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2022-12-31-accounts

Registered number: 04276341 Charity number: 1090787

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details 1
Trustees' Report 2 - 5
Independent Auditors' Report 6 - 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 - 25

(A Company Limited by Guarantee)

FESTIVAL OF LIFE

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees and Key Management Personnel

Kola Bamigbade, Trustee Agu Irukwu, Trustee Olusola Oludoyi, Trustee

Wale Gibson-White, Operations Manager

Company registered number

04276341

Charity registered number

1090787

Registered office

112 Brent Terrace, Brent Cross, London, NW2 1LT

Company secretary

Mr Samuel Sijuwade

Chief executive officer

Dr O Adeaga

Independent auditors

Blue Spire Limited, Cawley Priory, South Pallant, Chichester, West Sussex, PO19 1SY

Bankers

Barclays Bank PLC, 40 Wellington Road, London, NW8 9TJ

Page 1

(A Company Limited by Guarantee)

FESTIVAL OF LIFE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees, who are also Directors for the purpose of Company Law, are pleased to present the annual report for the purposes of Section 45 of the Charities Act 1993 and Sections 415 to 419 of the Companies Act 2006, together with the accounts for the period ended 31st December 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in March 2005, in preparing the annual report and financial statements of the Charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

Festival of Life (thereafter referred to as organisation or charity) is a charitable company limited by guarantee, incorporated on 24th August 2001 and registered as a Charity on 26th February 2002.

It is governed by a Memorandum and Articles of Association and is managed by a Board of Trustees. Decisions are determined by a simple majority vote of the Trustees who set the strategic direction of the Charity. Trustees are selected based on the contribution they will make to the governance of the organisation and the skills that they bring to the organisation. The Board of Trustees are provided with copies of the Charity Commission’s Guidance to Trustees and are also provided with training as and when required. Delegated authority has been given to the Management Team for the day to day running of the operations of the Charity.

The Trustees have assessed the major risks to which the Charity is exposed, such as issues related to the specific operational areas of the Charity and its finances (including safeguarding). The Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational and business risks faced by the Charity, they have been able to establish effective systems to mitigate those risks.

OBJECTIVES AND ACTIVITIES

The main objective of the Charity is:

“The advancement of the Christian religion worldwide;”

It pursues this purpose from its administrative office in Brent Terrace, Brent Cross, Northwest London, and the pillar of the organisation are the bi-annual, all-night Pentecostal-style prayer, praise and worship services which includes the preaching and teaching of the word of God. These meetings are aimed at reaching out to the unchurched.

In determining how best to pursue these objectives the Trustees have had to refer to the Charity Commission’s guidance on public benefits.

The charity’s core objectives for the year are the following:

• The charity collaborated with "Covenant Partners" (another charitable arm of the Redeemed Christian Church of God (RCCG)) to host the annual Partners’ Reception at the Central Office, Redemption House, Stevenage, United Kingdom. There was a total of 380 partners in attendance (joint number) and for the first time it was streamed via zoom for partners who could not attend the event physically.

• The Charity conducts several all-night prayer events annually in London (and in other UK regional locations) which continues to attract thousands of attendees. The FOL (Festival of Life) events (the main FOL event scheduled for Friday, 21st October 2022 and the youth evangelism event (FLAME) for Saturday, 22nd October 2022) respectively took place in the year.

• Following the change of the finishing time of its annual event, the charity introduced the shuttle service to support the early closure of the Festival of Life event, from Excel to Canning Town train and bus stations.

• The charity made considerable financial contributions to the following charities' initiatives:

Page 2

(A Company Limited by Guarantee)

FESTIVAL OF LIFE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

• Part of the CSR initiative for 2022 is called Winter Love in Cardiff. This was held on the 26th of November 2022 – FOL in partnership with RCCG Rehoboth visited the Hurggard Homeless Shelter to give out warm clothing and toiletries to both men and women such as deodorants, toothpaste, toothbrush, as well as thermal socks, gloves and winter hats.

• As part of its cost saving initiative, the charity endorsed the introduction of virtual assistants to support administrative staff.

• For the charity to be more GDPR Compliant, it migrated its database systems from an old system to a new one (i.e.Access to IKnow Church (Chronika)) by moving some partners’ personal and financial details. The project was successfully completed in 2022.

• Strengthening and expanding the reach and impact of its charitable activities, by helping the underprivileged and disadvantaged locally and internationally during the third year of a global pandemic.

• During this unprecedented and challenging year where millions of people experienced financial hardship nationally and globally, the organisation hosted a series of financial seminars (such as ‘How to create passive income’), to empower its members on the 26th of March 2022.

• The organisation’s CSR (Community Social Responsibility) footprints both nationally and internationally is recognised. It also increased its spheres of influence in Education, Health and Social initiatives.

STRATEGIES

The Charity’s strategies for achieving these objectives were:

• Identifying and inviting influential and relevant speakers from various Christian denominations in a bid to widen the audience attendance at the prayer events.

• Advertising the Festival of Life widely to encourage Christian businesses to put up exhibitions at the prayer events.

Significant activities that contributed to the achievement of these objectives were:

Financial contribution to support:

• Compassion UK, a leading children’s charity with relentless passion to empower every child left vulnerable by poverty. Festival of Life continues to sponsor compassion children monthly and gave a total of £30,228.00 in 2022.

Page 3

(A Company Limited by Guarantee)

FESTIVAL OF LIFE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT

• The organisation started a School Adoption Programme (SAP) in 2019, which is an offshoot of the Inspiring Future Generations (IFG) programme. The first school to be adopted is IBA Estate Primary school Ojo local government area in Lagos State Nigeria. The 1st phase of the project has been completed in 2020 and the projected was successfully completed in 2022.

• HEALTH MEDICAL CENTRE, MALAWI - This is a health initiative the charity decided to embark on in 2017, to build a Health Medical Centre in Malawi. The construction of the Health Medical Centre commenced in December 2019 and is still ongoing. In 2020, phase one which is the “Outpatient Department” (OPD) wing of the Chalendewa village health and maternity centre in Malawi was completed. Phase 2 was subsequently completed in 2022.

RISK MANAGEMENT

The Trustees have conducted a review of the major risks which the Charity is exposed to. A risk register has been established which identifies the major risks by area of activity, the nature of those risks, the likelihood of the risks happening, and the measure taken to manage them. The Trustees review the risk register regularly at their meetings and are satisfied that systems are in place to manage the risks that have been identified. Insurance cover is in place and the finances of the Charity are kept under review. Where appropriate, systems have been established to mitigate the risks the Charity faces. Significant external risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of members of staff, volunteers, clients and visitors to the Charity.

FINANCIAL REVIEW

The Charity’s principal funding source continues to be donations from the individuals who attend the prayer event and RCCG (Redeemed Christian Church of God) parishes within the United Kingdom.

PLANS FOR FUTURE PERIODS

The Charity continues to explore ways of promoting its objectives by raising its profile and engaging Christian leaders across different denominations to facilitate its aim. The Charity aims to continue to work hard to effect change in the moral and spiritual climate of the United Kingdom and the city of London in particular.

DIRECTORS' RESPONSIBILITIES

The Trustees (who are also Directors for the purposes 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 directors prepare financial statements for each financial year which will give a true and fair view of the state of the affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to:

Page 4

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

APPOINTMENT OF AUDITORS

A resolution proposing Blue Spire Limited be reappointed will be put forward at the next Board Meeting of the Charity.

Approved by the Board on 26 September 2023 and signed on its behalf.

………………………. Agu Irukwu Director

Page 5

FESTIVAL OF LIFE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF FESTIVAL OF LIFE

Opinion

We have audited the financial statements of Festival of Life (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice)

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 6

FESTIVAL OF LIFE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF FESTIVAL OF LIFE (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 7

FESTIVAL OF LIFE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF FESTIVAL OF LIFE (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Charity and the sector in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, Companies Act, and Employment Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. There is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 8

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF FESTIVAL OF LIFE (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Geoffrey Frost BSc(Hons) FCA, Senior Statutory Auditor, For and on behalf of Blue Spire Limited

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Date:

Page 9

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income and Endowments from:
Donations and legacies
Investments
4
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
999,130
12
999,142
960,360
960,360
38,782
1,838,768
38,782
1,877,550		 Total
funds
2022
£
999,130
12
999,142
960,360
960,360
38,782
1,838,768
38,782
1,877,550		 Total
funds
2021
£
933,887
1
933,888
396,807
396,807
537,081
1,301,687
537,081
1,838,768

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 25 form part of these financial statements.

Page 10

FESTIVAL OF LIFE (A Company Limited by Guarantee) REGISTERED NUMBER: 04276341

BALANCE SHEET AS AT 31 DECEMBER 2022

Note
Tangible fixed assets
11
Current assets
Debtors
12
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets/(liabilities)
Total net assets
Charity funds
Unrestricted funds
15
Total funds		 2022
£
288,233
1,641,941
1,930,174
(52,624)		 2022
£
-
1,877,550
1,877,550
1,877,550
1,877,550
1,877,550
1,877,550		 2021
£
576,714
1,282,566
1,859,280
(20,512)		 2021
£
-
1,838,768
1,838,768
1,838,768
1,838,768
1,838,768
1,838,768

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Agu Irukwu (Director) Date: 26 September 2023

The notes on pages 13 to 25 form part of these financial statements.

Page 11

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

Cash flows from operating activities
Net cash used in operating activities
Decrease/(increase) in debtors
Increase/(decease) in creditors
Interest and Dividends
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
38,782
288,432
32,112
(12)
12
12
359,326
1,282,566
1,641,892		 2021
£
537,081
(6,798)
4,374
(1)
1
1
534,657
747,909
1,282,566

The notes on pages 13 to 25 form part of these financial statements

Page 12

FESTIVAL OF LIFE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. General information

Festival of Life is an incorporated charity, limited by guarantee, incorporated in England with the company number 4276341. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity’s operations and principal activities are outlined in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Festival of Life meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Page 13

FESTIVAL OF LIFE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.2 Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 Expenditure

All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. Support and governance costs have been allocated to expenditure on charitable activities on the basis this is consistent with use of the resources.

Governance costs comprise the costs associated with the governance arrangements of the charity and include audit fees, legal advice (if any) for trustees, costs associated with constitutional and statutory requirements and any costs associated with the strategic as opposed to the day to day management of the charity’s assets.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 14

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Fixed assets costing £2000 or more are stated at cost and depreciation is provided at rates calculated to write-off the cost of each asset over its useful economic life, less any estimated residual value.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Ministry Equipment - 25%
Office equipment - 25%

2.5 Debtors

Debtors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

2.6 Cash at bank and in hand

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.8 Pensions

Contributions are made to the employee's personal pension arrangements.

2.9 Fund accounting

Unrestricted (general) funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

Page 15

FESTIVAL OF LIFE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.10 VAT

The charity is not registered for VAT and cannot recover VAT incurred on costs. These are therefore stated inclusive of any VAT element.

2.11 Taxation

The charity is considered to pass the tests set out in sections 466 to 493 Corporation Tax Act 2010 (CTA 2010), as such no income tax is payable on the charity's activities.

2.12 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

2.13 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 16

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. Income from Donations and Legacies

Dontions and Legacies
Partners Donations
Parish Contributions
Other Donations
Offering
Thanksgiving
CSR Income
Gift Aid
Total 2022
Donations and Legacies
Partners Donations
Parish Contributions
Other Donations
Offering
Thanksgiving
CSR Income
Gift Aid
Total 2021		 Unrestricted
funds
2022
£
690,358
58,841
9,533
66,818
22,494
425
150,661
999,130
Unrestricted
funds
2021
£
767,785
62,630
6,317
22,259
8,516
1,380
65,000
933,887		 Total
funds
2022
£
690,358
58,841
9,533
66,818
22,494
425
150,661
999,130
Total
funds
2021
£
767,785
62,630
6,317
22,259
8,516
1,380
65,000
933,887

Page 17

(A Company Limited by Guarantee)

FESTIVAL OF LIFE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Investment income

Unrestricted
funds
2022
£
Bank Interest
12
Unrestricted
funds
2021
£
Bank Interest
1
5.
Expenditure on Charitable Activites
2022
£
Charitable Activities
Ministry Expenses
40,069
Honoraria
10,800
Technical/Production Costs
246,149
Rent Expenses
134,186
Security Services
33,894
Guest Ministers' Travel and Hospitality Expenses
53,482
Partners Costs
1,500
Grants (See Note 8)
30,228
Youth Event
66,260
CSR
2,549
Professional Fees and Services
481
Staff Costs
506
Support and Governance Costs (See Note 6 )
340,256
Total Expenditure on Charitable Activities
960,360		 Total
funds
2022
£
12
Total
funds
2021
£
1
2021
£
5,239
10,700
38,771
-
-
4,982
169
21,240
25,044
4,034
3,935
185
282,508
396,807

Page 18

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

6.
Support and Governance Costs
Support and Governance Costs
Telephone
Advertising Expenses
Staff Costs
Transport Expenses
Professional Fees
Bank Charges
Website Expenses
Insurance Expenses
Travel Expenses
Staff Training and Development
Design and Printing Expenses
Auditors' Remuneration
IT and Communications Expenses
Contractors Fees and Services
Equipment Rental/Lease
Suspense Account
Office and Administrative Costs
Cleaning Supplies and Services		 2022
£
1,530
5,104
227,388
2,896
30,918
3,113
16,030
1,618
-
6,192
650
3,300
20,301
11,541
4,448
(22)
5,249
-
340,256		 2021
£
4,615
2,505
220,041
60
17,155
2,160
21,849
-
69
2,805
-
3,300
2,520
2,885
-
-
2,333
211
282,508

Page 19

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. Analysis of grants

Grants to
Institutions
2022
£
Grants to Charities
30,228
Grants to
Institutions
2021
£
Grants to Charities
21,240
Total 2021
21,240
The Charity has made the following material grants to institutions during the year:
2022
£
Name of institution
Compassion UK
30,228
Hope UK
-
Eternal Wall
-
Total
30,228
Total Grants
30,228		 Total
funds
2022
£
30,228
Total
funds
2021
£
21,240
21,240
2021
£
16,240
2,500
2,500
21,240
21,240

8. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £3,300 (2021 - £3,300).

Page 20

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9. Staff costs

Wages and Salary Cost
Gross Wages
Social security costs
Contribution to defined contribution pension schemes
Total		 2022
£
199,108
18,266
7,763
225,137		 2021
£
196,201
16,398
7,393
219,992

The average number of persons employed by the Charity during the year was as follows:

Staff Numbers
Key Management Personnel
Administrative Staff
Total		 2022
No.
2
9
11		 2021
No.
2
11
13

No employee received remuneration amounting to more than £60,000 in either year.

During the year under review the charity's key management personnel received employee benefits totalling £87,040 (2021: £84,812).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).

Page 21

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. Fixed Assets

Cost
At 1 January
Additions
Disposals
At 31 December
Depreciation
Accumulated at 1 January
Charge for the year
On disposal
At 31 December
Net Book Value as at 31 Dec 2022		 Ministry
equipment
£
-
-
-
-
Ministry
equipment
£
-
-
-
-
-		 Ministry
equipment
£
-
-
-
-
Ministry
equipment
£
-
-
-
-
-		 Office
equipment
£
14,250
-
-
14,250
Office
equipment
£
14,250
-
-
14,250
-		 Office
equipment
£
14,250
-
-
14,250
Office
equipment
£
14,250
-
-
14,250
-		 31 Dec 22
£
14,250
-
-
14,250
31 Dec 22
£
14,250
-
-
14,250
-		 31 Dec 22
£
14,250
-
-
14,250
31 Dec 22
£
14,250
-
-
14,250
-		 31 Dec 21
£
14,250
-
-
14,250
31 Dec 21
£
14,250
-
-
14,250
-		 31 Dec 21
£
14,250
-
-
14,250
31 Dec 21
£
14,250
-
-
14,250
-
-
Net Book Value as at 31 Dec 2021 - - - -
Debtors
Due within one year
Other Debtors
Prepayments and Accrued Income		 2022
£
74,399
213,834
288,233		 2021
£
136,326
440,388
576,714

12. Debtors

Page 22

FESTIVAL OF LIFE

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

13. Creditors: Amounts falling due within one year

Creditors
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Total Creditors
Financial instruments
Financial assets
Financial assets measured at fair value		 2022
£
32,278
9,781
7,265
3,300
52,624
2022
£
1,641,941		 2021
£
4,220
9,598
3,394
3,300
20,512
2021
£
1,282,566

14. Financial instruments

Page 23

FESTIVAL OF LIFE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

15.
Statement of funds
Statement of funds - current year

Unrestricted funds
General Funds - all funds
Statement of funds - prior year
Unrestricted funds
General Funds - all funds		 Balance at 1
January
2022
£
1,838,768
Balance at
1 January
2021
£
1,301,687		 Income
£
999,142
Income
£
933,888		 Expenditure
£
(960,360)
Expenditure
£
(396,807)		 Balance at
31
December
2022
£
1,877,550
Balance at
31
December
2021
£
1,838,768

Page 24

FESTIVAL OF LIFE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Current assets
1,930,174
Creditors due within one year
(52,624)
Total
1,877,550
Analysis of net assets between funds - prior year
Unrestricted
funds
2021
£
Current assets
1,859,280
Creditors due within one year
(20,512)
Total
1,838,768		 Total
funds
2022
£
1,930,174
(52,624)
1,877,550
Total
funds
2021
£
1,859,280
(20,512)
1,838,768

17. Pension commitments

Contributions are made to the employee's personal pension arrangements.

Page 25