,771	17,500	325,199	1,398,470

The auditors' Staff costs	remunerat	ion amount	s to an auditor fee of F2,880 (20	19 - F2,880).
				2020	2019
Wages and	Salary Cost
Gross Wages				190,573	193,644
Social security costs				15,372	13,223
Contribution	to defined	contribution	pension schemes	6,868	7,348
Total				212,813	214,215

			2020	2019
			No.	No.
Staff Numbers
Key Management		Personnel
Administrative	Staff
Total			10

		2020	2019
			F
Due within one year
Other debtors		196,114	241,257
Prepayments	and accrued income	373,802	373,774
		569,916	615,031

				2020	2019
	Creditors
	Trade creditors			6,623	6,460
	Other taxation and social		security	5,245	6,860
	Other creditors			1,390	6,590
	Accruals and deferred	income		2,880	7,658
	Total Creditors			16,138	27,568
17.	Financial instruments
				2020	2019
	Financial assets
	Financial assets measured		at fair value	747,909	312,822

Statement of		funds - current year
							Balance at
			Balance at 1				31
			January				December
			2020f	Income	Expendituref		2020
Unrestricted	funds
General Funds		- all funds	900,285	884,943	(483,541)		1,301,687
Statement of		funds - prior year
							Balance at
			Balance at				31
			1 January				December
			2019	Income	Expenditure		2019
			F	F		F
Unrestricted	funds
General Funds		- all funds	1,058,540	1,240,215	(1,398,470)		900,285

Analysis	of n	et ass	ets	between funds - current pe	riod
					Unrestricted	Total
					funds	funds
					2020	2020
Current	assets				1,317,825	1,317,825
Creditors	due	within	one	year	(16,138)	(16,138)
Total					1,301,687	1,301,687

Analysis	of n	et ass	ets	between funds - prior period
					Unrestricted	Total
					funds	funds
					2019	2019
						F
Current	assets				927,853	927,853
Creditors	due	within	one	year	(27,568)	(27,568)
Total					900,285	900,285