Charity registration number: 1059661
Guiding Light Assembly
Annual Report and Financial Statements for the Year Ended 31 December 2024
Guiding Light Assembly
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 to 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 13 |
Guiding Light Assembly
Reference and Administrative Details
Trustees Mr Joseph Adewale Adefarasin Mr Ekundayo Runsewe Mrs Dawn Heather Ebanks Mrs Susan Toyin Okolo Mrs Olaolu Adefarasin Charity Registration Number 1059661 Principal Office 1 Longfield Hemel Hempstead Hertfordshire HP3 8HN Independent Examiner Edgar Merrell Ltd 4 Meadow Gardens Edgware Middlesex HA8 9LH
Page 1
Guiding Light Assembly
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024.
Objectives and activities
Public benefit
Offering public services of worship Provision of foodbanks to public Contributing to the spiritual and moral education of children
The trustees confirm 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.
Achievements and performance
In-person services were held every Sunday throughout the year. Thanksgiving services were held on the first Sunday of every month, incorporating celebration of members' birthdays and wedding anniversaries. Prayer meetings, Bible studies, monthly men's and women's fellowship meetings, ministry to youth, and Masterlife Discipleship, Experiencing God and Mind of Christ courses were delivered via Zoom. A residential Easter retreat was held for church members and their families - a time of prayer, relaxation and bonding. Pastoral care and outreach activities continued throughout the year. A barbecue community outreach was held at Victoria Park, East Finchley, during the third quarter of the year. A Christmas Carol outreach for the community was held in December. A crossover service into the new year was held on 31 December.
Financial review
The Charity's income for 2024 represents a reduction of 3% compared to the previous year. The church remains reliant on the consistent and generous tithes and offerings from members and general donors.
Expenditure grew by 9% compared to the previous year, which reflects the impact of inflation and cost of living increases.
Policy on reserves
The Assembly adopts the practice of transferring all surplus funds from a current account to named project accounts 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 acquire 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 December 2024, the balance on the Building Fund Reserve was £67,935 (2023 - £75,315).
Principal funding sources
The Constitution authorises the Assembly to receive income by way of donations, gifts and grants, provided that it does not undertake any permanent fundraising activities in raising funds for its primary objectives.
Investment policy and objectives
The constitution authorises the investment of surplus monies not immediately required subject to conditions and consent imposed or required by law.
Page 2
Guiding Light Assembly
Trustees' Report (continued)
Plans for future periods
Aims and key objectives for future periods
To continue with existing programmes To source own Church premises either by acquisition or on a long lease To continue to develop outreach programmes for all age groups
Structure, governance and management
Nature of governing document
The Charity is governed by constitution, adopted on 27 July 1996. The Charity is constituted as an unincorporated association, and was registered as a charity on 9 December 1996. The Charity is accredited in the HMRC Gift Aid scheme.
Organisational structure
The Assembly is a church plant of the Guiding Light Assembly, Nigeria. There is some level of visionary and ministry oversight that comes from the headquarters in Nigeria. The activities in the UK are managed by a pastoral team, headed by the full time Senior Pastor who is in charge of ministry, teaching, regular services, prayer meetings, counselling and all other outreach and ministerial activities.
The annual report was approved by the trustees of the charity on 25 October 2025 and signed on its behalf by:
......................................... Mrs Susan Toyin Okolo Trustee
Page 3
Guiding Light Assembly
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 25 October 2025 and signed on its behalf by:
......................................... Mrs Susan Toyin Okolo Trustee
Page 4
Guiding Light Assembly
Independent Examiner's Report to the trustees of Guiding Light Assembly
I report to the trustees on my examination of the accounts of Guiding Light Assembly for the year ended 31 December 2024.
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 requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Guiding Light Assembly's accounts carried 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 examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Guiding Light Assembly as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 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 examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Gat
......................................
Femi Ogidan, FCCA Association of Chartered Certified Accountants
4 Meadow Gardens Edgware Middlesex HA8 9LH
25 October 2025
Page 5
Guiding Light Assembly
Statement of Financial Activities for the Year Ended 31 December 2024
| Note Income and Endowments from: Donations and legacies Investment income 3 Total income Expenditure on: Charitable activities Total expenditure Net income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 Note Income and Endowments from: Donations and legacies Investment income 3 Total income Expenditure on: Charitable activities Other expenditure Total expenditure Net income Gross transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 |
Unrestricted funds £ 125,355 172 125,527 (122,538) (122,538) 2,989 7,380 10,369 25,795 36,164 Unrestricted funds £ 129,648 212 129,860 (58,826) (53,134) (111,960) 17,900 (12,012) 5,888 19,907 25,795 |
Restricted funds £ - - - - - - (7,380) (7,380) 75,315 67,935 Restricted funds £ - - - - - - - 12,012 12,012 63,303 75,315 |
Total 2024 £ 125,355 172 |
|---|---|---|---|
| 125,527 | |||
| (122,538) | |||
| (122,538) | |||
| 2,989 - |
|||
| 2,989 101,110 |
|||
| 104,099 | |||
| Total 2023 £ 129,648 212 |
|||
| 129,860 | |||
| (58,826) (53,134) |
|||
| (111,960) | |||
| 17,900 - |
|||
| 17,900 83,210 |
|||
| 101,110 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 9 to 13 form an integral part of these financial statements. Page 6
Guiding Light Assembly
Statement of Financial Activities for the Year Ended 31 December 2024 (continued)
The funds breakdown for 2023 is shown in note 9.
The notes on pages 9 to 13 form an integral part of these financial statements. Page 7
Guiding Light Assembly
(Registration number: 1059661) Balance Sheet as at 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible assets | 975 | - | |
| Current assets | |||
| Debtors | 98,577 | 92,577 | |
| Cash at bank and in hand | 8 | 5,500 | 9,826 |
| 104,077 | 102,403 | ||
| Creditors: Amounts falling due within one year | (953) | (1,293) | |
| Net current assets | 103,124 | 101,110 | |
| Net assets | 104,099 | 101,110 | |
| Funds of the charity: | |||
| Restricted | 67,935 | 75,315 | |
| Unrestricted income funds | |||
| Unrestricted | 36,164 | 25,795 | |
| Total funds | 9 | 104,099 | 101,110 |
The financial statements on pages 6 to 13 were approved by the trustees, and authorised for issue on 25 October 2025 and signed on their behalf by:
......................................... Mrs Susan Toyin Okolo Trustee
The notes on pages 9 to 13 form an integral part of these financial statements. Page 8
Guiding Light Assembly
Notes to the Financial Statements for the Year Ended 31 December 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance 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 Ireland (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 these accounts.
Going concern
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 entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the 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 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant expenditure
Grants are made to Christian organisations and workers who are involved in advancing the Christain faith.
Page 9
Guiding Light Assembly
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Support costs
Support costs include central functions and have been allocated to activity cost categories 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.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation 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 cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
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 economic life as follows:
Asset class
Computer Equipment
Depreciation method and rate Straight-line method over thre years
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term 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 2024 (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 recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability 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 furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined benefit pension scheme.Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
2 Income from donations and legacies
| Donations and legacies; Gift aid reclaimed Regular giving and capital donations Total for 2024 Total for 2023 |
Unrestricted funds General £ 9,648 115,707 125,355 129,648 |
Total funds £ 9,648 115,707 |
|---|---|---|
| 125,355 | ||
| 129,648 |
Page 11
Guiding Light Assembly
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
3 Investment income
| Interest receivable and similar income; Interest receivable on bank deposits Total for 2024 Total for 2023 |
Unrestricted funds General £ 172 172 212 |
Total funds £ 172 |
|---|---|---|
| 172 | ||
| 212 |
4 Grant-making
Analysis of grants
| Analysis of grants | |||
|---|---|---|---|
| Grants to | individuals | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Analysis | |||
| Honoraria | 1,390 | 1,390 | |
| The support costs associated with grant-making are £Nil (31 December 2023 - £Nil). | |||
| 5 Staff costs |
|||
| The aggregate payroll costs were as follows: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Staff costs during the year were: | |||
| Wages and salaries | 33,249 | 27,525 | |
| Pension costs | 1,848 | - | |
| 35,097 | 27,525 | ||
| No employee received emoluments of more than £60,000 during the year | |||
| 6 Independent examiner's remuneration |
|||
| 2024 | 2023 | ||
| £ | £ | ||
| Examination of the financial statements | 500 | 420 |
Page 12
Guiding Light Assembly
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Cash and cash equivalents
| 8 Cash and cash equivalents |
||
|---|---|---|
| Cash on hand Cash at bank |
2024 £ 225 5,275 5,500 |
2023 £ 225 9,601 |
| 9,826 |
9 Funds
| 9 Funds |
|||||
|---|---|---|---|---|---|
| General Restricted funds Total funds General Restricted Total funds |
Balance at 1 January 2024 £ 25,795 75,315 101,110 Balance at 1 January 2023 £ (19,907) (63,303) (83,210) |
Incoming resources £ 125,527 - 125,527 Incoming resources £ (129,860) - (129,860) |
Resources expended £ (122,538) - (122,538) Resources expended £ 111,960 - 111,960 |
Transfers £ 7,380 (7,380) - Transfers £ 12,012 (12,012) - |
Balance at 31 December 2024 £ 36,164 67,935 |
| 104,099 | |||||
| Balance at 31 December 2023 £ (25,795) (75,315) |
|||||
| (101,110) |
10 Related party transactions
Page 13
Guiding Light Assembly
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Income and Endowments from: Donations and legacies (analysed below) Investment income (analysed below) Total income Expenditure on: Charitable activities (analysed below) Other expenditure (analysed below) Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Total 2024 £ 125,355 172 125,527 (122,538) - (122,538) 2,989 2,989 101,110 104,099 |
Total 2023 £ 129,648 212 |
|---|---|---|
| 129,860 | ||
| (58,826) (53,134) |
||
| (111,960) | ||
| 17,900 | ||
| 17,900 83,210 |
||
| 101,110 |
This page does not form part of the statutory financial statements. Page 14
Guiding Light Assembly
Detailed Statement of Financial Activities for the Year Ended 31 December 2024 (continued)
| Donations and legacies Committed giving Gift Aid tax reclaimed Investment income Interest on cash deposits Charitable activities Grants payable - individuals Wages and salaries Staff NIC (Employers) Staff pensions (Defined contribution) - pension scheme 1 Depreciation of office equipment Insurance Telephone and fax Office expenses Computer software and maintenance costs Charitable donations Sundry expenses Management charges payable Motor expenses Travel and subsistence Accountancy fees Bank charges Independent examiner's fee Other expenditure Exceptional administrative expenses |
Total 2024 £ 115,707 9,648 125,355 172 172 (4,430) (33,249) - (1,848) (325) (521) (5,546) (5,332) (6,720) (4,590) (51,405) (5,316) - (586) (1,992) (178) (500) (122,538) - - |
Total 2023 £ 121,173 8,475 |
|---|---|---|
| 129,648 | ||
| 212 | ||
| 212 | ||
| (5,271) (27,525) (928) - - 680 (6,012) (8,925) (4,141) (1,550) - (1,730) (3) (890) (1,942) (169) (420) |
||
| (58,826) | ||
| (53,134) | ||
| (53,134) |
This page does not form part of the statutory financial statements. Page 15