Trustees. Annual Report for the period Period stsrt date Period end date 1 2022 31 &•eGeIl)er 2023 Section A Reference and administration details Charity namè LIFE CHANCES Other namas charity is known by LC Registered charity number Irf any) 1172742 Charfty's prfnclpal address Resource for London, 356 Holloway Road. London Postcodè N7 6PA Namos of the charlty trustees who manage Ihe charity Dat•• a¢t•d If notfor whol• gar Tru•ts• n•m• Offle• Ilf •ry} Nam• of p•rnon lor body) •nYtI oint tru•t•• Ifan by the truste• body Dr Maknun Gamaladin Ashaml ChaImn 0410612024 Mr Yohannes Zewdo Mr Assefa Negash Treasurer Trustee member 0410612024 Since December 201 S by the trusts& body Steering group & trustsè Names of the trustees for tho charlty, If any• Ifor examph, any custodlan trustees) Nam• Datss acted ff not for wholo NIA Names and addresses of advlsern (Opfjonal Inforniallon) e of adviser Name Address NIA Name of chief exécutive or nam of senlor staff mombors (Optional infomiation) Belay Gessesse TAR Maf¢h 2012
Section B Structure, overnance and mana ement Description of the charity's trusts CIO Foundation Model Type of goveming document t deed consttiui¥ How the charity is constituted i eg trust. as, Trust Trustee selection methods leg appointe el8cted . At the beglnning. the trustees were appointed by the founders of the charity and the Steering Group. At present new members of trustees are sele¢tsd and approved by the exlstlng trustees. Addltional governance issues (Optional Inforniation) Essential trustse's guidelin0$ of the Charlty Commission was distributed to the charity trusteès for their induction and adharence to In the procoss of the dlscharge of their responsibilitiés. Oryanisatlonal structurn of Llfe Chances 18 guided by the CIO Foundatlon Model of the Charlty Commisslon. The charlty works Wbth relevant statutory and voluntsry organisations. The organlsation has built up partnershlp worklng with relevant statutory and non-statutory organisations including but not Ilmltèd to Isllngton Council, Refugee Council. Voluntary Action 18llngton, Evetyn Oldfield UniL NHS Camden and Isllnglon, Dlabotlc UK.otc. The trusto0$ adher• to Charlty Commlmlon's guidolbM8 ICC261 to manage rigk$ for our charity. The trustee$ makè perfodic revlew of risks assrfiated wlth govemancè, operation, finance, external factors and compliance with the law. The trustee therefore has systems and prOcule5 In place to mitlgats and manage rlsks for the charity. You may choose to include additional information, where relevant, about: polio88 and procedures adopted for the indudion and training of trustees., the charity's organisational Structure and any yder no0[k with which the Charity • relationship with any related parties: trustees. consideration of major risks and the system and procedures to manag8 them. Section C Ob"ectives and activities The relief of the eldorly in partlcular but not exclusively those o Ethiopian refug80 and migrant community. who are in need by reason of ill-health, disabillty, financial hardshlp or other dIsadvanta, by the provision of support, Infomiation, advlco and any activities or s•rvlces designed to relleve those needs. To act as a resource for young poople living in London by providing advice. inforniation, educational support and leisure time activitles in the interest of social welfare for people living in the area of benefits who need support by reasons of yoyth or disability. Th• provision of relief of poverty in Ethiopia by providing or assisting in the provision of education, training and income generation. health care designed to gnablo individuals to enerate a sustainable livelihoods. Summary of tho objects of the charity set out in its govgrning document TAR March 2012
The maln actfvltles undertaken by the Life Chancas 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 trnstees have had regard to the guidance issued by the commission in regulating and governing the activitiès of Life Chances. The activities undertaken during the reporting period were therefore consistent with the establlshed objects of the organisation as hlghlightsd below: nin Based on our ostablishod obJ8cts and availabilities of resources we planned our annual actsvitiès at thè start of our reporting year by involvlng our trustees, volunteers and our project steering group. Time and resource bound tasks were assigned to our voluntsers and staff to b8 undertaken. The director took the responslbility to organise, plan, supeNise and manage the day to day activities of the organisation. Our trustees met every quarter to monitor operation of tho organisation consistent with the requirèments of tho regulatory bodies Including the Charity Commission. Summary ofthe main activities undertaken for the publlc benefit in relatlon to th880 objects {include Wbthin this section the statutory declaration that trustees have had regard to the guldancè Issued by the Charity Commisslon on publlc benefit) Outreach Activities: To tackle pradical n•ed8 of our vulnerable sorvlce users Includlng the elderfy, those Ilvlng wlth disablllty and hom• bound we moblllzod and Involved our commltted voluntsers who provldod outrnach Services for th08e vulnerable members of our sèrvlca users. Our actfvltl88 during the year Included hom8 vl81ts, befrlondlng Mrvkes, reconnectlng Isolated membgrn with thelr community and falth c8ntrn8, advocacy work, language Support helping thèm communicato wlth Servlce providers Including NHS. health and soclal servlces, houslngi etc. Addltlonal dotsll8 of obJectlv•$ and actfvitles (Optional inf0mtiOn) You may choose to include further statements, where relevant, about: policy on grantmaking,. policy programme related investment,. contribution made by volunteers. Volunts•r8 made considerable contrlbutions to the commltted works of our charlty at community lovol. They recruitod, tralned. DBS cleared and supervised by the dlrector in the discharges of their rosponsibilitias. We have volunteer policy In place to adhere to. TAR March 2012
Section D Achievements and performance Our outreach programme helped reduce social isolation for our vulnerable and home bound service users by mobilising volunteers and and existing resources. Summary ofthe main achievements of the charity during the year Our seryice users were enabled to access Infomiatlon In their own languages for better understanding of the health and social care systsm in the UK. The inter•nerational dialogue betWn the elders and thè youth better enhanced mutual support and communlcatlon between the two ago groups. Our dlsadvantaged chlldren were provided with academlc and bohavloural Support on the zoom W• provlded capaclty building for our volunteers which have created a skilled and knowledgeablo voluntoor taam maklng thom more helpful for our vulnerable servlce users. We have bulft up partnershlp worklng wlth the health and soclal services including Diabetic UK, NHS England and the varlous voluntsry and community organisations promoting preventative health InfomMtlon for our servlce users. With funding support by th• Crlpplegalo Foundation tho Chief Executive of Life Chances had the opportunity to develop hls organlzatlonal, management and fundrfalslng Skllls that wlll help develop the capaclty of the charity. The al)ove highlightod achievemonts would not have been posslble wlthout the financlal support from our grant provlders Includlng BBC Chlldren In Need,18llngton Community Chesc Crlpplegate Foundatlon and 18lln on Communi Ch8sL Section E Financial review Wè ognIze the importance of building up reserves to overcomo unforèseen financial shortfalls that might face our charity. Hence, following Charlty Commlssion's guldance on thls matter we are Committ to devèlop a reservè policy for our organi8ation to keep money aslde in our reserve account to be used at the tlme of financial shortlalls. 8riof statomont of th• charity's policy on reserves Details of any funds materlalty in deficit None whatsoever Further financial review details (Optional infornialion) TAR March 2012
You may choose to include additional inforrnation, where relevant about-. the chanty's prinapal sources of funds {including any fundraising), how expenditure has supported the key objects'ves of the charity., investment policy and objectives including any ethical investment policy adopted. The charity's principal sources of funds during the reporting year were from grant making bodiès including trusts. Communlty funders like Islington Communlty Community Ches( lslington Giving and Cripplegate Foundation. The projeGt expendituro coupled with volunteer inputs have supported the key objectives of our organisation. We are planning to strengthen our fund-ralslng eapacity to better resource our charity to support our vulnerable seNices users. We are also planning to motivate more volunto•rs to support tho objectives of our charity. Section F Other optional information Section G Declaration The tru8ts88 declare that they have approved the trustee8' report above. Slgned on hall of thè eharlty's trust¢•s Slgnature(s> Full name(8) Po8ltlon (eg Secrntary, Chalr, otc) Dr hlaknun Gamaladln Ashaml Chalmwn 2811012024 TAR arch 2012
LIFE CHANCES CHARITY Resource for London 356 Holloway Road London N7 6PA Tel 0207 697 4095 EmaRI: bela lifechance.o Website: www.lifechance.org LIFE CHANCES (LC} FIIYANCIAL sTATEME1s YEAR ENDED 31 DECEMBER 2023 REGISTERED CHARITY NUMBER 1172742
LIFE CHANCES {LC) CHARITY NUMBER 1172742 LECAL AND ADMINISTRATIVE DETAILS AS AT 31 DECEMBER 2023 Registered &8 a clwity with the Charity Conunission 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 Tnlee Chainnan Dr Maknun Gamaladin Ashami Treasurer Mr Yohannes Zewde Member Mr A&sefa Ne8h Bankers.. HSBC UK l Aldemians Hill Palmers Green London N13 4YE Accountants: S. CHOWDURY & CO ACCOUNTANTS 123 Amberley Road Enficld Middlesex ENI 2RA
LIFE CHANCES CHARITY CHARITY NUMBER 1172742 AS AT 31 DECEMBER 2023 Report of LIFE CHANCES Board of Tru8tee8 For the year ended 31 D¢c¢mber 2023 The board of trustces of Life Chances charity submit herewith the fmancial stat¢ments of the organisation for the year ended 31 December 2023. The stalements appear in the forn]at required by the Charity Commission Statemcnt of Recommended Practice (the SORP). Mission Statement Life Chan¢es was regtstered the Charity commi10 for England and Wales on 25 April 2017. The object for which Life Chances is established are for the relief of the ¢ld¢rly. 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 disadvantsge, by the provision of support, infomiation, advice and any activities or services designed to relieve those needs and lo hclp young people from the samc community by developing their skills. capacities and capabilities lo enable them to participatr in society &s indepKndcnl, mature and Tesponsible individuals. Whcn timc and circumstances allow Ltfe Chances strives to Provide assistance for dis8dvanlag¢d elders and children in need in Ethiopi IN GRATITUDE From the establishment of Life Chances in 2017 to date members of the Board of Trust¢¢s of I,ife Chances have been making invaluable contributions to ihe governance of the charity upholding their commitment to the causes for which the organisation was set up to address. They dcserve appreciation and gratitude for their contributions to the governance of the charity. The additional voluntary contributions of our staff and volunteers have made posttive difference to the works of the charity. We arc grateful to the invaluable contributions of ow staff, volunlccrs and support group. W¢ wish to express our deepest gratitud¢ to those orgianisations who have supported us financially. to cnablc thc achievemcnt of the objects of I.if¢ Chances projects, notsbly, the Cripplegate Foundation. Islington Community Chcst and Islington Gtving. Our achievements presented in this report wo Id not have been possible without their invaluable support. Dr Maknun Gamaladin Ashami Chairnian Life Chances Date: 28th of October 2024
LIFE CHANCES CHARITY NUMBER 1172742 BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Board presents its rep)rt for the y¢ar ¢nded 31 DecemE¢r 2023 The Board's RespoDsibilities 'rhe Board is required to prepare fll)an¢ial stalemcnts for each financial year which give a true and fair view of the slate of the affairs of the charity and of the surplus or deficit of the 'organisation. In Preparing those fll]ancial statements, the Board is required to: select suitable accounting policies and then apply them consistently. make judgements and estimates that are re&wnable and pnthnt. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial staments on the going concern basis un]ess it is inappropriate to pr¢sume that the cl)arity will continue on that basis. The Board is responsible for krying proper xcounting 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 &ssets of th¢ charitable organization and hence for tsking reasonablc steps for the prevention and delection of fraud and other irregularities. The Board of Trnsteej Dr Mal(nun Gamaladin Asbmi, Chaiman Yohannes 7Thde Tre2$urer Assefa Negash Member Belay Gessesse Exeeutive Director Approved by th¢ Bo*rd of Truste¢J On the of October 2023 aDd si%n¢d on itsbe If by aknun Gamxldin Ashami ChairniaD Dat¢: 28th of October 2024
INDEPENDENT EXAMtNER's REPQRT ON THE AccouNfs OF LIFE CHANCES Report of the trusteesldireetors of LIFE ClblNCES Registered charity number On accounts for the year ended Stt out OD pages I reN)rt to the charity trustees on my examination of th¢ accounts ot the charity for the year ended 3111212023 Rejponsibilitia and basis of report As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the rcquirernents of the Charity Commi&sion for EngiaDd and Wales {'Mhe 2006 Act"). Having satisfied myselt. thai the accounts of the Charity required to be audited for this year under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respecl 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 examinaliory I have followed the Directions given by the Charity Commission (under section 145(5}(b) of the 2011 Act. Ind¢pend¢nt ex#min¢r'8 slalement I have completed my examination. I confirn] that no material matters have come to my attention which gives me causc 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 requir¢mcnt that thc accounts givc a 'truc and fair, view which is not a matter considered as part of an independent examinalion. or .the accounts have not been prepar&1 in accordance with the Charities SORP (FRS102}. I have no concerns and have come across no other matters in conncction with the examination to which attention should be drawn in this rewrt in order io enable a pro undersianding ol the accounts lo be reached.
SigDed Date 2£>-/o- Name Relevant professional qualification or body (rf Address S. £HOI4OHURY&CO t23 AMBERLEY ROAO EIF IELO MIOOLESEX E11 2RA IEL- 020 8360 9770
LIFECHANCES (LC) CHAIUTY NUMBER I J72742 IN( ()IIF' .INI) F'.XI'F-_NI)I I I IIF-_4C ( ()I N-I For The year ended al December 2023 Notes Restricted income fuDds Unrestricted funds Total funds for Year ended 31 Deeember 2023 Total funds for Year ended 31 Deeember 2022 Incomin Resources Grants 5,1)00 24,264 Donations/Collections Bank Interest Other 100 5,000 Tolal Ineoming 16.900 100 17,000 Resources Resources ex nded Direct charitable ex enditure Indirect management and administration ¢x ¢nditurc 13,873 13,873 17,828 2.077 45 2.122 2,263 Summary of Total Resources Ex Dded Net incoming resources 15.950 45 15,995 20,091 55 5,853 Transfer of Funds (Depreeir4tion) (138) (138) (184) Balance blf 31 December 2022 32,756 41,056 35J87 FUND BALANCE 33,706 8217 41.923 41,056
LIFE CHANCES CHARITY NUMBER 1172742 BALANCE SHEET FOR THE YEAR ENDED 31 DECEAIBER 2023 Notes At 31 December 2023 At 31 D¢eemb¢r 2022 Fix•d A$8•ts Tan ible Assets 10 414 552 Current Assets: Cash at Bank Cash in Hand 41,609 40J.$4 100 41,659 Debtorn Credltor8: (Amounts Fallin Due Within One Year) -150 -150 NET CURRENT ASSETS 41,509 40,504 TOTAL NET ASSETS 41,923 41,056 FUNDS OF THE CHARITY R•8tricted 13 33.706 32,756 Unrestricted: Desi nated General FUND BALANCE 14 14 14 15 414 7,803 41.923 737 7,563 41,056 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 TFIE 28th 0 OCTOBER 2024 AND SIGNED ON THEIR BEHALF BY Dr Maknun Ganadin Ashami., Chairnian DATE OF AUTHENTICATION AND SIGNATURE 28° of October 2024 The notes on pages 9 to 16 forni part of these accoun
LIFE CIIANCES CHARITY NUMBER 1172742 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 December 2023 A¢counting Poli¢i¢s 1.1 Charity Status Life Chances is a ChaTity (CIO) . The liability of each member is limited io £1 m¢mber. It is registered in England and Wales. 1.2 Basi5 of Preparation of Fin*ntixl Statements These financia] statements have been ptepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the levant note(s) to these accounts. The accounts have been prepared in ardance with: the Statement of Recommended Practice: Accounting and Rcporting by Chariti¢s preparing their accounts in accordance with the financial Rep)rting 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 IFRS 102 and the Charities Act 2011. The charity constitutes a public benefit enlity &s defined by IRs 102 for the purposes of FRS 102 and therefore the charity also Prepared its financial stsiemenis in accordancc with thc Statemcnt of Recommended Practice applicablc lo charitics pr¢paring their accounts in accordance with the Accounting and Rewrting by Charities: Financial Rewrting Stsndard applicable in the UK and Republic of Ireland published on 16 July 2014 (The FRS 102 Charities SORP), the Charities Act 2011. IJ Going Concern The trnsl¢¢s have assessed whether the use of the ongoing concern is appropriate and have considered possible events or conditio8 that might cast significant doubi on the ability of the charity to continue as a going concern. In particular the trustees have considered the charity's forec&sts and projections and have taken account of pressures on income. After making &8sessments of potenlials and constraints, the trustees have concluded that there is a re&sonable expectation that the charity will be able to continue in 0rational cxistence for the foreseeable future effectively addressing good causes. The charity therefore ntInueS to adopt the going concern b&8is in preparing its financial statements.
ij Fund A¢counting a) Income received by way of grants to the charity is included in full in the Income and Expenditure when received. In12ngible income is not included unless it repsents goods or services which would have otherwise been purchase b) Revenue grants ar¢ credited to incoming resources on the earlier date of when they are reccived or when they are receivable. unless they relate to a speciflc fijture 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 th¢ fund, together with allocation of overhead costs. d) Staff costs and overhead expenses are allocat&l to activities on the basis of staff time spent on thos¢ activities. e) Depreciation is provided on all origiDal pur¢has¢ cost in equal 4nnual inst*lments over Ihe estimated useful lives of the assets. The rgte of depreciation is a$ follows: Project Fquipment Computers h) Rentals payable under premi8es rentals. where substantially all the risks and rewards of ownership remain with the renting bodies, are charged to the Jncome and Expenditure Accounts in the year in which they fall due. 25•/• io
LIFE CHANCES (LC) CHARITY NUMBER 1172742 NOTES TO THE ACCOUNTS (Continued) FOR THK YF.AR ENDED 31 December 2023 2. GrantslDoDatioDS Total Year eDd 31 Dettmber 31 2023 December 2022 Totsl Ye*r end funds fuDd3 London Prn etts: Cripple2ate Foundation blillgton Community Chest tsling¢on CwlViDg 5,000 6,000 BBC Children ID need CThuddesley TrnAt Other total 3,264 10,000 25.944 rotal 17JM)O 25.944 25,944 3. Other Income Individual donation for victims of dis Totsl l•¢ement Eihio 6,000
LIFE CHANCES CHARITY NUMBER 1172742 NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR EIWED 31 De¢ember 2023 INDIREcf MANAGEMEiYf AI¥D ADMINISTRATION EXPENDrfuRE Totsl Year ended 31 Ik¢ember Totsl Year ended 31 December C(x)rdinator l (2/) Cc¥)rdinator 2 (20Y•) Sthtionery (l 0% ) Audit Fecs ( IOYO) Proportion of Venue Hire TOTAL INDIRECT 2077 1.194 408 86 15 18 2263 30 15 2,122 DIRECT CHAIUTABLE EXPENDITURE staff Costs Communlty gatherlng Food, drlnk, venue hlre Voluntoern •ub•l8t•nc• co•t Tele hone blll Make It Hapwn projecusummer get logeth•r ¢081: Venuo hlrn, food and drink +r¢latod 10.387 720 Team ca buHdlTrgldevelo Annual zoom fee x 143x2 Annual Audftors f•• Admin costlstationa Sub Totsl Total ex ment ¢o•t 286 300 ndIre 10,387+3486 IE 13873 10,387 TOTAL Diract Ex endlture Total 13,873 TOTAL EXPENDITURE: £13873 + 2,122 = £15,995 12
LIFE CHANCES CHARITY NUMBER 1172742 IYOTES TO THE ACCOUNTS (Continued) FOR THE YEAR EI¥DED 31 De¢ember 2023 SUMMARY OF TOTAL RESOURCES EXPENDED Staff costs Total Year ended 31 Deee. 2023 Totsl Year ended 31 December 2022 Direct charitable ¢xpenditure iOJ87 3A86 1373 17,828 Mana8¢ment and administiion 2,077 12,464 45 2.122 3J31 15.995 2.263 20,091 Fund Bal*llee Since its establishment in 2017, Lrfe Chances maintained a posrttve furKI balance. Stsff Cojts and Employee Benefits Total Year ended 31 Detember 21123 Total Year ended 31 December 2022 Number of p¢rsons employed . UK Staff costs during the year: IOJS7 12866 13
LIFE CHANCES CHAIUTY NUMBER 1172742 NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 Ik¢ember 2022 Trvdnsactions wfith trustees and related parties Trustee ren)uneration and btnefits None of the trustees have been paid any remuneration or received any other benefits from an employm¢nt with their charity or a related entity. Trusteeg, expenses No trustee expenses have been in¢urr¢d. 9J Transaction{s) with related p#rties There have been no related party transactions in the reporting period. 10 TANGIBLE FIXED ASSETS Computersl Printers Filing Cablnet Chairs Tables Projettor White TotAI COST: At 31 r)ECEMBER 2020 131 April 2023 414 414 DEPRECIATION: Charge for year. 138 138 At 31 D¢¢ember 2022 NET BOOK VALUE at 31 December 2023 414 414 14
LIFE CHANCES CHARITY NO 1172742 NOTES TO THE ACCDUNTS {Continued) FOR THE YEAR ENDED 31 December 2023 ii. DEBTORS None 12. CRF.DITORS 31 31 De¢ember De¢ember 2023 2022 Amounts flliDg due withill ont year Auditing Fees 150 150 150 150 13. RFSTRICTED FUNDS Balance a¢ lo¢omiDg BAlan¢¢ a¢ 31 De¢¢mber 32.756 16. 15.950 33,706 The strICted fund of th¢ charity 1$ the sum rec¢ived from funding b(Kli¢s to support 5tKcified projects in London.. 14. UNRESTRJcfF.D FUNDS Gelleral De8ignaled Totsl At l April 2022 AdditiontRcduction in the period Transfer of funds {Depreciation) 3,736 4,205 414 4,150 4.205 (138) (138) BAl&llce at 31 December 21123 7,942 276 8217 The designated fund of the charity is the sum aptIoned at the discretion of the Board of Trus¢s to reflect the charity's funds tied up in compirter 4uipment and office material&. 15
LIFE CHANCES CHARrrY NUMBER 1172742 NOTES TO THE AccouNfs (Continued) FOR THE YEAR ENDED 31 December 2023 15. ANALYSIS OF FUND BALANCES BETWEEN ASSETS Gener41 Dwated funds funds Rtstrfcled fu Total Funds Fixed assets Cash at bank Cash in hand CuRT¢nt liabilities 414 414 41.609 50 138 41,923 33794 50 138 276 138 33,706 7,942 16