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 Y￿r1d￿.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 suc￿SsfUllY 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 be￿een 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 of￿1Ch 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 othe￿iSe 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 CoMpan￿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.
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¢knO￿edge 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 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

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 rese￿eS 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