SPEAK LIFE LEGALAND ADMINISTRATIVE INFORMATION Trustees Mrs Y Ibbett Pastor R Owen Mr P Bhog31 Mr S Foster Ms S Macaly Mr G Alban5 Dr M MacBean Ms K Malcolm (Appointed 12 November 20241 (Appointed li July 20241 Charfty number 1185137 Prlnclpal address 13 Lismore Road Eastbourne East Su55ex BN213AY SPEAK LIFE CONTENTS Page Trustees ￿port Independent examiner'5 report 5tstement of financial zctivities Balance sheet Note5 ttr the financial statements 10-24 SPEAK LIFE TRUSTEES REPORT FOR THEYEAR ENDED 31 JULY 2024 The trustees presÈnt their annual ￿port and finanaal sktements forthe year ended 31 July 2024. The financial statement5 have been prepared in accordance with the accounting policies set out in note I to the finallci?I statements and comply with the ch2rity's Deeds of Association, the Charities Act 2011 "Accounting and Reporting by Charities.. statement of Recommended Prnctlce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appl¥c3ble in the UK and Republic of Ireland IFRS 1021 leffective l January 2019}'. Oble¢tives and activltie5 Founded in 1952 a5 the 'The Hour of RevN31 Association, (charity number 23250915peak Life reg15tered as CIO in 2019 (charity number 11851371. The Charity's objective is the adw7ncement of the chr￿lan faith. through (but not exclusivety throughl:_ prorlaiming, publishing and broadcasting message5 of an ewangelistic and teaching nature; training indyviduals and Churches in the principles of evangelism- advancing the understsnding of the Christian faith, it5 meaning, and sense of purpose foi mor31 and spiritual well-being as it relates to souety as a whole. Speak Life looks to captivate church and world with the love of Jesus. We- • raise our voice in Christ-centred proclamation, throLtgh preachin& writing, and media raise up and train creatwe communicators of God's love raise a banner for partnering with mission-minded churches The trustees have paid due regzrd to general guidance on public benefit issued by the Ch3rlty Commission lrt deciding what activtEies the Charity should undertake. Achlevements and performance Raising our volce in Christst or email, each quarter (June. Sept, Dec and Marl. Raising up arbd train creative communicators of God's love The Foundry, Speak Lrfe's School of CreatNe Evangelism, welcorned three Year Out students in September 2023. On completion of the course. two of the students joined the staff team in July 2024 as part-time Content Creators, specialising in social media and our Reformed Mythologist channel. We ran three Intensive weeks, In September 23. January 24 and June 24 which saw over 60 people access ttzining 2nd build communty at our Eastbourne studios. 186 individua15 Utilise our Discord server, an lonlinel communty space for people to ask question5 have f31th filled conversatic>ns. This is proving benefi£ial to th95e completing the 321 ¢ts￿￿e. Discord a150 8IIow5 people to access Ask Glen Anything. a time wfve￿ Glen joins people online to answer questions they may have. R¥i5ing a banner for partnering wlth mi55ionvmlnded churches We love to see God's people united. 321 hBS allowed us to slrengthened our p3rtner5hip with churches across the UK and internationally, with further plans to develop the link befrleen church & world and the Phy5ic81 & Online by dèveloping a church finder wtthin the 321 platform. The Eastbourne Street Pastors continue to make use of the Lounse 35 a prayer space each weekend. Data Protsetlon We take seriously OUT commrtrnents under the General Dats Protectlon Regulations. Our Privacy Notice can be found on our WeE￿Ile. Designated funds Thère aTe currentty no designated funds. SPEAK LIFE TRUSTEES REPORT (cop￿INUED) FOR THÉ YEAR ENDED 31JULY 2024 FSnanclal review We are pleased to rèport that our financial position remains robust. ending the yeai with a surplus of income over expendrture of £68,277116 months to 31 July 2023 deficit £5.039). Th￿ wa5 35 a result of the repairs to the front elevation being postponed. coupled wtth the beneftt gf legacy gifts totslling £66,497, increased trtjst involvement and a matrh-fvnded giving appeal - which increased our regular foundational pzrtners from 160 to over 300. We continue to hold sufficient reserve5 to more than fulfil our reserves policy. It is the policy of the char that unrestricted funds wihich have not been designated for a specific use should be maintained at a level equivalent to between three to Six months, expenditu￿. The trustees consider that reserves at this level will ensure that, in the event of a signrfiont drop in funding. they will be able to continue the charib15 curTent activtfies while consideration is given to ways in which additional fijnds may be raised. This level of reserve5 ha5 been maintained throughout the period. We see the unrestrieted fvnds, in excess of the reserved funds. as funding for the planned growth of the ministry. for example, recruitment of additional staff - such as 3 Finance and Ministry Support Assistrant (September 20241 and PA I Speaking Coordinator Imay 20251. The trustees have 35sessed the major risks to which the charity s exposed. and are satisfied that systems are in place to mitigate exposure to the major risk5. The Or￿nis3t10n intends continuing with its current actNities- with particular emphasis on promoting 321, creating online content and incre35ing engagement wlth its 5UPPOrters- to ftjrther meet its objective5 in the future. structure, governance and management The trustees who served during the year and up to the date of signature of the financial statements were: Mr5 Y Ibbett Mr l Dale Pastor R Owen Mr P Bhogal Mr S Foster Ms S Macaly Mr G Albans Dr M MacBean Ms K M31colm IResigned 6 September 20231 IAppointed 12 November 20241 IAppointed 11 Jutrrf 20241 None of the trustees has any beneficEal interest in the cornpany. All of the trustees aTe members of the ompany and guarantee to contribute £1 in the event of a winding up. Stsff {TrustÈes, Management. staff & Volunteers) At the start of the finanual year nine 5t3ff17.3 FfEI were employed by Speak Life. with Rev Glen Scrivener continuing on as CEO and Ministry Director. During the 12-month period two 3ddr(ional team members were appointed and we receivèd one resignation. As of the 31"July 2024 ten staff18.87 FfEI were employed by Speak Lrfe. SPEAK LIFE TRUSTEES REPORT {Co￿lNUED) FOR THE YEAR ENDED 31JULY 2024 Asset cover for funds While the Charity relie5 on continuing donations, legacies, covenants and other voluntary income to meet its expenses, the assets held at 31 July 2024 are considered to bè adequate for the neetys of the Charity. The trustees report ￿$ approved by the Board of Trustee5. Mrsy Ibbett Trustee Dated- 8 May 2025 SPEAK UFE INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF SPEAK UFE I report to the trustees on my examination of the flnancial statements of Speak Life Ithe charity) for the year ended 31 July 2024. Responslbilities and basis ol report As the trustees of the charity you are responsible for the preparation of the financial 5t£tements in accordance wtth the requirements of the Chartties Act 2011 (the 2011 Actl. I report in respect of my exarnination of the charity's financial statements ca￿led OLrt under sec:ion 145 of the 2011 Acr. In carrying out my examination I have followeij all the applicable Direttions given by the Charsty Commission under section 14515}Ibl of the 2011 Act. Independent e￿mIner'S statement Since the charivs gross income exceefled £250.000 your examiner must be a member of 3 body listed in section 145 of the 2011 Act. I confirm that l am qualified to L¢ndertake the exarnination because l am a member of The Institute of Chartered Accountants in England and Wales. which ￿ one of the listed bodies. Your attention Is drawn to the fart that the charity has prepared financial ststements in accordance with Accountlll8 and Reporting by Charities preparkng their accounts in 2ccord3nce wvch the Financial Reporting Standgrd applicable in the UK and Republit o* Ireland IFRS 1021 in preference to the Accounting and Reporting by Charitles= Statement Df Rewmmended P￿ctice issued on l April 2005 which is referred tD in the extant regulations but has now been wtthdrawn. l understand that this has bcen done In orderfor financial 5t3tements to prowde a true and fair view in accordance with Genetslly Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. I have completed my examinatlon. I confirm that no rnatters hwe come to my attention in connertion with the exarnination giving me cause to believÈ th2t in any material re5pect= accountlng records were not kept in respect of the charity as rèquired by section 130 of the 2011 Act,. or the f in3n¢ial st2tements do not accord w¢(h those retord5: or the financi21 statements do not comply wtth the applicable requirements concerning the form and content of accounts set out in the charities (Accounts arsd Reports) Regulations 2008 other than any requirement that the accounts gNe a true and fdir view which is not a matter considered as part of an independent examination. SPEAK LIFE INDEPENDENT EXAMINER'S REpoKf {CONTINUED) TO THE TRUSTEES OF SPEAK UFE I have no concern5 and have come 3cr055 no other Tr.aXers in connerticn wyth the examination to which attention should be drawn in this report in oraer to enable a p,"oper understsnding of the financial statements to bè reached. G D Message FCA Price & Comp3ny 30-32 Gildredge Road E3stbourne East Sussex BN214SH Dated.. 8 May 2025 f4 o¢Tr SPEAK LIFE BALANCE SHEEr ASAT 31 JULY 2024 2024 2023 Fixed assets Tangible assets 12 79,069 86,242 Current assets Stock5 Debtors C3sh èt bank and in hand 13 6,595 32.483 369.352 3.391 12,407 308,599 14 408,430 324,397 Creditors: amounts frdlling due wlthin one year 121,6931 113,1101 311,287 Net current assets 386,737 Totsl assets le55 current liabilittes 465,806 397,529 Income funds Restricted fund5 un￿striCted funds- general 17 57,227 408.579 66,179 331,35D 465.806 397,529 The fin?ncial statements were apprO￿Ed by the Trustees on 8 May 2025 Mr5 Y Ibbett Trustse SPEAK LIFE NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 JULY 2024 A¢¢ounting policie5 Charity information Speak Life is a Charttable Incorporated OTgani5ation ICIOI formed by Hour of Revi￿1 Association tsn 1st April 2020. All asset and liabilTties were transferred from Hour of Revival on that date. The prinupal address 1$ 13 Lismore Road. Eastboutne, East Sussex, BN213AY. 1.1 Reportlng perlod In 2022 the Truste2s agreed to move the financial year end from 31st March to 31st July to better aliEn the financial year with the phasing of our operatlonal costs and project timelines. This deci5itsn means the accounts for the previous financial period ending 31st July 2023 cover a transttional 16 month period as we moved to this new phasing. Therefore the comparative amounts presented in the financial statements, includin8 related notes. liabelled .2023" on the statements) a￿ not entirely comparable with the 12 month financial year ending 31st July 2024113belled "2024.1. 1.2 Accountlng convention The financial statements have been prepared in accordance with the charity's constitution, the CharTtie5 Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FKnancial Reporting Standard applicable in the UK and Republic of IreLHnd IFRS 1021 leffective l January 20191". The charity is a Public Benefrt Entity as detined by FRS 102. The charity has tsken advantage of the provisions Én the SORP for ¢har¥kne5 applying FRS 102 Update ulletln I not to prepare a Statement of Cash Flows. The fin3nci81 statements have departed frvm the Charitie5 IAccounts and Report51 Regulation5 2008 only to the extent required to provide 3 true and fair view. This departure has involved following the Staternent of Recommended Practice for chartfies applying FRS 102 rather than the version of the Statemènt of Recommended Practi￿ which is referred to in the RegUl￿lonS but which has since been wlthdrawn. The financial statements are p￿Pared sterling. which is the functional currency of the charity. Monetary amounts in these fsnant131 statements are rounded to the nearest £ The financial statements have been p￿Pared under the historical cost convention. The principèl a¢countirJg policie5 adopted are set out below. 1.3 Going concern At the tirrse of approving the financpl st2tements. the tTUStees have a reasL)nable expectation that the chèrity has adequate resources to continue in operatlonal existence for the fo￿Seeable future. Thus the trustees continue to adopt the going concern basis of accounting in prep3ring the financial statements. 1.4 Charitsble fund5 Unrestricted funds are available for use at the discretion of the twstees in furtherance of their charitable objectives. -io- SPEAK LIFE NOTES TO THE FINANCIAL STATEMEp￿s ICONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (Continued) Re5trirted fvnds are subject to specwFic conditions by donors or grantOW5 as to how they may be used. The purpose5 and uses of the restrirted funds are set out in the notes to the financial statements. Endowment fvnds are subject to specific condrtions by donors that the capital must be maintèsned by the th3TIty. 1.5 Income Income is recognised when the chartty is legally entttled to rt after any performance condftiDllS have been met. the amou¥tts tsn be measuTed reliably, and tt is probable that income will be recetved. Cash donations ère reCOgn￿ed on receipt. Other donations are ￿cognised once the Eharty has been notrfied of the donation, unless performance conditions require deferral of the amount. Intome tax recoverable in relation to donations received under Gift Aid or deeds of covenant ￿ recognised at the tlme of the donation. Legacies are recognised on receipt or otherwise rf the chartty has been notified of an impending dTStribution, the amount 15 known. aTrd receipt is expected. If the amount is not known. the legary is treated a5 a contingent asseL Income from gtsnts are recognised 3t fair Wdlue when the chartty ha5 entrtlement after anv performance considefations have been mel rt is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferTed. 1.6 Expenditure All expenditure 15 accounted for on an accruals basis and has been classified under heading that aggregate all costs related t¢ the Cdtegory. Expenditure ￿ recognised where there 15 a legal or construrtive obligation to make payments to third p2rties, it is probable that the settlement wi51 be required and the amount of the oblEation can be measured reliably. All expenditure including 5UPPOrt costs and governance costs are allocated or apportioned to the applicable expenditure headings, 05 noted below. Support costs are those that a5515t the wotk of the Charity but do not directly represent charitable activities and include offite costs. The are incurred directly in support of expenditure on the objectives of the Charity. Where the support costs cannot be dirertly attribLEted to particular headings they have been allocdted Dn a basis consistent with the use of resources. Governance costs comprise of all costs invofving public ac¢ountabÈlity o* the Charrty and its compliance with regulalion ond good PTaCtice. These costs include costs relating to the independent exarnination of the Charities accounts and legal fees. Where they cannot be dirertly attributed to particular he3dinES they have been allocated on a basis consistent with the use of the resource5. -li- SPEAK LIFE NOTES TO THE FINANCIAL STATEMETrrrs IcorinNUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (Continued) 1.7 Tangible fixed assets Tangible fixed assets are iniiially measured at cost and sub5equentty measured at cost or valu?tion, net of depreciation and ariy impairment losses. DepreciBtion 15 recognised 50 as to wrrte off the cosi or valuation of assets less their residual values overtheir useful lives on the following bases- Freehold land and buildings Studio equipment F￿tUres, r￿ingS and equipment 2% stf3ight line 25% straight line 25% stiaight line The gain or1055 arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset. and is retognised in the statement of fsnanclal aciivities. 1.8 ImpairTnent of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tanglble assets to detem)ine whether there is any indication that those assets have suffered an impairment 105$. If any such indication exists, the recoverable amount of the asset 15 estimated in order to determine the extent of the impairment loss lif any). 1.9 Stocks Stocks are stated at the Iuwer of cost and estimated selling price less costs to complete and sell. 1.10 Cash and cash equlvalènts Cash and cash equixolents include cash in hand, deposrt5 held at call with banks, other short-term liquid investments wlth DrEinal mat4Jrities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Employee benefits The cost of aEby unused holiday entttlement is recognÉsed in the period in which the employee's Se￿1¢eS are reteived. Termination benefrts are recogTrised immediately a5 an expense when the charlty is demonstrably commthd to terminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined contribution retiiement benefrt schernes a￿ charged a5 an expense as they Pdll due. 12- SPEAK LIFE NOTES TO THE FINANCIAL STATEmE￿r5 (CONTINUED) FOR THEYEAR ENDED 31 JULY 2024 Donations and legacies Unrestrirted ReS￿rted funds funds general 2024 Totsl Unrestricted Restricted funds funds general 2023 Total 2024 2024 2023 2023 Donations and 8tfts Legacies reCei￿ble 324.838 66,497 40.612 365.450 66,497 270,806 80,141 33,282 304,088 80,141 391,335 40,612 431,947 350,947 33,282 384.229 Income from tharitable activitles Unrestrirted Restricted funds funds 2024 2024 Totsl Unrestrlrted Restricted funds funds 20Z3 2023 Totsl 2024 20Z3 Grants receivable PerfDrrMance Telated grants 38.000 64.680 102.680 19.100 72500 91,600 Income from investments Unrestrarted Unre5trirted funds lunds 2024 2023 Interest receivable 2,434 1,749 -13- SPEAK LIFE NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 JULY 2024 Other income Unrestricted UnrestTitted funds funds general general 2024 2023 Consukèncy fee Book sale5 and royalties 5.985 21,672 32,916 27,657 32,916 14- SPEAK LIFE NOTE5 TO THE FINANCIAL STATEMETrirs {coKnNUED) FOR THE YEAR ENDED 31JULY 2024 Charitsble actNities Evangelism Admin & & Mission Operatlons The Courses and Centre Foundry Onllne Learning Platform Totsl 2024 Total 2023 2024 2024 2024 2024 2024 Staff cost5 Depreciation and Èrnpairment Books & merch givèn as gifts Mailshots and Speak Lrfe Dalty Eventsand Confe￿nceS Media and production costs Giving and grant5 Other costs Foundry expenses 63,525 22,147 82384 69,258 237.314 243.192 2,012 401 2,413 4.295 769 769 1,585 17,297 17.297 20,644 1,366 4,821 7,328 13.515 3.072 7,538 46,fJ45 54,183 45,117 12328 15151 375 509 85 10,833 12,788 10,827 12,982 10.045 5,402 5,402 7,959 104,320 27.852 401 87,786 134,149 354.508 348,891 Share of support costs Isee note 7) Share of governance costslsee note 71 4Q,956 10,893 34332 52.464 8.645 164,242 3,288 3,288 2,400 148.564 38,745 401 122.118 186,613 496.441 515,533 15- SPEAK LIFE NOTES TO THE FINANCIAL STATEMEKfs ICOTfflNUED) FOR THE YEAR ENDED 31 JULY 2024 Charltable activities {Continued) Analysls byfund Unrestricted funds- general Restrirted fvnds 125.478 25,108 119.761 128.413 398.760 393,704 23,086 13,637 401 2,357 58,200 97,681 121,829 148.564 38.745 401 122.118 186,613 496,441 515,533 For the period ended 31 Juty 2023 Evangelism Admin & & Mission Oper*ions Prayer Centre The Foundry Totsl 2023 Staff costs Depreciation and impairment Books & merch given as gtfts Mailshots and Speak Lifr Daily Events and conferen¢es Media and production costs Gwing and grants Other costs Fpundry expenses 138,537 3.760 1585 20,644 3.072 45,117 12.982 45 6,035 98,620 243,192 4,295 1,585 20,644 3,072 45.117 12,982 10,045 7,959 535 10,000 7.959 225,742 16.035 535 106.579 348,891 Share of support costs Isee note 7} Share of governaTrce costs15ee note 71 114,069 50,173 164,242 2,400 2,400 342.211 16,oas 535 156.752 515,533 Analysis by fund Unrestricted funds- generdl Restricted funds 236.952 105,259 156.752 393,704 121,829 16,035 535 342,211 16.035 535 156.752 515.533 -16- SPEAK LIFE NOTES TO THE FINANCIAL STATEMEp¥rs (coptriNUED) FOR THE YEAR ENDED 31 JULY 2024 Support costs Support Governance Costs 20Z4 Support Governance costs costs 2023 Staff eclsts Depreciation Building costs Office costs Administration costs Vehicle cost5 Other pers¢nnel costs 84,719 5.772 27.576 9.339 6.808 594 3,837 84,719 5,772 27576 9,339 6.808 594 3.837 94,792 7.987 34.416 13.112 6,426 4.421 3.088 94,792 7,987 34,416 13,112 6,426 4,421 3,088 Accountancy Independent eknmination fee 2.640 2,400 2,400 138,645 3.288 141,913 164,242 2,400 166,642 Analysed beNeen Charitable attivities 138.645 3.288 141.933 164,242 2,aOO 166,642 Governance costs includes payments to the independent examiners of £2,640 12023-. £2,400) for independent examination fees. Net movement in funds 2024 2023 The net movement in funds is stated after charging/lcreditingl- Depreciation of owned tangible fixed assets 8,185 12,282 Trustee5 None of the trustees lor any pe150ns connected wtth them) received any remuneration or benefits from the charty during the year. 17- SPEAK LIFE NOTES TO THE FINANCIAL STATEMENTS ICOPtnNUED) FOR THE YEAR ENDED 31 JULY 2024 10 Employees The average monthly number of employees during the year was-. 2024 Number 2023 Number Admini51ration 2nd ministry 2023 Employment costs 2024 Wages and salarles Soclal securtty costs Other pension costs 287,482 23,261 11,290 309,172 19,816 8,996 322.033 337.984 There We￿ no employees whose annual ￿mUneratIon was £60.000 or more. 11 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of ihe Taxes Act 1988 or section 252 of the Taxatiorb of Chargeable Gains Att 1992 to the extent th3t these are applied to its charitable objects. 18- SPEAK LIFE NOTES TO THE FINANCIAL STATEMENTS IcoiinNUED} FOR THE YEAR ENDED 31 JULY 2024 12 Tangible fixed assets FTF0hold lamd and buildlThgs St￿110 equlprllet¥i fftting5 equipment Totsl Cost At l August 2023 Additior15 81516 18,337 11,986 1,012 111,839 1,012 At 31 July 2024 81516 18,337 12.998 112,851 Depreciation and impairment At l August 2023 Depreciation charged in the year 5,434 1.630 10,316 4,259 9,847 2,296 25597 8,185 At 31 luty 2024 7,064 14,575 12,143 33.782 Carrying amount At 31 July 2D24 74,452 3,762 855 79,069 At 31 July 2023 76.082 8,021 2,139 86,242 13 Stocks 2024 2023 Finished goods and goods for re58le 6.595 3,391 14 Debtors 2024 2023 Amounts falling due wlthin one year: Other debtors Prepayments and accrued income 23,320 9,163 8,073 4,334 32.483 12,407 19- SPEAK LIFE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 15 Credltors: amounts falling due within onè year 2024 2023 10.506 6,150 5,037 4,464 5,366 3,280 Trade credtrors Other credrtOTS Accruals and deferred income 21.693 13,110 16 Retirement benefft schemes 20Z4 2023 Deflned contribution stheme5 Charge to profit or1055 in respect of defined contribution Schemes 11,290 8,996 The charity operates 3 definèd contribution pension scheme for all qualifying employees. The assets of the scheme are held sepèr3tely from those of the charity in an independently administered fund. -20- SPEAK LIFE NOTES TO THE FINANCIAL STATEMENTS (copinNUED) FOR THE YEAR ENDED 31 JULY 2024 18 Analys15 of net assets bets¥een funds Unrestrirted fvnds 2024 Restricted fvnds 2024 Total 2024 At 31 July 2024: Tangible assets Current assetsllliabilTties} 60.097 348,482 18,972 38,255 79,069 386,737 408,579 57.227 465,806 Vnrestrlcted Restricted funds fvnds 2023 2023 Totsl 2023 At 31 July 2023: Tangible assets Current assetsllliabilitiesl 64,857 266,493 21,385 44,794 86,242 311,287 331,350 66,179 397,529 19 De518nated funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specrfic condriions by donoTS and grantors as to how they may be used. These include designated funds which have been set aside out of unrestrirted funds by the trustees for specific purposes. Movèment in funds Movement In fund5 5￿Coming Balance at re50u¥¢es 31 Juty 2024 8alan¢• at 1 In¢orn1tt9 Aprs12022 resources Trnnsfer5 Balance at 1 August 2023 Operational cost5- 6 months Filming 321- The Evarkgelistic Course 120.CK)O 1120.0001 30.OCK) 130.Otx)I 150,COO 1150.¢Y)01 -23- SPEAK LIFE NOTES TO THE FINANCIAL STATEMEpirs IcorinNUED) FOR THE YEAR ENDED 31 JULY 2024 19 DÈsignatrd funds IContlnued} The trustees have reviewed the previous designated fvnds policy and have agreed that the policy now to ensu￿ that unrestritteé reseTves are kept at a level of between three to six months, budgeted expenditu￿. This will reduce designated funds to zero. 20 Related party transartions There were no disclosable related parry trdns3ction5 during the year. -24-