OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Trustees’ Annual Report for the period

From 1-1-2024 Period start date To 31-12-2024 (Period end date)

Charity name: YOUN HWA SA

Charity registration number: 1047554

Objectives and Activities

Objectives and Activities Objectives and Activities Objectives and Activities
SORP reference
Summary of the purposes of
the charity as set out in its
governing document
Para 1.17
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.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.
Para 1.17 and
1.19
A CENTRES HAS BEEN ESTABLISHED
IN KINGSTON UPON THAMES, SURREY
WHERE THE ACTIVITIES ARE CARRIED
ON.
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit
Para 1.18

Additional information (optional) You may choose to include further statements where relevant about:

Additional information (optional)
You may choose to include further statements where relevant about:
Additional information (optional)
You may choose to include further statements where relevant about:
Additional information (optional)
You may choose to include further statements where relevant about:
SORP reference
Policy on grant making
Para 1.38
PER ACCOUNTS (TO PROMOTE
BUDDHIST RELIGION)
Policy on social investment
including program related
investment
Para 1.38
PER ACCOUNTS (ONLY FREEHOLD
PROPERTY HELD)
Contribution made by
volunteers
Para 1.38

Other

Achievements and Performance

----- Start of picture text -----
SORP reference
KOREAN BUDDHISTS HAVE
----- End of picture text -----

Achievements and Performance Achievements and Performance Achievements and Performance
SORP reference
KOREAN BUDDHISTS HAVE
Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.
Para 1.20 PARTICIPATED AND ENJOYED
WORSHIPPING AT THE FREEHOLD
PROPERTY IN KINSTON-UPON-THAMES
AND THE CHARITY ASSISTS IN
MEETING KOREAN TEMPLE EXPENSES.

Additional information (optional) You may choose to include further statements where relevant about:

----- Start of picture text -----
Achievements against Para 1.41
objectives set
Performance of fundraising
activities against objectives Para 1.41
set
Investment performance Para 1.41
against objectives
Other
----- End of picture text -----

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period
Para 1.21 PER ACCOUNTS (THE CHARITY HAS
SURPLUS OF UNRESTRICTED FUNDS
OF £385,586)
Statement explaining the
policy for holding reserves
stating why they are held
Para 1.22
Amount of reserves held Para 1.22
Reasons for holding zero
reserves
Para 1.22
Details of fund materially in
deficit
Para 1.24
Explanation of any
uncertainties about the
charity continuing as a going
concern
Para 1.23
Additional information (optional)
You may choose to include further statements
Additional information (optional)
You may choose to include further statements
where relevant about:
The charity’s principal
sources of funds (including
any fundraising)
Para 1.47 Donations from the devotees attending the
centre.
Investment policy and
objectives including any
social investment policy
adopted
Para 1.46
A description of the principal
risks facing the charity
Para 1.46
Other

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing document
(trust deed, royal charter)
Para 1.25 TRUST DEED
How is the charity
constituted?
(e.g unincorporated
association, CIO)
Para 1.25 TRUST
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees
Para 1.25 FORMAL ELECTION

Additional information (optional) You may choose to include further statements where relevant about:

Additional information (optional)
You may choose to include further statements where relevant about:
Additional information (optional)
You may choose to include further statements where relevant about:
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures
adopted for the induction
and training of trustees
Para 1.51
The charity’s organisational
structure and any wider
network with which the
charity works
Para 1.51
Relationship with any related
parties
Para 1.51
Other

Reference and Administrative details

----- Start of picture text -----
Charity name YOUN HWA SA
Other name the charity uses
Registered charity number 1047554
Charity’s principal address 5 WATERS ROAD, KINGSTON UPON THAMES
SURRY
KT1 3LW
----- End of picture text -----

Names of the charity trustees who manage the charity

----- Start of picture text -----
Dates acted if not for whole Name of person (or body) entitled
Trustee name Office (if any)
year to appoint trustee (if any)
1 I H PARK
2 D S PARK
3 S W LEE
4 Y O FINLEY
5 G D KANG
6 K B PARK
7 N G JOO
8 Y J CHOI CHAIRPERSON
9 S Y JEONG
10 Y S HWANG
11 S C YANG
12
13
14
15
16
17
18
19
20
----- End of picture text -----

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address
**adviser **
Accountants Krish Jermyn Unit 2, Bradburys Court, Lyon road, Harrow HA1 2BY.
Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

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

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Y J CHOI Position (eg Secretary, CHAIRPERSON Chair, etc) Date 11th DECEMBER 2025 ~~fF~~

CHARITY REGISTRATION NUMBER: 1047554

YOUN HWA SA

Unaudited Financial Statements 31 December 2024

YOUN HWA SA

Financial Statements

Year ended 31 December 2024

Pages
Trustees' annual report 1 to 3
Statement of financial activities 5
Statement of financial position 6
Notes to the financial statements 7 to 11
The following pages do not form part of the financial statements
Detailed statement of financial activities 13

YOUN HWA SA

Trustees' Annual Report

Year ended 31 December 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.

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 Mr Y J Choi (Chairperson) Mrs Soon Young Jeong MR Y S Hwang

Independent examiner Krish Jermyn Chartered accountants 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

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF YOUN HWA SA

YEAR ENDED 31 DECEMBER 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.

Trustees

The trustees named on page 1 have served throughout the period.

Objectives and activities

YOUN HWA SA is a charitable trust constituted by the Trust Deed and its main objects are to promote the Buddhist religion principally according 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 and elsewhere.

Financial review

Korean Buddhists have participated and enjoyed worshipping at the freehold property in Kingston-Upon-Thames and the charity assists in meeting Korean Temple expenses.

Statement of trustees’ responsibilities

The trustees, who are also directors for the purposes of company law, are responsible for preparing the Trustees Annual Report and the financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Company law requires the charity trustees required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the FRS 102. 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.

Statement of trustees’ responsibilities

This report has been prepared in accordance with the provisions applicable to companies entitled to small companies’ exemption.

The trustees' annual report was approved on 11 December 2025 and signed on behalf of the board of trustees by:

Mr Y J Choi Trustee

- 2 -

YOUN HWA SA

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF YOUN HWA SA

YEAR ENDED 31 DECEMBER 2024

I report to the trustees on my examination of the financial statements of Youn Hwa Sa (“the charity”) for the year ended 31 December 2024.

Respective responsibilities and basis of report

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 145 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:

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:

- 3 -

YOUN HWA SA

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF YOUN HWA SA

YEAR ENDED 31 DECEMBER 2024

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.

Krish Jermyn

Chartered Certified Accountants Unit 2, Bradburys Court Lyon Road, Harrow, Middlesex HA1 2BY

11 December 2025

- 4 -

YOUN HWA SA

STATEMENT OF FINANCIAL ACTIVITIES

Year ended 31 December 2024

Year ended 31 December 2024
2024 2023
Unrestricted
funds Total funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 4 36,643 36,391
Investment income 5 539 383
--------------- ------------------------------- -------------------------------
Total income 37,182 36,774
=============== =============================== ===============================
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies 6 8,750 6,200
Costs of other trading activities 7 8,317 6,818
--------------- ------------------------------- -------------------------------
Total expenditure 17,067 13,018
=============== =============================== ===============================
--------------- ------------------------------- -------------------------------
Net income and net movement in funds 20,115 23,756
=============== =============================== ===============================
Reconciliation of funds
Total funds brought forward 385,086 361,330
------------------------------------ ------------------------------------
Total funds carried forward 405,201 385,086
==================================== ==================================== ====================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 7 to 11 form part of these financial statements.

- 5 -

YOUN HWA SA

STATEMENT OF FINANCIAL POSITION

31 December 2024

31 December 2024
2024 2023
Note £ £ £
Fixed assets
Tangible fixed assets 10 84,434 84,434
Current assets
Cash at bank and in hand 327,787 307,072
Creditors: amounts falling due within one
year 11 7,020 6,420
------------------------------------ ------------------------------------
Net current assets 320,767 300,652
------------------------------------ ------------------------------------
Total assets less current liabilities 405,201 385,086
------------------------------------ ------------------------------------
Net assets 405,201 385,086
==================================== ====================================
Funds of the charity
Unrestricted funds 385,086 361,330
Net movement of funds for the year 20,115 23,756
------------------------------------ ------------------------------------
Total charity funds 12 405,201 385,086
==================================== ====================================

These financial statements were approved by the board of trustees and authorised for issue on 11 December 2025, and are signed on behalf of the board by:

Mr Y J Choi Trustee

The notes on pages 7 to 11 form part of these financial statements.

- 6 -

YOUN HWA SA

Notes to the Financial Statements

Year ended 31 December 2024

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

3.(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.

3.(ii) Going concern

There are no material uncertainties about the charity's ability to continue.

3.(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.

- 7 -

YOUN HWA SA

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

3.(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.

3.(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:

- 8 -

YOUN HWA SA

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3.(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:

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.

3.(vii) Tangible assets

All fixed assets are initially recorded at cost.

3.(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.

- 9 -

YOUN HWA SA

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3.(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.

4. Donations and legacies

Total
Donations
Donations
Funds
2024
Total Funds
2023
£
£
36,643
36,391

5. Investment income

Building society interest receivable

Total Funds
Total Funds
2024 2023
£ £
539
===============
383
===============

6. Costs of raising donations and legacies

Costs of raising donations and legacies
Total Funds
Total Funds
2024 2023
£ £
Costs of raising donations and legacies - Donations 2,600 300
Costs of raising donations and legacies - Other type 2 6,150 5,900
-------------------------- --------------------------
8,750 6,200
========================== ==========================
Costs of other trading activities
Total Funds
Total Funds
2024 2023
£ £
Costs of other trading activities - Membership schemes and
social lotteries 8,317 6,818
========================== ===============================

7. Costs of other trading activities

- 10 -

YOUN HWA SA

Notes to the Financial Statements (continued)

Year ended 31 December 2024

8. Staff costs

The average head count of employees during the year was 1 (2023: 1). The average number of full-time equivalent employees during the year is analysed as

follows: 2024 2023
No. No.
Number of staff 1 1
════ ════

No employee received employee benefits of more than £60,000 during the year was NIL (2023: Nil).

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 2024 and 31 December 2024 75,881 8,553 84,434
=============================== ========================== ===============================
Depreciation
At 1 January 2024 and 31 December 2024
=============================== ========================== ===============================
Carrying amount
At 31 December 2024 75,881 8,553 84,434
=============================== ========================== ===============================
At 31 December 2023 75,881 8,553 84,434
=============================== ========================== ===============================
Creditors: amounts falling due within one year
2024 2023
£ £
Accruals and deferred income 7,020
==========================
6,420
==========================

11. Creditors: amounts falling due within one year

12. Analysis of charitable funds

Unrestricted funds

Unrestricted funds as at 1 January 2024 Unrestricted funds movement during the year

Unrestricted funds as at 31 December 2024

At 1 January 2024 and 31 December 2024 £ 385,086 20,115 ═════════════ 405,201 ═════════════

- 11 -

YOUN HWA SA

MANAGEMENT INFORMATION

YEAR ENDED 31 DECEMBER 2024

The following pages do not form part of the financial statements.

- 12 -

2024 2023
£ £
Income and endowments
Donations and legacies
Donations 36,643 36,391
------------------------------- -------------------------------
Investment income
Building society interest receivable 539 383
--------------- ---------------
------------------------------- -------------------------------
Total income 37,182 36,774
=============================== ===============================
Expenditure
Costs of raising donations and legacies
Wages and salaries 6,150 5,900
Other office costs 2,600 300
------------------------------- -------------------------------
8,750 6,200
------------------------------- -------------------------------
Costs of other trading activities
Rates and water 2,235 1,710
Light and heat 300 1,186
Repairs and maintenance 1,226
Other establishment 278 159
Motor vehicle expenses 1,651 1,045
Legal and professional fees 600 600
Telephone 1,219 1,227
Other office costs 156 144
Dining 652 747
-------------------------- -------------------------------
8,317 6,818
-------------------------- -------------------------------
------------------------------- -------------------------------
Total expenditure 17,067 13,018
=============================== ===============================
------------------------------- -------------------------------
Net income 20,115 23,756
=============================== ===============================

- 13 -

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 DECEMBER 2024 ended Set out on pages

Charity no (if any) 1-13(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 / 2024 .

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:

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.

Signed: Date: 11/12/2025 ~~[|~~ Name: Roopesh Vaghjee ~~Ps~~ Relevant professional FCCA qualification(s) or body (if any): Address: 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