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2021-12-31-accounts

KOREAN CATHOLIC CHURCH IN LONDON

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

REGISTERED NO 1047063

KOREAN CATHOLIC CHURCH IN LONDON TRUSTEES' REPORT

The trustees present their report and accounts for the year ended 31 December 2021.

The activities of the charity

Korean Catholic Church In London ("the Trust") exists to advance the catholic faith and the worship of God, in particular, for Korean nationals in London.

Financial

The surplus for the year is £55,023 and has been transferred to the general fund.

Trustees

The Trust was administered by its three trustees:

Hee Kwan Chang Chong Eun Park Jin Soo Yang

Trustees' responsibilities

The constitution of the charity and charity law require the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources for that period. In preparing those accounts the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities with an appropriate system of internal controls.

Independent Examiner of the Trust is Yang & Partners trading as Archbird of Suite 41, Chessington Business Centre, 37 Cox Lane, Chessington, Surrey, KT9 1SD.

This report was approved by the Trustees on 11th August 2022.

………………………………… H K Chang (Chairman)

KOREAN CATHOLIC CHURCH IN LONDON INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

We report on the accounts of Korean Catholic Church In London for the year ended 31 December 2021, which are set out on pages 3 to 7.

Respective Responsibilities of Trustees and Examiner

As the charity's trustees, you are responsible for the preparation of the accounts; you consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is our responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Charities Act, whether particular matters have come to our attention.

Basis of Independent Examiner's Report

Our examination was carried out in accordance with the General Directions given by the Charity Commission. The 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 trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with our examination, no matters have come to our attention:

2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

………………………………….

Yang & Partners Ltd trading as Archbird

Chartered Certified Accountants Suite 41, Chessington Business Centre 37 Cox Lane Chessington Surrey KT9 1SD

KOREAN CATHOLIC CHURCH IN LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
INCOMING RESOURCES
Donations
Donations
Investment income
Interest receivable
2
Government grant
JRS Grant
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Mass and supporting activites
Donations to third parties
Interest payable
3
Administrative expenses
4
TOTAL RESOURCES EXPENDED
Net incoming/(outgoing) resources for the year
5
General fund brought forward
General fund carried forward		 2021
2020
£
£
96,293
101,784
11
148
11,700
13,610
108,004
115,542
11,231
18,815
2,330
2,323
4,543
5,520
34,877
58,336
52,981
84,994
55,023
30,548
1,255,102
1,224,554
1,310,125
1,255,102

KOREAN CATHOLIC CHURCH IN LONDON BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2021

Notes 2021 2020
£ £ £ £
Fixed assets
Tangible assets 7 1,566,238 1,567,047
Current assets
Cash at bank 172,388 143,016
Creditors: amounts falling due
within one year 8 (655) (695)
Net current assets 171,733 142,321
Total assets less current liabilities 1,737,971 1,709,368
Creditors: amounts falling due
after more than one year 9 (427,846) (454,266)
1,310,125 1,255,102
Funds
General fund 10 1,310,125 1,255,102

Approved by the Trustees on 11th August 2022 and signed on their behalf:

………………………………………………..

H K Chang (Chairman)

KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

The financial statements are prepared in accordance with the Statement of Recommended " Accounting by Charities" and applicable accounting standards.

Accounting convention

The financial statements are prepared under the historical cost convention.

Incoming resources - donations

These represent voluntary donations from members and third parties which are accounted for when received.

Depreciation

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Motor vehicles 25% reducing balance Office equipment and furniture 25% reducing balance

2
Interest receivable
Bank interest received
3
Interest payable
On commercial mortgage loan
4
Administrative expenses
Wages and salaries
Motor expenses and travelling
Council tax, water, light, heat and cleaning
Insurance
Telephone and fax
Postage, printing and stationery
Bank charges
Books and references
Equipment hire
Repairs and renewals
Depreciation
Advertising
General expenses
Accountancy fee		 2021
£
11
2021
£
4,543
2021
£
15,251
1,235
8,602
2,492
1,238
809
30
217
1,428
-
809
743
204
1,819
34,877		 2020
£
148
2020
£
5,520
2020
£
25,842
6,133
10,451
4,396
1,981
440
15
474
1,458
3,985
1,079
-
374
1,708
58,336

KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

5
Net incoming resources
These are stated after charging:
Depreciation of owned fixed assets
6
Information regarding employees and trustees
Average number of employees during the year
Staff costs comprise:
Wages & salaries		 2021
£
809
2021
2
2021
£
15,251
15,251		 2020
£
1,079
2020
3
2020
£
25,842
25,842

No trustee or person related has received any remuneration from the Charity during the year.

7 Tangible fixed assets

Cost
At 1 January 2021
At 31December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31December 2021
Net Book Value
At 31 December 2021
At 31 December 2020		 Freehold
Office
land &
Motor
equipment
building
vehicles
& furniture
£
£
£
1,563,810
7,542
22,539
1,563,810
7,542
22,539
-
7,417
19,427
-
31
778
-
7,448
20,205
1,563,810
94
2,334
1,563,810
125
3,112		 Total
£
1,593,891
1,593,891
26,844
809
27,653
1,566,238
1,567,047

No depreciation is provided on freehold land & buildings.

KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021

8
Creditors: amounts falling due within one year
2021
£
Other creditor
655
655
9
Creditors: amounts falling due after more than one year
2021
£
Commercial mortgage loan
427,846
Commercial mortgage loan is secured over the freehold land and building.
10
Movement in general fund
2021
£
At 1 January
1,255,102
Net incoming/(outgoing) resources for the year
55,023
At 31 December
1,310,125		 2020
£
695
695
2020
£
454,266
2020
£
1,224,554
30,548
1,255,102