Reglstered numbèr.. 09315818 Charity number.. 1170058 CHAPEL OF LIFE (A company limited by guarantee) UNAUDITED TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 HEDLEY DUNK LIMITED Chartered Accountants & Statutory Auditor Trinity House House 3 Bulla¢e Lane Dartfor¢J Kent DA1 1B8
CHAPEL OF LIFE IA company limited by guarantfr•l CONTENTS Page Refergnc• and admlnlstrative details of the Company, Its Trust9•$ and advlsers Tru$ttes' report Independent examiner's report statement of financlal a¢tlvltl¥s Balan sh•ot Not•$ ta the flnancial statements 9-19
CHAPEL OF LIFE {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEMBER 2023 Trustee5 MT O M Efueye Mrs M Y Olugbuw Mr O Adisa IAS A K Nwankwo Company registered number 09315818 Charity registered number 117IX)58 Registerèd office Trinity House 3 Bullace Lane Dartford Kent DA1 1BB Accountant$ Hedley Dunk Limited Chartered Accountants Trinity House 3 Bullace Lane Dartford Kent DA1 1BB Page I
CHAPEL OF LIFE IA Company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 NOVEMBER 2023 The Trustees present their annual report together with the financial slalemenls of the Company for the 1 December 2022 to 30 November 2023. The Annual report serves the purposes of both a Trust8es' report and a dire¢lors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements ol the Charitab cornpany's governing document and the provisions of the Statemenl of Re¢ornmended Practice ISORPI applicable lo charities pparing their 2c¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffe¢tive 1 January 20191. Since the Company qualifies as small Ljnder section 382 of the Companies Act 2006, the Strategic report required of mediurn and 18rge companies under the Companies Act 2006 Istrategic Report and Directors, R$wrtl Regulations 2013 has been omilled. Objectives and actlvities • Policies and objectives The charity's objects are the advancement ol the Christian failh in ac¢ordance with the Slalernenl of Faith by any means whatsoever includin9 but not limited to the preaching and proclamation of the Christian Gospel and the leaching of Christian doctrine, Ihe prevention or relief of poverty by such means a5 the directors may from time to time think fil and lo advance education by suGh means as the directors may from time to time think fit including Ibut not limited lol by teaching basic life skills and leaching basic skills for improved employability. Thare has been no Change in the charws objects during the year. The Trustees have paid due regard lo guidance issued by the Charity Commission in (Jeciding what activities the charity shoul(t undertake. Activities undertaken to achieve objectives 1. Chapel of Life partnered with Euslon Foodbank in December 2022, by organising a collection of food and hygiene items. which was donated lo the foodbank for distribution to Iheir communitylservi¢e users. 2. We participated in The Samaritan's Purse 'Operation Christmas Child, initl81ive in December 2022, filling and donating 100 shoe boxes with welfare essentials for children in povaty overseas. 3. We supported the House of Wells, Christmas initiative by donating 200 Christmas food hampers lo children across Africa, including Malawi, Zimbabwe and Kenya. 4. Our WeKare Christmas Drive was an opportunity for th8 church lo extend financial suppc*rt to those in need and relieve some of the demands of the end-of-year season. 5. Chapel ol Life collaborated with Aslan LIFE Ministries lo host a Youth Relationship Summil, for those aged 18- 25, providing 8 $8fe 8nd educational sp8ce lor youths lo discuss establishing and ¢ondu¢ting Christian relalionships, with respect, amicability and accountability, in today's worfd. 6. In June 2023. Chapel of Life relocated lo Islington, as part of our mission to savfj funds towards our own property, whilst still being able lo outreach lo the local community we are currently called to serve. 7. We conlinLte lo live-stream our weekly Sunday services, lo connect with a wider community. offering everyone the opportunity lo join our live services. despite not being physically present. 8. Our live-streamed monthly Life Academy Bible classes continue to give a platform to different voices. They promote private study of God's Word and interactive and stimulating discussion to aid individual and corporate spiritual growth. Page 2
CHAPEL OF LIFE IA company limited by 9uaranteel TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 30 NOVEMBER 2023 Obje¢tiv•s and activities l¢ontinuedl 9. We have employed the seryices ol a Music Director, sponsible for developing a team ol worshippers that ensures the worship experience at Chapel of Life is innovative, Spiril-led, globally positioned and locally meaningful. 10. We field a summer Family Fun Day al Highbury Fields in August, where we welcomed members and friends of the church, and engaged with members of the public, in a time of sharing, fellowship and food. 11. The church held its first baptism service since moving. in Odober 2023. Through relalionship.building wth local churches, Chapel of Life was invited to use the baptism pool of a nearby church. COL saw many youths and adults alike conlribuling to the baptism Glasses and making the personal decision lo be baplised. 12. Chapel of Life has donated and contributed lo a range of charities that provide support for the vulnerable and those in poverty and challenging circumstances. whilst continuing to encouragtr and empower ils rvembers, providing financial and practical support where required. As a church, we have SLJPPOrted many charities. including, bul by no means limited lo, those listed below, between Decèmbèr 2022 and pres8nt'. St Giles Trust - Helping those with 8 range of needs. including vulnerable young people involved in-or at risk of- riminal exploilalion, and offering specialist support for individuals facing complex barriers, unemployment and poverty. Hibiscus Inrtiatives Empowering those at the interse¢tion of the irnmigration and criminal justice systems. Supporting the trafficked and vulnerable. Rowland Hill Fund Offering financial grants lo those facing homelessness, life•changing health challenges or unexpgctèd financial d*fficullies. KIDS - Providing a wide range of services nationally for disabled children, young people and their families. Help on Your Doorstep- Aiming lo improve the health and wellbeing of people in Islington, espe¢ially those who are vulnerable and i501aled. Smart Works Providing referred women with support and preparation lo aid interview success and ernployrnenl. Theodora Children's Charity - Helping children living with illness, disability and serious health challenges lo feel betler, usin9 the proven power of laughter. bringing joy and well-being lo their lives. Foodcycle Islington This chLJrch-based initiative feeds the hungry and gives company lo the lonely in our communities, with delicious meals and 981 ¢onversalion, uying food which would otherwise go to wasle. YES Outdoors Hélping disadvantaged young people make positive life choices through the provision of activities and manloring support from inspiring role models. The Clarervonl Project - Encouraging mature members of society to be creative and healthy in body and mind, helping to develop real and lasting friendships. The Food Chain - Ensuring peop5e living with HIV in London can access the nulribon they need to gel well, slay well and lead healthy. independent lives. FCV Dorcas Supporting i5018led elderfy persons with befriending visits, calls. assisled shopping trips, lun¢h clubs and help with practical tasks. Ickle Pickles Charity- Raising money for the intensive care equipment that treats premature and sick babies. Growing Hope - Partnering with local churches lo offer free therapy. with the aim to grow hope for ¢hil¢Jren. for families & in Jesus, and lo enable families to experience community. Page 3
CHAPEL OF LIFE IA Company limited by guarante¢l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 NOVEMBER 2023 Objectivès and activiti8$ l¢ontlnuedl Royal National Inslilule for the Blind - Committed to helping blind and partially sighted people, offering advice on wellbeing and support wth the cost-of-living ¢risis. Single Homeless Project - Helping single Londoners by preventing homelessness, providing support and a¢¢ommodalion, promoting wellbeing. enhancing opportunity, and being a voice for ¢hang&. Flnan¢ial review • Going concern After making appropriate enquiries, the Trustees have a r98s0nable expectation that the Company has adequate resources lo continue in operational existence for the forese&able future. For this reason, they continue to adopt the going concern basis in preparing the financial stslemenls. Further details regarding the adoption of th8 going concern basis can be found in the ac¢ounting policies. ReseNes policy It is the policy of the charity that unrtsslricled fund5 which have not been designated for a specific ijse should be maintained at a level equivalenl lo between three and six month's expendilure. The Trustees considers that reserves at this level will ensure that. in the event of a significant drop in funding, they will be able lo continue the ¢harily's ¢urrenl a¢livilies while consideration is given to ways in which additional funds may be raised. This levèl of reserves has been maintained throughout the year. • Flnanclal rlsk managèment objectives and pollcles The Trustees have assessed the majtsr risks lo which the charity is exposed, and are satisfied that systems are in place to miligale exposure lo the maior risks. Structure, govèman¢e and management Constitutlon Chapel of Life is registered as a charitable company limited by guarantee and was set up by a Memorandurn of Association and is a registeréd undèr charity number 1170058. • Methods of appointment or èl*ctlon ol Trustees The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms ol the Memorandum of Association. Organisational structure and decision making The Trustees are appointed by way of a vote and recommendation, which is then approved by the board of truslees Ihrou9h a simple rnajorily. None of the Trustees has any beneficial interest in the cornpany. All ol the Trustees are members of the company and guarantee lo contribute £1 in the evènt of a winding up. Page 4
CHAPEL OF LIFE IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 NOVEMBER 2023 Statement of Trustees. responsibilit1•$ The Trustees (who are also Ihe directors of the Company for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with appli¢able law and Unit Kingdom A¢counling Stsndards (United Kingdom Generally Ac¢epled A¢counting Practice). Company law requires the Trustees lo prepare financial statements lor each financial Under company law, the Trustees rnvsl not approve the financial statements unless they aTe satisfied that they give a true and fair view of the slal8 of affairs of the Company and of its in¢omin9 resources and application of resources, including ils incorne and expenditure, for Ihal period. In preparing these financial slalemenls, the Trustees are required lo. sole¢l suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accountin9 Standards IFRS 1021 havè been followed, subject lo any material departures disclosed and explained in the financial statements", prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient 10 Show and explain the Company's transactions and disclose with reasonable ac¢ura¢y at any time the financial position of the Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardin9 the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mrs M Y Olugbuyl Trustee Date.- 30 Sèplember 2024 Page 5
CHAPEL OF LIFE {A Company Ilmlted by guarantee} INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 NOVEMBER 2023 ndepondent Examlner's Report to the Tru$t•es of Chapel of Llf¢ {'Ihe Company'} I report lo the charity Trustees on my examination of the accounts of the Company for the year ended 30 November 2023. Responsibilities and Basis of Roport As the Trustees of Ihe Cornpany land its directors for the purposes of cornpany lawl you are responsible for the preparation of the accounts in accordance with the requirernents of the Companies Act 2006 Ilhe 2006 Act'l. Having satisfied myself Ihat the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect ol my examination of the Companls accounts carried out under section 145 of the Charities A¢1 2011 1 the 2011 A¢t'l. In Carrying out my examination I have followed the Directions 9iven by the Charity Commission under sedion 14515llbl ol the 2011 Act. Independent Examiner's Statement Since the Cornpanys gross income exceeded £250,000 your examiner musl be 8 memb&r of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the exarninalion because l am a member of Institute ol Chartered Accountants in England and Wales, which Is one ol the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in conneclion wth the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or thè accounts do not accord with those records.. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the a¢¢ounts give a 'trtse and fair, view which is not a matter considered as part of an ind&pend9nt examination.. or the accounts havts not been prepared In a¢¢ordan¢e wth the methods and principles of the Slalement of Recommended Practice for accounting and reporting by charities lappli¢able to charities pparIng their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland IFRS 10211. I have no concerns and have comtr across no other matters in connection with the examination to which attention should be drawn in this report in ordei lo enable a proper understanding of the accounts lo be reached. Signed.. S Dated.. 30 September 2024 Stephen Fryer FCA Hedley Dunk Limited Dartford Page 6
CHAPEL OF LIFE IA company limited by guaranteel STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 NOVEMBER 2023 Unreslricled funds 2023 Total funds 2023 Total funds 2022 Note Income from.. Donations and legacies Investments 299,603 12 299,603 12 270,759 Total income 299,615 299,615 270,759 Expenditure on: Raising funds Charitable activi118S 60 242,705 60 242.705 185 216.569 Total ¢xp¢ndlture 242,765 242,765 216,754 Net movement In fund$ 56,850 56.850 54.005 Reconciliation of funds: Total funds brought forward Net movement in funds 469,349 56,850 469.349 56.850 415,344 54,005 Total fund$ carrled forward 526,199 526.199 469.349 The Slalemenl ol Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 10 19 lomi part of these financial slalemenls. Page 7
CHAPEL OF LIFE A Company limited by guaranteè) REGISTERED NUMBER.. 09315818 BALANCE SHEET AS AT 30 NOVEMBER 2023 2023 2022 Note Fixed ass•t$ Tangible assets 17,643 20.741 17.643 20,741 Curr¢nt assets Debtors Cash al bank and in hand 12 9,160 543.522 1,457 481,802 552.682 483,259 Creditors.. amounts falling du& within one year 13 144,1261 134.6511 Nèt eurrent assèts 508,556 448,608 Total assets less current liabilities 526,199 469,349 Total net assets 526,199 469,349 Charty funds Reslricled funds Unrestricted funds 14 14 526.199 469.349 Total funds 526.199 469,349 The Company was entitled lo exemption frorn audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complwng with the requirements ol the Act with respect lo accounting records and preparation of financial statemenis. The financial statements have been prepared in aOrdance with the provisions applicable to entities subject lo the small companies regime. The financial statements werè approvèd and authorised for issue by the Trustees and signed on their behalf by.. Mrs M Y Olugbuyl Trustee Dale.. 30 September 2024 The notes on pages 9 to 19 fom part of these financial statements. Page 8
CHAPEL OF LIFE {A company limited by guarantgè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 General inforniation Chapel of Life is a privalg lirni(ed company by guarantee, registered in the England with Companies House and the Charity Commission under cornpany number 09315818 and Gharity number 1170058. The registered office is Trinity House, 3 Bullace Lane, DartFord, Kent, DA1 1 BB. Accounting policios 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10218nd the Companies Act 2006. Chapel of Life meeis the definition of a public benefit entity under FRS 102. Assets and liabilities are initially re¢ognised at historical ¢osl or transaction value unless otherwise staled in the relevant accounting policy. 2.2 Incorne All income is recognised once the Company has entitlement lo the income. il is probable that the income will be received and the amount ol in¢ome receivable can tie measured reliably. Income tax recoverable in rèlation lo invgslmenl income is recognised at the time the investment income is raceivable. 2.3 Expendlture Expenditure is reoognised once there is a legal or constructive obligatlDn to transfer economi¢ bentrfit lo a third party. il 15 probable that a Iransler of economic benefiis will be required in settlement and the amount of the obligation can be measured reliably. Expendilure is classified by aclivily. The c051s of each activity are rnade up of the lotal of dire¢t ¢osls and shared costs. including 5UPPOrt costs involved in undertaking each activily. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between Ihose activities on a basis consistent with the use of resources. Central staff costs arè allocated on the basis of lime spent, and depreciation charges allocated on Ihe portion of the asset's use. Expenditure on raising funds in¢ludes all gxpendilure incurred by the Company lo raise funds for its charitable PLJrposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable a¢tivilies is incurred on directly undertaking ihe act4vib.es which further the CompanV5 objectives. as well as any 3550cialed support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Inte$t receivable Interest on funds held on deposit is included when receivable and the amount can bè measured reliably by the Company.. this is normally upon notification of the interest paid or payablè by the inslilulion with whom the funds are deposited. Page 9
CHAPEL OF LIFE IA Company limited by guarantfr•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Ac¢ountlng poll¢l¢s lcontinuedl 2.$ Tangible fixed assets and depreclation Tangible fixed assels cosling £NIL or more are capilalised and reco9nised when future economic benefits are probable and the ¢051 or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model. tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment tosses. All ¢osls incurred lo bring a tangible fixed asset into its intended working condrtion should be included in the measurement of cost. Deprecialion is ¢harged $0 as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, DepreGialion is provided on the following bases: Plant and machinery Computer equipment 250/0 reducing balance 250/0 reducing balance 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nèt of any trade discounts due. 2.7 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments wilh a short maturity of three months or less from Ihe date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provSs5ons Liabililies are recognised when there is an obligation at the Balance sheet date as a result ol a past event. it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the $6tt1amgnl can be eslimale£l reliably. Liabilities a recognised al the amount that the Company anlicipales Il will pay to settle the debt or the amount il has received as advanced paymonts lor the gooLls or services il musl provide. Provisions are measured al the best estimate of the amoun15 required lo sellle the obligation. Where the effect of the lime value of money is mater*al, the provision is based on the present value of those amounts. discounted at the pre-tax dis¢ounl iale that rellecls the risks specific to the liability. The unwinding of the discount is recD9nised in the Slalemenl of financial activities as a finance cost. 2.9 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequtrnlly measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Pensions The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company lo the fund in respecl of the year. Page 10
CHAPEL OF LIFE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Accounting policies Icontinuedl 2.11 Fund ae¢ountlng General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objeclives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in awrdance with spe¢ific restrictions imposed by donors or which have bèèn raised by the Company lor particijlar purposes. The costs ol raising and administèring such ftjnds are charged ag8ins1 the specifiG fund. The aim and use of each restricted fund is sel out in the notes to the financial stalemenls. Investment income, gains and losses are allocated to the appropriate fund. Incomè from donatlon$ and legacie5 Reslricled Unrestricted funds funds 2023 2023 Total funds 2023 Donations 299,603 299.603 Restricted Unrestricted funds funds 2022 2022 Totsl funds 2022 Donations 220 270.539 270,759 Investment income Unrestricted funds 2023 Total funds 2023 Bank interest 12 12 Page11
CHAPEL OF LIFE IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Expenditure on raising funds Costs of ral$lng voluntary income Unrestricted funds 2023 Total funds 2023 Advertising 60 60 Unrestricted funds 2022 Total funds 2022 Advertising 185 185 Analysls of expendlturo on ¢harltablè a¢tiviti¢$ Summary by fund typè Unrestricled funds 2023 Totsl 2023 Charitable activities 242,705 242,705 Reslricled Unrestricted fund5 funds 2022 2022 Total 2022 Charitable activities 220 216,349 216,569 Pa9e 12
CHAPEL OF LIFE IA Company Ilmlted by guarante¥) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Analys1$ of frxpondlture by activitie5 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Ch8rilable activities 167,964 74.741 242,705 A¢livilies undertaken directly 2022 Support costs 2022 Total funds 2022 Charitable activities 151,524 65,045 216,569 Analysis of direct costs Total funds 2023 Total funds 2022 Siaff Gosls Depreciation Religious activities Other office cost Donations and honoraruim Venue hire Sundry Wemare Choir and musicians Guest Tninislers Pèople and outreach Guest Expenence 35,398 5,498 36.122 5.160 766 220 27,978 50.821 5.772 2,114 21.321 1,250 31,524 52.949 5,593 1,000 34.801 670 531 167,964 151,524 Page 13
CHAPEL OF LIFE IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 Analysis of expenditure by activities {continued} Analysls of $upport ¢o$l$ Total funds 2023 Total funds 2022 Staff costs Payroll services Computer expenses Other office cost Bank charges Telephone Insurance 39,414 396 33,052 3,243 1.067 366 1,169 2,398 24.095 533 4,211 479 1,703 2,251 20,019 204 Equipment hire Training and consulting Accountancy fees 2,060 3,126 74,741 65,045 Indèpèndènt •xaminer's remunèratlon The independent examineT'S remuneration amounts lo an independenl examiner lee of £1,032 (2022 £860). and other services of £1.42412022 - £1,165). Staff costs 2023 2022 Wages and sala¥ies Social security costs Contribution lo defined contrsbulion pension schemes 71.366 1.810 1,637 65,063 2,533 1,578 74,813 69,174 The average number of persons employed by the Company during the year was as follows.. 2023 No. 2022 No. Staff No employee received remuneration amounting to more than £60,000 in either year. Page 14
CHAPEL OF LIFE IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 10. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefils12022 - £NILI. During the year. one Trustee received remuneration from an employrnenl with the Company. Rev. Efueye did not receive remuneration for his role a5 Iruslee bul lor his services as a Reverend. The company paid Rev. Efueye a salary of £32.79212022- £32,792) and made pension contributions of £79712022- £7971. Ouring the year ended 30 November 2023, no Trustee gxpenses have betrn incurred12022 - £NILI. 11. Tanglble flxed assets Plant and ma¢hin¢ry Computèr equipment Total Cost or valuation Al 1 December 2022 50.202 1.500 7.290 900 57,492 2,400 Additions At 30 November 2023 51,702 8,190 59.892 D•prèelatlon At 1 December 2022 Charge for the year 32,278 4,644 4,473 854 36,751 5,498 At 30 Novembèr 2023 36,922 5,327 42,249 Net book value AI 30 November 2023 14,780 2,863 17,643 12. Oebtors 2023 2022 Duo wlthln onè year Prepayments and accrued income 9,160 1,457 9,160 1,457 Page 15
CHAPEL OF LIFE IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 13. Creditors: Amounts falling due within ono ygar 2023 2022 Trade creditors Other lax81ion and social security Pension fund loan payable Accruals and deferred income 10,813 1,461 648 31.204 26,952 4,962 307 2.430 44,126 34.651 Page 16
CHAPEL OF LIFE {A company Ilmlt•d by guarant•èl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 14. Statement of funds Stat•m¢nt of funds - ¢urrent year Balance at 30 November 2023 Balance at 1 December 2022 Income Expenditure Unrèstricted funds Gèneral Funds- all funds 469.349 299,615 1242,7651 526,199 Statement of funds prlor year Balance al 30 November 2022 Balance al 1 December 2021 Income Expenditure Unrestricted funds General Funds- all funds 415,344 270,539 1216,5341 469,349 Rèstrlctad funds Reslricled Funds- all fLJn(Js 220 12201 Total ol funds 415,344 270,759 1216.7541 469,349 Page 17
CHAPEL OF LIFE IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 15. Surnmary offunds Summary of funds - currènt year Balan¢e at 30 November 2023 Balanc¢ at 1 December 2022 Income Expenditure General funds 469,349 299,615 1242,7651 526,199 Summary of funds- prior year Balance al 3C> November 2022 Balance at 1 D&¢emr 2021 Incomè Expenditure General funds Restricted funds 41 S.344 270.539 220 1216.5341 12201 469.349 415.344 270,759 1216,7541 469,349 16. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors dvo within one year 17,643 552,682 144,126} 17,643 552,682 144,1261 Total 526,199 526,199 Page 18
CHAPEL OF LIFE A company limit¢d by guarante•} NOTES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR ENDED 30 NOVEMBER 2023 16. Analysls of net a$sots tween funds Icontinuedl Analysis of net assets between funds - prlor year Unreslricled funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 20.741 483.259 134,6511 20,741 483,259 {34,6511 Total 469,349 469,349 17. Pènsion commltm8nts Thè company operates a défined contribution pension scheme. The assets of the scheme are held separately from those of thè ¢ornpany in an independently administered fund. The pension cost charge paid by the Gompany during the year was £1,63712022 £1,5781, the amount included in creditors at the year end is £64812022- £3071. 18. Related party transactions Rev. Efueye is also a trLJStee of Charis Communications, during the year Chapel of Life paid lilhes to Charis Communications of £7,65812022 - £5,495). Page 19