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2025-08-31-accounts

OLIVET ASSEMBLY

TRUSTEES’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Registered Company No: 09571506 Registered Charity No: 1163688

OLIVET ASSEMBLY

YEAR ENDED 31 AUGUST 2025

CONTENTS Page
Reference and administrative information 1
Trustees’ report 2 – 5
Independent Auditor’s Report 6 - 8
Consolidated Statement of financial activities 9
Group and Charity Balance sheets 10
Statement of Cash Flows 11
Notes to the financial statements 12 - 20

OLIVET ASSEMBLY

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2025

Trustees and Directors Jaewon Kim
Sung Hee Kim
Myong Sop Shim
Manager Dr Andrew Clark
Charity Registration Number 1163688
Company Registration Number 09571506
Principal Address and Registered Office Pilgrim Hall
Lewes Road
Uckfield
East Sussex
TN22 5RE
Bankers Lloyds Bank
25 Gresham Street
London
EC2V 7HN
Zemplar Bank
Cottons Centre
Cottons Lane
London
SE1 2QG
The Cooperative Bank
P O Box 250
Skelmersdale
WN8 6WT
Independent Auditor BK Plus Audit Limited
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU

1

OLIVET ASSEMBLY (A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity and group for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition effective 1 January 2019).

These financial statements consolidate the financial statements of Olivet Assembly and its wholly owned subsidiary – Global London College.

Olivet Assembly is a private charitable company limited by guarantee. It was registered with Companies House on 1 May 2015 and the Charity Commission on 22 September 2015. The directors of the charitable company are its Trustees for the purpose of charity law. None of the Trustees has any beneficial interest in the company.

Objectives and Activities

The charity's objects ('objects') are specifically restricted to the following:

  1. For the public benefit. The advancement of religion according to the doctrines of the worldwide Olivet Assembly church; 2. For the public benefit. The pursuit of any purpose charitable according to the law of England and Wales which is consistent with the advancement of religion of Olivet Assembly.

Our purposes

Our main objectives for the year were:

Our activities for achieving the charity’s aims and objectives were:

Achievements and Performance

The charity continued to develop its ministry, training, outreach, and educational activities during the year. Regular church services, biblical teaching, seminars, seasonal gatherings, and educational classes continued to support the charity’s wider charitable objects. Pilgrim Hall remained an important centre for residential ministry, hosting Christian gatherings, prayer, training, fellowship, and spiritual retreat, while also supporting wider outreach and teaching activities.

During the year, the charity held a second leadership training event at Pilgrim Hall, further strengthening the charity’s work as a place for Christian training and ministry development. The charity also continued to engage in outreach work across the United Kingdom and Ireland, while maintaining relationships with Christian organisations in Europe and Africa for mutual encouragement, shared learning, and future collaboration.

A significant financial milestone was also reached through the full repayment of the secured borrowing against Pilgrim Hall. The repayment plan was completed during the year, removing the bank loan secured on the property and placing the charity in a stronger financial position. This has strengthened stability for the charity’s long-term works and provides a more firm foundation for future expanded training and ministry use.

2

OLIVET ASSEMBLY (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Financial Review

Consolidated income for the year was £1,215,906 (2024: £1,301,943). Charity income, less inter-company receipts was £1,053,395 (2024: £1,039,956) and arose principally from church offerings and donations. Income for the trading subsidiary was £162,230 (2024: £261,333), generated mainly from the tuition of English to foreign students. Consolidated expenditure was £895,498 (2024: £922,587), with £761,332 (£784,059) relating to the charity’s activities and £134,528 (2024: £138,528) relating to the activities of the subsidiary.

Investment powers and policy

The trustees have the powers to make investments on behalf of the charity as they deem fit. At the moment, the charity’s risk profile indicates that investments should be held in low-risk assets. Consequently, investments at the Balance Sheet date are in bank account balances.

Reserves policy

Unrestricted funds at the year-end were £1,865,577 (2024: £1,873,709). The Pilgrim Hall Fund was the only restricted fund at the year end and had a balance of £669,870 (2024: £682,751).

Free reserves at the end of the year (the charity’s unrestricted funds less any net capital costs not covered by restricted funds) was a surplus of £71,408 (2024: negative of £369,678). The target level of free reserves of at least 3 months of expenditure is equivalent to £200k-225k, which is achieved by the free reserves held.

Risk Management

The trustees have identified the key risks faced by the charity and have taken appropriate steps to mitigate these risks. The key risks relate to the charity’s ability to generate and sustain its funding to meet its various activities and obligations. Trustees ensure that the charity has a low fixed cost base relative to its recurring income so that it can align its costs with any changes in income.

This issue is regularly revisited by the trustees to ensure that any new risks are identified and suitably addressed.

Policies and Procedures have been put into place at the charity’s premises, to ensure adherence to government guidelines and statutory regulations. The charity also holds adequate cash reserves and has sufficient flexibility to align its expenditure with available resources.

3

OLIVET ASSEMBLY (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Plans for Future Periods

Over the coming year, the charity intends to continue developing its educational and theological training provision, including further biblical courses, ministry training programmes, and related learning opportunities. The charity also intends to collaborate with its sister church network across Europe to support a Europe Bible Camp in 2026. This gathering is expected to provide opportunities for outreach, biblical teaching, leadership training, prayer, and fellowship, bringing together those connected with, or interested in, the charity’s work across the UK and wider Europe. The trustees hope that this will strengthen relationships across the continent and encourage deeper participation in the charity’s shared Christian mission.

Structure, Governance and Management

The charitable company is governed by its Memorandum and Articles of Association dated 1 May 2015. The Trustees during the year are as listed under the reference and administrative information.

The Trustees are recruited according to their knowledge, skill and experience of the themes and activities undertaken by the charity; and in accordance with the requirements for the governance of charities.

The Trustees are kept informed on charity sector issues by resources provided by financial and legal advisors. The charity’s day to day running is delegated to Dr Andrew Clark who acts as Manager.

Related Parties

World Olivet Assembly located in USA supports the activities of the charity and at times assists with funds to help cover capital and some of the operational costs. Whilst both organisations share a common purpose, they operate independently of each other.

Statement of Trustees' Responsibilities

The trustees (who are also directors of Olivet Assembly for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable for that year. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

4

OLIVET ASSEMBLY (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

In so far as the Board of Trustees is aware:

Received and approved by the Board on …….. May 2026 and signed as authorised on their behalf by:28

……………………………………….

Jaewon Kim Director/Trustee

5

OLIVET ASSEMBLY

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OLIVET ASSEMBLY

OPINION

We have audited the financial statements of Olivet Assembly (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the group Consolidated Statement of Financial Activities, the group Consolidated Balance Sheet, the company Balance Sheet, the group Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

6

OLIVET ASSEMBLY

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OLIVET ASSEMBLY (CONTINUED)

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, the Trustees, who are also the directors of the Charitable Company for the purposes of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as Auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

EXPLANATION AS TO THE EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

7

OLIVET ASSEMBLY

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OLIVET ASSEMBLY (CONTINUED)

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

· Enquiry of management and those charged with governance around actual and potential litigation and claims;

· Reviewing minutes of meetings of those charged with governance, if available;

· Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

USE OF OUR REPORT

This report is made solely to the charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

David Hynes (Senior Statutory Auditor) For and on behalf of BK Plus Audit Limited ……….May 2026 28

Chartered Certified Accountants Statutory Auditor

Oakingham House Frederick Place High Wycombe Buckinghamshire United Kingdom HP11 1JU

8

OLIVET ASSEMBLY (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2025

GROUP INCOME AND EXPENDITURE Unrestricted Restricted Total Total
funds funds 31 August 31 August
2025 2024
Notes £ £ £ £
Income and endowments from:
Donations and legacies 2 1,006,027 - 1,006,027 979,251
Other trading activities:
-
Trading subsidiary		 162,236 - 162,236 261,333
-
Lettings and accommodation		 47,068 - 47,068 60,557
Interest receivable 575 - 575 802
-------------------- ----------------- -------------------- --------------------
Total Income 1,215,906 - 1,215,906 1,301,943
-------------------- ----------------- -------------------- --------------------
Expenditure on:
Raising funds:
Trading subsidiary 134,166 - 134,166 138,528
Charitable activities 3 748,451 12,881 761,332 784,059
------------------ ------------------ ------------------ ------------------
Total Expenditure 3 882,617 12,881 895,498 922,587
------------------ ------------------ ------------------ ------------------
Net (expenditure)/income 333,289 (12,881) 320,408 379,356
Loss on the revaluation of intangible
assets 7 (341,421) - (341,421) -
-------------------- -------------------- -------------------- --------------------
Net movement in funds (8,132) (12,881) (21,013) 379,356
Total funds brought forward 1,873,709 682,751 2,556,460 2,177,104
--------------------- --------------------- --------------------- ---------------------
Total funds carried forward 1,865,577 669,870 2,535,447 2,556,460
=========== =========== =========== ===========

The comparative Statement of Financial Activities for the year ended 31 August 2024 is included in Note 18.

All recognised gains and losses are included in the Statement of Financial Activities.

All the charity’s activities are classified as continuing.

The accompanying notes form an integral part of these financial statements.

9

OLIVET ASSEMBLY Company number: 09571506 (A company limited by guarantee)

GROUP AND CHARITY BALANCE SHEETS

AS AT 31 AUGUST 2025

Group Group Charity Charity
2025 2024 2025 2024
Notes £ £ £ £
Fixed Assets
Intangible Assets 7 - 414,583 - -
Tangible Assets 6 2,487,199 2,503,578 2,486,332 2,502,494
Investments 8 - - 10 719,212
--------------------- --------------------- --------------------- ---------------------
2,487,199 2,918,161 2,486,342 3,221,706
Current Assets
Debtors 9 52,946 53,566 57,393 56,583
Cash at bank and in hand 72,768 204,624 34,845 152,306
------------------ ------------------ ------------------ ------------------
125,714 258,190 92,238 208,889
Current liabilities
Creditors:amounts falling due
within one year 10 (77,466) (619,891) (20,830) (578,567)
------------------ ------------------ ------------------ ------------------
Net Current Assets/(Liabilities) 48,248 (361,701) 71,408 (369,678)
------------------ ------------------ ------------------- -------------------
Total Net Assets 2,535,447 2,556,460 2,557,750 2,852,028
=========== =========== =========== ===========
Funds:
Restricted funds 12 669,870 682,751 669,870 682,751
Unrestricted funds 12 1,865,577 1,873,709 1,887,880 2,169,277
--------------------- --------------------- --------------------- ---------------------
TOTAL FUNDS 2,535,447 2,556,460 2,557,750 2,852,028
=========== =========== =========== ===========

The charity has taken the exemption not to file a parent only Statement of Financial Activities. The net expenditure for the charity only for the year ended 31 August 2025 was £294,278 (2024: £420,912 net income).

The financial statements were approved by the board an authorised for issue on …….… May 2026 and signed on its 28 behalf by:

……………………………….

Jaewon Kim Director/Trustee

The accompanying notes form an integral part of these financial statements.

10

OLIVET ASSEMBLY (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2025

Notes 2025 2024
£ £
Cash provided by operating activities A 434,906 409,039
------------------- -------------------
Cash flows from investing activities
Purchase of tangible fixed assets - (7,322)
---------------------- ----------------------
Cash used in investing activities - (7,322)
Cash flows from financing activities
Repayment of borrowing (566,762) (1,135,820)
Cash inflow from new borrowing - 675,000
---------------------- ----------------------
Cash used in financing activities (566,762) (460,820)
---------------------- ----------------------
(Decrease) in cash and cash equivalents in the year (131,856) (59,103)
Cash and cash equivalents at the beginning of the year 204,624 263,727
------------------ ------------------
Total cash and cash equivalents at year end 72,768 204,624
========== ==========
Analysis of Cash and Cash Equivalents 2025 2024
£ £
Cash at bank and in hand 72,768 204,624
========= ==========
Analysis of changes in net funds At 1 September Cash flows Other non-cash At 31 August
2024 changes 2025
£ £ £ £
Cash 204,624 (131,856) - 72,768
========== ========== ========== ==========
A. Reconciliation of net movement in funds to net cash inflow from Operating Activities
2025 2024
£ £
Net movement in funds (21,013) 379,356
Add back depreciation 16,379 24,338
Add back amortisation of goodwill 73,162 73,162
Impairment loss on intangible asset 341,421 -
Decrease in debtors 620 7,001
Increase/(decrease) in creditors 24,337 (74,818)
-------------------- --------------------
Net cash provided by operating activities 434,906 409,039
========== ==========

A. Reconciliation of net movement in funds to net cash inflow from Operating Activities

11

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

Charity information

Olivet Assembly, is a private company limited by guarantee incorporated in England and Wales. The registered office is Pilgrim Hall, Lewes Road, Framfield, Uckfield, East Sussex, England, TN22 5RE.

Every member of the charity is liable under the Memorandum and Articles of Association to contribute, in the event of a winding up, a sum not exceeding £1.

The principal accounting policies adopted are set out below.

1.1. Basis of accounting

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition effective 1 January 2019)' Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2. Going Concern

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

1.3. Trading subsidiary and consolidated accounts

On 5 May 2020, the charity acquired in cash, 100% of the share capital of a company, Global London College (incorporated in the England and Wales; company number 07366665).

The accounts of the subsidiary have been consolidated in these financial statements on a line-by-line basis. The activities of the company are disclosed in Note 8 of these financial statements.

1.4. Critical accounting estimates and areas of judgment

In the application of the accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that period and future periods. The significant areas of assumption are in respect of depreciation of fixed assets and valuation of the investment in the subsidiary.

The rates of write down are shown in the Tangible Fixed Assets note below. The Trustees are satisfied that these write down rates are a reasonable reflection of the expected useful life of the assets in each class.

An impairment review will be carried out annually on the valuation of the charity’s investment in its subsidiary – Global London College Ltd. The company was acquired on 5 May 2020 and the Trustees consider that this amount is impaired, as shown in notes 7 and 8..

12

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.5. Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.6. Financial instruments

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

1.7. Income

All income (Tithes, is included in the Statement of Financial Activities when the charity is legally entitled to the income, there is probability of receipt and the amount can be quantified with reasonable accuracy, except as follows:

No amounts are included in the financial statements for services donated by volunteers.

Income from investments is included in the Statement of Financial Activities in the period in which it is received.

1.8. Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Support costs which cannot be directly attributed to particular projects are apportioned in proportion to the direct staff cost allocated to the project. Governance costs, which form part of Support costs include expenditure on the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Charitable expenditure consists of all expenditure relating to the objects of the Charity. All costs are directly attributable to the activities under which they have been analysed.

1.9. Tangible fixed assets

Expenditure on fixed assets is capitalised where the cost (or the value if donated) is in excess of £1,000; otherwise it is written off through the Statement of Financial Activities. Depreciation is calculated by the straight line method to write off the cost/value, less anticipated residual value, over the expected useful lives of assets as follows:

Land and buildings 2% Furniture and equipment 25% Plant and Machinery 25%

13

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

1.10. Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.11. Operating leases

Rentals under operating leases are charged on a straight line basis over the lease term.

1.12. Goodwill

Goodwill arising on a business combination represents the difference between the cost of acquisition and the Charity’s consolidated interest in the fair value of the identifiable assets and liabilities of a subsidiary as at the date of acquisition.

Goodwill is recognised as an asset and is amortised over 10 years. A review for impairment is done at least annually and any impairment is recognised immediately in the Statement of Financial Activities and is not subsequently reversed. A full impairment has been recognised in the year.

14

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

2. DONATIONS AND LEGACIES
2025 2024
£ £
Tithes and offerings 530,293 498,837
Donations from World Olivet Assembly (USA) 475,734 480,414
----------------- -----------------
1,006,027 979,251
========== ==========
3. EXPENDITURE People Premises Other Governance 2025
support costs costs
£ £ £ £ £
Raising funds:
Costs of trading subsidiary 81,657 - 48,334 4,175 134,166
Charitable activities:
Church services and activities 140,802 215,419 - - 356,221
Support of missions and other Christian
Ministries		 40,229 66,283 - - 106,512
Education - 16,571 1,989 - 18,560
Support costs 20,115 33,141 217,903 8,880 280,039
----------------- ----------------- ----------------- ---------------- -----------------
Total Charitable activities 201,146 331,414 219,892 8,880 761,332
----------------- ----------------- ----------------- ---------------- -----------------
========= ========= ========= ========= ===========
TOTAL EXPENDITURE 282,803 331,414 268,226 13,055 895,498
========= ========= ========= ========= ===========
Included in People Support are staff costs of £282,803 (2024: 294,214) - see Note 4.
COMPARATIVE EXPENDITURE People Premises Other Governance 2024
support costs costs
£ £ £ £
£
Raising funds:
Costs of trading subsidiary 83,008 1,112 50,828 3,580
138,528
Charitable activities:
Church services and activities 147,843 190,602 - -
338,445
Support of missions and other Christian
Ministries		 42,241 58,647 - -
100,888
Education - 14,662 2,002 -
16,664
Support costs 21,121 29,323 269,418 8,200
328,062
----------------- ----------------- ----------------- ----------------
-----------------
Total Charitable activities 211,205 293,234 271,420 8,200
784,059
----------------- ----------------- ----------------- ----------------
-----------------
========= ========= ========= =========
===========
TOTAL EXPENDITURE 294,213 294,346 322,248 11,780
922,587
========= ========= ========= =========
===========

15

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

3. EXPENDITURE (Continued)

Net income/(expenditure) is stated after charging:
Independent Auditor’s fees (included in Governance costs) 13,055 11,780
Depreciation 16,379 24,338
Amortisation 73,162 73,162
Operating leases (Office premises) 202,317 133,387
======== =======
4. STAFF COSTS
Group Charity
2025 2024 2025 2024
£ £ £ £
Wages and salaries 261,260 273,350 187,076 197,006
Social security costs 19,011 24,019 11,538 12,354
Pensions 2,532 1,845 2,532 1,845
---------------- ---------------- ---------------- ----------------
282,803 294,214 201,146 211,205
========= ======== ========= ========

4. STAFF COSTS

No employee received remuneration over £60,000 (2024: none). The average monthly headcount was 10 (2024: 10). The key management staff is the Manager whose total employee benefits was £41,993 (2024: £41,815).

5. TRUSTEES

None of the trustees (or any persons connected with them) received any reimbursement of expenses, remuneration or benefits from the charity during the year (2024: nil).

6.
TANGIBLE FIXED ASSETS
Valuation:
At 1 September 2024
Additions
At 31 August 2025
Depreciation:
At 1 September 2024
Charge for the year
At 31 August 2025
Net Book Value
At 31 August 2025
At 31 August 2024		 Charity
Land &
Furniture
Plant &
Total
Buildings
& Fittings
Equipment
Charity
£
£
£
£
2,576,059
38,922
7,322
2,622,303
-
-
-
-------------------
-------------------
-------------------
--------------------
2,576,059
38,922
7,322
2,622,303
-------------------
-------------------
-------------------
-------------------
80,507
37,472
1,830
119,809
12,881
1,450
1,831
16,162
----------------
----------------
----------------
----------------
93,388
38,922
3,661
135,971
----------------
----------------
----------------
----------------
2,482,671
-
3,661
2,486,332
-----------------
-----------------
-----------------
------------------
2,495,552
1,450
5,492
2,502,494
==========
=========
=========
==========		 Subsidiary
Plant &
Total
Machinery
Group
£
£
16,213
2,638,516
-
-
-------------------
--------------------
16,213
2,638,516
-------------------
-------------------
15,129
134,938
217
16,379
----------------
----------------
15,346
151,317
----------------
----------------
867
2,487,199
-----------------
------------------
1,084
2,503,578
=========
==========

Land and buildings represent costs incurred for the purchase of the church’s premises and facilities (Pilgrim Hall).

16

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

7. INTANGIBLE FIXED ASSET - GOODWILL

INTANGIBLE FIXED ASSET - GOODWILL
Goodwill
£
Valuation:
At 1 September 2024 731,618
Additions -
-------------------
At 31 August 2025 731,618
-------------------
Amortisation:
At 1 September 2024 317,035
Charge for the year 73,162
Impairment loss 341,421
----------------
At 31 August 2025 731,618
----------------
Net Book Value
At 31 August 2025 -
-----------------
At 31 August 2024 414,583
==========

Goodwill above relates to the cost of acquiring the charity’s wholly owned subsidiary, Global London College (see Note 8). This was fully written down in the year.

8. INVESTMENT IN SUBSIDIARY UNDERTAKING

On 5 May 2020, the charity acquired 100% of the share capital of Global London College Ltd (incorporated in England and Wales; Company number 07366665) for a total of £719,212. The company’s principal activities are providing English language courses and business and strategic management qualifications. Any taxable profits generated by the company are expected to be paid to the charity under the Gift Aid Scheme.

Valuation:
At 1 September 2024 719,212
Impairment (719,202)
-------------------
At 31 August 2025 10
-------------------

A summary of the Profit & Loss Account and Balance Sheet from the audited financial statements for the year to 31 August 2025 is given below:

summary of the Profit & Loss Account and Balance
1 August 2025 is given below:		 Sheet from the audited financial statements for the year
2025 2024
£ £
--------------- ---------------
Net (Loss)/profit (31,355) 31,607
======== ========
--------------- ---------------
Total net (liabilities) (22,293) 9,062
======== ========

17

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

9. DEBTORS Group Charity Charity
2025 2024 2025 2024
£ £ £ £
Other debtors and prepayments 52,946 53,566 52,584 51,774
Amounts owed by subsidiary undertaking - - 4,809 4,809
-------------- -------------- -------------- --------------
52,946 53,566 57,393 56,583
======== ======== ======== ========
10. CREDITORS: amounts falling due Group Charity
Within one year 2025 2024 2025 2024
£ £ £ £
Bank loan (see note below) - 566,762 - 566,762
Other creditors and accruals 77,466 53,129 20,830 11,805
---------------- ---------------- ---------------- ----------------
77,466 619,891 20,830 578,567
========= ======== ========= ========

A loan of £675,000, secured against the charity’s Pilgrim Hall property, was taken in May 2024. The loan bore interest at 10.5% above Barclays Bank plc’s base rate and was repayable on demand. The bank loan was fully repaid in May 2025.

11. ANALYSIS OF MOVEMENT IN FUNDS

Balance Balance
1 September Income Expenditure Transfers 31 August
2024 2025
£ £ £ £
Restricted funds:
Pilgrim Hall Fund 682,751 - (12,881) - 669,870
---------------- ---------------- ---------------- ---------------- ----------------
Total Restricted Funds 682,751 - (12,881) - 669,870
Unrestricted funds:
General Fund 1,873,709 1,215,906 (1,224,038) - 1,865,577
------------------- ------------------- ------------------- ---------------- -------------------
Total unrestricted funds 1,873,709 1,215,906 (1,224,038) - 1,865,577
------------------- ------------------- ------------------- ---------------- -------------------
------------------- ------------------- ------------------- ---------------- -------------------
Total Funds - Group 2,556,460 1,215,906 (1,236,919) - 2,535,447
========== ========== ========== ======== ==========

Pilgrim Hall Fund represents amounts donated to the charity towards the purchase of a property – Pilgrim Hall. The depreciation charge on the property for the year has been allocated to this fund.

18

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

11. ANALYSIS OF MOVEMENT IN FUNDS (continued) ANALYSIS OF MOVEMENT IN FUNDS (continued) ANALYSIS OF MOVEMENT IN FUNDS (continued)
2024 Comparatives Balance Balance
1 September Income
Expenditure
Transfers		 31 August
2023 2024
£ £ £ £
Restricted funds:
Pilgrim Hall Fund 695,632 - (12,881) - 682,751
---------------- ---------------- ---------------- ---------------- ----------------
Total Restricted Funds 695,632 - (12,881) - 682,751
Unrestricted funds:
General Fund 1,481,472 1,301,943 (909,706) - 1,873,709
------------------- ------------------- ------------------- ---------------- -------------------
Total unrestricted 1,481,472 1,301,943 (909,706) - 1,873,709
funds
------------------- ------------------- ------------------- ---------------- -------------------
------------------- ------------------- ------------------- ---------------- -------------------
Total Funds - Group 2,177,104 1,301,943 (922,587) - 2,556,460
========== ========== ========== ======== ==========
12. ALLOCATION OF NET ASSETS BETWEEN FUNDS
Unrestricted Restricted 2025
£ £ £
Intangible fixed assets - - -
Tangible fixed assets 1,817,329 669,870 2,487,199
Current assets 125,714 - 125,714
Current liabilities (77,466) - (77,466)
------------------- ----------------- -------------------
1,865,577 669,870 2,535,447
========== ========= ==========
2024 Comparatives
Unrestricted Restricted 2024
£ £ £
Intangible fixed assets 414,583 - 414,583
Tangible fixed assets 1,820,827 682,751 2,503,578
Current assets 258,190 - 258,190
Current liabilities (619,891) - (619,891)
------------------- ----------------- -------------------
1,873,709 682,751 2,556,460
========== ========= ==========

19

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

13. OPERATING LEASE COMMITMENTS

At the year end, the charity had the following minimum future operating lease commitments:

2025 2024
£ £
Leases which expire: Premises Premises
Within one year 158,436 90,936
Within two to five years 278,433 363,744
---------------- ----------------
436,869 454,680
======== ========

14. OPERATING LEASE - LESSOR

At the year end, the charity had the following minimum future operating lease obligations owed to it:

Charity Charity
2025 2024
£ £
Leases which expire: Premises Premises
Within one year 36,000 33,000
Within two to five years 111,000 147,000
---------------- ----------------
147,000 180,000
======== ========
The charity granted a sub-lease to its wholly owned subsidiary for the use of the property to which it holds an
operating lease agreement. A renewed lease commenced on 1 October 2024 and expires on 6 October 2029.

The group does not have any operating lease commitments as a lessor (2024: £none).

15. SHARE CAPITAL AND CONTROL

The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of each member is limited to £10. The company has 3 members (2024: 3 members). The charity is controlled by the board of trustees.

16. RELATED PARTIES

World Olivet Assembly (WOA) located in USA is a related charity and it supports activities of the UK charity by making donations to fund capital and some operational costs. The total donations received from WOA in the year was £475,734 (2024: £480,414). There were no debtors (2024: £nil) or creditors (2024: £nil) at the year end. There were no other transactions with WOA during the year.

17. PENSIONS AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS

The group and charity operate defined contribution pension schemes. The assets of the schemes are held separately from those of the group and charity in an independently administered fund. The pension costs charge represents contributions payable by the charity to the fund and amounted to £2,532 (2024: £1,845). There were no contributions payable at the year-end (2024: £nil).

20

OLIVET ASSEMBLY (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

18. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (2024)

GROUP INCOME AND EXPENDITURE Unrestricted Restricted Total
funds funds 31 August 2024
£ £ £
Income and endowments from:
Donations and legacies 979,251 - 979,251
Other trading activities:
-
Trading subsidiary		 261,333 - 261,333
-
Lettings and accommodation		 60,557 - 60,557
Interest receivable 802 - 802
-------------------- ----------------- --------------------
Total Income 1,301,943 - 1,301,943
-------------------- ----------------- --------------------
Expenditure on:
Raising funds:
Trading subsidiary 138,528 - 138,528
Charitable activities 771,178 12,881 784,059
------------------ ------------------ ------------------
Total Expenditure 909,706 12,881 922,587
-------------------- -------------------- --------------------
Net movement in funds 392,237 (12,881) 379,356
Total funds brought forward 1,481,472 695,632 2,177,104
--------------------- --------------------- ---------------------
Total funds carried forward 1,873,709 682,751 2,556,460
=========== =========== ===========

21