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2024-12-31-accounts

LIGHT

TRUSTEES’ REPORT & CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDING 31 DECEMBER 2024

Registered Charity Number 1201633

FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2024

CONTENTS
 PAGES
Officers and professional advisers 2
Report of the trustees 3 to 11
Report of the Independent Examiner 12
Statement of financial activities 13
Balance sheet 14
Consolidated Statement of Cashflows 15
Notes to the financial statements 16 to 32

1

OFFICERS AND PROFESSIONAL ADVISERS

The Board of Trustees
 T. Levell (Chairman)
R Jackson
D Niblock
O Badejo
F De Pelet
A Millington
N Cross
Akeel Sachak (appointed 10thSept 2024)
P Kennedy (resigned Dec 24)
Managers N. James Milnes
L. Peter West
Registered Office Ram Mill, Office 4,
Gordon Street, Oldham
OL99RH
Independent Examiner
 Daniel McGuren, ACMA CGMA
3 Chancet Wood Rise
Sheffield
S8 7TT
Bankers NatWest Bank
19 Market Street
Manchester
M1 1WR

2

REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity for the period ending 31st December 2024.

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

Light’ primary objectives are as follows:

These objects are being worked out in two main areas:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Light has been operating since 2012. It was first registered as an unincorporated association on 8 November 2012 (number 1149675) and, over the years that followed, the operations and the wraparound services delivered have continued to develop and evolve as we respond to the changing needs of our beneficiaries. In January 2023 the Charitable Incorporated Organisation, Light, was registered with the Charity Commission under registration number 1201633 and all assets, trade and objectives were transferred to the new organisation.

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). The Chair supervises the COO, and the COO supervises other staff members and volunteers.

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 then attend a meeting of trustees providing both the potential appointee and existing trustees with an opportunity to confirm that the appointment of the potential trustee is in the best interests of the charity. If the potential trustee confirms their wish to be considered for appointment following this meeting, the current board of trustees then vote to confirm their agreement with such appointment. New trustees are provided with a Trustee Handbook outlining their legal obligations under charity and company law

3

REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

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.

Constitutionally, 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 trustee is appointed for a term of 3 years following which they may stand for reappointment. 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 numbers 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 numbers to chair that meeting.

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.

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.

The Trustees who held office in the year were as follows:

Name Role Appointed Date
TimothyJohn Levell Chair 19 January2023
Oladapo Oluwaseyi Badejo Trustee 19 January2023
Ruth Joelle Jackson Trustee 19 January2023
David Campbell Niblock Trustee 10 January2023
Nathan Cross Trustee 12 September 2023
Alex Millington Trustee 12 September 2023
Faye de Pelet Trustee 12 September 2023
Akeel Sachak Trustee 10 September 2024

POLICY STATEMENTS

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.

Reserves Policy

The Trustees have adopted a reserves policy to ensure that the charity maintains an adequate level of financial resilience while pursuing its charitable objectives.

4

REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

Free reserves are calculated as unrestricted funds excluding tangible fixed assets. At 31 December 2024, the charity’s total unrestricted reserves were £8,239, of which £3,601 were available as free reserves. This level of reserves is below the Trustees’ target and therefore does not provide a sufficient buffer to manage financial risks or respond to unexpected events.

The trustees set the reserves policy with consideration to the following key costs of an orderly close down of the charity in the event that a major funder withdraws funding and closure is required as a result:

The trustees have assessed the organisation and its current operational costs and have determined that an appropriate target reserves level is £175,000. The charity does not intend to accumulate significant reserves beyond this level and will continue to rely primarily on the generosity of its supporters to fund its mission.

Steps being taken to strengthen the reserves position include:

The Trustees regularly review the reserves position in light of the charity’s activities, risks, and longterm strategy and are committed to improving the reserves position over the next 2–3 years.

Risk Management Policy

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:

The Board of Trustees regularly reviews and assesses the major risks facing the charity, particularly those related to its operations and financial stability. The following key risks have been identified:

5

REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

To mitigate these risks, the charity has implemented a range of measures, including:

Investment Policy

The charity does not maintain investments.

Sharing our resources

Our commitment to helping others around the world who share our heart for the poor and unreached is expressed through our tithe fund. We give a proportion of our unrestricted charitable income, and give it to other organisations and charities who share similar objectives to Light

Our total giving during the year amounted to £500, these gifts were given freely without any thirdparty benefit being received from any organisations and charities.

Remuneration Policy

The chief executive and COO’s salaries are set by the Trustees and are 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 each year for all key management personnel.

Trustees do not receive any remuneration or benefits.

Fundraising Policy

LIGHT raises funds from a combination of individual giving, online campaigns, event-based appeals, and strategic partnerships.

In 2024, the charity worked with Better Story , a professional fundraising consultancy, to develop and deliver effective and values-led fundraising strategies. Better Story provides campaign support, donor communications, and advice on sustainable income generation aligned with LIGHT’s mission.

6

REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

As a charity that engages in public fundraising, LIGHT ensures that all activity—whether carried out internally or through a third party—is conducted in accordance with the Fundraising Regulator’s Code of Fundraising Practice . LIGHT is not currently registered with the Fundraising Regulator but voluntarily adheres to its standards and guidance.

Key aspects of our fundraising policy and approach include:

LIGHT is committed to continuous improvement in how it engages with supporters and values the partnership with Better Story in helping achieve this aim.

Safeguarding Statement

LIGHT works extensively with young people. A safeguarding policy is in place and regularly reviewed. All staff and volunteers undergo appropriate DBS checks and safeguarding training.

Financial Position and Going Concern

The charity recorded a deficit of £42,293 for the year, resulting in total closing reserves of £8,239, of which only £3,601 were free reserves (unrestricted funds and not invested in fixed assets).

The Trustees acknowledge that this level of free reserves is significantly below the desired level of £175,000 and does not currently offer sufficient buffer for financial resilience.

The Trustees are closely monitoring cash flow and have taken steps to control expenditure and increase income. A fundraising agency was engaged to develop relationships with high-net-worth donors and trusts, and a match-funding agreement is in place with the Souter Foundation to encourage further giving.

The Trustees consider the charity a going concern, based on forward funding prospects and strong donor engagement, but acknowledge the need to improve the reserves position in 2025.

7

REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

STATEMENT OF TRUSTEE RESPONSIBILITIES

The Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Applicable law requires the Charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Declaration

The trustees declare that they have approved the trustees report above.

Signed on behalf of the charity’s trustees

Timothy John Levell Chair of Trustees

Date: 6 October 2025

8

REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

CHAIRMAN’S REPORT

I am pleased to present the Chairman’s Report for the year ended 31 December 2024. This has been a year of both growth and challenge for Light. It has been marked by significant ministry impact across schools, communities, and music platforms, as well as by important organisational decisions designed to strengthen our long-term resilience.

Mission and Context

Light exists to bring the message of Jesus to a generation facing extraordinary pressures — from rising rates of anxiety and depression to the ongoing challenges of identity, isolation, and youth violence

Through Illuminate Tours, our music, and digital discipleship resources, we meet young people where they are: in schools, online, and in local communities. We aim to help them discover identity, belonging, and hope.

Recent national research confirms what we are seeing on the ground: young people across the UK are not just open to faith—they are returning to it in increasing numbers. The Quiet Revival study by the Bible Society and YouGov found that monthly church attendance has risen from 8% in 2018 to 12% in 2024. Among 18–24-year-olds, attendance has quadrupled in that period, rising from just 4% to 16%. Many of these young people are not simply declaring belief, but actively praying, reading Scripture, and seeking community.

This reflects what we see through Illuminate and Youth Alpha: young people are ready for hope that is authentic, transformative, and rooted in faith. Light connects with young people where there are, through mediums they know and trust and in ways that are wholly relevant to them. The credibility that LZ7 and Saintz gain through the music we produce and release gives them a unique platform to speak into lives of even the most unreached children in the UK.

Ministry Impact in 2024

This year saw extraordinary reach and fruitfulness:

UK Illuminate Tours – Rushden (March), Bath (March), and Peterborough (November) together engaged nearly 14,000 pupils in schools, with well over 1,600 gospel responses and hundreds accessing follow-up through the AAA Pass.

International work – an Illuminate schools week in Poland and 15 additional international shows extended our reach beyond the UK.

Discipleship – over 1,200 young people engaged with the AAA Pass, 300+ joined Youth Alpha, and at least 25 baptisms were recorded following tours.

Testimonies of transformation – from young people saved from suicide to stories of freedom from addiction, we continue to witness the deep impact of the gospel.

Alongside Illuminate, we launched Illuminate Live , building ongoing connection between young people and local churches beyond the initial tour week.

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REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

Our music ministry also thrived:

LZ7 developed a 10-song album (due 2025), released four singles, and played international headline shows.

Saintz enhanced their following with a single release, music video, and Poland school tour.

Together , our artists achieved over 1.9 million digital streams and more than 590,000 YouTube views, continuing to position music as the platform for mission.

Organisational Development

Several key organisational developments strengthened Light in 2024:

The London office opened in January 2024, following a trustee decision to commit a portion of reserves to cover the CEO’s relocation. This strategic move has already expanded our access to new donor networks and partnerships and is now starting to bear real fruit.

The Manchester team relocated to a more cost-efficient space, reducing overheads and creating capacity for growth.

We appointed Better Story as fundraising consultants, who have already enhanced our major donor and trust engagement.

Financial Review

2023 represents the period from 30 September 2023 to 31 December 2023 and comparisons of 2024 to 2023 are therefore not comparisons to a full financial year. I therefore add a further comparison to the combined results of Light CIO and the unincorporated charity that Light CIO replaced (number 1149675).

Income rose to £611,834 (2023: £199,140; 2023c: £530,881), reflecting fundraising, events income, and donor support. Expenditure increased to £654,127 (2023: £148,608; 2023c: £586,763), resulting in a net deficit of £42,293 (2023: surplus £50,532; 2023c.: deficit £55,882).

At year end, unrestricted reserves were £8,239, of which only £3,601 were free reserves. This is far below the trustees’ target of £175,000. Addressing this remains a critical priority and the following steps have been taken over 2025 with further action planned for 2026:

Despite the current low reserves, trustees consider the charity a going concern, supported by strong donor engagement, income development strategy, and careful cost control.

10

REPORT OF THE TRUSTEES YEAR ENDING 31 DECEMBER 2024

Risk and Governance

The Board continues to monitor key risks. In particular, the charity is dependent on a small number of significant donors, which presents vulnerability if support is withdrawn. Wider economic pressures, safeguarding responsibilities, and reliance on key personnel also remain areas of focus.

To mitigate these, trustees have prioritised donor diversification, staff retention, and strengthening safeguarding and compliance across all areas of delivery.

Looking Ahead

2025 offers significant opportunity. Our plans include:

Four full UK Illuminate Tours, plus launching Illuminate Denmark, the first step in establishing a European hub.

Major growth projects for LZ7 (album launch, international tours, new DJ sets, GODSCHILD brand expansion) and Saintz (four new singles, festivals, and expanded reach).

Continued rollout of mental health and identity resources such as I’mPossible and Peacemaker, addressing issues like anxiety, self-harm, and knife crime.

Strengthening financial resilience through donor development and diversification, major fundraising events, and corporate engagement.

The current wider cultural shifts—the resurgence of faith among young people, growing church engagement, and renewed appetite for spiritual truth—reinforce that the work of Light is not only relevant but timely. We have a unique opportunity to build on this momentum, helping young people find identity, belonging, and lasting hope in Jesus.

Conclusion

2024 has been a year of transformation and growth, but also one that highlighted the urgent need to build reserves and diversify funding. The impact of our ministry is clear: young people are finding hope, purpose, and faith in Jesus.

On behalf of the Trustees, I extend our deep thanks to all staff, artists, volunteers, partners, and supporters. Your faithfulness and generosity continue to make this life-changing work possible.

We move forward with faith and determination, believing that 2025 could be our most impactful year yet.

Timothy John Levell Chair of Trustees Light CIO

11

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF LIGHT YEAR ENDING 31 DECEMBER 2024

I report to the Trustees on my examination of the accounts of the charity for the year ended 31 December 2024 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:

BASIS OF INDEPENDENT EXAMINER’S STATEMENT

My examination was carried out in accordance with the 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 2024 .

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:

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.

Daniel McGuren, ACMA CGMA 3 Chancet Wood Rise Sheffield S8 7TT

Signature: ________

Date: 7 /10/25

12

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDING 31 DECEMBER 2024

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
Costs of Generating Fund
5
TOTAL RESOURCES EXPENDED
NET(OUTGOING)/INCOMING
RESOURCES BEFORE TRANSFERS
TRANSFERS
Transfer between Funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
484,233
111,566
15,420
615		 Restricted
Funds
£
0
0
0
0
0
0
0
0
0
0		 Total
Total
2024
2023
£
£
484,233
180,781
111,566
15,852
15,420
2,310
615
197
611,834
199,140
574,483
125,586
79,644
23,022
654,127
148,608
(42,293)
50,532
0
0		 Total
Total
2024
2023
£
£
484,233
180,781
111,566
15,852
15,420
2,310
615
197
611,834
199,140
574,483
125,586
79,644
23,022
654,127
148,608
(42,293)
50,532
0
0
611,834
574,483
79,644
654,127
(42,293)
0
(42,293)
50,532		 0
0
0		 (42,293)
50,532
50,532
0
8,239
50,532
8,239
Note
INCOMING RESOURCES
TOTAL RESOURCES EXPENDED
OPERATING SURPLUS/(DEFICIT)
OTHER INCOME
Investment Income
2d
SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR		 Unrestricted
Funds
£
611,219
(654,127)
(42,908)
615
(42,293)		 Restricted
Funds
£
0
0
0
0
0		 Total
Total
2024
2023
£
£
611,219
198,943
(654,127)
(148,608)
(42,908)
50,335
615
197
(42,293)
50,532

The charity has no recognised gains or losses other than the results for the year as set out above.

13

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2024

----- Start of picture text -----
LIGHT LIGHT LIGHT LIGHT
Group Group Trust Trust
2024 2023 2024 2023
Note £ £ £ £
FIXED ASSETS
Tangible fixed assets 10 4,638 4,416 4,638 4,416
4,638 4,416 4,638 4,416
CURRENT ASSETS
Stocks 11 2,254 2,184 0 0
Debtors 12 13,714 3,251 14,968 6,910
Investments 11a 0 0 1 1
Cash at bank and in hand 13 10,604 69,034 10,603 66,558
26,572 74,469 25,572 73,469
CREDITORS: Amounts falling due
within one year 14 22,971 28,353 21,971 27,353
NET CURRENT ASSETS 3,601 46,116 3,601 46,116
NET ASSETS 8,239 50,532 8,239 50,532
FUNDS OF THE CHARITY
Unrestricted Income Funds 16 8,239 50,532 8,239 50,532
8,239 50,532 8,239 50,532
----- End of picture text -----

These financial statements were approved by the trustees on 6 October 2025 and signed on their behalf by:

Trustee

Trustee

14

CONSOLIDATED STATEMENT OF CASHFLOWS YEAR ENDING 31 DECEMBER 2024

Cash flows from operating activities
Net cash received (spent)
Adjustments to cash from non-cash items
Depreciation and loss on sale of asset
Working capital adjustments		 2024
£
(42,908)
3,078
(39,830)		 2023
£
50,335
723
51,058
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash flows from operating activities
Cash flows from investing activities
Interest received from savings
Disposals of tangible Fixed Assets
Purchase of tangible Fixed Assets
Net cash flows from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 (70)
(10,463)
(5,383)
(55,746)
615
0
(3,299)
(2,684)
(58,430)
69,034
10,604		 (2,184)
(3,251)
28,353
73,976
197
0
(5,140)
(4,943)
69,034
0
69,034

15

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2024

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 2024.

A subsidiary is an entity controlled by 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

16

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2024

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 performance-related 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.

17

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2024

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.

18

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2024

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 2024 in respect of income are shown as debtors less provision for amounts that may prove uncollectable.

Funds

Funds held by the charity are:

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.

19

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2024

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.

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.

20

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 31 DECEMBER 2024

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 and shares capital of the subsidiary. A summary of the trading results is shown below.

----- Start of picture text -----
T O T A L T O T A L
2024 2023
£ £
TURNOVER 15,420 8,878
Cost of sales (8,701) (1,198)
GROSS PROFIT 6,719 7,680
Distribution costs (3,384) (3,868)
Administrative Expenses (3,335) (3,812)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 0 0
Tax on profit on ordinary activities 0 0
RETAINED PROFIT FOR THE FINANCIAL YEAR 0 0
Balance brought forward 0 0
Balance carried forward 0 0
----- End of picture text -----

21

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

----- Start of picture text -----
Unrestricted Restricted
Funds Funds T O T A L T O T A L
3a Donations and legacies Total Total 2024 2023
£ £ £ £
Gifts Individuals 46,851 0 46,851 20,849
Gifts Churches & Ministries 4,430 0 4,430 4,210
Gifts Business 0 0 0 0
Gifts Trusts & Foundations 404,985 0 404,985 75,190
Gift from Old Light charity 0
Tax Refund 7,968 0 7,968 500
Grants received 20,000 0 20,000 5,000
484,233 0 484,233 105,749
3b Incoming Resources from Charitable Activities
Event Income 103,716 0 103,716 15,476
Speakers Fees 475 475
Production 7,375 0 7,375 376
111,566 0 111,566 15,852
3c Income from other trading activities
Trading Sales 15,420 0 15,420 2,310
Fundraising Events 0 0 0 0
15,420 0 15,420 2,310
3d Investment Income
Bank Interest Received 615 0 615 197
615 0 615 197
3e Other Incoming Resources 0 0 0 0
TOTAL INCOMING RESOURCES 611,834 0 611,834 199,140
----- End of picture text -----

Many volunteers give freely of their time in the service of our Lord for the charity, the value of which is unquantifiable.

22

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

4. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

Unrestricted
Funds
Restricted
Funds
Total
Total
£
£
Costs of Direct Charitable Activities
574,484
0
574,484
0
4a COSTS OF CHARITABLE ACTIVITIES BY ACTIVITIES TYPE
Activities
undertaken
directly
Support costs
Total
Total
£
£
Costs of Direct Charitable Activities
572,412
0
Governance costs
0
2,072
572,412
2,072
5. COSTS OF GENERATING FUNDS
Activities
undertaken
directly
Support costs
Total
Total
£
£
Costs of Generating Voluntary Income
64,223
0
Costs of Fund Generating Activities
15,421
0		 Unrestricted
Funds
Restricted
Funds
Total
Total
£
£
Costs of Direct Charitable Activities
574,484
0
574,484
0
4a COSTS OF CHARITABLE ACTIVITIES BY ACTIVITIES TYPE
Activities
undertaken
directly
Support costs
Total
Total
£
£
Costs of Direct Charitable Activities
572,412
0
Governance costs
0
2,072
572,412
2,072
5. COSTS OF GENERATING FUNDS
Activities
undertaken
directly
Support costs
Total
Total
£
£
Costs of Generating Voluntary Income
64,223
0
Costs of Fund Generating Activities
15,421
0		 Unrestricted
Funds
Restricted
Funds
Total
Total
£
£
Costs of Direct Charitable Activities
574,484
0
574,484
0
4a COSTS OF CHARITABLE ACTIVITIES BY ACTIVITIES TYPE
Activities
undertaken
directly
Support costs
Total
Total
£
£
Costs of Direct Charitable Activities
572,412
0
Governance costs
0
2,072
572,412
2,072
5. COSTS OF GENERATING FUNDS
Activities
undertaken
directly
Support costs
Total
Total
£
£
Costs of Generating Voluntary Income
64,223
0
Costs of Fund Generating Activities
15,421
0		 Unrestricted
Funds
Restricted
Funds
Total
Total
£
£
Costs of Direct Charitable Activities
574,484
0
574,484
0
4a COSTS OF CHARITABLE ACTIVITIES BY ACTIVITIES TYPE
Activities
undertaken
directly
Support costs
Total
Total
£
£
Costs of Direct Charitable Activities
572,412
0
Governance costs
0
2,072
572,412
2,072
5. COSTS OF GENERATING FUNDS
Activities
undertaken
directly
Support costs
Total
Total
£
£
Costs of Generating Voluntary Income
64,223
0
Costs of Fund Generating Activities
15,421
0		 T O T A L
T O T A L
2024
2023
£
£
574,484
125,586
574,484
125,586
T O T A L
T O T A L
2024
2023
£
£
572,412
119,206
2,072
6,380
574,484
125,586
T O T A L
T O T A L
2024
2023
£
£
64,223
12,617
15,421
10,405
79,644 0 79,644
23,022

23

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

6. GOVERNANCE COSTS
Independent examiner's fee
Other Governance costs
7. NET INCOMING RESOURCES FOR THE YEAR
This is stated after charging
Independent examiner's fee		 Unrestricted
Funds
Total
£
695
2,072
2,767		 T O T A L
2024
£
695
2,072
2,767
T O T A L
2024
695		 T O T A L
2023
£
0
6,380
6,380
T O T A L
2023
0
Depreciation of owned assets 3,078 723
Loss on disposal
8. TAX ON SURPLUS ON ORDINARIES ACTIVITIES
Corporation tax based on the results of the trading
for the year at nil% (202???:nil)		 0
2024
£
0		 0
2023
£
0
0 0

24

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

9. INFORMATION REGARDING TRUSTEES AND EMPLOYEES

This is stated after charging
Employee costs during the year:
Wages and salaries
Social security costs
Pension costs
Average number of staff employed:
Raising funds and Charitable Activities
Management		 T O T A L
T O T A L
2024
2023
£
£
328,044
70,366
34,483
6,548
10,761
1,544
373,288
78,458
No.
No.
6
7
2
2
8
9

In 2024, two employees received total remuneration in excess of £60,000:

(2023: No employees earned over £60,000.)

The total remuneration of the charity’s key management personnel, including salaries, pension contributions, and employer’s National Insurance contributions, was £175,050 (2023: £31,755).

During the year, the CEO’s salary was increased following trustee approval, to reflect the cost of securing rental accommodation in London, where the charity’s operational base is located. This increase was implemented solely as a salary adjustment and does not include any separate housing allowance or benefit in kind.

The trustees confirm that this adjustment was made in accordance with the charity’s remuneration policy and that no other benefits in kind (such as rent payments, housing provision, or accommodation allowances) were provided.

Amount paid or reimbursed to Trustees, in their capacity as Trustees £Nil.

25

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

10. Fixed Assets
Light Group
Cost
at 1 January 2024
Additions
Disposals
at 31 December 2024
Depreciation
at 1 January 2024
Charge for year
Disposals
at 31 December 2024
Net Book Value
at 31 December 2024
at 1 January 2024
Light Trust
Cost
at 1 January 2024
Additions
Disposals
at 31 December 2024
Depreciation
at 1 January 2024
Charge for year
Disposals		 £
£
£
Office Equipment
Computer Equipment Tech/Music Equipment
1,756
867
2,517
3,299
0
0
0
1,756
4,166
2,517
224
186
313
896
930
1,252
0
0
0
1,120
1,116
1,565
636
3,049
952
1,532
680
2,204
£
£
£
Office Equipment
Computer Equipment Tech/Music Equipment
1,756
867
2,517
0
3,299
0
0
0
0
1,756
4,166
2,517
224
186
313
896
930
1,252
0
0
0		 £
£
£
Office Equipment
Computer Equipment Tech/Music Equipment
1,756
867
2,517
3,299
0
0
0
1,756
4,166
2,517
224
186
313
896
930
1,252
0
0
0
1,120
1,116
1,565
636
3,049
952
1,532
680
2,204
£
£
£
Office Equipment
Computer Equipment Tech/Music Equipment
1,756
867
2,517
0
3,299
0
0
0
0
1,756
4,166
2,517
224
186
313
896
930
1,252
0
0
0		 £
£
£
Office Equipment
Computer Equipment Tech/Music Equipment
1,756
867
2,517
3,299
0
0
0
1,756
4,166
2,517
224
186
313
896
930
1,252
0
0
0
1,120
1,116
1,565
636
3,049
952
1,532
680
2,204
£
£
£
Office Equipment
Computer Equipment Tech/Music Equipment
1,756
867
2,517
0
3,299
0
0
0
0
1,756
4,166
2,517
224
186
313
896
930
1,252
0
0
0		 Total
£
5,140
3,299
0
8,439
723
3,078
0
3,801
4,638
4,416
£
Total
5,140
3,299
0
8,439
723
3,078
0
at 31 December 2024
Net Book Value
at 31 December 2024
at 1 January 2024		 1,120
636
1,532		 1,116
3,049
680		 1,565
952
2,204		 3,801
4,638
4,416

26

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

11. Stocks
Stocks of finished goods and goods for resale LIGHT
Group
2024
£
2,254
2,254		 LIGHT
Group
2023
£
2,184
2,184		 LIGHT
LIGHT
Trust
Trust
2024
2023
£
£
0
0
0
0
11a. Investments
Investment in Trading Company
12. Debtors		 LIGHT
Group
2024
£
0
0
LIGHT
Group
2024
£		 LIGHT
Group
2023
£
0
0
LIGHT
Group
2023
£		 LIGHT
LIGHT
Trust
Trust
2024
2023
£
£
1
1
1
1
LIGHT
LIGHT
Trust
Trust
2024
2023
£
£
Trade debtors
Prepayments and accrued income
Gift Aid Recoverable
Other Debtors
13. Cash at Bank & In Hand
Current Account
Business reserves		 3,640
9,031
1,043
0
13,714
LIGHT
Group
2024
£
10,498
106
10,604		 0
2,208
1,043
0
3,251
LIGHT
Group
2023
£
68,781
253
69,034		 3,640
0
9,031
2,208
1,043
1,043
1,254
14,968
3,251
LIGHT
LIGHT
Trust
Trust
2024
2023
£
£
10,497
68,781
106
253
10,603
69,034

27

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

14. Creditors : Amounts falling due within one year

----- Start of picture text -----
LIGHT LIGHT LIGHT LIGHT
Group Group Trust Trust
2024 2023 2024 2023
£ £ £ £
Trade creditors 6,232 11,721 6,232 11,721
Taxation and social security 10,614 9,864 10,614 9,864
Accruals and deferred income 6,125 6,768 5,125 6,768
22,971 28,353 21,971 28,353
----- End of picture text -----

15. Creditors : Amounts falling due after one year is Nil

Creditors : Amounts falling due after one year is Nil

Bank loans
Obligations under finance leases		 LIGHT
Group
2024
£
0
0
0		 LIGHT
LIGHT
LIGHT
Group
Trust
Trust
2023
2024
2023
£
£
£
0
0
0
0
0
0
0
0
0

28

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

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 2024.

At the end of the year the charity owed expenses of £75.34 to L West and £721.96 to N Milnes, both senior managers of the charity.

£1,250 (2023 - £0.00). was received in donations from Trustees

Prior Year Transaction

In 2023, the charity was assigned the lease of 62 Port Street, Manchester, from the holding trustees of the unincorporated charity Light (charity number 1149675), whose trustees at that time included certain trustees of the charity. The assignment, with the landlord’s consent, took place on 30 September 2023, and the charity assumed all tenant obligations from that date.

The annual rent is £18,000 and the annual service charge is £2,000. For the year ended 31 December 2023, the charity paid £5,000 in rent and service charges for the period 1 October to 31 December 2023.

This transaction was omitted from the 2023 financial statements and is now disclosed to comply with the Charities SORP (FRS 102, section 33). No prior year figures have been restated.

29

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

16. RECONCILIATION OF MOVEMENTS IN FUNDS

16.RECONCILIATION OF MOVEMENTS IN FUNDS

Unrestricted Funds
General Fund
16a. Restricted Funds
16a. Restricted Funds
Unrestricted Funds
General Fund
Restricted Funds		 Balance at
31-Dec-23
£
50,532
50,532		 Incoming
Outgoing
£
£
611,834
(654,127)
611,834
(654,127)
Movement in Resources		 Incoming
Outgoing
£
£
611,834
(654,127)
611,834
(654,127)
Movement in Resources		 Transfers
Between
Funds
£
0
0		 Balance at
31-Dec-24
£
8,239
8,239
0 0 0 0
0
Balance at
31-Dec-22
£
0
0
0		 0
0
Incoming
Outgoing
£
£
0
0
0
199,140
(148,608)
199,140
(148,608)
Movement in Resources		 0
Between
Funds
£
0
0
0
0		 0
Balance at
31-Dec-23
£
0
0
50,532
50,532
0 0 0 0
0 0 0 0 0

30

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

17. ANALYSIS OF NET ASSETS BY FUND

Restricted Funds
Unrestricted Funds		 Tangible
Fixed
Assets
£
0
0
4,638
4,638		 Net Current
Creditors
Assets /
Due after
(Liabilities)
One Year
TOTAL
£
£
£
0
0
0
0
0
0
3,601
0
8,239
3,601
0
8,239

18. OPERATING LEASE COMMITMENTS

The charity occupies office premises at Ram Mill, Chadderton under a lease commencing 1 April 2024 and expiring 31 March 2029. The lease requires annual rent of £21,000, payable quarterly in advance (25 March, 24 June, 29 September, 25 December). A deposit of £1,750 plus VAT has been paid.

The lease contains a tenant break option on 1 April 2027, subject to 6 months’ written notice and payment of all outstanding rent. For the purposes of this disclosure, it is assumed that the lease is not terminated early.

At 31 December 2024, the total future minimum lease payments under non-cancellable operating leases were as follows:

2024 2024 2023 2023
Property Property
Lease Other Lease Other
£ £ £ £
Within one year 21,000 0 20,000 0
Between one and five years 63,000 0 1,154 0
After five years 0 0 0 0

31

NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDING 31 DECEMBER 2024

19. CONTINGENCIES

The Trustees have confirmed that there were no contingent liabilities which should be disclosed at 31 December 2024.

20. GOING CONCERN

The Trustees have considered the financial position of the charity, including its net deficit of £42,293 for the year and its low level of free reserves (£3,601 at year end), together with cash flow forecasts, future income streams, and ongoing commitments, including the office lease at Ram Mill, Chadderton (annual rent £21,000 plus associated service charges).

While the financial position presents a challenge to the charity’s resilience, the Trustees are satisfied that the charity remains a going concern for the foreseeable future for the following reasons:

A new income development strategy is in place, supported by the engagement of an external fundraising consultancy, with a focus on increasing both major donor support and regular giving.

A match-funding agreement with the Souter Foundation has already triggered an initial £50,000 contribution, with further match-funding anticipated in 2025.

The charity has an active and engaged supporter base, and income from fundraising, events, and charitable activities is expected to remain stable or grow in the coming year.

Costs are carefully monitored, and the charity has successfully relocated to more costefficient premises in Manchester.

Based on these factors and projected cash flows, the Trustees are satisfied that the charity has sufficient resources to continue to meet its obligations and deliver its charitable objectives for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

21. PENSION

The charity operates a defined contribution pension scheme on behalf of its employees. All contributions due have been fully paid.

32