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2022-12-31-accounts

KOREAN CATHOLIC CHURCH IN LONDON

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2022

REGISTERED NO 1047063

KOREAN CATHOLIC CHURCH IN LONDON TRUSTEES' REPORT

The trustees present their report and accounts for the year ended 31 December 2022.

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 £32,125 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 2nd August 2023.

………………………………… 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 2022, 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

2 August 2023

KOREAN CATHOLIC CHURCH IN LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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		 2022
2021
£
£
107,065
96,293
30
11
-
11,700
107,095
108,004
19,266
11,231
2,341
2,330
9,522
4,543
43,841
34,877
74,970
52,981
32,125
55,023
1,310,125
1,255,102
1,342,250
1,310,125

KOREAN CATHOLIC CHURCH IN LONDON BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022

Notes 2022 2021
£ £ £ £
Fixed assets
Tangible assets 7 1,565,631 1,566,238
Current assets
Cash at bank 183,519 172,388
Creditors: amounts falling due
within one year 8 (495) (655)
Net current assets 183,024 171,733
Total assets less current liabilities 1,748,655 1,737,971
Creditors: amounts falling due
after more than one year 9 (406,405) (427,846)
1,342,250 1,310,125
Funds
General fund 10 1,342,250 1,310,125

Approved by the Trustees on 2nd August 2023 and signed on their behalf:

………………………………………………..

H K Chang (Chairman)

KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

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
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 Internet
Postage, printing and stationery
Bank charges
Books and references
Equipment hire
Repairs and renewals
Depreciation
Advertising
General expenses
Accountancy fee		 2022
£
30
2022
£
9,522
2022
£
15,058
4,778
12,860
2,717
1,343
919
30
543
1,501
1,093
607
600
93
1,699
43,841		 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

KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

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		 2022
£
607
2022
2
2022
£
15,058
15,058		 2021
£
809
2021
2
2021
£
15,251
15,251

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

7 Tangible fixed assets

Cost
At 1 January 2022
At 31December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31December 2022
Net Book Value
At 31 December 2022
At 31 December 2021		 Freehold
Office
land &
Motor
equipment
building
vehicles
& furniture
£
£
£
1,563,810
7,542
22,539
1,563,810
7,542
22,539
-
7,448
20,205
-
23
584
-
7,471
20,789
1,563,810
71
1,750
1,563,810
94
2,334		 Total
£
1,593,891
1,593,891
27,653
607
28,260
1,565,631
1,566,238

No depreciation is provided on freehold land & buildings.

KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022

8
Creditors: amounts falling due within one year
2022
£
Other creditor
495
495
9
Creditors: amounts falling due after more than one year
2022
£
Commercial mortgage loan
406,405
Commercial mortgage loan is secured over the freehold land and building.
10
Movement in general fund
2022
£
At 1 January
1,310,125
Net incoming/(outgoing) resources for the year
32,125
At 31 December
1,342,250		 2021
£
655
655
2021
£
427,846
2021
£
1,255,102
55,023
1,310,125