## **Trustees' Annual Report for the period** ||Period start date|Period start date|||Period end date|| |---|---|---|---|---|---|---| |**From **|**01**|**01**|**2019r**|**To**|**31**
**12**|**2020**| ## Section A Reference and administration details |**Charity name**
**Other names charity is known by**
**Registered charity number (if any)**
**Charity's principal address**|
**LIFE CHANCES**|
**LIFE CHANCES**| |---|---|---| |||| ||
**LC**|| ||1172742|| ||
**Resource for London**|| ||**356 Holloway Road**|| |||| ||**Postcode**|**N7 6PA**| ## **Names of the charity trustees who manage the charity** |1
2
3
4
5
6|**Trustee name**|**Office (if any)**|**Dates acted if not**
**for whole year**|**Name of person (or body)**
**entitled to appoint trustee (if**
**any)**| |---|---|---|---|---| ||**Mr Theodros**
**Abraham**|**Reconnect, 356**
**Holloway Road,**
**London N7 6PA**|**Since December**
**2015**|**Board of trustees**| |||||| ||**Ms Mahlet Asrat**
**Treasurer**|**Flat 5 Broad oak**
**House**
**London**
**NW6 5PA**|**Since December**
**2015**|**Board of trustees**| |||||| ||**Mr Assefa Negash**|**36 Princess Alice**
**House**
**Dalgamo Way**
**London**
**W10 5EN**|**Since December**
**2015**|**Board of trustees**| |||||| **Names of the trustees for the charity, if any, (for example, any custodian trustees)** |**Name**|**Dates acted if not for whole year**| |---|---| |**N/A**|| ||| ||| **TAR** March **2012** 1 ## **Names and addresses of advisers (Optional information)** ## **N/A** |**Type of adviser **
**Name**
**Address**|**Type of adviser **
**Name**
**Address**|**Type of adviser **
**Name**
**Address**|**Type of adviser **
**Name**
**Address**|**Type of adviser **
**Name**
**Address**|**Type of adviser **
**Name**
**Address**| |---|---|---|---|---|---| |**N/A**|||||| ||||||| ||||||| ||||||| |**Name of chief executive or names of senior staff members (Optional information)**|||||| |**Belay Gessesse**|||||| ||||||| ||**Section B Structure, governance and management**||||| |**Description of the charity’s trusts**
Type of governing document
(eg. trust deed, constitution)
**CIO Constitution Foundation Model**
How the charity is constituted
(eg. trust, association, company)
**Trust.**
Trustee selection methods
(eg. appointed by, elected by)
**The trustees were appointed by the founders of the charity and the**
**Steering Group. In the future members of new trustees will be**
**selected and approved by the existing trustees.**
**Additional governance issues (Optional information)**
You**may choose**to include
additional information, where
relevant, about:
policies and procedures
adopted for the induction and
training of trustees;
the charity’s organisational
structure and any wider
network with which the charity
works;
relationship with any related
parties;
Trustees’ consideration of
major risks and the system
and procedures to manage
them.
**Essential trustee's guidelines of the Charity Commission were**
**distributed to the charity trustees for their induction and adherence**
**to in the process of the discharge of their responsibilities.**
**Organisational structure of Life Chances is guided by the CIO**
**Foundation Model of the Charity Commission. The charity works with**
**relevant statutory and voluntary organisations.**
**The organisation has built up partnership working with relevant**
**statutory and non-statutory organisations including but not limited to**
**Islington Council,**
**This includes but not limited to Refugee Council, the Resource**
**Centre, Evelyn Oldfield Unit, NHS Camden and Islington etc.**
**The trustees adhere to Charity Commission’s guidelines (CC26) to**
**manage risks to our charity. The trustees make periodic review of**
**risks associated with governance, operation, finance, external**
**factors and compliance with the law. The trustees therefore have**
**systems and procedures inplace to mitigate and manage risks.**|||||| ||||**Essential trustee's guidelines of the Charity Commission were**
**distributed to the charity trustees for their induction and adherence**
**to in the process of the discharge of their responsibilities.**
**Organisational structure of Life Chances is guided by the CIO**
**Foundation Model of the Charity Commission. The charity works with**
**relevant statutory and voluntary organisations.**
**The organisation has built up partnership working with relevant**
**statutory and non-statutory organisations including but not limited to**
**Islington Council,**
**This includes but not limited to Refugee Council, the Resource**
**Centre, Evelyn Oldfield Unit, NHS Camden and Islington etc.**
**The trustees adhere to Charity Commission’s guidelines (CC26) to**
**manage risks to our charity. The trustees make periodic review of**
**risks associated with governance, operation, finance, external**
**factors and compliance with the law. The trustees therefore have**
**systems and procedures inplace to mitigate and manage risks.**||| ## **Section C Objectives and activities** **TAR** March **2012** 2 **The relief of the elderly but not exclusively those of the Ethiopian refugee and migrant community, who are in need by reason of illhealth, disability, financial hardship or other disadvantage, by the provision of support, information, advice and any activities or services designed to relieve those needs.** **Summary of the objects of the charity set out in its governing document** **To act as a resource for young people living in London by providing advice, information, educational support and leisure time activities in the interest of social welfare for people living on benefits who need support by reasons of youth or disability.** **The provision of relief of poverty in Ethiopia by providing or assisting in the provision of education, training and income generation, health care designed to enable individuals to generate a sustainable income and self-sufficiency. It should be noted that our planned activity in Ethiopia is still at a planning stage, hence we have not yet been operational in the country during this reporting period 2020.** **The main activities undertaken by the Life Chances charity during the reporting year remain consistent with the requirements of the Public Benefits guidance of the Charity Commission- having only charitable purposes which are the public benefit as defined in the Charities Act 2011. Hence, the trustees have had regard to the guidance issued by the commission in regulating and governing the activities of Life Chances. The activities undertaken during the reporting period were therefore consistent with the established objects of the organisation as highlighted below:** **Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)** **- Planninq Activities Based on our established objects and availabilities of resources we planned our activities by involving our trustees, volunteers and beneficiaries. Time bound tasks were assigned to our volunteers and staff to be undertaken. The director took the responsibility to organise, plan and supervise and manage the day to day performance of the organisation.** ## **Outreach Activities** **By mobilising committed volunteers we have provided outreach services for vulnerable members of our service users who are mostly homebound because of age and ill health. Our activities included home visits, befriending services, reconnecting isolated members with their community and faith centres, advocacy work, language support helping them communicate with service providers including NHS, health and social services, housing, etc. The Covid19 pandemic and the lock down of public services during the reporting year necessitated the need more than ever to support vulnerable members of our community including provision of academic support for our disadvantaged children through communications on the zoom. Thanks to the BBC Children in Need and the City Bridge Trust for enabling us accomplish this important task.** **Advice/ Advocacy Services- We have provided advocacy support for our vulnerable service users enabling them access services they were entitled to. We provided language support for our services users at GPs, hospitals, courts. Social Services etc. We guided, referred and signposted our** **TAR** March **2012** 3 ## **clients to external organisations for a more specialised support services.** ## **Partnership Workinq** **We have established productive partnerships with the NHS England (Islington and Camden) AFLAH Somali Community, Refugee Council, Eritrean Community, Evelyn Oldfield Unit Islington Council and Voluntary Action Islington working in partnership on projects that are common concerns for each of our respective organisations. Our joint activities included training of volunteer champions to take more active part in the campaign for the prevention of diabetes at community level. The initiative has helped us to minimise costs to our individual groups but maximised benefits by sharing common resources and facilities** ## **Additional details of objectives and activities (Optional information)** You **may choose** to include further statements, where relevant, about: - policy on grantmaking; **Contributions of our volunteers to the work of Life Chances charity remain invaluable to the performance and achievements of the organisation during the reporting year.** - policy programme related investment; - contribution made by volunteers. **TAR** March **2012** 4 **Summary of the main Our outreach programme helped reduce social isolation for our achievements of the charity vulnerable and home bound service users by mobilising volunteers during the year and traditional resources. Our service users were enabled to access information in their own languages for better understanding of the health and social care system in the UK. The inter-generational dialogue between the elders and the youth better enhanced mutual support and communication between the two groups. Our disadvantaged children were provided with academic and behavioural support on the zoom during the Covid19 pandemic year 2020. We provided capacity building for our volunteers which have created a skilled and knowledgeable volunteer team making them more helpful for our vulnerable service users. We have built up partnership working with the health and social services including Diabetic UK, NHS England and the various voluntary and community organisations promoting preventative health information for our service users. The above highlighted achievements would not have been possible without the financial support from our grant providers including BBC Children in Need, The City Bridge Trust, Cripplegate Foundation and the National lottery Community Fund.** |**Section E Financial review**|**Section E Financial review**| |---|---| |**Brief statement of the**
**charity’s policy on reserves**
**Details of any funds materially**
**in deficit**
**Further financial review details**
You**may choose**to include
additional information, where
relevant about:

the charity’s principal
sources of funds (including
any fundraising);

how expenditure has
supported the key objectives
of the charity;

investment policy and
objectives including any|| ||**All our funds during the reporting year were based on restricted**
**funds only**.| ||**NONE**| ||**(Optional information)**| ||**The charity’s principal sources of resources includes grant making**
**bodies: trusts, foundations and local authority. We are developing**
**skills to expand the sources of our funds including fundraising and**
**public donations.**
**About 90% of our fund was spent on the specific projects direct**
**while about 10% was spent on coordination costs**.| **TAR** March **2012** 5 ethical investment policy – N/A ## **Section F Other optional information** ## **Section G Declaration** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s)** **Full name(s) Theodros Abraham Position (eg Secretary, Chair, Chairman etc) Date** **TAR** March **2012** 6 ## **LIFE CHANCES CHARITY** **Resource for London 356 Holloway Road London N7 6PA Tel 0207 697 4095 Email: belay@lifechance.org Website: www.lifechance.org** ## **LIFE CHANCES (LC)** ## **FINANCIAL STATEMENTS** ## **YEAR ENDED 31 DECEMBER 2020** **REGISTERED CHARITY NUMBER 1172742** ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1 ## **LIFE CHANCES (LC) CHARITY NUMBER 1172742 LEGAL AND ADMINISTRATIVE DETAILS AS AT 31 DECEMBER 2020** Registered as a charity with the Charity Commission for England and Wales on 25 April 2017. Charity No 1172742 Status: Registered Address: Resource for London 356 Holloway Road London N7 6PA Executive Director: Belay Gessesse Members of Trustees Trustee Chairman Mr Theodros Abraham Treasurer Mrs Mahlet Asrat Member Mr Assefa Negash Bankers: HSBC UK 1 Aldermans Hill Palmers Green London N13 4YE Accountants: S. CHOWDURY & CO ACCOUNTANTS 123 Amberley Road Enfield Middlesex EN1 2RA 2 ## **LIFE CHANCES CHARITY CHARITY NUMBER 1172742 AS AT 31 DECEMBER 2020** ## **Report of LIFE CHANCES Board of Trustees** For the year ended 31 December 2020 The board of trustees of Life Chances charity submit herewith the financial statements of the organisation for the year ended 31 December 2020 The statements appear in the format required by the Charity Commission Statement of Recommended Practice (the SORP). ## **Mission Statement** ## **Life Chances was registered with the Charity Commission for England and Wales on 25 April 2017.** The object for which Life Chances is established are for the relief of the elderly, in particular but not exclusively those of the Ethiopian refugee and migrant community living in London , who are in need by reason of ill-health, disability, financial hardship or other disadvantage, by the provision of support, information, advice and any activities or services designed to relieve those needs and to help young people from the same community by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals. When time and circumstances allow Life Chances strives to provide assistance for disadvantaged elders and children in Ethiopia. ## **IN GRATITUDE** From the establishment of Life Chances in 2017 to date members of the Board of Trustees of Life Chances have been making invaluable contributions to the governance of the charity upholding their commitment to the causes for which the organisation was set up to address. They deserve appreciation and gratitude for their contributions to the governance of the charity. The additional voluntary contribution of our staff and volunteers has made positive difference to the works of the charity. We are grateful to the invaluable contributions of our staff, trustees and volunteers , especially under the current climate of the Covid19 pandemic affecting our nation.. We wish to express our deepest gratitude to those organisations who have supported us financially, to enable the achievement of the objects of Life Chances projects, notably, the BBC Children in Need, the City Bridge Trust London Community Response fund, The National Lottery COVID-19 Community Fund and the Cripplegate Foundation. Our achievements presented in this report would not have been possible without their invaluable support. ……………………………….. Theodros Abraham Chairman Life Chances Date: ………………………… 3 ## **IFE CHANCES CHARITY NUMBER 1172742** ## **BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** The Board presents its report for the year ended 31 December 2020 ## **The Board’s Responsibilities** The Board is required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the surplus or deficit of the „organisation. In preparing those financial statements, the Board is required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue on that basis. ..+ The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the requirements of the Charity Commission for England and Wales. It is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **The Board of Trustees** **Mahlet Asrat Treasurer** **Assefa Negash Member** **Belay Gessesse Executive Director** **Approved by the Board of Directors On the of October 2021 and signed on its behalf by** **……………… Theodros Abraham Chairman Date** 4 **INDEPENDENT EXAMINER’s REPORT ON THE ACCOUNTS OF LIFE CHANCES** ## **INCOME AND EXPENDITURE ACCOUNT** ## **Report to the LIFE CHANCES trustees/directors of** |**Registered charity number**1
1
7
2
7
4
2
**On accounts for the year**
**ended**
3
1
1
2
2
0
2
0
**Set out on pages**
I report to the charity trustees on my examination of the accounts of the
charity for the year ended 31/12/2020
**Responsibilities and**
**basis of report**
As the trustees of the Charity you are responsible for the preparation of
the accounts in accordance with the requirements of the Charity
Commission for England and wales (“the 2006 Act”).
Having satisfied myself that the accounts of the Charity
required to be audited for this year under Part 16 of the 2006 Act
and are eligible for independent examination, I report in respect of
my examination of your charity‟s accounts as carried out under
section 145 of the Charities Act 2011 (“the 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**
I have completed my examination. I confirm that no material matters
have come to my attention which gives me cause to believe that:
• accounting records were not kept in accordance with
section 386 of the Companies Act 2006; or
• the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements
under section 396 of the Companies Act 2006
other than 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 Charities
SORP (FRS102).
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 accounts to be reached.|**Registered charity number**1
1
7
2
7
4
2
**On accounts for the year**
**ended**
3
1
1
2
2
0
2
0
**Set out on pages**
I report to the charity trustees on my examination of the accounts of the
charity for the year ended 31/12/2020
**Responsibilities and**
**basis of report**
As the trustees of the Charity you are responsible for the preparation of
the accounts in accordance with the requirements of the Charity
Commission for England and wales (“the 2006 Act”).
Having satisfied myself that the accounts of the Charity
required to be audited for this year under Part 16 of the 2006 Act
and are eligible for independent examination, I report in respect of
my examination of your charity‟s accounts as carried out under
section 145 of the Charities Act 2011 (“the 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**
I have completed my examination. I confirm that no material matters
have come to my attention which gives me cause to believe that:
• accounting records were not kept in accordance with
section 386 of the Companies Act 2006; or
• the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements
under section 396 of the Companies Act 2006
other than 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 Charities
SORP (FRS102).
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 accounts to be reached.|**Registered charity number**1
1
7
2
7
4
2
**On accounts for the year**
**ended**
3
1
1
2
2
0
2
0
**Set out on pages**
I report to the charity trustees on my examination of the accounts of the
charity for the year ended 31/12/2020
**Responsibilities and**
**basis of report**
As the trustees of the Charity you are responsible for the preparation of
the accounts in accordance with the requirements of the Charity
Commission for England and wales (“the 2006 Act”).
Having satisfied myself that the accounts of the Charity
required to be audited for this year under Part 16 of the 2006 Act
and are eligible for independent examination, I report in respect of
my examination of your charity‟s accounts as carried out under
section 145 of the Charities Act 2011 (“the 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**
I have completed my examination. I confirm that no material matters
have come to my attention which gives me cause to believe that:
• accounting records were not kept in accordance with
section 386 of the Companies Act 2006; or
• the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements
under section 396 of the Companies Act 2006
other than 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 Charities
SORP (FRS102).
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 accounts to be reached.|**Registered charity number**1
1
7
2
7
4
2
**On accounts for the year**
**ended**
3
1
1
2
2
0
2
0
**Set out on pages**
I report to the charity trustees on my examination of the accounts of the
charity for the year ended 31/12/2020
**Responsibilities and**
**basis of report**
As the trustees of the Charity you are responsible for the preparation of
the accounts in accordance with the requirements of the Charity
Commission for England and wales (“the 2006 Act”).
Having satisfied myself that the accounts of the Charity
required to be audited for this year under Part 16 of the 2006 Act
and are eligible for independent examination, I report in respect of
my examination of your charity‟s accounts as carried out under
section 145 of the Charities Act 2011 (“the 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**
I have completed my examination. I confirm that no material matters
have come to my attention which gives me cause to believe that:
• accounting records were not kept in accordance with
section 386 of the Companies Act 2006; or
• the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements
under section 396 of the Companies Act 2006
other than 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 Charities
SORP (FRS102).
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 accounts to be reached.| |---|---|---|---| |**Signed**||**Date**|| ||||| |**Name**|||| ||||| |**Relevant professional**
**qualification or body (if**
**any)**|||| ||||| |**Address **|||| ||||| 5 ## **LIFECHANCES (LC) CHARITY NUMBER 1172742** |||**INCOME AND EXPENDITURE ACCOUNT**|**INCOME AND EXPENDITURE ACCOUNT**|**INCOME AND EXPENDITURE ACCOUNT**|**INCOME AND EXPENDITURE ACCOUNT**| |---|---|---|---|---|---| |||**For**|**The year ended 31 December 2020**||| ||**Notes**|**Restricted**|**Unrestricted**|**Total**|**Total funds**| |||**income**|**funds**|**funds for**|
**for**| |||**funds**||**Year**|**Year**| |||||**ended 31**|**ended 31**| |||||**December**|
**December**| |||||**2020**|**2019**| |||**£**|**£**|**£**|**£**| |**Incoming Resources**|||||| |Grants|**2**|42,902|0|42,902|10,000| |Bank Interest|3|0|0|0|0| |Other|**3**|0|0|0|0| |**Total Incoming**||**42,902**||**42,902**|**10,000**| |**Resources**|||||| |**Resources expended**|||||| |Direct charitable|**5**|17,541|0|17,541|5,899| |expenditure|||||| |Indirect management and|**4**||0|2,924|1,041| |administration expenditure||2,924|||| |**Summary of Total**|**6**|**20,465**|**0**|**20,465**|**6,940**| |**Resources Expended**|||||| |**Net incoming resources**||**22,437**|**0**|**22,437**|**3,060**| |**Transfer of Funds**||**0**|**(327)**|**(327)**|**0**| |**(Depreciation)**|||||| |**Balance b/f 31 December**||**3,060**|**0**|**3,060**|**0**| |**2019**|||||| |**FUND BALANCE**|**7**|**25,497 **|**(327)**|**25,170**|**3,060**| 6 ## **LIFE CHANCES** ## **CHARITY NUMBER 1172742** ## **BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020** ||**Notes**|
**£**|**At**
**31 December**
**2020**
**£**|**£**|**At**
**31 December**
**2019**
**£**| |---|---|---|---|---|---| |**Fixed Assets**|||||| |TangibleAssets|10||982||| ||||||| |**Current Assets: **|||||| |Cash at Bank||24,200|||3,000| |Cash in Hand||88|||60| |||**24,288**|||**3060**| |**Debtors**|11|**0**|||| |**Creditors: **|||||| |(AmountsFalling|||||| |Due Within One Year)||-100|||| ||||||| |**NET CURRENT**
**ASSETS**|||**24,188**||| |**TOTAL NET ASSETS**|||**25,170**||| |**FUNDS OF THE**
**CHARITY**|||||| |**Restricted**|13||24,188||3,060| |**Unrestricted:**|14||0||| |Designated|14||982||| |General|14||||| |**FUND BALANCE**|15||**25,170**||**3,060**| The trustees acknowledge their responsibilities for complying with the requirements of the Charity Commission with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to charities. APPROVED BY THE BOARD OF TRUSTEES ON THE OF OCTOBER 2020 AND SIGNED ON THEIR BEHALF BY …………………………..… Theodros Abraham, Chairman DATE OF AUTHENTICATION AND SIGNATURE ……………………………. The notes on pages 9 to 16 form part of these accounts. 7 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2020** ## **1. Accounting Policies** ## **1.1 Charity Status** Life Chances is a Charity (CIO) . The liability of each member is limited to £1 per member. It is registered in England and Wales. ## **1.2 Basis of Preparation of Financial Statements** These financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with: - the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and - the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102 and - the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102 for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Accounting and Reporting by Charities: Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014 (The FRS 102 Charities SORP), the Charities Act 2011. ## **1.3 Going Concern** The trustees have assessed whether the use of the ongoing concern is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. In particular the trustees have considered the charity‟s forecasts and projections and have taken account of pressures on income. After making assessments of potentials and constraints, the trustees have concluded that there is a reasonable expectation that the charity will be able to continue in operational existence for the foreseeable future effectively addressing good causes. The charity therefore continues to adopt the going concern basis in preparing its financial statements. ## **1.4 Fund Accounting** - a) Income received by way of grants to the charity is included in full in the Income and Expenditure when received. Intangible income is not included unless it represents goods or services which would have otherwise been purchased. - b) Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are deferred. - c) Restricted funds are grants or donations to be used for specific purposes as laid down by the donor. Expenditure which meets the criteria is identified to the fund, together with allocation of overhead costs. - d) Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. - **e) Depreciation is provided on all original purchase cost in equal annual instalments over the estimated useful lives of the assets. The rate of depreciation is as follows:** **Project Equipment 25% Computers 25** % - h) Rentals payable under premises rentals, where substantially all the risks and rewards of ownership remain with the renting bodies, are charged to the Income and Expenditure Accounts in the year in which they fall due. 8 ## **LIFE CHANCES (LC) CHARITY NUMBER 1172742** **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2020** ## **2. Grants/Donations** ||||**Restricted**
**funds**
**Unrestricted**
**funds**
**Total**
**Year end**
**31 December**
**2020**
**Total**
**Year end**
**31**
**December**
**2019**|**Restricted**
**funds**
**Unrestricted**
**funds**
**Total**
**Year end**
**31 December**
**2020**
**Total**
**Year end**
**31**
**December**
**2019**| |---|---|---|---|---| ||**London Project:**
BBC Children in Need
National Lottery Covid-19
Community Fund
City Bridge Trust LCRF
Cripplegate Foundation/
**S/Total**
**Total Grant**
**3. Other Income**
**Total **||**£**
10,000
9,952

18,100
4,850
**42,902**|**£**
**£**
**£**
0
10,000
10,000
0
9,952
0
0
0
0
18,100
4,850
0
0
0
**42,902**
10,000| ||||**42,902**|**42,902**
**10,000**| |||||**0**| |||||| |||||| |||||| |||**Total **||**0**| 9 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2020** ## **4** . **INDIRECT MANAGEMENT AND ADMINISTRATION EXPENDITURE** |Stationery
Professional & Audit Fees
Proportion of Venue Rent
**TOTAL INDIRECT**|**Total**
**Year ended**
**31 December**
**2020**
**Total**
**Year ended**
**31 December**
**2019**
**£**
**£**
56
10
0
42
**108**
**0**| |---|---| ||| ## **5. DIRECT CHARITABLE EXPENDITURE** |**£**|**£**|**£**|**£**| |---|---|---|---| |**StaffCosts**|**2,924**|**Other Costs**|| ||||| |||Educational Resources|180| |||Refreshments|314| |||Stationery|510| |||26 lap tops for learning on the zoom|12500| |||OfficePC+Screen+Printer|909| |||Venuehire|378| |||Communication/zoom fee|196| |||Technicalsupport/IT|1680| |||Auditor’sfee|90| |||Volunteers subsistence|211| |||Touch screen webcam for teaching|465| |||Othercosts|0| |||Bankcharge|**0**| |||Total|**17,433**| ||**2,924**||| |**TOTAL DIRECT **|||**20,357 **| **TOTAL EXPENDITURE: 20,357 + 108 = £20,465** 10 **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2020** ## **6. SUMMARY OF TOTAL RESOURCES EXPENDED** |Direct charitable expenditure
Management and administration||**Staff**
**costs**
**Other**
**costs**
**Total**
**Year**
**ended**
**31 Dece.**
**2020**
**Total**
**Year**
**ended**
**31**
**December**
**2019**
**£**
**£**
**£**
**£**
17541
0
17541
5602
2924
0
2924
1338|**Staff**
**costs**
**Other**
**costs**
**Total**
**Year**
**ended**
**31 Dece.**
**2020**
**Total**
**Year**
**ended**
**31**
**December**
**2019**
**£**
**£**
**£**
**£**
17541
0
17541
5602
2924
0
2924
1338| |---|---|---|---| |||20465|20465
6940| ## **7. Fund Balance** Since its establishment in 2017,Life Chances maintained a positive fund balance. ## **8. Staff Costs and Employee Benefits** |**Total**
**Year**
**ended**
**31**
**December**
**2020**
**No.**
Average number of persons employed
03
**2924**
UK Staff costs during the year:|
**Total**
**Year**
**ended**
**31**
**December**
**2019**| |---|---| ||**No.**
03
**1338**| 11 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2020** ## **9. Transactions with trustees and related parties** ## **9.1 Trustee remuneration and benefits** None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity. ## **9.2 Trustees’ expenses** No trustee expenses have been incurred. ## **9.3 Transaction(s) with related parties** There have been no related party transactions in the reporting period. ## **10 TANGIBLE FIXED ASSETS** ||**Computers/**
**Printers**
**Filing**
**Cabinet**
**Chairs**
**Tables**
**Projector**
**White**
**Board**
**Total**| |---|---| |**COST:**
At 31 DECEMBER
2020 1stApril 2020
**DEPRECIATION:**
Charge for year*
At
31
December
2020
**NET**
**BOOK**
**VALUE**
**at**
**01**
**January**
**202131**
**December 2020**|**£**
**£**
1309
**0**
**0**
**0**
**0**
**0**
**1309**| ||**327**
**0**
**0**
**0**
**0**
**0**
**327**
**327**
**0**
**0**
**0**
**0**
**327**| ||**982**
**0**
**0**
**0**
**0**
**982**| 12 ## **LIFE CHANCES CHARITY NO 1172742** **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2020** ## **11. DEBTORS** None ## **12. CREDITORS** |**ne year**
**DS**
**Balance at**
**31 December**
**2019**
**3,060**|**Incoming**
**Resources**
**£42,902**|**31**
**December**
**2020**
**31**
**December**
**2019**
**2020**
**£.**
**£.**
100
0
**100**
**0**
**Expenditure**
**Balance at**
**31**
**December**
**2020**
**£20,465**
**25,497**|**31**
**December**
**2020**
**31**
**December**
**2019**
**2020**
**£.**
**£.**
100
0|**31**
**December**
**2020**
**31**
**December**
**2019**
**2020**
**£.**
**£.**
100
0|**31**
**December**
**2020**
**31**
**December**
**2019**
**2020**
**£.**
**£.**
100
0| |---|---|---|---|---|---| ||||**100**||**0**| |||||**Balance at**
**31**
**December**
**2020**
**25,497**|| **Amounts falling due within one year** Auditing Fees ## **13. RESTRICTED FUNDS** The restricted fund of the charity is the sum received from funding bodies to support specified projects in London.. ## **14. UNRESTRICTED FUNDS** |**14.**
**UNRESTRICTED FUNDS**|||| |---|---|---|---| |At 1 April 2020
Addition/Reduction in the period
Transfer of funds (Depreciation)
**Balance at 31 December 2020**|**General**
**funds**
**Designated**
**funds**
**£**
**£**
**0**
**0**
0
0
0
0||**Total**
**Funds**
**£**
**0**
0
0| |||**0**
**0**|**0**| The designated fund of the charity is the sum apportioned at the discretion of the Board of Trustees to reflect the charity‟s funds tied up in computer equipment and office materials.. 13 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2020** ## **15. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS** |Fixed assets
Cash at bank
Cash in hand
Current liabilities|**General**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Total**
**Funds**
**£**
**£**
**£**
**£**
0
982
0
982
0
24,200
24,200
0
0
88
88
0
(100)
(100)|**General**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Total**
**Funds**
**£**
**£**
**£**
**£**
0
982
0
982
0
24,200
24,200
0
0
88
88
0
(100)
(100)| |---|---|---| ||**0**|**982**
**24,188**
**25,170**| 14