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 2024
FESTIVAL OF LIFE (A Company Limited by Guaranteel CONTENTS Page Reference and Administrative Details Trustees. Report Independent Auditor's Report Statement of Financial Activities 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Statements 13-26
FESTIVAL OF LIFE (A Company Limited by Guaranteel REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees and Key Management Personnel Kola Bamigbade, Trustee Agu Irukwu, Trustee Olusola Oludoyi, Trustee Adeleke Sanusi, Trustee Morolari Hayden, Trustee (Appointed 8 December 2024) 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 NVV2 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
FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 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 2024. 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 private 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 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 Yr1d.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 unchurched. 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 400 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 scheduled for Friday. 26th April 2024 in Manchester. and the youth evangelism event (FLAME) for Saturday, 13th September 2024) in London took place 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. In 2024, the charity made significant financial contributions to the following organisations.. Page 2
FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Compassion UK, an organisation dedicated to improving the lives of children living in povety through holistic child development and support initiatives. A charitable grant of £27.060 was awarded to Compassion UK as part of our ongoing commitment to supporting impacttul, faith-based humanitarian work around the world. A grant of £4,700 to Africa Missions, an organisation committed to addressing the plight of the less privileged in Africa through sustainable community development programs and poverty reduction initiatives. A grant of £2,500 to Churchworks, an organisation that brings together churches and the government to address social issues and support vulnerable communities in the UK. As part of its cost saving initiative. the charity continued with the introduction of virtual assistant to support administrative stsff. To enhance its data protection compliance and improve overall system efficiency, the charity undertook a strategic migration from its legacy computer system to a more secure and robust platform IKnow Church {Chronika}. This transition involved the careful transfer of selected partners, personal and financial information. The migration project was sucSsfUllY completed in 2023, wth the system being fully deployed to a live environment in 2024. This upgrade reflects the charity's ongoing commitment to safeguarding personal data in accordance wth data protection regulats'ons and best practices. 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 initiats'ves, 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 are as foll¢)ws'. Expanding the administrative structtjre 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 widety to encourage Christian businesses to put up exhibitions at the prayer events. Identifying potential strategic partnerships to help the disadvantaged and underprivileged. The Trustees assess the succe55 of the Festival of Life's activities primarily against its charitable objective5. Key measures used to evaluate impact include= Attendance and participation levels at the Festival of Life events and outreach programmes., The reach and engagement achieved through digital broadcasts and media platforms: and The effective stewardship and deployment of financial and volunteer resources. These measures enable the Trustees to ensure that all activitses continue to deliver meaningful spiritual and social impact in furtherance of the charty's mission. Page 3
FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT The Charity organises various events to promote its objectives. The organisation started a School Adoption Programme (SAP) in 2019, Nthich 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 and launched in 2024. HEALTH MEDICAL CENTRE. MALAWI - The Health Medical Centre project in Malawi is a key charitable initiative undertaken by the organisation wth a vision to improve access to healthcare in underserved communities. The project was launched in 2017. with the objective of constructing a comprehensive medical facility in Chalendewa Village, Malaw. Construction commenced in December 2019. and the project has progressed in well-defined phases.. Phase One.. The Outpatient Departsnent (OPD) wing VRS completed in 2020. marking a significant milestone in the delivery of primary healthcare services to the local population. Phase Two: Completed in 2023. this phase fvrther expanded the capacty and infrastructure of the facility to accommodate matemal and general medical services. While the facility is structuralty complete, the official launch of the Heatth Medical Centre is pending and was initially projected for 2024. A new launch date will be communicated once confirmed. This initiative reflects the harity's long-temi commitment to sustsinable healthcare development and improving the quality of life for vulnerable communities. RISK MANAGEMENT The Trustees have conducted a comprehensive review of the major rtsks to which the Charity is exposed. A risk register has been established, identifying the major risks by area of activity, the nature of those risks, the likelihood of their occurrence, and the measures taken to manage them. The Trustees review the risk register regularly at their meetings and are satisfied that adequate systems are in place to manage the identified risks. Insurance coverage is maintained, and the Charity's finances are continually monitored. Where appropriate, systems have been established to mitigate the risks faced by the Charity. Significant external risks to funding have led to the development of a strategic plan aimed at diversfying funding sources and activities. Internal control risks are minimised through the implementation of procedures for the authorization of all transactions and projects. Procedures are also in place to ensure compliance viith health and safety regulations for members of staff, volunteers, clients, and vi51tors 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 wthin the United Kingdom. During the year under review the allocation of some costs vAthin the financial Statements were considered to be direct charitable costs rather than support costs. The costs have been reclassified in the current year with no reclassification of the comparative, with all support costs being grouped wth charttable activities. Page 4
FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 RESERVES POLICY As at 31 December 2024. the reserves were £963,768. The Trustees consider it prudent to maintain a level of free reserves equivalent to beeen three to six months of core operating costs, (currently estimated at £300,000), in order to.. Provide working capital to support operational activities., Ensure continuity of programmes in the event of unexpected shortfalls in income., Meet contractual obligations and unforeseen expenditure. The Trustees regularly review the level of reserves in light of the charity's financial position, future plans, and risk profile. Any reserves held above the target range are reviewed and designated for specific strategic initiatives, including programme expansion, infrastructure development. or strengthening organisational capacity. The Trustees are satisfied that the current level of reserves is appropriate for the scale and complexty of the organisation and are committed to managing resources prudently and transparently. GRANT MAKING POLICY Festival of Life provides grants and financial support to partner ministries. charitable organisations. and ommunity initiatives that align with its Christian values and objectives. Grants are made to advance the charity's aims - particularly the promotion of the Christian faith, community engagement, and social impact, both wthin the United Kingdom and intemationally. The Trustees consider grant recommendations based on.. Alignment with the charity's mission and objectives- - The proven or potential impact of the proposed actiTr4llty,' and Appropriate financial stewardship and accountabilty mechanisms in pla. All grants are approved by the Trustees or delegated officers in accordan with the charity's financial governance framework. REMUNERATION POLICY FOR KEY MANAGEMENT PERSONNEL The Trustees delegate the day-to-day management of the charity to a small team of senior staff, who are regarded as the key management personnel responsible for ensuring the effective delivery of Festival of Life's objectives. The remuneration of key management personnel is reviewed annually and set by the Trustees, taking into account.. The scope and responsibilities of each role., Benchmark data from comparable faith-based and charf(able organisations- Affordability within the charity's financial resources., and - The requirement to ensure salaries reflect the charity's ethos of stewardship and serNice. Page 5
FESTIVAL OF LIFE (A Company Limited by Guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are satisfied that the remuneration arrangements provide a fair and appropriate reward for the level of responsibility and contribution, vthile safeguarding the charty's resources and commitment to public benefit. PLANS FOR FUTURE PERIODS The Charity continues to explore ways to promote its objectives by raising its profile and engaging Christian leaders across different denominations to facilitate its mission. It is dedicated to working diligently to effect change in the moral and spiritual climate of the United Kingdom, wth a particular focus on the city of London. 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= 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 the Charity. The Trustees are responsible for maintaining proper accounting records, which disclose the financial position of the company wth reasonable accuracy at any given time. This allows them to ensure that the financial statements comply with the Companies Act 2006. Additionally, the Trustees are responsible for safeguarding the company's assets and for taking reasonable steps to prevent and detect fraud and other irregularities. As far as the Trustees are aware" there is no relevant audit infomiation of1Ch 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 the 30th of October 2025 and signed on its behalf. A Irukw Trustee Page 6
FESTIVAL OF LIFE (A Company Limited by Guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FESTIVAL OF LIFE Opinion We have audited the financial statements of Festival of Lrfe (the 'charitable company,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including 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 Republ of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 December 2024, 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 vthh United Kingdom 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 wth Intemational Standards on Auditing (UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charttable company in accordance )Mth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth 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. Other infomiation The other information comprises the information included in the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomiation 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 vthether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otheiSe 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. Opinions 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, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent wth the Page 7
FESTIVAL OF LIFE (A Company Limited by Guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FESTIVAL OF LIFE financial statements., and the directors, report included v4ithin the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the 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 directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the 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 wth the accounting records and retums., 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 Iprepare the financial statements in accordance the small companies, regime and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities ststement, 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 charitsble CoMpanS 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. Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about ether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an auditor's 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 rt 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 wth laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud.15 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 wth 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 ere 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 wth these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any. Page 8
FESTIVAL OF LIFE (A Company Limited by Guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FESTIVAL OF LIFE Audit procedures perfonned by the engagement team included". Enquiry of management, those charged wth govemance around actual and potential litigation and claims., Enquiry of entity Staff to identify any instances of non-compliance with laws and regulations; Reviewing minutes of meetings of those charged with governance., Reviewng financial statement disclosures and testing to supporting documentstion to assess compliance with applicable laws and regulations. Performing audit work over the risk of management override of controls, including testing of joumal entries and other adjustments for appropriateness. evaluating the business rationale of significant transactions outside the nomial course of business and revieing accounting estimates for bias. Because of the inherent limitations of an audit. there is a risk that y wll not detect all irregularities, including those leading to a material misstatement in the financial ststements or non-compliance wth regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we viill be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregulartties occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. further description our responsibilities available on the FRC'S website at.. https'.Im.frc.Org.UkIaudItor$/audlI-asSuranceIaudItor-S-respQnsIb1IltieS-f0r-the-aUd1t-of-the-fiIdescrlptiQn-of-the- auditorO/oE20/0800/099s-responsibilities-forThis descnption forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, 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 members those matters we are required to state to them in an auditor's 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 the charrtable company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Geoffery Frost (Senior statutory auditor) For and on behalf of Blue Spire Limited (Statutory Auditors) Cawley Priory South Pallant Chichester West Sussex P019 1SY 30 October 2025 Page 9
FESTIVAL OF LIFE (A Company Limited by Guaranteel STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income and Endowments from: Donations and legacies Other trading activities Investments 1.001.238 1,001,238 883,864 8,550 130 231 231 Total income 1,001,469 1,001,469 892,544 Expenditure on: Charitable activities 1,479,731 1,479,731 1,328,064 Total expenditure 1,479,731 1,479,731 1,328,064 Net movement in funds 1478,262) (478,262 {435,5201 Reconciliation of funds: Total funds brought foNrfard Net movement in funds 16 1,442,030 1478,262) 1,442,030 {478,262 1,877,550 (435,5201 Total funds carried fonNard 16 963,768 963,768 1,442,030 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
FESTIVAL OF LIFE (A Company Limited by Guaranteel REGISTERED NUMBER: 04276341 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2024 2023 2023 Note 12 Tangible fixed assets Current assets Debtors Cash at bank and in hand 13 92,986 903,022 127.504 1,342,767 Total current assets Current liabilities 996,008 1.470,271 Creditors.. amounts falling due vththin one year 14 (32,240 (28,241) Net current assets 963,768 1,442.030 Total assets less current liabilities 963,768 1,442,030 Net assetsl(liabilities) 963,768 1,442,030 Total net assets 963,768 1,442,030 Charity funds Unrestricted funds 16 963,768 1,442,030 Total funds 963,768 1,442,030 The Trustees a¢knOedge their responsibilities for complying wth the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance vrith 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.. 30 October 2025 The notes on pages 13 to 26 form part of these financial statements. Page11
FESTIVAL OF LIFE (A Company Limited by Guaranteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities (478,262 (435,5201 Decreasel{Increase) in Debtors IncreasellDecreasel in Creditors Interest and Dividends 34,518 3,999 (231 160,729 (24,383} (1301 Net cash provided by operating activities 38,286 136,216 Cash flows from investing activities Interest and Dividends 231 130 Net cash provided by investing activities 231 130 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (439.7451 (299.174 1,342,767 1,641,941 Cash and cash equivalents at the end of the year 903.022 1,342,767 The notes on pages 13 to 26 form part of these financial statements Page 12
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Donations and Legacies Unrestricted funds 2024 Total funds 2024 Dontions and Legacies Partners Donations 656,602 113,767 3,976 104,785 34.894 324 69,653 17,237 656,602 113,767 3,976 104,785 34.894 324 69,653 17.237 Parish Contributions Other Donations Offering Thanksgiving CSR Income Gift Aid FOL Manchester Total 2024 1,001,238 1,001,238 Unrestricted funds 2023 Total funds 2023 Donations and Legacies Partners Donations Parish Contributions 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 Other Donations Offering Thanksgiving CSR Income Gift Aid Total 2023 883,864 883,864 Page 17
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Other Trading Activities 2024 2023 Income from Fundrdising Events Income Centre - Stalls 8,550 Total 8.550 Investment Income Unrestricted funds 2024 Total funds 2024 Bank Interest 231 231 Unrestricted funds 2023 Total funds 2023 Bank Interest 130 130 Page 18
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on Charitable Activites 2024 2023 Charitable Activities Ministry Expenses Honoraria 17.400 16,667 310,658 325,872 28,446 84,311 1,933 34,260 2.400 650 20,117 14,770 329,415 436,480 33,019 55.775 2,180 28,408 43,587 1,991 TechnicallProduction Costs Rent Expenses Security Services Guest Ministers, Travel and Hospitslty Expenses Partners Costs Grants (See Note 8) Youth Event CSR FOL- Manchester Staff Costs stall Expenses Advertising Expenses Travel Expenses Support and Govemance Costs (See Note 7) 272,660 993 1,257 4,899 12,574 4,099 366,808 356,166 Total Expenditure on Charitable Activities 1,479,731 1,328,064 Page 19
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Support and Governance Costs 2024 2023 Support and Governance Costs Telephone Advertising Expenses Staff Costs Transport Expenses Professional Fees 1,793 3,594 6,425 222,491 10,793 25,819 3.406 19,671 10,956 4,083 519 242,976 5,213 26,527 3.637 15,344 8,587 Bank Charges Website Expenses Insurance Expenses Travel Expenses staff Training and Development Design and Printing Expenses Auditor's Remuneration IT and Communications Expenses Contractors Fees and Services 642 1,500 3,600 17,148 16,209 720 3,600 13,287 17.657 525 Trustee Expenses Office and Administrative Costs 22,912 13,340 366,808 356,166 Page 20
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysis of Grants Grants to Institutions 2024 Total funds 2024 Grants to Charities 34,260 34,260 Total 2024 34,260 34,260 Grants to Institutions 2023 Total funds 2023 Grants to Charities 28,408 28,408 Total 2023 28,408 28,408 The Charity has made the following material grants to institutions during the year. 2024 2023 Compassion UK Hope UK NAYBA 27.060 23,408 2,500 2,500 Church Works Commission 2.500 4,700 Africa Missions Total 34,260 28,408 Totsl Grants 34.260 28,408 Auditors. Remuneration The auditors, remuneration amounts to an auditor fee of £3,600 {2023- £3,600). Page 21
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Staff Costs 2024 2023 Wages and Salary Cost Gross Wages Social security Costs Contribution to defined contribution pension schemes 212,322 19,582 8,409 195,601 17,311 7.647 Total 240,313 220,559 The average number of persons employed by the Charity during the year was as follows.. 2024 No. 2023 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 £90,533 (2023= £85.794). 11. Trustees, Remuneration and Expenses During the year, no Trustees received any remuneration (2023 - £NIL). During the year ended 31 December 2024. expenses totalling £2,914 were paid directly on behalf of Trustees {2023 - £1,290). This covers cost of end of year appreciation hamperslaccomodation for official duties for 4 Trustees. Page 22
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Fixed Assets Ministry equipment Office equipment 31 Dec 24 31 Dec 23 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 24 31 Dec 23 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 2024 Net Book Value as at 31 Dec 2023 13. Debtors 2024 2023 Due within one year Other Debtors Prepayments and Accrued Income 600 92,386 15.384 112,120 92.986 127,504 Page 23
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Creditors: Amounts falling due within one year 2024 2023 Creditors Trade creditors other taxation and social security Other creditors Accruals and deferred income 12,876 11,159 4,605 3,600 7,521 10,078 2.542 8,100 Total Creditors 32.240 28,241 15. Financial Instruments 2024 2023 Financial Assets Financial assets measured at fair value 903,022 1,342,767 Page 24
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Statement of Funds Statement of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds General Funds - all funds 1,442,030 1,001,469 {1,479,731 963,768 Statement of funds - prior 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 Page 25
FESTIVAL OF LIFE (A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due wthin one year 996,008 (32,240) 996.008 (32,240) Total 963,768 963,768 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Current assets 1,470,271 (28,241} 1,470,271 (28,241} Creditors due within one year Total 1,442,030 1,442,030 18. Pension commitments Contributions are made to the employee's personal pension arrangements. 19. Related party transactions 2024 2023 Key Management Personnel - Spiritual Development Key Management Personnel - Official Travel Expenses - Accomodation Key Management Personnel - Official Travel Expenses - Transportation 650 893 1,053 1.946 650 Page 26