## **KOREAN CATHOLIC CHURCH IN LONDON**
# **TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED**
## **31 DECEMBER 2024**
REGISTERED NO 1047063
## **KOREAN CATHOLIC CHURCH IN LONDON TRUSTEES' REPORT**
The trustees present their report and accounts for the year ended 31 December 2024.
## **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 deficit of £2,309 for the year has caused a reduction in the general fund.
## **Trustees**
The Trust was administered by its three trustees:
Hee Kwan Chang Chong Eun Park (deceased on 7 May 2025) 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:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
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 2025.
………………………………… H K Chang (Chairman)
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## **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 2024, 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:
- 1) which give us reasonable cause to believe that ,in any material respect, the requirements:
- i) to keep accounting records in accordance with section 130 of the Charities Act; and ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
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
- 11 August 2025
- 2 -
**KOREAN CATHOLIC CHURCH IN LONDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|**Notes**
**INCOMING RESOURCES**
**Donations**
Donations
**Investment income**
Interest receivable
2
**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|**2024**
**2023**
**£**
**£**
129,560
139,044
587
849|
|---|---|
||130,147
139,893
23,076
16,704
3,746
5,953
17,973
20,861
87,661
78,453|
||132,456
121,971
(2,309)
17,922
1,360,172
1,342,250|
||1,357,863
1,360,172|
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## **KOREAN CATHOLIC CHURCH IN LONDON BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024**
||**Notes**||**2024**||**2023**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|7||1,575,895||1,572,976|
|**Current assets**||||||
|Cash at bank||66,792||97,759||
|**Creditors: amounts falling due**||||||
|**within one year**|8|(788)||(1,222)||
|**Net current assets**|||66,004||96,537|
|**Total assets less current liabilities**|||1,641,899||1,669,513|
|**Creditors: amounts falling due**||||||
|**after more than one year**|9||(284,036)||(309,341)|
||||1,357,863||1,360,172|
|**Funds**||||||
|General fund|10||1,357,863||1,360,172|
Approved by the Trustees on 11th August 2025 and signed on their behalf:
………………………………………………..
H K Chang (Chairman)
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**KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 internet
Postage, printing and stationery
Bank charges
Books and references
Equipment hire
Repairs and renewals
Depreciation
Profit on disposal of car
General expenses
Accountancy fee
Legal and other professional fees
Advertising|**2024**
**£**
587
**2024**
**£**
17,973
**2024**
**£**
30,774
6,298
21,260
3,513
1,891
367
75
1,375
2,485
11,176
4,028
(947)
329
1,100
3,235
702|**2023**
**£**
849|
|---|---|---|
|||**2023**
**£**
20,861|
|||**2023**
**£**
29,236
3,693
17,368
3,289
1,522
2,024
87
3,407
1,589
10,514
3,055
-
270
1,799
-
600|
- 5 -
87,661
78,453
## **KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**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|**2024**
**£**
4,028
**2024**
2
**2024**
**£**
30,774
30,774|**2023**
**£**
3,055|
|---|---|---|
|||**2023**
2|
|||**2023**
**£**
29,236|
|||29,236|
No trustee or person related has received any remuneration from the Charity during the year.
## **7 Tangible fixed assets**
|**Cost**
At 1 January 2024
Additions:
Disposals:
At 31December 2024
**Depreciation**
At 1 January 2024
Charge for the year
Disposals:
At 31December 2024
**Net Book Value**
At 31 December 2024
At 31 December 2023|**Freehold**
**Office**
**land &**
**Motor**
**equipment**
**building**
**vehicles**
**& furniture**
**£**
**£**
**£**
1,563,810
7,542
32,939
7,000
(7,542)
1,563,810
7,000
32,939
-
7,489
23,826
-
1,750
2,278
-
(7,489)
-
1,750
26,104
1,563,810
5,250
6,835
1,563,810
53
9,113|**Total**
**£**
1,604,291
7,000
(7,542)|
|---|---|---|
|||1,603,749|
|||31,315
4,028
(7,489)|
|||27,854|
|||1,575,895|
|||1,572,976|
No depreciation is provided on freehold land & buildings.
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## **KOREAN CATHOLIC CHURCH IN LONDON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**8**
**Creditors: amounts falling due within one year**
**2024**
**£**
Other creditor
788
788
**9**
**Creditors: amounts falling due after more than one year**
**2024**
**£**
Commercial mortgage loan
284,036
Commercial mortgage loan is secured over the freehold land and building.
**10**
**Movement in general fund**
**2024**
**£**
At 1 January
1,360,172
Net incoming/(outgoing) resources for the year
(2,309)
At 31 December
1,357,863|**2023**
**£**
1,222|
|---|---|
||1,222|
||**2023**
**£**
309,341|
||**2023**
**£**
1,342,250
17,922|
||1,360,172|
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