Registered number: 09315818 Charity number: 1170058 CHAPEL OF LIFE (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024
CHAPEL OF LIFE IA company limlted by guarantee) CONTENTS Page Reference and admlnlstrative details of the Company, Its Trustees and advisers Trustees. report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 9-18
CHAPEL OF LIFE (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEMBER 2024 Trustees Mr O M Efueye Mrs M Y Olugbuyi Mr O Adisa Ms A K Nwankwo Company registered number 09315818 Charlty reglstered number 1170058 Registered office Trinity House 3 Bullace Lane Dartford Kent DA1 1BB Accountants Hedley Dunk Limited Trinity House 3 Bullace Lane Dartford Kent DA1 1BB Page 1
CHAPEL OF LIFE (A Company limlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024 The Trustees present their annual report together with the financial statements of the Company for the 1 December 2023 10 30 November 2024. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and finan¢ial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companls governing documenl and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102} (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Acl 2006, the Strategic report required of medium and large companies under the Companies Act 2006 {Slrategic Report and Direclors, Report) Regulations 2013 has been omitted. Objectives and activities Policies and obJe¢tlves The ¢haritYs objects are the advancement of Ihe Christian faith in accordance with the Statement of Faith by any means whatsoever including but not limited to the preaching and proclamation of the Christian Gospel and the teaching of Christian doclrine, the prevention or relief of poverty by such means as the directors may from time to lime think fit and to advance education by such means as the direclors may from time to time think fit including (but not limited to) by leaching basic life skills and teaching basic skills for improved employability. There has been no change in the charity's objects during the year. The Trustees have paid due regard to guidance issued by the Charily Commission in deciding what activities the charity should undertake. • Activilie$ undertaken to achieve objectives 1. Chapel of Life partnered with an Islington-based organisation to distribute food packs and Christmas packages. consisting of long-life and fresh goods for members of the community and the church, in December 2023. 2. Chapel of Life organised a Christmas Outreach Initiative in December 2023. We collaborated with another local church to sing carols, distribute food and almost 300 winter packs (consisting of hats, socks, flasks and gloves) to the public and members of the King's Cross community. 3. We supported the House of Wells, Christmas initiative. by donating 200 Christmas food hampers to children across Africa. including Malawi. Zimbabwe and Kenya. 4. Chapel of Life launched our Shop4Ffee initiative in May 2024. Members of the church donated several lalmost}Inew clothes, accessories, hygiene essentials, books, long-life food, household appliances and ulensils to this initiative, and the church also supplemented long-life and fresh food. Members of the community were invited to come and shop for free, taking whatever they neededlwanted and. in addition, each person was given a bag of long-life food essentials. Memberslservice users of local schools, nurseries, food banks and colleges, were invited and were able to take part in and benefit from this iniliative. 5. Many of the remaining items from the Shop4Free initiative were donated to a Nigeria-based charity. where a similar initiative was held that same year. 6. Chapel of Life enlisted the services of a graphic designer in January 2024. as maintaining consistency and professionalism to enhance the charity's digital presence across all plaffoms. is essential in outreach, ommunily engagement and expanding our audiènce. 7. Chapel of Life donated long-life food and essentials to the Chalk Farm Food Bank in August 2024. Page 2
CHAPEL OF LIFE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 NOVEMBER 2024 Objectives and activities (continued) 8. We continue to live-stream our weekly Sunday services. to connect with a wider community, offering everyone the opportunity to join our live services, despite not being physically present. 9. We held a summer Family Fun Day at Centre 404 in August 2024, where we welcomed members and friends of the church, and engaged with members of Ihe public, in a time of sharing, fellowship and food. 10. We held our first Life Academy Bible ¢lass as a live event in October 2024, to which all were welcome. Our monthly virtual Life Academy classes continue to give a plalform lo different voices. They promote private study of God's Word and interactive and stimulating discussion to aid individual and corporate spiritual growth. 11. Chapel of Life has donated and contributed to a range of charities that provide support for the vulnerable and those in poverty and challenging circumstances, whilst continuing to encourage and empower its members, providing financial and practical support where required. As a church, we have supported many charities, including, but by no means limited to, those listed below, between December 2023 and present: Working Chance - Provides employability support for women with convictions, from Cvs and interview practice, to disclosing their conviction and boosting their Confidence. Solace Working to prevent violence and abuse. as well as providing services to meet the individual needs of survivors, particularly women and Children. Breaking Barriers - A spe¢ialist refugee employment charity, enabling refugees to build new lives, slep by step. Disability Rights UK - Offering support including advice. advocacy and housing, to enable local disabled people to access services and entitlements, and challenging exclusion and discrimination. The Anna Freud Centre - Listening lo and learning from children and young people. working with them to build better solutions. and amplI.n9 their voices to aid better understanding of mental health conditions. The Wickers Trust- Offering a range of workshops and programmes that provide underprivileged young people free opportunities. The Ben Kinsella Trust - Educating young people on the dangers of knife crime and helping them make positive choices to stay safe. Be Enriched - Focused on reducing social isolation, through food. This important work is delivered across a range of projecls, including the Community Canteen, Food Bus and Kids, Club. National Autistic Society - Dedicated to transforming lives and changing attitudes. to help the 700,000 autistic people in the UK and their families, by running specialist schools. training companies and campaigning. Hope Worldwide UK - Rooted in Christian faith, this organisation is raising funds and mobilising volunteers to serve the poor and needy in the UK and overseas. Tender Education and Arts - Working to prevent domestic abuse and sexual violence through creative projects in the lives of children and young people. The Cotton Tree Trust - A weltt*ming community that helps people to secure leave-to-remain and rebuild their lives in the UK. The Silverlining Charity - Offering opportunities for all those affected by brain injury to get involved in exciting and purposeful activities in the community. Adoption Matters - Working towards every child growing up in a secure and loving family, who will best meet Page 3
CHAPEL OF LIFE {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Objectives and activities (continued) their long-lerm needs and help them to reach their full potential. Families Need Fathers - Dedicated to addressing the challenges associated with preserving a child's connection with both parents amid, and after. family breakdowns. Down's South London Helping single Londoners by preventing homelessness, providing support and accommodation, promoting wellbeing, enhancing opportunity, and being a voice for change. Financial review • Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to Gontinue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of th8 going concern basis can be found in the accounting policies. • Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six month's expenditure. Thè Trustees considers Ihat reserves at this level will ensure that, in the event of a signifi¢anl drop in funding, they will be able to continue Ihe Gharily's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. • Financlal risk management objectives and policles The Trustees have assessed the major risks to which the charity 15 exposed, and are satisfied that systems are n pla to mitigate exposure to the major risks. Structure, governance and management Constitution Chapel of Life is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association and is a registered under charity number 1170058. • Methods of appolntment or election of Trustees The management of the Company is the responsibility of the Trustees who are elecled and co-opted under the terms of the Memorandum of Associalion. • Organisational structure and decision making The Trustees are appointed by way of a vote and recommendation, which is then approved by the board of trustees through a simple majority. None of Ihe Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Page 4
CHAPEL OF LIFE (A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl 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 Trustees to prepare financial statements for each financial Under company law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Company and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable a¢Gounting policies and then apply them consistently.. observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whelher applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial stalements., prepare the financial statements on the going concern 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 to show and explain the Compar¢Ys transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Truslees and signed on their behalf by.. Mrsmy Trustee Date.. 28 August 2025 Page 5
CHAPEL OF LIFE (A company limlted by guarantee INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024 Independent Examiner's Report to the Trustees of Chapel of Llfe ('the Company,) I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 November 2024. Responsibilitles and Basis of Report As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are nol required to be audiled under Part 16 of the 2006 Ad and are eligible for independent examination. I report in respect of my examination of Ihe Companws accounts Carried out under section 145 of Ihe Charities Act 2011 I'lhe 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b} of the 2011 Act. Independent Examiner's Statement Since the CoMpanS gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. l Gonfirm that l am qualified lo undertake the examination because l am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with 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 the 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 Ihan any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination-, or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charilies preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}1. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the account5 to be reached. Signed.. f Dated.. £?168l Stephen Fryer FCA Hedley Dunk Limited Pag8 6
CHAPEL OF LIFE (A company limiled by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 NOVEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donalions and legacies Investments 295,835 105 295.835 105 299,603 12 Total Income 295,940 295,940 299,615 Expenditure on: Charitable activities 252,878 252,878 242,765 Total expenditur8 252.878 252,878 242,765 Net movement in funds 43,062 43,062 56,850 Reconciliation of funds: Total funds brought forward Net movement in funds 526,199 43,062 526,199 43,062 469,349 56,850 Total funds carried forward 569,261 569,261 526,199 The Statemenl of Financial Aclivities includes all gains and losses recognised in the year. The notes on pages 9 to 18 form part of these financial statements. Page 7
CHAPEL OF LIFE {A company limiled by guarantee) REGISTERED NUMBER: 09315818 BALANCE SHEET AS AT 30 NOVEMBER 2024 2024 2023 Note Fixed assets Tangible assets 10 15,895 17,643 15,895 17.643 Current assets Debtors Cash at bank and in hand 6,502 599.882 9,160 543,522 606.384 552,682 Creditors.. amounts falling due within one year 12 153,018) (44.126) Net current assets 553,366 508,556 Total assets less current liabilities 569,261 526,199 Total net assets 569,261 526,199 Charlty funds Restricted funds Unrestricted funds 13 13 569,261 526,199 Total funds 569.261 526,199 The Company was entitled to exemption from 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 complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in a¢¢ordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. Mrsm Trustee Date: 28 August 2025 The notes on pages 9 to 18 form part of these financial statements. Page 8
CHAPEL OF LIFE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 General informatlon Chapel of Life is a private limited company by guarantee. registered in the England with Companies House and the Charily Commission under company number 09315818 and charity number 1170058. The registered office is Trinity House, 3 Bullace Lane, Dartford, Kent. DA1 1BB. Accounting policles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wilh the Charities SORP {FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Chapel of Life meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical Cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the inveslment income is receivable. 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligalion to transfer economi¢ benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of Ihe total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribule to more than one aclivity and support costs which are not attributable to a single activity are apportioned between those aclivities on a basis consislent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objeclives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest receivable Interest on funds held on deposit is included when receivable and the amounl Can be measured reliably by the Company,. this is normally upon notification of the interest paid or payable by ihe institution with whom Ihe funds are deposited. Page 9
CHAPEL OF LIFE (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policies (contlnued) 2.5 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised al cosl. After recognition, under the cost model, tangible fixed assels are measured al cost less accumulated deprecialion and any accumulaled impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cosl of tsngible fixed assets less their residual value over their estimated useful lives. Depr8ciation is provided on the following bases: Planl and machinery Computer equipmenl 25 % reducing balance 250/0 reducing balance 2.6 Debtors Trade and other deblors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any irade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabililies are recognised when there is an obligation at the Balance sheel 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 settlement can be estimated reliably. Liabilities are recognised al the amount that the Company 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 lime 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 discounl is recognised in the Statemenl of financial aGtivities as a finance cost. 2.9 Financial Instruments The Company only has financial assets and financial liabilities of a kind thal qualify as basic financial instrumenls. Basic financial instruments are initially recognised at transaction valLJe and subsequently 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 to the fund in respect of the year. Page 10
CHAPEL OF LIFE {A Company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting pollcles (continued) 2.11 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Truslees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Donations 295,835 295,835 Unr8Stri¢ted funds 2023 Total funds 2023 Donations 299,603 299,603 Investment Income Unrestricted funds 2024 Total funds 2024 Bank interest 105 105 Unrestricted funds 2023 Total funds 2023 Bank interest 12 12 Page11
CHAPEL OF LIFE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Analysls of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Totsl 2024 Charitable activities Ministry Operations 185.657 67.221 185.657 67,221 252,878 252,878 Unrestricted funds 2023 Total 2023 Charitable activilies Ministry Operations 180,710 62,055 180,710 62,055 242,765 242.765 Analysis of expenditure by activities Activities undertaken directly 2024 Support osts 2024 Total funds 2024 Charitable activities Ministry Operations 123,806 67,221 61,851 185.657 67,221 191,027 61,851 252,878 Page 12
CHAPEL OF LIFE (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Analysls of expenditure by a¢tiviti8s (¢onlinued) Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Charitable activities Minislry Operations 125,464 62.055 55.246 180,710 62,055 187,519 55,246 242,765 Analysis of direct Costs Tolal funds 2024 Total funds 2023 Personnel Digital Media Sounds & Visuals Welfare People & Outreach Guest Experience Choir & Worship Charitable Donations Venue Hire Events 35,071 1,774 21,277 3,150 1,859 3,287 35,875 35,350 47,374 6,010 35,398 958 24.095 1,000 670 531 34,801 31,524 52,949 5,593 191,027 187,519 Page 13
CHAPEL OF LIFE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Analysis of expenditure by actlvities lcontinued) Analysis of support costs Total funds 2024 Tolal funds 2023 Personnel Depreciation IT Costs Insurance Professional Services Training & Development Advertising & Marketing Central Operations 42,343 4.927 3.457 3,762 2,520 305 39,414 5.498 2,285 2.398 2,456 533 60 2,602 4,537 61.851 55.246 Independent examinevs remuneration The independent examinerfs remuneration amounts to an independent examiner fee of £1,056 (2023 - £1,032), and other services of £1,464 (2023 - £1,424). Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 74,265 1,482 1,666 71,366 1.810 1,637 77,413 74,813 The average number of persons employed by the Company during the year was as follows.. 2024 No. 2023 No. Slaff No employee received remuneration amounling to more than £60,000 in either year. Page 14
CHAPEL OF LIFE {A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Truslees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits12023 - £NILI. During the year. one Trustee received remuneration from an employment with the Company. Rev. Efueye did not receive remuneration for his role as trustee but for his services as a Reverend. The company paid Rev. Efueye a salary of £32,792 (2023- £32,792> and made pension contributions of £79712023- £797}. During the year ended 30 November 2024, no Trustee expenses have been incurred (2023 - £NILI. 10. Tangible fixed assets Plant and machinery Computer equipment Total Cost or valuation At 1 December 2023 Additions 51,702 1,793 8,190 1,386 59,892 3,179 At 30 November 2024 53,495 9.576 63,071 Depreciation Al 1 December 2023 Charge for the year 36.922 4,095 5,327 832 42,249 4,927 At 30 November 2024 41,017 6,159 47,176 Net book value At 30 November 2024 12.478 3,417 15,895 11. Debtors 2024 2023 Due within one year Prepayments and ac¢rued income 6,502 9,160 6,502 9,160 Page15
CHAPEL OF LIFE (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 12. Creditors: Amounts falling due wlthln one year 2024 2023 Trade creditors Other tsxation and social securFty Pension fund loan payable Accruals and deferred income 197 53 324 52,444 10,813 1,461 648 31,204 53.018 44.126 13. Statement of funds Statement of funds - Current year Balance at 30 November 2024 Balance at 1 December 2023 Income Expenditure Unrestrlcted funds General Funds - all funds 526,199 295,940 {252,878} 569,261 Statement of funds - prior year Balance at 30 November 2023 Balance at 1 December 2022 As restated Income Expenditure Unrestricted funds General Funds - all funds 469,349 299.615 {242,765) 526.199 Page 16
CHAPEL OF LIFE (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 14. Summary of funds Summary of funds - current year Balance at 30 November 2024 Balance at 1 December 2023 Income Expendilure General funds 526,199 295.940 {252.878) 569,261 Summary of funds - prior year Balance at 30 November 2023 Balance at 1 December 2022 As stated Income Expenditure General funds 469,349 299,615 {242,765) 526.199 15. Analysis of net assets between funds Analysis of nel assets between funds - current perlod Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 15,895 606,384 153.018) 15,895 606,384 153,018) Total 569,261 569,261 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 17,643 552,682 144,126) 17,643 552,682 {44,1261 Total 526.199 526,199 Page 17
CHAPEL OF LIFE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 16. Pension commitments The company operates a defined Gontribution pension scheme. The assels of the scheme are held separately from Ihose of the company in an independently adminislered fund. The pension cost charge paid by the company during the year was £1.66612023 £1,637), the amount included in creditors at Ihe year end is £324 (2023- £648). 17. Related party transactions Rev. Efueye is also a trustee of Charis Communications, during the year Chapel of Life paid tithes to Charis Communications of £Nil {2023 - £7,568). 18. Prior year adjustment The financial statements have been restated in Ihe year to 30th November 2023 to provide further clarification on the nature of expenditure. The nel movement of these adjustments is £nil' there is therefore no impact on total funds. Page 18