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 Y￿rId￿'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 V￿th 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 kno￿edge 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 prO￿dureS 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 kno￿edge 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 V￿th applicable legal requirements.
Matters on which we are required to report by exception
In the light of our kno￿edge 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 foll0Y￿ng 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 InStan￿S of nor￿compliance V￿th 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¢kno￿edge 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 WTlt￿ff 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 rese￿eS 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