## Section A ||**Trustees' Annual Report**|**Trustees' Annual Report**|**Trustees' Annual Report**|**Trustees' Annual Report**|**Trustees' Annual Report**|**for theperiod**|**for theperiod**|**for theperiod**| |---|---|---|---|---|---|---|---|---| ||**From**|Period start date|||**T**
**o**|Period end date||| |||Day
01|Month
01|Year
2021||Day
31|Month
12|Year
2021| ## Reference and administration details **Charity name** LIFE CHANCES **Other names charity is known by** LC **Registered charity number (if any)** 1172742 |**Charity's principal address**|Resources for London|Resources for London| |---|---|---| ||356 Holloway Road|| ||London|| ||**Postcode**|**N7 6PA**| ## **Names of the charity trustees who manage the charity** |1
2
3
4|**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
Chair Person|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
Member|**36 Princess Alice**
**House**
**Dalgamo Way**
**London**
**W10 5E**|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|| |||| |||| |||| ## **Names and addresses of advisers (Optional information) N/A** March **2012** **TAR** 1 |**Type of adviser**|**Name**
**Address**|**Name**
**Address**| |---|---|---| |**N/A**||| |||| |||| |||| **Name of chief executive or names of senior staff members (Optional information)** Belay Gessesse, Chief Executive ||**Section B**
**Structure, governance and management**|**Section B**
**Structure, governance and management**|| |---|---|---|---| |**Description of the charity’s trusts**|||| ||Type of governing document|**CIO Constitution Foundation Model**|| ||(eg. trust deed, constitution)||| ||How the charity is constituted|Trust|| ||(eg. trust, association, company)||| ||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:||**Essential**
**trustee's**
**guidelines**
**of**
**the**
**Charity**
**Commission**
**was**
**distributed to the charity trustees for their induction and adherence**
**to in the process of the discharge of their responsibilities.**|| ||policies and procedures|**Organisational structure of Life Chances is guided by the CIO**|| ||adopted for the induction and|**Foundation Model of the Charity Commission. The charity works with**|| ||training of trustees;|**relevant statutory and voluntary organisations.**|| ||the charity’s organisational
structure and any wider
network with which the charity
works;|**The organisation has built up partnership working with relevant**
**statutory and non-statutory organisations including but not limited to**
**Islington Council**|| ||relationship with any related
parties;|**We work in partnership with**
**Refugee Council, Voluntary Action**
**Islington, Evelyn Oldfield Unit, NHS Camden and Islington, Diabetic**|| ||trustees’ consideration of|**UK.etc.**|| ||major risks and the system||| ||and procedures to manage|**The trustees adhere to Charity Commission’s guidelines (CC26) **|**to**| ||them.|**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.**|| March **2012** **TAR** 2 |**Section C**
|**Objectives and activities**|**Objectives and activities**| |---|---|---| |**Summary of the objects of the**
**charity as set out in its**
**governing document**
**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)**||**The relief of the elderly in particular but not exclusively those of the**
**Ethiopian refugee and migrant community, 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.**
**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 in the area of 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.**
**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:**
**Planninq**
**Activities**
**Based**
**on**
**our**
**established**
**objects**
**and**
**availabilities of resources we planned our annual activities at the**
**start of our reporting year by involving our trustees, volunteers and**
**our project steering group. Time and resource**
**bound tasks were**
**assigned to our volunteers and staff to be undertaken. The director**
**took the responsibility to organise, plan, supervise and manage the**
**day to day activities**
**of the organisation. Owing to the Covid19**
**pandemic our trustees met every quarter on the zoom to govern**
**operation of the organisation consistent with the requirements of**
**the regulatory bodies including the Charity Commission.**
**Outreach Activities:**
**To tackle practical needs of our vulnerable**
**service users including the elderly, those living with disability and**
**home bound we**
**mobilized and involved our committed volunteers**
**who**
**provided outreach services for these vulnerable members of**
**our**
**service users. Observing the NHS’s COVID19 preventive**
**measures our activities during the year**
**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**| |||**The relief of the elderly in particular but not exclusively those of the**
**Ethiopian refugee and migrant community, 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.**
**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 in the area of 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.**| |||**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:**
**Planninq**
**Activities**
**Based**
**on**
**our**
**established**
**objects**
**and**
**availabilities of resources we planned our annual activities at the**
**start of our reporting year by involving our trustees, volunteers and**
**our project steering group. Time and resource**
**bound tasks were**
**assigned to our volunteers and staff to be undertaken. The director**
**took the responsibility to organise, plan, supervise and manage the**
**day to day activities**
**of the organisation. Owing to the Covid19**
**pandemic our trustees met every quarter on the zoom to govern**
**operation of the organisation consistent with the requirements of**
**the regulatory bodies including the Charity Commission.**
**Outreach Activities:**
**To tackle practical needs of our vulnerable**
**service users including the elderly, those living with disability and**
**home bound we**
**mobilized and involved our committed volunteers**
**who**
**provided outreach services for these vulnerable members of**
**our**
**service users. Observing the NHS’s COVID19 preventive**
**measures our activities during the year**
**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**| March **2012** **TAR** 3 **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 in particular for enabling us provide these important service.** **Advice/ Advocacy ServicesBy using relevant languages of our community where and when necessary we enabled those in need access services they were entitled to. We provided language support for our services users at GPs, hospitals, courts. Social Services, housing, DWP etc. We referred and signposted our clients to external organisations for a more specialised services.** **Collecting limited funds from charitable individuals in UK we managed to support victims of war and displacements at Ataye and Wello regions of Ethiopia during the reporting year. 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)** March **2012** **TAR** 4 ## **Contribution made by Volunteers.** You **may choose** to include further statements, where relevant, about: - policy on grantmaking; - policy programme related investment; - **contribution made by volunteers.** As a small and grass roots charity organisation with limited resources our committed volunteers played a very important role in helping tackle the needs of our vulnerable service users. Their services included home visits, helping our service users access services by using relevant languages, homework support for our disadvantaged children and tackling of social isolation by connecting those in need with resources centres available within our community. March **2012** **TAR** 5 ## **Summary of the main achievements of the charity during the year** **Our outreach programme helped reduce social isolation for our vulnerable and home bound service users by mobilising volunteers 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 National Lottery Fund, Islington Community Chest and the Cloudesley Trust.** March **2012** **TAR** 6 ## **Section E** ## **Financial review** **Brief statement of the At present our funds are all restricted to implementation of specific charity’s policy on reserves projects. But we recognize the importance of building up reserves to overcome unforeseen financial shortfalls that might face our charity. Hence, following Charity Commission’s guidance on this matter we are planning to develop a reserve policy for our organisation giving reasons why we need to keep money aside instead of spending it, how much money our charity intends to hold in the reserve, what the fund will be used for. We are planning to organise fund raising event for our community to collect money to start building up reserve for our charity.** **Details of any funds materially in deficit** **NONE WHATSOVER.** ## **Further financial review details (Optional information)** 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; **The charity’s principal sources of funds were from grant making bodies including trusts, foundations and Community funders like the National Lottery, BBC Children in Need. The project expenditure coupled with volunteer inputs have supported the key objectives of our organisation.** **We are planning to strengthen our fund raising capacity to better resource our charity to support our vulnerable services users. We are also planning to motivate more volunteers to support the objectives of our charity.** - investment policy and objectives including any ethical investment policy adopted. ## **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** March **2012** **TAR** 7 **Position (eg Secretary, Chair, Chairman etc) Date** March **2012** **TAR** 8 ## **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 2021** **REGISTERED CHARITY NUMBER 1172742** -------------------------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------- 1 ## **LIFE CHANCES (LC) CHARITY NUMBER 1172742 LEGAL AND ADMINISTRATIVE DETAILS AS AT 31 DECEMBER 2021** 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 2021** ## **Report of LIFE CHANCES Board of Trustees** For the year ended 31 December 2021 The board of trustees of Life Chances charity submit herewith the financial statements of the organisation for the year ended 31 December 2021. 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, volunteers and members. 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 National Lottery COVID-19 Community Fund, Islington Community chest and Coudesley Foundation. Our achievements presented in this report would not have been possible without their invaluable support. ……………………………….. Theodros Abraham Chairman Life Chances Date: ………………………… 3 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **BOARD OF TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021** The Board presents its report for the year ended 31 December 2021 ## **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 2022 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 of the LIFE CHANCES trustees/directors of** |**Registered charity number**
**On accounts for the year**
**ended**|1|1|7|2|7|4|2||| |---|---|---|---|---|---|---|---|---|---| ||3|1|1|2|2|0|2|1|| ## **Set out on pages** I report to the charity trustees on my examination of the accounts of the charity for the year ended 31/12/2021 ## **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** I have completed my examination. I confirm that no material matters **examiner’s** have come to my attention which gives me cause to believe that: **statement** • 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. 5 |**Signed**||**Date**|| |---|---|---|---| ||||| |**Name**|||| ||||| |**Relevant professional**
**qualification or body (if**
**any)**|||| ||||| |**Address**|||| ||||| 6 ## **LIFECHANCES (LC) CHARITY NUMBER 1172742** ## **INCOME AND EXPENDITURE ACCOUNT** ## **For The year ended 31 December 2021** ||**Notes**|**Restricted**
**income**
**funds**|**Unrestricted**
**funds**|**Total**
**funds for**
**Year**
**ended 31**
**December**
**2021**|**Total**
**funds**
**for**
**Year**
**ended**
**31 December 2020**| |---|---|---|---|---|---| |||**£**|**£**|**£**|| ||||||| |**Incoming**
**Resources**|||||| ||||||| |Grants
Donation/Collections||**30,000**
**8,984**|0
0|**30,000**
**8,984**|42,902| |||0|0|0|0| |Bank Interest||0|0|0|0| |Other||0|0|0|0| ||||||| |**Total Incoming**
**Resources**||**38,984**||**38,984**|**42,902**| ||||||| |**Resources**
**expended**|||||| ||||||| |Direct charitable
expenditure||26,375|0|26,375|**17,541**| |Indirect management
and administration
expenditure||2,473|0|2,473|**2,924**| ||||||| |**Summary of Total**
**Resources**
**Expended**||**28,848**|**0**|**28,848**|**20,465**| ||||||| |**Net incoming**
**resources**||**10,136**|**0**|**10,136**|**3,060**| |**Transfer of Funds**
**(Depreciation)**||**0**|**(246)**|**(246)**|**0**| |**Balance b/f 31**
**December 2020**||**25,497**|**0**|**25,497**|**0**| |**FUND BALANCE**||**35,633**|**(246)**|**35,387**|**3,060**| 7 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2021** ||**Notes**|**£**|**At**
**31 December**
**2021**
**£**|**£**|**At**
**31 December**
**2020**
**£**| |---|---|---|---|---|---| |**Fixed Assets**|||||| |Tangible Assets|10||737||982| ||||||| |**Current Assets:**|||||| |Cash at Bank||34,800|||3,000| |Cash in Hand||0|||60| |||**34,800**|||**3060**| |**Debtors**|11|**0**|||| |**Creditors:**|||||| |(Amounts Falling|||||| |Due Within One Year)||-150|||-1000| ||||||| |**NET CURRENT**
**ASSETS**|||**34,650**||**24,188**| |**TOTAL NET ASSETS**|||**46,875**||**25,170**| |**FUNDS OF THE**
**CHARITY**|||||| |**Restricted**|13||34,650||24,188| |**Unrestricted:**|14||0||| |Designated|14||737||982| |General|14||||| |**FUND BALANCE**|15||**35,387**||**25,170**| 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 2021 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. 8 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2021** ## **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. ## **1.3 Fund Accounting** 9 - 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. 10 ## **LIFE CHANCES (LC) CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2021** ## **2. Grants/Donations** |||**Restricted**
**funds**
**Unrestricted**
**funds**
**Total**
**Year end**
**31 December**
**2021**
**Total**
**Year end**
**31**
**December**
**2020**| |---|---|---| ||**£**
**£**
**£**
**£**
**London Projects:**
BBC Children in Need
10,000
0
10,000
10,000
National Lottery Covid-19
Community Fund
0
0
9,952
City Bridge Trust LCRF
0
0
0
18,100
Islington Community Chest
0
0
0
4,850
LCRF/National Lottery
10,000
0
10,000
0
Cloudesley Trust
10,000
0
10,000
0
**S/Total**
**30,000**
**30,000**
**42,902**
**Total Grant**
**38,984**
**38,984**
**3.**
**Other Income**
£
Ataye Fund (donations - humanitarian)
5,964
Wollo Fund (donations - humanitarian)
3,020
**Total**
**8,984**|**£**
**£**
**£**
**£**
10,000
0
10,000
10,000
0
0
9,952
0
0
0
18,100
0
0
0
4,850
10,000
0
10,000
0
10,000
0
10,000
0
**30,000**
**30,000**
**42,902**| |||**38,984**
**38,984**| 11 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2021** ## **4** . **INDIRECT MANAGEMENT AND ADMINISTRATION EXPENDITURE** |Coordinator 1 (20%)
Coordinator 2 (20%)
2 Session Workers (20%)
Stationery (10%)
Audit Fees (10%)
Proportion of Venue Rent (10%)
**TOTAL INDIRECT**|**Total**
**Year ended**
**31 December**
**2021**
**Total**
**Year ended**
**31 December**
**2020**
**£**
**£**
1,291
302
812
41
56
15
10
12
42|**Total**
**Year ended**
**31 December**
**2021**
**Total**
**Year ended**
**31 December**
**2020**
**£**
**£**
1,291
302
812
41
56
15
10
12
42| |---|---|---| ||**2,473**|**108**| ## **5. DIRECT CHARITABLE EXPENDITURE** |**£**|**£**|**£**|**£**| |---|---|---|---| |**Staff Costs**||**Other Costs**|| |||Saturday class tutor|1960| |9,619||Refreshments/workshop|560| |||Volunteers subsistence cost|1920| |||Team training cost|320| |||Information translation cost|600| |||Venue hire|108| |||Mobile handset|500| |||Telephone bill|264| |||Activity cost/Saturday children|367| |||Annual zoom fee|143| |||Auditors fee|135| |||Stationary/Admin cost|367| |||Bank charge|60| |||Attaye Fund (Humanitarian)|**5,964**| |||Wollo Fund (Humanitarian|**3,020**| |||Other costs|**468**| |||Total|**16,756**| |**9,619**|||| |**TOTAL Direct Expenditure**|||**26,375**| ## **TOTAL EXPENDITURE: 26,375+2,473 = £28,848** 12 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2021** ## **6. SUMMARY OF TOTAL RESOURCES EXPENDED** |Direct charitable expenditure
Management and administration||**Staff**
**costs**
**Other**
**costs**
**Total**
**Year**
**ended**
**31 Dece.**
**2021**
**Total**
**Year**
**ended**
**31**
**December**
**2020**
**£**
**£**
**£**
**£**
9,619
0
16,756
26,375
17,541
2,405
0
68
2,473
2,924| |---|---|---| |||12,024
16,824
28,848
20,465| ## **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**
**2021**
**No.**
Number of persons employed
04
UK Staff costs during the year:
12,024|**Total**
**Year**
**ended**
**31**
**December**
**2020**| |---|---| ||**No.**
03
**1,338**| 13 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2021** ## **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 1st April 2020
**DEPRECIATION:**
Charge for year*
At
31
December
2020
**NET**
**BOOK**
**VALUE**
**at**
**31**
**December 2021**|**£**
**£**
982
**0**
**0**
**0**
**0**
**0**
**982**| ||**246**
**0**
**0**
**0**
**0**
**0**
**246**
**246**
**0**
**0**
**0**
**0**
**246**| ||**737**
**0**
**0**
**0**
**0**
**737**| 14 ## **LIFE CHANCES CHARITY NO 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2021** ## **11. DEBTORS** ## None ## **12. CREDITORS** |**Amounts falling due within one year**
Auditing Fees
**13.**
**RESTRICTED FUNDS**
**Balance at**
**31 December**
**2020**
**25,497**|**Incoming**
**Resources**
**£38,984**|**31**
**December**
**2021**
**31**
**December**
**2019**
**2020**
**£.**
**£.**
150
100
**150**
**100**
**Expenditure**
**Balance at**
**31**
**December**
**2021**
**£28,848**
**35,633**|**31**
**December**
**2021**
**31**
**December**
**2019**
**2020**
**£.**
**£.**
150
100|**31**
**December**
**2021**
**31**
**December**
**2019**
**2020**
**£.**
**£.**
150
100|**31**
**December**
**2021**
**31**
**December**
**2019**
**2020**
**£.**
**£.**
150
100| |---|---|---|---|---|---| ||||**150**||**100**| |||||**Balance at**
**31**
**December**
**2021**
**35,633**|| The restricted fund of the charity is the sum received from funding bodies to support specified projects in London.. ## **14. UNRESTRICTED FUNDS** |At 1 April 2021
Addition/Reduction in the period
Transfer of funds (Depreciation)
**Balance at 31 December 2021**|**General**
**funds**
**Designated**
**funds**
**£**
**£**
**0**
**0**
0
0
0
0|**General**
**funds**
**Designated**
**funds**
**£**
**£**
**0**
**0**
0
0
0
0|**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.. 15 ## **LIFE CHANCES CHARITY NUMBER 1172742** ## **NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 December 2021** ## **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
737
0
737
0
34,800
34,800
0
0
0
0
0
(150)
( 150)|**General**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Total**
**Funds**
**£**
**£**
**£**
**£**
0
737
0
737
0
34,800
34,800
0
0
0
0
0
(150)
( 150)| |---|---|---| ||**0**|**737**
**34,650**
**35,387**| 16 INDEI l)ENDI( NT EXAMINLII'S IlTr I'ORI, ON'I"IIL ACCOUN'I'S OF LITr L CIIANCLI'S INCOME AND EXPENDITURE ACCOUNT Report of the trustLesldiree¢ors of LIDE CIIANCES RegistLrcd charity numbir On accvullts for the year ended I;_I,'flTII'I, I, Set out tsn pages i'epoi't to the charity Irustees on my examination of tlie accouiits of the charily foi. the year ended 3111212021 Rcsponsiblllities #nd bAsis of rLport As the Irustees of tl)e Charity you are responsible for the prepai'atioii of the a¢¢ounts in aecordance with the i'equirements of the Charity Cominission foi. Englcind and Wales {"the 2006 Act"). FIaving satisfied myself th(It the accounts of the Charity requiiEd to be audited foi. this year under Part 16 of the 2006 Act and are eligible foi. independenl ex(imination, I i'eport in resp¢c( of my examination of your charily's accounts as carried out under section 145 of ihL Chai'ities Act 2011 ("the 2011 Act"). In canying out my examination, I have followed the Directions given by the Chai'ity Commission (under seotion 145(5)(b) ofthe 201 l Act. Ind¢pcndent examiner s statement I have completed my examination. I confirm that no Mat￿.la1 miitters have conie to my attention which gives me cause to believe thal.. accoiiiiliiig rcLoi'd.s w¢i'¢ not kept in accordance with SLCtion 386" of the Coinp(Inies Act 2006; 01. • the dccounls do not accoi'd with such i'ecords. or the accounts do not comply with i'elevant (IccountinbJ requirements uiidei. seotioii 396 of the Companies ALt 2006 otlier thali aiiy i'equii'einenl tlTrat the accounts give a 'true 2md fall view wliieli is not a matter considered as part of an independent exdniinalion. or •the ac¢vuiits Iiave not been PiEpared in accordance with the Charities SORI) (FRS102). I have no conLerns and have come aci'oss no other n]attci's in connection with the cxaniination lo which attention should be drawii in this report in oi'dei. to enable a proper uT]derstanding of the accounts tu bc reaclied. SignLd Date -z Name S/-knY??S ik Relevant profession#1 qualification or body (if an l). A Address S. C140¥1DHdR Y&CO 123 AMBERLEY ROAD EMF IELU MIDULE5EX EN1 2RA TEL, 02D B3fj0 977U ionE Financial review Brief statement of the charity's policy on reserves At present our funds are all restricted to implementation of specific projects. But we recognize the importance of building up reserves to overcome unforeseen financial shortfalls that might face our charity. Hence, following Charity Commission's guidance on this matter we are planning to develop a reserve policy for our organisation giving reasons why we need to keep money aside instead of spending IL how much money our charity intends to hold in the reserve, what the fund will be used for. We are planning to organise fund raising event for our community to Collect money to start building up reserve for our charity. Details of any funds materially in deficit NONE WHATSOVER. Further financial review details (Optional information) The charity's principal sources of funds were from grant making bodies including trusts, foundations and Community funders like the National Lottery, BBC Children in Need. The project expenditure coupled with volunteer inputs have supported the key objectives of our organisation. We are planning to strengthen our fund raising capacity to better resource our charity to support our vulnerable services users. We are also planning to motivate more volunteers to support the objectives of our charity. You may choose lo include additional information, where relevant about.. the charity's principal sources of funds (including any fundraisingl,. how expenditure has supported the key objectives of the charity., investment policy and objectives including any ethical investment policy adopted. Section F Other optlonal information Section G Declaration The trustees declare that they have approved the trustees. report above. Signed on behalf of the charity's trustees Signaturels) Full namels} Position (eg Secretary, Chair, etcl Theodros Abraham Chairman Date TAR March 2012 LIFE CHANCES CHARITY CHARITY NUMBEI R 1172742 AS AT 31 DECEMBER 2021 Report of LIFE CHANCES Board of Trustees For the year ended 31 December 2021 The board of Irustees of Lif¢ Clia]Ices charity submit hei'ewith the financial statements of the orgaiiisation for the )'ear cnded 31 Decembei. 2021. The statements appear in the format required by the Charity Commission StalLment of Reconunended Practice (the SORP). Mission Statement Jilc Chanees was registered with the Charity CommissAon for England And Wales on 25 April 2017. The object for whicli Life Chances is established are for tbe relief of the elderly, in particulai. but not exclusively tliose of the Etliiopiaii i'efugce and migrant cominunity living iii Loiidon who al-e in need by i'eason of ill-liealth, disability, finaiicial hai-dship or other disadvaiitage, by the pi'ovision of support, infoi'rnation, advice aiid any activities oi. sei'iiices designed to relieve those needs and to help youiig people fi'om the same comiiiunity by developiiig their skills, capacities and capabilities to enable them to p￿.lIcipate in society as independeiil. mature and responsible individuals. When time and circuinSt￿l¢es allow I#ife Chance5 sli'ives to provide assistance for disadiTantaged eldei's and childi'en in Ethiopia. IN GRATITUDE To membei's of the Board of TI￿SteeS of Life Chances for their commitmeiit, contributions and for generously giving tlieiT tiiiie aiid skills since the eslablishni¢iit of Life ch￿IceS in 2017. We are grateful to ihe invaluable coiitributioiis made by our staff and volunteers. Our thanks and appreciation to all those who supported us with grants d￿'ing the year and for making a diffei'ence to the lives of the needy in our coinmunity. These include, tlie BBC Children in Need,the National Lotlei'y COVID-19 Community Fund. Islington Coinmunity Chest and Coudesley Foundation. Theodi'os Abraham Chaii'man Life Chances Theodros Abraham Chairm￿) Life Chances Date.. LIFE CHANCES CHARITY NUMBER 1172742 BOARD OF TRUSTII Ef S, REPORT FOR THE YEIAR ENDED 31 DECEMBER 2021 The Board preseiils its report for the year ended 31 December 2021 l.he Board's R¢sponsibilities Tlie Board is required to prepare fiiiaiicial 8tatenients for each financial year which give a true and fair view of the stale of tlie affaii's of the chai'ity ￿ld of the surplus oi. deficit of the 'organisalion. lil prep￿.111g those fiiiancial staternents, the Board is i'equii'ed to: select suitable accouiiting policies and theii apply tliein consi5tcntly' make judgemeiits and cstiinates Iliat are reasoiiable and pi'udent,. state whether applicable accounting staiidards have been followed, subject to any material depathwes disclosed and explained iii the financial statements. pi'epai'e the fiiiancial slatements on the going concern basis unless it is inappropTLate to presume tliat ihe CI￿1.1tY will coiitinue on tliat basis. The Board is responsible foi. keeping propel. aceountllig records which disclose with reasonable accuracy at any time the financial position of th¢ chai'ity and to enable it to ensure that the flnancial statcmei)ts comply witli the iEquireIneiits of Ilie Charity Cominissioii for England and Wales. It is also i'esponsible for safeguarding the assets of the charitable company and hence foi. taking i'easonable steps for the prevention aiid detection of fi?ud and other irregularittes. The Board of Trust¢ Mahlet Asrat Treasurer Assefa N¢ga$h Member Belay Gessesse Executive Director Approvcd by tbe Board of Directors On tl)e ao"M of October 2022 and signed on its behAlf by Tql (WJ Theodros Abrallam Chairman Date I,IFE CIIANCES CTrIARI'I'Y NUMBLI R 1172742 BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2021 Notes At 31 DL'cLmbcr 2021 At 311)ecemher 2020 Fixed Assets Tan ible Assets 10 737 982 Current Assets: Cash at Bank Cash in Hand 34,goo 3,000 60 34,800 Debtors Creditors: Amounts Fallin Due Within One Year} -150 -1000 NET CURRENT ASSETS TOTAL NET ASSETS 34,650 24,188 46,875 25,170 FUNDS OF THE CHARITY Restricted Unrestricted: Desi nated General FUND BALANCE 13 14 14 14 737 982 35,387 25,170 'I'he trustees acknowledge theii- responsibilitics fur Lomplying with the requirements of the Charity Commission wilh re%pect lo accouiiliiiby rceoi'ds aiid the preparation of accounts. These accounts have been prcpill'ed in a¢cordan¢e with the pi'ovisions applicable to charities. APPROVED B Y THE BOARD OF TRUSTEES ON THE OF OCTOBER 2022 AND SIGNED ON 'I'IIEIR BEHALF BY 'lTheodros Abi'aham, Chairman DA'fE OF AUTEIENTICATION ANI) SIGNAI'URE The notes on pages 9 to 16 form part of these accounts.