## **LIGHT** **TRUSTEES’ REPORT & CONSOLIDATED FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** **Registered Charity Number 1201633** ## **LIGHT FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** |**CONTENTS**|**PAGES**| |---|---| |Officers and professional advisers|2| |Report of the trustees|3 to 9| |Report of the Independent Examiner|10| |Statement of financial activities|11| |Balance sheet|12| |Consolidated Statement of Cashflows|13| |Notes to the financial statements|14 to 23| Page 1 ## **LIGHT OFFICERS AND PROFESSIONAL ADVISERS** ## **The Board of Trustees** T. Levell (Chairman) R Jackson D Niblock O Badejo P Kennedy S. Penelope Philips (resigned June 23) M. Wattis (resigned June 23) F De Pelet (appointed 12 September 2023) A Millington (appointed 12 September 2023) N Cross(appointed 12 September 2023) ## **Managers** N. James Milnes L. Peter West ## **Registered Office** 62 Port Street Manchester M1 2EQ ## **Independent Examiner** Mr Philip Wells Bsc FCA DChA 6 Hulme Hall Avenue Cheadle Hulme SK8 6LN ## **Bankers** NatWest Bank 19 Market Street Manchester M1 1WR Page 2 ## **LIGHT REPORT OF THE TRUSTEES PERIOD ENDING 31 DECEMBER 2023** The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity for the period ending 31st December 2023. The financial statements comply with the Charities Act 2011, the Memorandum and Articles of Association, and 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) ## **OBJECTIVES AND ACTIVITIES** The objectives of Light are for the benefit of the public. Trustees review all objectives mid-way through the year and ask to see measurable data to show objectives are met. It exists to: - Advance the Christian faith in accordance with the statement of Beliefs in such ways and in such parts of the United Kingdom or the world as the Trustees may from time to time think it fit; and - Advance the study of music and religious education in particular (but not limited) to children and young people in schools and churches and Christian groups and in such ways as the Trustees may from time-to-time think fit. These objects are being worked out in two main areas: - Partnering with local churches, schools, and other agencies to provide new opportunities and positive experiences for disadvantaged, deprived and marginalised young people across the UK and around the World. - - Producing quality Christian music and educational resources. Live music bands, printed materials, the internet and multi-media are all used to communicate Christianity to young people in ways that are relevant to today’s youth culture and perspectives. ## **Charitable Status** Light has been operating as unincorporated association and it was first registered on 08 November 2012. We began operating and over the years that followed, the operations, and wraparound services delivered developed as we responded to the changing needs of our beneficiaries -particularly through the covid pandemic and Cost of Living crisis. In January 2023 we formerly registered Light CIO as a charity with the charities commission in England and Wales and started the process of transferring all assets and undertakings that were charitable to the charity and maintaining Light Trading as a trading subsidiary under the sole ownership of the charity. This process and transition took a number of months, with the assets and liabilities being finally transferred on 30 September 2023.The accounts cover the activities of the charity for the three months from that date. Page3 ## **LIGHT REPORT OF THE TRUSTEES PERIOD ENDING 31 DECEMBER 2023** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The charity is set up as a charitable incorporated organisation (CIO) and is registered with the Charity Commissioners under registration number 1201633. The CIO was registered with the Charity Commission on 19 January 2023 replacing the previous unincorporated association of the same name (number 1149675) which was established on 08 November 2012. Light CIO is governed by its constitution, and it is managed by a Board of Trustees Day-to-day management of the organisation is delegated to the Chief Operating Officer (COO), Nathan Milnes. The Chair supervises the COO, and the COO supervises other staff members and volunteers. There must be at least three charity trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees or appoint a new charity trustee. There is no maximum number of trustees. A charity trustee who has served for three consecutive terms may not be reappointed for a fourth consecutive term but may be reappointed after an interval of at least one year. The charity trustees may appoint one of their number to chair their meetings and may at any time revoke such appointment. If no-one has been so appointed, or if the person appointed is unwilling to preside or is not present within 10 minutes after the time of the meeting, the charity trustees present may appoint one of their number to chair that meeting. New Trustees are appointed by the existing Board of Trustees on the basis of their expertise and involvement in furthering the mission and vision of the charity. All trustees go through an initial phone call with the chair after being suggested by a current trustee. They will then sit in on a meeting to see how they fit in from both sides. The current board of trustees then vote in said trustee. New trustees are provided with a Trustee Handbook outlining their legal obligations under charity and company law and are made aware of the content of the Articles of Association, the decision-making process and the financial performance and plans of the charity. The Board of Trustees have a variety of experience including Christian ministry, Entertainment & Music and commercial business skills. The Board is accountable to the Charity Commission for the careful use of charitable and other public funds provided in a variety of forms, and for the achievement of appropriate performance standards in service delivery. The Board of Trustees meets quarterly to oversee the vision and strategies of the charity. Page4 ## **LIGHT REPORT OF THE TRUSTEES PERIOD ENDING 31 DECEMBER 2023** The Trustees remain committed to advancing the Christian faith and the study of music and religious education for children and young people in schools and churches. ## **Remuneration policy for key management personnel** The chief executive and chief operations officer salaries are set by the Trustees and will be reviewed annually, referring to benchmarking information to confirm that the salary is reasonable and in line with the market. A performance and salary review would normally be carried out at least once in each year for all key management personnel. ## **PUBLIC BENEFIT** The Trustees have paid due regard to the Charity Commission's guidance on public benefit in deciding the activities undertaken by the Charity in the year. The Trustees are satisfied that the information provided in the report and accounts meets the public benefit reporting requirements. ## **ACHIEVEMENTS AND PERFORMANCE** During the year 2023 LIGHT has achieved: - 1) Build and grow in-house artists, LZ7 and Saintz LZ7: - Released 2 x EP’s titled HUMAN. - 3 single releases - to chart on indie/dance charts - 3 music videos - backed heavily by Google Ads - Heavy Radio promo towards the single SAMLINE - 25 headline shows across the world. Saintz: - 1 SINGLE RELEASES - Increase the marketing push across google ads, Spotify playlisting, Facebook etc to give a wider reach into the mainstream. - 1 music video release - Increase digital presence/fanbase across all DSP’s and social media. - 10 headline shows. - 1 international school’s tour - 3) We have completed 4 Illuminate school tours and an agreement in place for Illuminate Denmark rollout. - 4) Sought new funding streams, including: - In Oct 23 the LIGHT team did a huge cycling fundraiser called the 10,10,10 challenge riding 100k a day for 10 days performing shows in 10 cities each night raising more than £60k+ - Grown major funder support. Continued to grow major support from individuals and company sponsorship. - 5) Competed the transfer from Charity to CIO. - 6) Confirmed the London office move in late 2023 with an early 2024 move in date for the CEO. Page5 ## **LIGHT** ## **REPORT OF THE TRUSTEES PERIOD ENDING 31 DECEMBER 2023** ## **FINANCIAL REVIEW** The Trustees have reviewed the income and expenditure of the three-month period, from 1 October to 31 December 2023. They have prepared the accounting policies for LIGHT in accordance with the requirements of the SORP and of best accounting practice. ## **Review of the year** The baseline income for the period was £199,140 and the expenditure was £148,608. ## **Income and Expenditure** Light relies on voluntary income as its principal source of funding. Total donation and legacies, including Gift Aid amounted to £199,140. Donations and gifts from Foundations and Trusts amounted to £75,190 which constitutes 75% of all voluntary income; gifts from individuals (including Gift Aid) totalled £21,349 which accounts for an extra 20% of voluntary income; £0 funding in this period from Businesses, while income from Churches and Ministries provided £4,210,4%. Grants were received in the year of £5000, which is 5% of all voluntary income. Income from Trading activities were £2,310. The costs of raising funds amounted to £10,405, and the costs of fund generating activities were £12,617. ‘Income from Charitable activities’ in the accounts shown as £15,852 includes £15,476 of events income received mostly in form of Concerts fees. These concert fees have both helped to advance the Christian faith in today’s youth culture and the fees have provided money to support the charity’s other key objective of helping young people study music and religious education in schools and colleges. ## **Governance** The £6,380 ‘governance’ costs include the costs associated with independent examination of the accounts and professional advice received. ## **Surplus** The incoming resources exceeded the total resources expended in the period by £50,532. Page6 ## **LIGHT REPORT OF THE TRUSTEES PERIOD ENDING 31 DECEMBER 2023** ## **Balance Sheet** The Balance Sheet as at 31st December 2023 was strong at the year end, ensuring that the charity has the assets required to deliver its commitments to the community. Included in Fixed assets are various items of Office equipment valued at £1,532, Computer equipment valued at £680 and Tech and Music equipment £2,204 ## **Reserves policy** The Trustees have adopted a reserves policy which they consider appropriate, to ensure the continuing ability of Light meet its objectives and obligations. The policy also seeks to maintain an acceptable ratio between the free reserves and the level of unrestricted cash expenditure. ‘Free reserves’ are represented by the unrestricted funds less the tangible fixed assets. ‘Unrestricted cash expenditure’ represents the operating costs for the year less the charge for depreciation. The Charity does not intend to accumulate significant reserves but depends upon the ongoing support of its donors to meet future costs. In order to be prudent, the aim over the next 2 to 3 years is to accumulate in general reserves an amount equivalent to 6 month’s operating costs. The charitable group’s closing reserves are £50,532. Page7 ## **LIGHT REPORT OF THE TRUSTEES PERIOD ENDING 31 DECEMBER 2023** ## **PLANS FOR FUTURE PERIODS** ## **Looking ahead** In 2024 Light plans to continue its strong focus on the below areas: - 1) Build and grow in-house artists, LZ7 and Saintz ## **LZ7:** **NEW LZ7 ALBUM:** ECHO (WORKING TITLE) 4 SINGLE RELEASES MAPPED OUT WITH RELEASE SCHEDULES INCLUDING A NATIONAL AND REGIONAL RADIO AND DSP CAMPAIGN FOR EACH RELEASE **HUMAN PODCAST LAUNCH:** COMBINING SPOTIFY AND YOUTUBE. FILMED WEEKLY IN THE LEAD UP TO HUMAN THE BOOK AND DEVTIONAL **HUMAN YOU VERSION DEVO:** IN TALKS WITH YOU VERSION ON THIS AND WHAT IT COULD LOOK LIKE **HUMAN THE BOOK:** 10-12 CHAPTERS. 10 000 PLUS WORDS WRITTEN. IN TALKS WITH JB/INTEGRITY ON RELEASE SCHEDULE COINCIDING WITH THE ABOVE DEVO ## **SAINTZ** **NEW SAINTZ ALBUM:** RENNAISSANCE 4 SINGLE RELEASES MAPPED OUT WITH RELEASE SCHEDULES INCLUDING A NATIONAL AND REGIONAL RADIO AND DSP CAMPAIGN FOR EACH. **ID** A 6 TOPIC GUIDE – KNOWING, WHO YOU ARE AND WHO’S YOU ARE!’ COVERING IDENTITY ETC - 3) A target of 4 full Illuminate tours in partnership with local Churches along with launching Illuminate Denmark. - 4) Seek new funding streams, including: Continuing and refining the relationship with Chell I will be seeking new funders to match the ‘match funding provided by the Souter Charitable Trust. Hosting 2 x Fundraising events: 1. CFF (Christian Funders Forum) overseen by the Souters and the Bishop Radford Trust. We are asking them to let us host one of the events in the next year. An incredible opportunity. 50-75 of the UK’s largest giving trusts. ## Alongside…. 2. A hybrid event like in the Green Room that we held in lockdown. Online and in person. Our support group is far and wide and not just in London or Manchester. A physical event coupled with online with a niche to it – i.e. Wine tasting kit sent to each house and the same in the room. - 5) Successfully launching the London office with 2 staff in post there. - 6) Looking/pitching for both bands to be involved in a Mainstream tour at some point across 2024. 7) **ILLUMINATE LIVE** is a follow-up event that is bespoke built for each town and city that we visit, and we then plan a revisit as part of the illuminate tour that weans us out of the town but keeps the presence there. This will enable local Church to Build towards an event that we can facilitate for them. It's bespoke to each town/city! Page8 ## **LIGHT** ## **REPORT OF THE TRUSTEES PERIOD ENDING 31 DECEMBER 2023** ## **RISK MANAGEMENT** Internal controls over all forms of commitment and expenditure continue to be refined to improve efficiency. Processes are in place to ensure that performance is monitored, and reviews are in place to ensure that appropriate management information is prepared and reviewed regularly by management and the Board of Trustees. The systems of internal control are designed to provide reasonable, but not absolute assurance, against loss and include: - Annual budget and cash flow approval by the Trustees - Regular consideration by the Trustees of financial results, variances from budgets, non-financial performance indicators and benchmarking reviews - Delegation of day-to-day management authority and segregation of duties The Board of Trustees have assessed the major risks to which the Charity is exposed, in particular, those relating to the operations and finances of the Charity. The following risks have been identified: - The Covid-19 global pandemic continues to be a risk to the charity. If lockdowns are reinstated, then this could seriously affect the charity’s ability to undertake its activities. - Increased inflation and higher gas and electricity prices are increasing the cost of living for people across the company. A higher cost of living means people have less disposable income which might affect their ability to make gifts and donations. The Trustees review and measure the risks it faces on an ongoing basis as external or internal environments change. They are satisfied that adequate systems and controls are in place to manage exposure to any major risks that the charity may face. ## **RELATED PARTIES** A summary of transactions with related parties is set out in note 15 of the financial statements. The Trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s Trustees. Mr T Levell Chairman Date: Page9 ## **LIGHT INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF LIGHT PERIOD ENDING 31 DECEMBER 2023** I report to the Trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 11 to 23. ## **RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND THE EXAMINER** The charity's trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. - It is my responsibility to: - examine the accounts under section 145 of the 2011 Act, - to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, and - to state whether particular matters have come to my attention. ## **BASIS OF INDEPENDENT EXAMINER’S STATEMENT** My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required under an audit, and consequently no audit opinion is expressed on the accounts for the year ended 31 DECEMBER 2023. ## **INDEPENDENT EXAMINER’S STATEMENT** I have completed my examination. I can confirm that no material matters have come to our attention in connection with the examination which gives me cause to believe that, in any material respect: - accounting records were not kept in accordance with section 130 of the 2011 Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable 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. --------------------------------------------------------- Philip Wells Bsc FCA DChA 6 Hulme Hall Avenue Cheadle Hulme SK8 6LN Date: 30 August 2024 Page10 ## **LIGHT** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES PERIOD ENDING 31 DECEMBER 2023** |Notes
**INCOMING RESOURCES**
Incoming resources from generating funds:
Donations and legacies
3a
Other income from Charitable activities
3b
Other Trading income
3c
Investment income
3d
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
Charitable activities
4
Governance costs
6
**TOTAL RESOURCES EXPENDED**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Funds
£
180,781
15,852
2,310
197|Restricted
Funds
£
0
0
0
0
0
0
0
0
0
0
0|**Total**
**2023**
**£**
**180,781**
**15,852**
**2,310**
**197**| |---|---|---|---| ||199,140||**199,140**| ||142,228
6,380||**142,228**
**6,380**| ||148,608||**148,608**| ||50,532
0||**50,532**| ||50,532||**50,532**| ||||| |Note
**INCOMING RESOURCES**
**TOTAL RESOURCES EXPENDED**
**OPERATING SURPLUS/(DEFICIT)**
**OTHER INCOME**
Investment Income
2d
**SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR**|Unrestricted
Funds
£
198,943
(148,608)
50,335
197
50,532|Restricted
Funds
£
0
0
0
0
0|**Total**
**2023**
**£**
**198,943**
**(148,608)**| ||||**50,335**| ||||**197**| ||||**50,532**| The charity has no recognised gains or losses other than the results for the year as set out above. Page11 ## **LIGHT STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023** **----- Start of picture text -----**
LIGHT LIGHT
Group Trust
2023 2023
Note £ £
FIXED ASSETS
Tangible fixed assets 10 4,416 4,416
4,416 4,416
CURRENT ASSETS
Stocks 11 2,184 0
Debtors 12 3,251 6,910
Investments 11a 0 1
Cash at bank and in hand 13 69,034 66,558
74,469 73,469
CREDITORS: Amounts falling due
within one year 14 28,353 27,353
NET CURRENT ASSETS 46,116 46,116
NET ASSETS 50,532 50,532
FUNDS OF THE CHARITY
Unrestricted Income Funds 16 50,532 50,532
50,532 50,532
**----- End of picture text -----**
These financial statements were approved by the trustees on 26 August 2024 and signed on their behalf by: **----- Start of picture text -----**
Trustee
**----- End of picture text -----**
Trustee Page12 ## **LIGHT CONSOLIDATED STATEMENT OF CASHFLOWS PERIOD ENDING 31 DECEMBER 2023** **----- Start of picture text -----**
2023
£
Cash flows from operating activities
Net cash received (spent) 50,335
Adjustments to cash from non-cash items
Depreciation and loss on sale of asset 723
51,058
Working capital adjustments
Decrease/(increase) in stocks (2,184)
Decrease/(increase) in debtors (3,251)
Increase/(decrease) in creditors 28,353
Net cash flows from operating activities 73,976
Cash flows from investing activities
Interest received from savings 197
Disposals of tangible Fixed Assets 0
Purchase of tangible Fixed Assets (5,140)
Net cash flows from investing activities (4,943)
Net (decrease)/increase in cash and cash equivalents 69,034
Cash and cash equivalents at 1 January 0
Cash and cash equivalents at 31 December 69,034
**----- End of picture text -----**
Page13 ## **LIGHT NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **1. ACCOUNTING POLICIES** ## **Statement of Compliance** The financial statements have been prepared in accordance with FRS 102, “The Financial Reporting Standard applicable in the UK and the Republic of Ireland”, the 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) (Charities SORP (FRS 102) effective April 2019) and the Charities Act 2011. Light meets the definition of a public benefit entity under FRS102. Assets and liabilities are recognised at historical cost of the transaction unless otherwise stated in the relevant accounting policy. ## **Statement of Financial Activity** These are the consolidated financial statements for Light and Light Music Trading Limited. The consolidated financial statements consolidate the financial statements of the charity and its subsidiary drawn up to the 31 DECEMBER 2023. A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Transactions, balances and unrealised gains between the charity and its subsidiary are eliminated in full. ## **Incoming Resources** ## _Donations & Legacies_ Donations and gifts are generally only recognised when received by or on behalf of the charity. In exceptional cases, if an amount is significant, gifts are recognised as income when the charity is notified of a commitment to make a donation and the trustees are virtually certain they will receive the resources and the monetary value can be measured reliably. ## _Income tax_ Income tax recoverable on gift aid donations is recognised on a receivable basis. ## _Grants_ Grants to the charity are accounted for as soon as the charity is notified of its legal entitlement and the amount due can be reliably measured. Where there are certain terms or conditions that must be met before entitlement to the resources, the income is deferred and included in creditors until the conditions have been met. Grant funding agreements may contain performance conditions, for example, payments may be linked to a particular event taking place or costs being incurred. In these circumstances, income is only recognised when the performancerelated conditions are within the charity’s control and there is sufficient evidence that they have been or will be met. Conditions imposed may also specify the time period over which the expenditure of resources on an activity can take place. Specification of a time period may amount to a pre-condition for use that limits the charity’s ability to spend the grant until it has performed the activity related to the specified time period. ## _Income from charitable activities_ All income from events and activities is recognised when due. ## _Income from fund generating activities._ Income from fundraising events is accounted for in the period in which the charity is entitled to receipt. Page14 ## **LIGHT** ## **NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **1. ACCOUNTING POLICIES (Continued)** ## _Income from trading activities_ Turnover is measured at the fair value of consideration received or receivable for goods provided in the normal course of business. It is shown net of VAT and discounts and is recognised when the sale takes place. ## **Resources Expended** Resources expended are included in the Statement of Financial Activities on an accruals basis. ## _Direct Charitable Expenditure_ Directly attributable expenditure has been allocated to the appropriate fund. Where costs have been shared the expenditure has been allocated to funds on the basis of their estimated consumption of expenses. ## _Governance costs_ These include costs of governance arrangements relating to the running of the charity rather than direct management functions inherent in generating funds or charitable activities. This includes such items as independent examination, legal advice for trustees and costs associated with constitutional and statutory requirements, including trustee’s meetings. ## **Volunteers and donated services and facilities** The value of services provided by volunteers is not incorporated into these financial statements. ## **Fixed Assets** Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year and cost at least £500. They are valued at cost, or if gifted, at the value to the charity on receipt. Depreciation is calculated on the costs or valuation of the assets at the rate of 25% (2020: 25%) using the straight-line method. ## **Current Assets** Amounts owing to the charity at 31 DECEMBER 2023 in respect of income are shown as debtors less provision for amounts that may prove uncollectable. ## **Funds** Funds held by the charity are either: ## _Unrestricted general funds_ These are funds that can be used in accordance with the charitable objects at the discretion of the trustees. ## _Restricted funds_ These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Judgements and estimates** The Trustees were not required to make any significant judgements when applying the charity’s accounting policies. They are also not aware of any key sources of estimation uncertainty that would affect the carrying value of the charity’s assets and liabilities in the next reporting period or any significant risks of material adjustment within the next reporting period. Page15 ## **LIGHT NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **1. ACCOUNTING POLICIES (Continued)** ## **Stock** Stocks are stated at the lower of cost and net realisable value. Stock is reviewed at the period end for evidence of impairment with a provision made for any stock that is damaged or unlikely to be sold for more than cost. ## **Leases** Assets held under finance lease are capitalised at their fair value at the start of their term. They are depreciated over their useful lives or the lease term if shorter. Finance charges are allocated over the periods of the leases in proportion to the outstanding capital amount. Operating lease costs are charged directly in the period to which they relate. ## **Pension costs** The charity participates in a defined contribution pension scheme for the benefit of its employees. Charity contributions to the scheme are recognised in the period in which they become payable . ## **2. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN A TRADING SUBSIDARY** The wholly owned trading subsidiary, Light Music Trading Limited, which is incorporated in the United Kingdom aims to pay all its profits to the charity by gift aid. Light Music Trading Limited sells, CDS, T-Shirts, socks, posters, hats, stickers, wristbands, and clothes rails associated with work of the charity. The charity owns the entire issue shares capital of the subsidiary. A summary of the trading results is shown below. |**TURNOVER**
Cost of sales
**GROSS PROFIT**
Distribution costs
Administrative Expenses
**PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION**
Tax on profit on ordinary activities
**RETAINED PROFIT FOR THE FINANCIAL YEAR**
Balance brought forward
Balance carried forward|**T O T A L**
**2023**
£
**8,878**
**(1,198)**| |---|---| ||**7,680**| ||**(6,433)**
**(1,247)**| ||**0**
**0**| ||**0**
**0**| ||**0**| Page16 ## **LIGHT** ## **NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **3. INCOMING RESOURCES** |**3a Donations and legacies**
Gifts Individuals
Gifts Churches & Ministries
Gifts Business
Gifts Trusts & Foundations|Unrestricted
Funds
Total
£
20,849
4,210
0
75,190|Restricted
Funds
**T O T A L**
Total
**2023**
£
£
0
**20,849**
0
**4,210**
0
**0**
0
**75,190**| |---|---|---| |Gift from Old Light charity|75,032|| |Tax Refund
Grants received
**3b Incoming Resources from Charitable Activities**
Event Income
Light Production
**3c Income from other trading activities**
Trading Sales
Fundraising Events
**3d Investment Income**
Bank Interest Received
**3e Other Incoming Resources**
**TOTAL INCOMING RESOURCES**|500
5,000
180,781
15,476
376
15,852
2,310
0
2,310
197
197
0
199,140|0
**500**
0
**5,000**
0
**105,749**
0
**15,476**
0
**376**
0
**15,852**
0
**2,310**
0
**0**
0
**2,310**
0
**197**
0
**197**
0
**0**
0
**199,140**| Many volunteers give freely of their time in the service of our Lord for the charity, the value of which is unquantifiable. ## **4. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE** |Costs of Direct Charitable Activities
Support Costs|Unrestricted
Funds
Total
£
142,228
6,380
148,608|Restricted
Funds
**T O T A L**
Total
**2023**
£
£
0
**142,228**
0
**6,380**
0
**148,608**| |---|---|---| Page17 ## **LIGHT** ## **NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **5. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE** **----- Start of picture text -----**
Activities
undertaken
directly Support costs T O T A L
Total Total 2023
£ £ £
Costs of Generating Voluntary Income 12,617 0 12,617
Costs of Fund Generating Activities 10,405 0 10,405
Costs of Charitable Activities 119,206 0 119,206
Governance costs 0 6,380 6,380
142,228 6,380 148,608
**----- End of picture text -----**
## **6. GOVERNANCE** |Independent examiner's fee
Other Governance costs|Unrestricted
Funds
**T O T A L**
Total
**2023**
£
£
0
**0**
6,380
**6,380**
6,380
**6,380**| |---|---| Other Governance Costs related to professional costs incurred for consultation. ## **7. NET OUTGOING RESOURCES FOR THE YEAR** |**7.**
**NET OUTGOING RESOURCES FOR THE YEAR**|| |---|---| ||**T O T A L**| |This is stated after charging|**2023**| |Independent examiner's fee|**0**| |Depreciation of owned assets|**723**| |Loss on disposal|**0**| ## **8. TAX ON SURPLUS ON ORDINARY ACTIVITIES** ## **8. TAX ON SURPLUS ON ORDINARIES ACTIVITIES** |Corporation tax based on the results of the trading
for the year at nil%|**2023**
**£**
**0**| |---|---| ||**0**| Page18 ## **LIGHT NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **9. INFORMATION REGARDING TRUSTEES AND EMPLOYEES** **----- Start of picture text -----**
T O T A L
This is stated after charging 2023
Employee costs during the year: £
Wages and salaries 70,366
Social security costs 6,548
Pension costs 1,544
78,458
Average number of staff employed: No.
Raising funds and Charitable Activities 7
Management 2
9
**----- End of picture text -----**
Number of employees that received remuneration of more than £60,000 during the year Nil. The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £31,755. Amount paid or reimbursed to Trustees, in their capacity as Trustees £Nil. Page19 ## **LIGHT NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **10. FIXED ASSETS** ## **Light Group** **----- Start of picture text -----**
Total
£ £ £ £
Office Equipment Computer Equipment Tech/Music Equipment
Cost at 1 January 2023 0 0 0 0
Additions 1,756 867 2,517 5,140
Disposals 0 0 0 0
at 31 December 2023 1,756 867 2,517 5,140
Depreciation at 1 January 2023 0 0 0 0
Charge for year 224 186 313 723
Disposals 0 0 0 0
at 31 December 2023 224 186 313 723
Net Book Value at 31 December 2023 1,532 680 2,204 4,416
at 1 January 2023 0 0 0 0
Light Trust Total
£ £ £ £
Office Equipment Computer Equipment Tech/Music Equipment
Cost at 1 January 2023 0 0 0 0
Additions 1,756 867 2,517 5,140
Disposals 0 0 0 0
at 31 December 2023 1,756 867 2,517 5,140
Depreciation at 1 January 2023 0 0 0 0
Charge for year 224 186 313 723
Disposals 0 0 0 0
at 31 December 2023 224 186 313 723
Net Book Value at 31 December 2023 1,532 680 2,204 4,416
at 1 January 2023 0 0 0 0
**----- End of picture text -----**
## **11. STOCKS** **----- Start of picture text -----**
LIGHT LIGHT
Group Trust
2023 2023
£ £
Stocks of finished goods and goods for resale 2,184 0
2,184 0
**----- End of picture text -----**
Page20 ## **LIGHT NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **11a. INVESTMENTS** **----- Start of picture text -----**
LIGHT LIGHT
Group Trust
2023 2023
£ £
Investment in Trading Company 0 1
0 1
12. DEBTORS
LIGHT LIGHT
Group Trust
2023 2023
£ £
Trade debtors 0 0
Prepayments and accrued income 2,208 2,208
Gift Aid Recoverable 1,043 1,043
Other Debtors 0 3,709
3,251 6,960
13. CASH AT BANK & IN HAND
LIGHT LIGHT
Group Trust
2023 2023
£ £
Current Account 68,781 66,305
Business reserves 253 253
69,034 66,558
14. CREDITORS: Amounts falling due within one year
LIGHT LIGHT
Group Trust
2023 2023
£ £
Trade creditors 11,721 11,721
Taxation and social security 9,864 9,864
Accruals and deferred income 6,768 5,768
28,353 27,353
**----- End of picture text -----**
Page21 ## **LIGHT NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **15. RELATED PARTY TRANSACTIONS** Appropriate expenses (wages, premises costs etc) were recharged to the trading company at cost. There were no outstanding balances between the charity and the trading company at the 31 December 2023. At the period end the charity owed £475.85 to L West one of the charity’s senior managers. No donations were made by the trustees during the period. ## **16. RECONCILIATION OF MOVEMENTS IN FUNDS** |**Unrestricted Funds**
General Fund
**16a. Restricted Funds**
Illuminate Tour|Balance at
31-Dec-22
£
0
0|Incoming
£
199,140
199,140
**Movement**|**Balance at**
Outgoing
**31-Dec-23**
£
**£**
(148,608)
**50,532**
(148,608)
**50,532**
**in Resources**| |---|---|---|---| ||0|0|0
**0**| |**16a. Restricted Funds**
**Unrestricted Funds**
General Fund
**Restricted Funds**|0
Balance at
31-Dec-21
£
0
0|0
Incoming
£
0
0
0
**Movement**|0
**0**
**Balance at**
Outgoing
**31-Dec-22**
£
**£**
**0**
0
**0**
**0**
0
**0**
**in Resources**| ||0|0|0
**0**| ||0|0|0
**0**| Page22 ## **LIGHT NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2023** ## **17. ANALYSIS OF NET ASSETS BY FUND** **----- Start of picture text -----**
Tangible Net Current Creditors
Fixed Assets / Due after
Assets (Liabilities) One Year TOTAL
£ £ £ £
Restricted Funds 0 0 0 0
0 0 0 0
Unrestricted Funds 4,416 46,116 0 50,532
4,416 46,116 0 50,532
**----- End of picture text -----**
## **18. CONTINGENCIES** The Trustees have confirmed that there were no contingent liabilities which should be disclosed at 31 December 2023 ## **19. GOING CONCERN** The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. ## **20. PENSION** The charity operates a defined contribution pension scheme on behalf of its employees. All contributions due have been fully paid. Page23