CHARITY COMMISSION FOR ENGLAND AND WALES Trustees, Annual Report for the period From 1-1-2022 Period start date To 31-124022 (Perfod end date) Charity name: YOUN HWA SA Charlty registration number: 1047554 Objectlves and Activltles SORP reference Para 1.17 Summary of the purposes of the charity as set out in its goveming document ITS MAIN OBJECTIVE IS TO PROMOTE THE BUDDHIST RELIGION TO THE TRADITIONS OF THE CHOGEJONG SCHOOL OF BUDDHISM AS FOLLOWED IN KOREA AND ESTABLISHMENT OF A BUDDHIST CENTRE OR NUNNERIES AND RETREATS IN THE UNITED KINGDOM. A CENTRES HAS BEEN ESTABLISHED IN KINGSTON UPON THAMES. SURREY WHERE THE ACTIVITIES ARE CARRIED ON. Summary of the main activities in relation to those purposes for the public benefit, in particular. th8 actMti8s, projects or services identlfted in the accounts. Statement confirming whether the trustees have had regard to the guidanGe issued by the Charity Commission on public benefrt Para 1.17 and 1.19 Paral.18 Additional Infonnation (optional) You ma choose to include further statements where relevant about: SORP referenc8 PER ACCOUNTS (ro PROMOTE BUDDHIST RELIGION) Paro 128 Policy on grant making PER ACCOUNTS (ONLY FREEHOLD PROPERTY HELD) PaM1a8 Pollcy on social investment including program related investment Par8 1.3B Contribution made by volunteers Qther Achievements and Performance SORP rgfar8n¢o KOREAN BUDDHISTS HAVE PARTICIPATED AND ENJOYED WORSHIPPING AT THE FREEHOLD PROPERTY IN KINSTON-UPON-THAMES AND THE CHARITY ASSISTS IN MEETING KOREAN TEMPLE EXPENSES. Summary of the main achievements of the charity, identifylng the difference th8 charity's work has made to the circumstances of its beneficiaries and any wider benefits lo society as a whole. Parl 120 Additional Infomiatlon (optional) You ma choose to Include further statements where relevant about: Achievements against obJectives set Pora 1.41 Perfomiance of fundraising activities against objectives set Para IA1 Investment performance against objectives Para 1A1 Other Financial Review Review of the charity's financlal positlon at the end of the eri¢xl Statement explaining the policy for holding reserves statin are held Amount of reserv8s held Reasons for holding zero reserves Details of fund materially In deficit Explanation of any uncartainties about the diarfty continuing as a going concern Parn 1.21 PER ACCOUNTS (THE CHARITY HAS SURPLUS OF UNRESTRICTED FUNDS OF £361330 Para 122 Pa18 1.22 Para 1.22 Para 1.24 Para 123 Addltlonal Informatlon (optlonal) You rna choose to include further statements where relevant about: Donations from the devotees attending the ntre. The charlty'5 princtpal sources of funds (including any fundralsing) Para 1.47 Investment policy and objectives including any social investment policy adopted P8rÈ IA6 A description of the principal risks facing the charity Para fA6 Oth6r structure, Governance and Management Description of charity's trusts.. Type of governing document Para 125 TRUST DEED How is the charity constltuted? le.g uniiicorporated associatiDn. CIO Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitted to appoint one or more trustees P8r8 1.25 TRUST Pa￿ 125 FORMAL ELECTION Additional inforniation (optional) You ma hoose to include further statements where relevant about: Policies and prO￿d￿reS adopted for the Induction and Iraining of trustees Para 1.51 The charivs organisational structure and any wider network with whlch the charity works Para 1.51 Relationshlp wlth any related ' parties Para 1.51 Other Reference and Admlnistrative details Chari name Other name the charit uses Re islered chari number Charity's principal address YOUN HWA SA 1047554 5 WATERS ROAD, KINGSTON UPON THAMES SURRY lff13LW Names of the charity trusteas who manage the charity 04ts$ a¢t•d rf not for whole Tru5t88 namg Offbce Ilf any) Name of person for body) entitled toa olnt trustoe an IHPARK DSPARK SWLEE Y O FINLEY GDKANG KBPARK NGJOO YJCHOI S Y JEONG Y S HWANG SCYANG CHAIRPERSON 10 12 13 14 15 16 17 18 19 20 orate trustees- names of the directors at tho dat8 the r8 Dlrector name ortwasa roved Name of trustees holding tiue to propety bdonging to the charity Trustee nam• Dot•s ¥¢tsd If not for whol• or Funds held as custodian trustees on behalf of others Description of the assets held in this capacity Name and objects of the Gharity on whose behalf the assets are held and how this falls within the custodian charity's objecls Details of arrangements for safe custody and segregatlon of suGh assets from Ihe charity's own assets Addltional Inforniation (optlonal) Names and addresses of advlsers (Optlonal Infomiatlon) Type ot Name Address adviser Accountants Krish Jemiyn Unit 2, Bradburys Courts, Lyon Road, Harrow HA 2BY Name of chief executive or names of senior staff mèmbers (Optional Inforniation) Exemptions from disclosure Rea50n for non41sclosure of ke ersonnel detalls Other o tional inforniation Declarations The trustees declare that they hav8 approved the trustees, report above. Signed on behalf of the charity's trustees Slgnature(s) Full name(s) Posltion (eg Secretary, Chair, etc) YJCHOI CHAIRPERSON Date 28 DECEMBER 2023 ## **YOUN HWA SA** # **Unaudited Financial Statements 31 December 2022** **CHARITY REGISTRATION NUMBER: 1047554** ## **YOUN HWA SA** ## **Financial Statements** ## **Year ended 31 December 2022** ||**Pages**| |---|---| |Charity information
|**1**| |Trustees' annual report|**2**| |Statement of financial activities|**4**| |Statement of financial position|**5**| |Notes to the financial statements|**6 to 10**| |**The following pages do not form part of the financial statements**|| |Detailed statement of financial activities|**12**| **- 2 -** ## **YOUN HWA SA** ## **Trustees' Annual Report** ## **Reference and administrative details** **Registered charity name** YOUN HWA SA **Charity registration number** 1047554 **Principal office** 5 Waters Road Kingston upon Thames Surrey KT1 1RE **The trustees** In Ha Park Mrs D S Park Mr S W Lee Mrs Y Finley Mr G D Kang Mr K B Park Mr N G Joo Mr Y J Choi (Chairperson) Mrs Soon Young Jeong MR Y S Hwang **Independent examiner** Krish Jermyn Chartered Certified accountants Unit 2, Bradburys Court Lyon Road Harrow, Middlesex HA1 2BY **Bankers** Lloyds Bank Kingston U Thames 1 Legg St Chelmsford Essex **- 1** - YOUN HWA SA MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS YEAR ENDED 31 DECEMBER 2022 The trustees present their report and the unaudited financial statemènts of the charity f￿ the year ended 310ecember 2022. Trustees The trustees nam8d on page 1 have serveil throughout the period. Objectives and actlvltl YOUN HWA SA is a charitsble trust constituled by the Trust Deed and its main objects are to promote the Buddhist rèligion principally according to trie traditions of the Chogejong School of Buddhlsm as fdlowed in Korea and establishment of a Buddhist centre or nunneries and retr8ats in the United Kingdom and elsewher8. Flnanclal revlew Korean Buddhists have partlclpated and enjoyed worshlpplng at the freehold propety In Kingston-Upon-Thames and the charity assists in meeting Korean Temple expenses. Slatoment of tNsl••s' mponslbllltles The trustees. who are also directors for the purposes of company18w, are responsible f preparing tha Trustees Annual Report and the finanual statements in ac￿rdanCe wlh the Flnanclal Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (8ff8Ctive from 1 January 2015). Company requires the charity trustees requlred to prepare financial st8tement8 for each financial year, vthlch give a Irue and fair view of Ihe stale of affairs of the charity and of th8 Incoming resourc8s and ap￿iCat￿n of resources, ndudin9 the in¢cThe and expenditure, of the charity for that period. In preparlng these fin8ncaal statements, the trustees are required to.. 8elect Suitab￿ accounting policies and then apply them cMsistentty', obser¥8 the methods and wlnoples In the Char¢ties SORP. make judgements and estimate8 that are reasonable and prudent; state ￿ether appIl￿ble UK Accounting Standards have been followed. Subjecl lo any materlal departures dlsclos8d and explained in the finandal stat8m8nts: prepare the financial slatements on the going con¢em basis unless it is inappropriate to presume that the charilable company will continue in operation. Th8 trustees are responsible for keeping adequate accounting records that are suffioenl to show and explain the charitys transadions and disclose wth reasonab18 accuracy at any tlm8 the finan￿81 position of the chanty and enable them to ensure that the financial ststernents comply with the FRS 102. They are also responsible for safeguarding the assets of the Gharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Stat•mont of trusts•s' re8ponslbllttl•s This report has been prepared in accordanc8 Vath the provisions applicable to companies entitled to small CCKnpanles' exemption. The trustees, annual report was apwoved on 23 May 2024 and &gned on behalf of the board of trustees by.. YJChoi Trustee ## **YOUN HWA SA** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF YOUN HWA SA** ## **YEAR ENDED 31 DECEMBER 2022** I report on the accounts of the charity for the year ended 31 December 2022 set out on pages 6 to 9. ## **Respective responsibilities of trustees and Independent** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees 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. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: - examine the accounts under section 145 of the Charities Act; - to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5) (b) of the Charities 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 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 trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a 'true and fair view'. ## **Independent examiner’s statement** In connection with my examination, no material matters have come to my attention, which gives me cause to believe that in any material respect - the accounting records were not kept in accordance with section 130 of the Charities - Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirement 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 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. ## **Roopesh Vaghjee FCCA** Independent examiner Krish Jermyn Chartered Certified Accountants Unit 2, Bradburys Court Lyon Road, Harrow, Middlesex HA1 2BY 23th May 2024 **- 3 -** ## **YOUN HWA SA** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **31 DECEMBER 2022** |**31 DECEMBER 2022**||||| |---|---|---|---|---| |||**2022**||2021| ||||**Total funds**|Total funds| ||**Note**||**£**|£| |**Income and endowments**||||| |Donations and legacies|**4**||**32,167**|27,157| |Investment income|**5**||**22**|4| ||||`─────────`|`─────────`| |**Total income**|||**32,189**|27,161| |||`════`|`═════════`|`═════════`| |**Expenditure**||||| |Expenditure on raising funds:||||| |Costs of raising donations and legacies|**6**||**5,400**|5,400| |Costs of other trading activities|**7**||**13,460**|9,755| |||`────`|`─────────`|`─────────`| |**Total expenditure**|||**18,860**|15,155| ||||`═════════`|`═════════`| |||`────`|`─────────`|`─────────`| |**Net income and net movement in funds**|||**13,329**|12,006| |||`════`|`═════════`|`═════════`| |**Reconciliation of funds**||||| |Total funds brought forward|||**348,001**|335,995| ||||`──────────`|`──────────`| |**Total funds carried forward**|||**361,330**|348,001| |||`══════════`|`══════════`|`══════════`| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. **- 4 -** YOUN HWA SA STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER 2022 2022 2021 Not• Flxed assets Tangible fixed assets 84,434 Current assets Cash al bank and In hand 283.316 269,987 Credftors." amount• falllng du• wlthln on• year Net eurr•nt as••t• 11 6820 6,420 263,567 348.001 276,896 361,330 361.330 Total assets less curr•nt Ilablllll•• N•t as*•ts 348,001 Funds of th• charlty Unrestricted funds Nel movement of funds for the year Tolal charlty lund• 348,001 13,329 361.330 335,995 12,006 348,001 12 These finandal ststements wore apwoved by the board of trustees and authorised for Issu8 on 23thMay 2024, and are slgned on behaw of the board by: YJChoi Trustee ## **YOUN HWA SA** ## **Notes to the Financial Statements** ## **Year ended 31 December 2022** ## **1. General information** The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 5 Waters Road, Kingston Upon Thames, Surrey, KT1 3LW. ## **2. Statement of compliance** These financial statements have been prepared in compliance 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)) and the Charities Act 2011. ## **3. Accounting policies** ## **(i) Basis of preparation** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. ## **(ii) Going concern** There are no material uncertainties about the charity's ability to continue. ## **(iii) Judgements and key sources of estimation uncertainty** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## **(iv) Fund accounting** Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. **- 6 -** ## **YOUN HWA SA** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2022** ## **3. Accounting policies** _**(continued)**_ ## **(v) Incoming resources** All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. ## **(vi) Resources expended** Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. ## **(vii) Tangible assets** All fixed assets are initially recorded at cost. **- 7 -** ## **YOUN HWA SA** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2022** ## **3. Accounting policies** _**(continued)**_ ## **(viii) Impairment of fixed assets** A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. ## **(ix) Financial instruments** A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. **- 8 -** ## **YOUN HWA SA** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2022** ## **4. Donations and legacies** **Donations** Donations |**Total Funds**|
Total Funds| |---|---| |**2022**|2021| |**£**|£| |**32,167**|27,157| |`═══════`|`═══════`| ## **5. Investment income** Building society interest receivable ## **6. Costs of raising donations and legacies** Costs of raising donations and legacies - Other type 2 **Total Funds** Total Funds **2022** 2021 **£** £ **22** 4 `════ ════` **Total Funds** Total Funds **2022** 2021 **£** £ **5,400** 5,400 `═══════ ═══════` ## **7. Costs of other trading activities** Costs of other trading activities - Membership schemes and social lotteries **Total Funds** Total Funds **2022** 2021 **£** £ **13,460** 9,755 `═════════ ═══════` ## **8. Staff costs** The average head count of employees during the year was 1 (2021: 1). The average number of full-time equivalent employees during the year is analysed as follows: |number of full-time equivalent employees
follows:|during the year is analysed as|| |---|---|---| ||**2022**|2021| ||**No.**|No.| |Number of staff|**1**|1| ||`════`|`════`| Number of employee received employee benefits of more than £60,000 during the year was Nil (2021: Nil). **- 9 -** ## **YOUN HWA SA** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 31 December 2022** ## **9. Trustee remuneration and expenses** No remuneration or other benefits from employment with the charity or a related entity were received by the trustees; or ## **10. Tangible fixed assets** ||Land and|
Fixtures and|| |---|---|---|---| ||buildings|fittings|**Total**| ||£|£|**£**| |**Cost**|||| |**At 1 January 2022 and 31 December 2022**|75,881|8,553|**84,434**| ||`═════════`|`═══════`|`═════════`| |**Depreciation**|||| |**At 1 January 2022 and 31 December 2022**|–|–|**–**| ||`═════════`|`═══════`|`═════════`| |**Carrying amount**|||| |**At 31 December 2022**|75,881|8,553|**84,434**| ||`═════════`|`═══════`|`═════════`| |At 31 December 2021|75,881|8,553|84,434| ||`═════════`|`═══════`|`═════════`| |**Creditors:** **amounts falling due within one year**|||| |||**2022**|2021| |||**£**|£| |Accruals and deferred income||**6,420**|6,420| |||`═══════`|`═══════`| ## **11. Creditors: amounts falling due within one year** ## **12. Analysis of charitable funds** |**Unrestricted funds**|**At 1 January 2022**| |---|---| ||**and**| ||**31 December 2022**| ||**£**| |Unrestricted funds as at 1 January 2021|**348,001**| |Unrestricted funds movement during the year|**13,329**| ||`═════════════`| |Unrestricted funds as at 31 December 2022|**361,330**| ||`═════════════`| **- 10 -** ## **YOUN HWA SA** ## **MANAGEMENT INFORMATION YEAR ENDED 31 DECEMBER 2022** **The following pages do not form part of the financial statements.** **- 11 -** ## **YOUN HWA SA** ## **DETAILED STATEMENTS OF FINANCIAL ACTIVITIES** ## **YEAR ENDED 31 DECEMBER 2022** |**YEAR ENDED 31 DECEMBER 2022**||| |---|---|---| ||**2022**|2021| ||**£**|£| |**Income and endowments**||| |**Donations and legacies**||| |Donations|**32,167**|27,157| ||`─────────`|`─────────`| |**Investment income**||| |Bank interest receivable|**22**|4| ||`────`|`────`| ||`─────────`|`─────────`| |**Total income**|**32,189**|27,161| ||`═════════`|`═════════`| |**Expenditure**||| |**Costs of raising donations and legacies**||| |Wages and salaries|**5,400**|5,400| ||`─────────`|`─────────`| |**Costs of other trading activities**||| |Rates and water|**2,042**|2,082| |Light and heat|**1,997**|1,085| |Repairs and maintenance|**5,416**|2,653| |Other establishment|**159**|695| |Travel expenses|**986**|1,223| |Accountancy fees|**708**|774| |Telephone|**1,239**|1,141| |Other office costs|**913**|102| ||`─────────`|`───────`| ||**13,460**|9,755| ||`─────────`|`───────`| ||`─────────`|`─────────`| |**Total expenditure**|**18,860**|15,155| ||`═════════`|`═════════`| ||`─────────`|`─────────`| |**Net income**|**13,329**|12,006| ||`═════════`|`═════════`| **- 12 -** ## **Independent examiner's report on the accounts** ## **Section A Independent Examiner’s Report** **Report to the trustees/** Charity Name YOUN HWA SA **members of On accounts for the year** 31 DECMBER 2022 **Charity no** 1047554 **ended (if any) Set out on pages** 1-12(remember to include the page numbers of additional sheets) I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended **31 / 12 / 2022** . **Responsibilities and** As the charity trustees of the Trust, you are responsible for the preparation **basis of report** of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. **Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention (other than that disclosed below *) 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 Act or - the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. * _Please delete the words in the brackets if they do not apply._ |**Signed:**
**Name:**
**Relevant professional**
**qualification(s) or body**
**(if any):**
**Address:**|**Date:**|14/10/2024| |---|---|---| |||| ||Roopesh Vaghjee|| |||| ||FCCA|| |||| ||Krish Jermyn|| ||Unit 2 Bradburys Court, Lyon Road|| ||Harrow HA1 2BY.|| **October 2018** 1 **IER** ## **Section B Disclosure** Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). **Give here brief details of any items that the examiner wishes to disclose** . NONE **October 2018** 2 **IER**