Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB 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 2023
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel CONTENTS Page Reference and Administrative Details Trustees. Report Independent Auditors. Report Statement of Financial Activities 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Statements 13-26
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees and Key Management Personnel Kola Bamigbade, Trustee Agu Irukwu, Trustee Olusola Oludoyi, Trustee Adeleke Sanusi, Trustee Olushola Adeaga, Chief Executive Wale Gibson-white, Operations Manager Samuel Sijuwade. Secretary 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 P019 1SY Bankers Barclays Bank PLC 40 Wellington Road London NW8 9TJ Page 1
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 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 2011 and Sections 415 to 419 of the Companies Act 2006, together wth the accounts for the period ended 31st December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice 'Accounting and Reporting by Charities., 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 wll make to the governance of the organisation and the skills that they bring to the organisation. The Board of Trustees are provided wth copies of the Charity Commission's Guidance to Trustees and are also provided wth 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 Chanty 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 YrId'de.. It pursues this purpose from its administrab've 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 un- churched. In determining how best to pursue these objectives the Trustees have had to refer to the Charty Commission's guidance on public benefits. The charity's core objectives for the year are the folloviing.. 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 Q"oint number) and was streamed via zoom for partners who could not attend the event physically. The Charity conducts several alknight prayer events annually in London (and in other UK regional locations) which continues to attract thousands of attendees. The FOL (Festival of Lifel events (the main FOL event held on Friday, 21st April 2023, and the youth evangelism event {FLAMEI on Saturday, 21st October 2023) respectively. Followng the change of the finishing time of its annual event, the charity introduced the shuttle service to support the early closure of Festival of Life event, from Excel to Canning Town train and bus station. The charity made considerable financial contributions {charitable grants) to the following charitiesl Page 2
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 initiative.. Compassion UK - a charity to help make a difference in lives of children living in poverty. A charitable grant of £23,408. Hope UK - a national charity providing drug and alcohol education and training for children and young people, parents and youth workers. It was awarded a charitable grant of £2,500. Nayba UK - a national charity helping churches ensure impact is measured effecttively. It was awarded a charitable grant of £2,500. As part of its cost saving initiative. the charity continued with the introduction of virtual assistant to support administrative staff. For the charity to be more GDPR Compliant. it migrated rts computer systems from an old system to new one {i.e., Access to IKnow Church (Chronika)) by moving some partners, personal and financial details. The project was successfully completed in 2023. strengthening and Expanding Charitsble Activities.. In the immediate aftermath of the global pandemic, the organisation concentrated on broadening the reach and impact of its charitable efforts. Significant support was provided to the underprivileged and disadvantaged, both locally and internationally. For example, the organisation collaborated with the LOLO Foundation, a charity dedicated to supporting homeless individuals and vulnerable families around London, as well as raising awareness aboLrt these issues. This collaboration culminated in the delivery of support on 9th December 2023. The organisation also collaborated Vth BCC (Bimiingham City Church) with Star Nation delivered 16th December 2023. Financial Empowemient Seminars." In response to the unprecedented challenges of 2022, when millions faced financial hardship globalty, the organisation hosted a series of financial seminars. On the 26th of March 2023, it conducted a seminar titled "How to Create a Passive Income,, aimed at empowering the members and attendees wth financial knoedge and skills. Community Social Responsibility (CSR).. The organisation's CSR initiatives gained recognition both nationally and internationally. It increased its spheres of influence in the areas of education, health, and social initiatives, further solidifying our commitment to making a positive impact in these crucial sectors. It continued to promote healthy lrfestyies and encourage welkbeing for the partners. STRATEGIES The Charity's strategies for achieving these objectives were= Expanding the administrative structure to enable adequate support for the Festival of Life events. Identifying and inviting influential and relevant speakers from various Christian denominations in a bid to den 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. Identifying potential strategic partnerships to help the disadvantaged and underprivileged. ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT The Charity organises various events to promote its objectives. Page 3
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 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 first phase of the project has been completed in 2020 and the projected was successfully completed in 2023. HEALTH MEDICAL CENTRE, MALAWI This is a health initiative the charity decided to embark on in 2017, to build a Health Medical Centre in Malaw. 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) wng of the Chalendewa village health and matemity ntre in Malaw was completed. Phase 2 was subsequently completed in 2023. RISK MANAGEMENT The Trustees have conducted a review of the major risks vthich 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 Charty 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 vthich wll allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of prOdureS 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 Lawl are responsible for preparing the Trustees, Report and the Financial Statements in accordance th 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 wll 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= select suitable accounting policies and then apply them consistently make judgements and estimates that are reasonable and prudent prepare the financial ststements on tts activities on a regular basis unless it is inappropriate to presume that the company will continue in business state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. The Trustees have adopted the updated provisions of the Statement of Recommended Practice {SORP) 'Accounting and Reporting by Charities" (FRS 102), in preparing the annual report and financial statements of Page 4
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 the Charity. 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 ststement5 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. there is no relevant audit infomiation of vthich the company's auditors are unaware., and the Trustees have taken all steps that they ought to have, to make themselves aware of any relevant audit information and to establish that the auditors are aware of that infomiation. 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 24 September 2024 and signed on its behalf. DoGuSvJnEd ty". lly lYwLw Agu Irukwu Director Page 5
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel 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 2023 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 pra'ce) In our opinion the financial statements.. give a true and fair view of the state of the chartiable company's affairs as at 31 December 2023 and of its incoming resources and application of resources. including its income and expenditure for the year then ended., have been properly prepared in accordance with United lfjngdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance Intemational Standards on Auditing (UK} IISAS (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 th 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 y have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtsined 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 concem 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 onditions 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 NMth respect to going concern are described in the relevant sections of this report. Page 6
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF FESTIVAL OF LIFE (CONTINUED) Other infomiation The other information comprises the infomiation included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Tnjstees are responsible for the other information contained thin the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent othewse explicitly ststed in our report. 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 wth the financial statements or our knoedge obtained in the course of the audit, or otherwse 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.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent wth the financial ststements. the Trustees, Report has been prepared in accordance Vth applicable legal requirements. Matters on which we are required to report by exception In the light of our knoedge 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 foll0Yng matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Page 7
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel 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 aboLrt 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, bLrt is not a guarantee that an audit conducted in accordance wth ISAS (UK) V¥411 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 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 non- ompliance 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 perfomied by the engagement team included: Enquiry of management. those charged wth governance around actual and potential litigation and claims., Enquiry of entity staff to identify any InStanS of norcompliance Vth laws and regulations,. Reviewng minutes of meetings of those charged with governance., Reviewng financial statement disclosures and testing to supporting documentation to assess compliance th applicable laws and regulations. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias. A further description of our responsibilib'es for the audit of the financial ststements is located on the Financial Reporting Council's website at.. WM.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page 8
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel 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. DocuSwJned ty.. 2211359F917E4CD Geoffrey Frost BSc(Hons) FCA. Senior Statutory Auditor. For and on behalf of Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex P019 1SY Date.. 9/25/2024 Page 9
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income and Endowments from: Donations and legacies Other trading activities Investments 883,864 8,550 130 883,864 8,550 130 999,130 12 Total income 892,544 892,544 999,142 Expenditure on: Charitable activities 1,328,064 1,328,064 960,360 Total expenditure 1,328,064 1,328,064 960,360 Net movement in funds 1435,520) (435,520 38,782 Reconciliation of funds: Total funds brought foNrfard Net movement in funds 16 1,877,550 1435,520) 1,877,550 {435,520 1,838,768 38,782 Total funds carried fonNard 16 1,442,030 1,442,030 1,877,550 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 26 fom) part of these financial statements. Page 10
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel REGISTERED NUMBER: 04276341 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2023 2022 2022 Note 12 Tangible fixed assets Current assets Debtors Cash at bank and in hand 13 127,504 1,342,767 288.233 1,641,941 Total current assets 1,470.271 1.930,174 Creditors.. amounts falling due wthin one year 14 128,241) (52,624} Net current assets 1,442,030 1,877,550 Total assets less current liabilities 1,442,030 1,877,550 Net assetsl{liabilities) 1,442,030 1,877,550 Total net assets 1,442.030 1,877.550 Charity funds Unrestricted funds 16 1,442,030 1,877,550 Total funds 1,442.030 1,877,550 The Trustees a¢knoedge their responsibilities for complying Trmth the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wth 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.. 24 September 2024 The notes on pages 13 to 26 form part of these financial statements. Page11
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Net cash used in operating activities (435,520 38,782 Decreasel{increase) in debtors 160,729 288,481 Increasel(decease) in creditors (24,383) 32,112 Interest and Dividends (130} (12) Cash flows from investing activities Dividends, interests and rents from investments 130 12 Net cash provided by investing activities 130 12 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (299.174 1,641,941 359,375 1,282,566 Cash and cash equivalents at the end of the year 1.342.767 1,641,941 The notes on pages 13 to 26 form part of these financial statements Page 12
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General inforniation 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 charty. The address of the registered office is given in the charity information page of these financial statements. The nature of the chariVs 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 wth 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 i(ems 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 consistendy applied to all years presented unless othemise stated. 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 wth 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 Lrfe meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initialty recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy. Page 13
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.2 Income All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entided to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income wll be received. For donations to be recognised the tharity wll have been nottfied of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perfomiance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is wthin the control of the charity and it is probable that they wll 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 accnJed. 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 complets'on 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 wth constitutional and statutory requirements and any costs associated v*ith the strategic as opposed to the day to day management of the charitys 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 vthen the ¢)ffer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fijlfilled. 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 expendibjre is inclusive of irrecoverable VAT. Page 14
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 WTltff 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 followng basis= Ministry Equipment Office equipment 25Y. 25% 2.5 Debtors Debtors wth no stated interest rate and receivable or payable wthin one year are recorded at transaction price. Any losses arising from impaimient 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 setuement 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 ndS %thich are available for use at the discretion of the trustees in fijrtherance of the general objectives of the charty and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 15
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 charitys activities. 2.12 Employee benefits When employees have rendered service to the charity, short-temi employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that setvice. 2.13 Going concem 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 reseeS for the charity to be able to continue as a going concern. Page 16
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from Donations and Legacies Unrestricted funds 2023 Total funds 2023 Dontions and Legacies Partners Donations 683,125 57,311 5,040 67,482 26.308 300 44,298 683,125 57,311 5,040 67,482 26.308 300 44,298 Parish Contributions Other Donations Offering Thanksgiving CSR Income Gift Aid Totsl 2023 883,864 883,864 Unrestricted funds 2022 Total funds 2022 Donations and Legacies Partners Donations 690,358 58,841 9,533 66.818 22,494 425 690,358 58,841 9,533 66.818 22,494 425 Parish Contributions other Donations Offering Thanksgiving CSR Income Gift Aid 150,661 150,661 Total 2022 999,130 999,130 Page 17
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from other trading activities Income from fundraising events Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 stalls Income 8,550 8,550 Investment income Unrestricted funds 2023 Total funds 2023 Bank Interest 130 130 Unrestricted funds 2022 Total funds 2022 Bank Interest 12 12 Page 18
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on Charitable Activites 2023 2022 Charitable Activities Ministry Expenses Honoraria 20.117 14,770 329,415 436,480 33,019 55,775 2,180 28,408 43.587 1,991 40,069 10,800 246,149 134,186 33,894 53.482 1,500 30,228 66,260 2,549 481 TechnicallProduction Costs Rent Expenses Security Services Guest Ministers, Travel and Hospitslty Expenses Partners Costs Grants (See Note 8) Youth Event CSR Professional Fees and Services Staff Costs stall Expenses Support and Govemance Costs (See Note 7) 1,257 4,899 356,166 506 340,256 Total Expenditure on Charitable Activities 1,328,064 960,360 Page 19
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Support and Governance Costs 2023 2022 Support and Governance Costs Telephone Advertising Expenses Staff Costs Transport Expenses Professional Fees 3.594 6,425 222,491 10,793 25,819 3.406 19,671 10,956 4.083 519 1,530 5,104 227,388 2,896 30,918 3.113 16,030 1,618 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 6,192 650 3,600 13,287 17,657 3,300 20,301 11.541 4,448 (22) Equipment RentsllLease Suspense Account Trustee Expenses Office and Administrative Costs 525 13,340 5,249 356,166 340,256 Page 20
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of grants Grants to Institutions 2023 Total funds 2023 Grants to Charities 28,408 28,408 Total 2023 28,408 28,408 Grants to Institutions 2022 Total funds 2022 Grants to Charities 30,228 30,228 Total 2022 30,228 30,228 The Charity has made the following material grants to institutions during the year. 2023 2022 Name of institution Compassion UK Hope UK NAYBA 23,408 2,500 2.500 30,228 Total 28,408 30.228 Total Grants 28,408 30,228 Auditors, remuneration The auditors, remuneration amounts to an auditor fee of £3.600 {2022- £3,300). Page 21
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Staff costs 2023 2022 Wages and Salary Cost Gross Wages Social security Costs Contribution to defined contribution pension schemes 195,601 17,311 7,647 199,108 18,266 7.763 Total 220,559 225,137 The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. Staff Numbers Key Management Personnel Administrative Staff Total No employee received remuneration amounting to more than £60,000 in either year. During the year under review the chariws key management personnel received employee benefits totalling £85,794 (2022= £87,040). 11. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 December 2023. no Trustee expenses have been incurred {2022 - £NIL). Page 22
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Fixed Assets Ministry equipment Office equipment 31 Dec 23 31 Dec 22 Cost At 1 January Additions Disposals 14,250 14,250 14,250 At 31 December 14,250 14,250 14,250 Ministry equipment Office equipment 31 Dec 23 31 Dec 22 Depreciation Accumulated at 1 January Charge for the year On disposal 14,250 14,250 14,250 At 31 December 14,250 14,250 14,250 Net Book Value as at 31 Dec 2023 Net Book Value as at 31 Dec 2022 13. Debtors 2023 2022 Due within one year Other Debtors Prepayments and Accrued Income 15,384 112,120 74.399 213,834 127.504 288,233 Page 23
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Creditors: Amounts falling due within one year 2023 2022 Creditors Trade creditors other taxation and social security Other creditors Accruals and deferred income 7,521 10,078 2,542 8,100 32,278 9,781 7.265 3,300 Total Creditors 28.241 52,624 15. Financial instruments 2023 2022 Financial assets Financial assets measured at fair value 1,342,767 1,641,941 Page 24
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General Funds - all funds 1,877,550 892,544 {1,328,064 1,442,030 Statement of funds - prior year Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds General Funds - all funds 1,838,768 999,142 (960,3601 1,877,550 Page 25
Docusign Envelope ID". CAD1A045-DA08425&858E-7B90A2904FOB FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Current assets Creditors due wthin one year 1.470,271 (28,241) 1,470.271 (28,241) Total 1,442,030 1,442.030 Analysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Current assets 1,930,174 (52,624} 1,930,174 (52,624} Creditors due within one year Total 1,877,550 1,877,550 18. Pension commitments Contributions are made to the employee's personal pension arrangements. Page 26