Charity registration number.. 1059661 Guiding Light Assembly Annual Report and Financial Statements for the Year Ended 31 December 2023
Guiding Light Assembly Contents (continued) Reference and Administrative Detsils Trustees, Report 2to3 Statement of Trustees, Rcsponsibilities Independent Examiner's Report Statement of FinanciaI Activities 6t07 Balance Sheet Notes to the Financial Statements 9t013
Guiding Light Assembly Reference and Administrative Details Trustees Mr Joseph Adewale Adefarasin Mr Ekundayo Runsewe Mrs Dawn Heath¢r Ebanks Mrs Susan Toyin Okolo Mrs Olaolu Adefarasin 1059661 Charity Registration Number PrincipAI orrice l Longfield Hemel Hempstead Hertfordshire HP3 8HN Independen¢ ExamSner Edgar M¢rrell Ltd 4 Meadow Gardens Edgware Middlesex FL48 9LH Page I
Guiding Light Asstmbly Trustees, Report The trustees present the annual report together with the flnancial statements of the charity for the year ended 31 December 2023. Obj¢etives and activities Publie beneJ7É Offering public services of worship Provision of foodbanks to publi¢ Contributing to the spiritual and moral edu¢alion of children The trustees confirrn that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Aehievemenl$ find performance In-person services were held every Sunday throughout the year. Prayer meetings, Bible studies, monthly men and women's fellowship meetings, and Masterlife Discipleship, Experiencing God and Mind of Christ progrnme$ were held on Zoom. A residential Easter retreat was held for church members and their familie5. Pastoral care and outreach activities ¢onlinu¢d throughout the year. A barbecue community outreach was held at Vicroria Park. East Finchley during the third quarter of the year. A 3-day prayer and fasting program for people, the ¢hurch and the naiion was held at the end of each month. with an extended version between 28 November and 18 December. A Crossover s¢rvice into the new year was held on 31 Decernber. Financial revlew The Charity's income represenis an in¢reasc of 20Yo compared to the previous year. The church remains reliant on the consistent and generous liihes and offerings from members and general donors. Expenditure includes an exceptional item required to adjust opening reserves. A like-for-like comparison againsr the previous year shows that expenditure increased marginally by 20/0. Policy on reserves The Assembly adopts the practice of transferring all surplus funds from a current account to named project a¢counts in order to meet any contingent needs. The trustees are also endeavouring to resource a designated Building Fund Reserve, The purpose of this Reserve is to facilitate the plan and ambition of the Assembly to a¢quire its own premises for worship and other social action initiAtives. A Building Fund account is held in an associated company limited by guarantee, Guiding Light Assembly (GLA) UK. incorporated under registration number 07265137. As at 31 Deeember 2023. the balance on the Building Fund Reserve was £75,315 (2022 - £63,303). Principalfundlng sources The Constitution authorises the Assembly to receive in¢ome by way of donationsy gifts and grants, provided that it does not undertake any permanent fundraising aclivities in raising funds for its primary objectives. Investmentpollry and objecrives The constitution authorises the investment of surplus monies not immediately required subject to conditions and consent imposed or required by law. Pag¢ 2
Guiding Light Assembly
Trustees, Report (eontlnued)
PIODS for future periods
Aims and keJD object4v/0Yf4lrep
Guiding Light Assembly Statement of Trustees, ResponsRbllitles The trnstees are responsible for PTep2rin8 the irustee5' reIM)rt and ihe financial sta(emeiits in atcordanle ii.ith ihe Uniied Kingdom .4ccounling Standards (Uniied Kingdom Generall). Accepted Accounttng Praciice) and appliLable laii. and re4ulaiion$. The laii. applicahle io chariries requires the mjsiees lo prepare financial slaiemenis for each linancial i'e8r ii'hich gil'e a and fair i'irti. of ihe stale of aLTairs of the chariti. and of the ineo]ning resources and appliLation of resources of the ¢harit%' for thai period. In preptsrin8 these finaAcia] slaiements. the tnjstees arc required io.- select suilable accounling polieiey and ihen appl). them conSicnI15': obsm'e ihe meihods and principles in the Charities SORP.. make judgements and estiniaics that are reasonable and Prudent: staic ii'heiher Applica61e accounting standards hai'e been folloii'ed, $ubject lo an). maierial departures disclosed and explained in the financial staents.. and prepare the linancial stoiements on the 8oin8 concern basis Iinless il is inappropri8le io presumc ihat the ch8fiE Ivill Continue in business. Th¢ lrnslecs aTL rcsrn)nsiblL' for kLepiiig propcr aLtountiiig record5 thai di5¢10s¢ 1i.iih rea5()nable accura¢). at aui. iiniL ilie linttnLial positiL)n of IhL' ¢harii8- and ¢nabl¢ thLlll In ¢n.$urc rhdt Il)c fiiianLial $18lemL'nl% Lompl!. ii'trfi iliL ChuritlL'% ALI ?a I l. th¥ Lhuriiio¥ IALL'()Llllly and RLrxiri&l RLbJuI Jij{)1is •UQ8. aii¢J ihL prL)i'i%ii?ns i?r IhL' Ll)n.%lllllliQn. 'hL' tru%1¥.5 urL ill%) n'%ponsihlc li)r bdliblvdrding IhL assLI.% t)I' IhL Lharil%' ui)d licniL li?r iakiiibi rLi1Soiiuhli %lLPS li?r Approi'ed b>- Ilio tru%t¥x'y ()rtl)L Lharil). on g) Noi'cniber 2U24 ai)a si8llLd oli it& hL'half bi.: Mrs Susan Toi'in Ok Trustee
Guiding Light Assembly Independent Examiner's Report to the trustees of Guiding Light knsembly I report to the trustees on my examination of the accounts of Guiding Light Assembly for the year ended 31 December 2023. Responsibilities and basis of report As the charity trustees of Guiding Light Assembly you are responsible for the preparation of the accounts in accordance with the requRrements of the Charities Act 2011 ('the Act.). I report in respect of my examination of the Guiding Light Assembly's accounts Caled out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent ex&miner'$ statement I have Completed my examination. I confirni that no malerial matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of Guiding Light Assembly as required by section 130 of the Act; or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accountin£ requirements concerning the fonl) and content of accounts set out in the Charities (Accounts and Reports) Regulaiions 2008 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. I have no concerns and have come across no other matters in connection with the examtnation to which attention should be drawn in this report in order to enable a proper und¢tandIng of the accounts to be reached. Femi idan, F CA Association of Chartered Ccrtified Accountants 4 Meadow Gardens Edgware Middlesex HA8 9LH 9 November 2024 Page 5
Guiding Light Assembly Statement of Financial ActivitAes for the Year Ended 31 December 2023 Unrestricted funds Restricted funds Total 2023 Note Ineome and Endowments from: Donations and legacies Investhient incorne Total income 129,648 212 129,648 212 129.860 Expenditure on: Charitable activities Other expenditure Totat expenditure Net ineome Gross transfers between funds Net movement in thnds Reconciliation of fullds Total funds brought forward Total funds carried forward 129.860 (58.826} (53,1341 I IL,960) (58.826} {53,134) (IIL.960) 17.900 {12.012 17,900 12,012 5.888 12,012 17,900 19,907 63.303 83,210 25,795 Unrestricted funds 75.315 Restricted runds 101 110 Total 2022 Note Income and Endowments from: Donations and legacies Investment income 108.460 29 108,460 29 Toial income 108,489 Expenditure on: Raising funds Charitable activities 108,489 (i) (57,430) (i) 57,430) Total expendithre Net income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 57.431) (57,431) 51,058 18,076) 51.058 18,076 32,982 18,076 51,058 13,075 45.227 32.152 19,907 63,303 83,210 The notes on pages 9 to 13 fonn an integraI part of these financial statements. Page 6
Guiding Light Assembly Statement of Financial Aetivities for the Year Ended 31 December 2023 (continued) All of the charity's activities derive from continuing operations duTing the above two period5. The fimds breakdown for 2022 is shown in not¢ 9. The notes on pages 9 to 13 forni an integral part of these financial statements. Page 7
Cuiding Llght Assembly (ReglstratiOD number: 1059661) Balance Sheet as at 31 December 2023 2023 Note 2022 Curr¢nt 4s$¢ts Debtors Cash ai bank &uJd in hand 63,303 ?0.699 9.8?6 Creditors: Amovnts flling du¢ wlthin one year Net 1155tts 10?,403 84.00? ?93 79?) FuDdg of the eharlty: Restrfeted 101.110 UDre%tri¢ted Ineome funds UnrLslriLled 75.315 63.303 .1 ot41 fund IY.907 1É3.?111 'I'lii finanLial blalLlnL'nl% iJn pabL% 6 til 13 11'LfL' 4PPT1lI'L h) IliL' IruslL's. dulliiJri¥Ld li)r iUL l)n Y N(Jl LnihLr ?0?4 uiid %ibiliLLt i)11 IIiLir hihJll' bi,: Mrs Susan To)'in Trusi¢e 'rhc ni)IL4 i)n pagL* 9 io 13 forni an illlLorul Piirt ol-IhL%L' lin&nLial .¥tMi1)Is.
Guiding Light Assembty Notes to the Financial Statements for the Year Ended 31 December 2023 l Accounting policies Ststement of compliance The financial statements have been prepared in aceordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Irelatid (FRS 102) and the Charities Act 2011. Basis of preparation Guiding Light Assembly meets the definition of a public benefit entity under FRS 102. The accounts (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 Ihese accounts. Gotng eoneern The trustees consider that there are no material uncertainties about the charity's ability to Continue as a going concern. Income and endowments Voluntary income including donations¥ gifts. legacies and grants that provide core funding or are of a general nature is recognised when the charity has ¢ntitlement to the income. it is probable that the income will be re¢eived and the amount can be measured with sufficient reliability. Donolions and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Inv1nI Income Dividends are recognised once the dividend has been declared and notificatton has been received of Ihe dividend due. Expenditure Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It fftttcludes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grant penditUre Grants are made to Christian organisations and workers who are involved in advancing the Christsin faith. Pag¢ 9
Guiding Light Assembly Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Support eosts Support costs include central functions and have been allocated to activity cost categori¢5 on a basis consistent with the use of resources, for example, allocating property costs by floor areas. or per capita. staff costs by the time spent and other costs by their usage. Govern4nce Costs These include the ¢osts attributsble to the charlty's compliance with Constitutional and statutory requirements, including audi¢ strategic management and tnjstees meetings and r¢imbuiBed expenses. Taxation The charity is considered lo pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporalion tax purposes. Accordingly. the ¢hartty is potentially exempt from tatIOn in respect of income or capital gains received within categories covered by Chapter 3 Part I of the Corporation Tax Act 201 O or Section 256 of the Tation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £300 or more are initially recorded at cosi l¢ss any subsequent accumulated depre¢iaiion and subsequent accumulated impairn]ent losses. Depreeiatlon and amortlSAtion Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful eeonomic life as follows.. Asset class Coinputer Equipment Depreeiation method and rate Straight-line method over thre years Trad¢ debtors Trade debtors are amounts due from customers for merchandise sold or services perfornied in the ordinary ¢ourse of business. Trade debtors are recognised initially at the transa¢tion price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairn]ent. A provision for the impainn¢nt of iradc dcbtors is established wheii thcrc is objective evidence that the charity will not be able to ¢ollecl all amounts due according to the original temis of th¢ receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-ternl highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 10
Guiding Light Assembly Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Borrowings Interest-bearing borrowings are initially recorded at fair value. net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost. with the difference between the proceeds. net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is r¢cognised on the basis of the effective interest method and is included in interest payable similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liabiliry for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furthetce of the obje¢tives of the charity. Restri¢ted in¢ome fijnds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. 2 Income from donatfions and legAeies Unr¢strieted funds General Total funds Donations and legacics; Gift aid reclaimed Regular giving and capitsl donations Total for2023 8,475 121.173 129,648 8,475 121.173 Tot41 for 2022 129,648 108.460 108,460 3 Investment income Unrestrlcted funds General Total funds Interest receivable and similar income: Interest receivable on bank d¢posits Total for 2023 212 212 212 Total for 2022 212 29 29 Pagell
Guiding Light Assembly Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 4 Grgnt-making Analysis of grant$ Grant$ to individuals 2023 2022 Analysis Honordria The support costs associated with grant-making are £Nil (31 December 2022 - £Nil), 1.390 1,390 S Stsff Cost8 The aggregate payroll costs were as follow5.. 2023 2022 Staff eost$ during the year were: Wages and salaries 27.525 30,614 No employee received emoluments of more than £60,000 during the year 6 Independent examiner's remuneratlon 2023 2022 Examination of the financial statements 420 420 Page 12
Guiding Light Assembly Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 7 Taxation The charity is a registered charity and is therefore exempt from taxation. 8 Cash and cash equivglents 2023 2022 Cash on hand Cash at bank 225 9,601 225 20,474 9,826 20,699 9 Funds Balance At I J4nu4ry 2023 Balanee at 31 December 2023 Incoming resources Resources expended Transfers General 19,907 129,860 Restricted funds (111,960) (12,012) 12,012 25.795 63,303 75,315 Total funds 83,210 129 860 111.960) ioi,I10 Balance It I January 2022 Bglan¢e at 31 Deeember 2022 Incoming resources Resources expended Transfers General 13,075 (108,489) Restricted 57.431 18,076 (19,907) 63.303) 45,227) (18,076} Total funds (32,152 (108,489) 57,431 83,210) Page 13
Guiding Light Assembly Detailed Statement of Financial Activities for the Year Ended 31 December 2023 Total 2023 Totsl 2022 Incorne and Endowments from: Donations and legacies {analysed below) Investment income (anaiysed below) Total income 129.648 212 108,460 29 Expenditure on: Raising funds {an2lysed below) Charitable aetivities {analysed below) Other expenditttre (analysed below) Total expenditure Net income 129.860 108,489 (58.826) {53,134) 111,960) (57,430) (57,431) Net movemcnt in fjJnds Reconciliation of funds Total funds brought forward Total funds ca1¢d fon¥ard 17.900 51.058 17,900 51.058 83,210 32.152 101.110 83,210 This page does not forn] part of the statutory financial statements. Pag¢ 14
Guiding Light Assembly Detailed Statement of Financial Activities for the Year Ended 31 December 2023 (continued) Total 2023 Total 2022 Don(Uions and legacias Committed giving Gift Aid tax reclaimed 121,173 8.475 99,329 9.131 Jnvestmenl income Interest on cash deposits 129,648 108,460 212 29 212 Raisingfunds Sundry expenses 29 (i) Charllable aclivilies Grants payable - individuals Wages and salaries Staff NIC (Employers) Insurance T¢lephone and f& Office expenses Computer software and maintenance ¢osts Charitable donations Management charges payable Motor expenses Travel and subsistence Accountancy fees Bank charges Indep¢ndent examinerfs fee (5,271) (27,525) {928) 680 (6,012) (8.925) (4,141) (1,550) {1,730) (3) (890) (1,942) (169) 420 (3,300) (30,614) {1,105) {976) (5,089) (7,149) (3.562) (634) (2,779) (1.640) (162) 420) Oiher £¥penditure Exceptional administrative expenses {58.826) {57,430 {53,134) This page does not forni part of the statutory finan¢ial statements. Page 15