REGISTERED CHARI￿ NUMBER: 1075861 tees udited r20 Korean Ch Hicks and Company Chartered Accountants Vaughan Chambers Vaughan Road Harpenden Hertlordshire AL5 4EE Iva Korean Chur cial Stalemenl Page Report of the Trustees Independent Examinerfs Report staternent of FSn8ncial Actlvltles Slaternenl ol Flnancial Position Notes to the Financial Slatements 6 10 11 Detatsd Stai8ment of Financlal Actlvilies 12 orean heTr ste em er2 The trustees presenl their re￿t with the financial siaiements of the Charity for the year ended 31 December 2023. The Irustees have adopied Ihe provisions of Accounting and Reporting by Charilies.. Statement of Recornmended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019). 08JECTIVE8 AND ACTIVITJE8 Objoctlvos and aims The principle objective of the charity is to advance the Chrlstian falth and Ihe worship of God In particular for Korean nalionals in England and Wales, inclLJding the provosion of church services and Christian counselling and the support of Chrisb'an missions in developing countries as well a5 the identified needs within the community. In settlng objectives and planning for activities, the trustees have given due conskleration to general guidance published by the Charity Commission relakn'ng to public benefit. including the guidance 'Publlc benefft., running a charity (p82)'. How our A¢tlvltl•$ dellvér Publle bèneflt There ar8 sÈrvl¢es held on 8very Wednesday, Saturday and Sun¢Jay. and the congregalion has various group meetings every Tuesday and FrKlay. In addition. regular support is provided lo missionaries who have organised lo folbw the footstèps of Jesus Chrisl and tho result of rni$s#)nary actlvities is regularfy shared for congr8gatlDn's awareness and fulure support. The church premises hav8 also been offered for Gommunily 8clivilies as well as educational conferences, which are organised by lh8 C￿ncil or external meotings for the local comrnunity and r81iglous organlsalrons. Th6 church has no volunteers at prèsent. other than Ihe trustees, however a junlor pastor contlnu8S to bo employed lor future gr0￿h. ACHIEVEMENT AND PERFORMANCE Inv08tm•nl p•rfomianc• The charity has no investm8nls apart Irom bank d8posils and the trustoes considar deposit accoun18 lo be the most approprfatÉ vehlcle for funds al the piesenl time. FINANCIAL REVIEW Flnanclal po•ltlon The financial results for ihe >par are as shown in Ihe St8tement of Financial Acllvily and S181emenl of Flnanclal Posilion. PrIn￿p1a fundlng 8our¢e8 The Church's principle fundlng source i8 d¢)n8tions from Its memb8rs. Tolal donations recelved for the year was £42,188 (2022: £46,371). The main items of exp8ndllure are th8 salary and related costs of the pastor. the r8pair and maintenance of Ihe church building and mlssion costs. Tolal expendlture for the yeai was £56.82912022.' £46.426) for Ihe ￿ar therè was overall nel expendllurè of £14,641 (2022.. £55). Reserves pollcy The Church building is morlgaged. the terms of which are sel out in the notes to the financial statements. The Trustees aim to hold SUff￿lent cash ai bank lo pay the mortgage inslalments and th8 Church's eX￿dIt￿re as Ihey fall due. Golng concern After making appropriale enqulries. the trustees have a reasonable expeclation that the charity has adeq￿ate resources to contlnue in operallon81 existence f(y the foreseeable futu￿. For this reason, they continue to adopt the going Goncern basis in pieparin9 Ihe financial stalemenls. Further details regarding the adopiion of the going concern basis can be lound in the accounting pofv'cies. Page 1 an hurch rt of the Trust r the Year Ended 31 23 STRUCTURE, GOVERNANCE AND MANAGEMENT Gov•ming docum•nt Calvary Korean Church is a registered charity, number 1075861. and is constituted under a trust deed dated 22 Awll 1999. There have been no changes on the objectives since the last annual report. Reernttment and appolntment of n•w truslo•s The managemenl of the chanty is the responsibility of the trusle8s who aré 8lect8d and COknOPted by a r8solulion of the trustee8 passed at B SP8Ci81 meeting called under clause K of the Irust d88d. Organlsatlonal structUf• The Truslees and p88tor undertake the day-to4ay runnlThJ of the Church's affairs. REFERENCE AND ADMINISTRATIVE DETAILS R•gi81erod Charfty nurnb•r 1075e61 Prlnclpal address 132 Kingston Road New Malden Surrey KT3 3NO Tru$l• S Y Chol - Human ReSc￿r¢eS J S Seo - Health & Safety Officer Y G Lee- Treasurer Ind•p•nd•nl Examln•r Htcks and Company Charte￿d Accountants Vaughan Chambers Vaughan Road Harp8nden H8rtfordshife AL5 4EE Approvéd by order of the t)oard of Irust8es on .....,..... . . and signed on Its behalf by: S Y Cho5 - Trustee Pagé 2 Inde Cafv inerfs R rusl esof Independent examiner's report to the trusi•es of Calvary Korean Church I report to the charily trustees on my examinatK)n of the accounts of Calvary Korean Church ry)u are responsible for the preparatlon of the accounls in accordance with the requirements of the Charities Acl 2011 {'Ihe Acr). I report in respect of rny examination of the Charity's accounts ¢*ried out under section 145 of Ihe Act and in Car￿ng out my examinalion I have folbowed all applicable Directions gtven by the Charfty Commlsslon under section 145(51(b) of the Act. Indepéndent aximlnerfg Statement I have complel8d my examination. I confirm that no Mate￿al matters have come to my attention in connectlon wilh Ihe 8X8minallon giving me cause to belleve that in any malerial respect: 1. &Gounllng records w8re not kept In r8specl of th8 Charlty as required by sèction 130 of the Act; or 2. Ihe accounts do not accord with those records., or 3. the accounts do nol comply wlth Ihe applicable requirements concèrnlng the form and contenl ol account8 set oul in the Charities (Accounts and Reports> Règulations 2008 other than any requirement that the accounts giv8 a true and falr view whtch Is nol a matter considered as part of an Independenl examinatton: or 4. the account8 have not been prepared in accordance with the methods and principles of the Stal8menl of Recommended Praclice for accounting and reporting by charities (applicable to Charities preparing their account8 in accordance wllh the Financial Repo￿,n9 Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concems and have come across no other mallers in connection with the examinatlon 10 which attention should be drawn in Ihis report In order Io 8nable a proper understanding of the accounts to be rèached. Phili Th• D88 CA e of Chartéred Accountants In England and Wales Hicks and Company Chartered Accountants Vaughan Chambers Vaughan Road Harpenden Hertfordshire AL5 4EE Date:............ Page 3 Korean Chu sktement of Financi for Ih ed 31 Decembef 202 31.12.23 Unfastricted fund 31.12.22 Total funds as restated Notes INCOME AND ENDOWMENTS FROM Donations and legacles 42,188 46,371 EXPENDITURE ON Charltabl• actlvitl•8 Unrastrited 8Clivilie8 56.829 48,426 NET INCOMEI{EXPENDITURE) (14,641) 155) RECOIICILIATION OF FUNDS Total fund• brought forward As prevlously reported Prior year adjustmenl 501.890 110,948) 490,997 AB r••tat•d 490,942 490,997 TOTAL FUNDS CARRED FORWARD 476,301 490,942 The notes form part of these financial statements Page 4 hurch Stalem 1De nl ol Fin ncial Posits'on 31.12.23 Unr•stricled fund 31.12.22 Total funds as restated Notes FIXED ASSETS Tangl￿e assèls 610,915 623,043 CURRENT ASSETS Deblors Cash at bank 7,273 8,686 12,970 13,549 13,959 26,519 CREDITORS Amowjts falh'ng due wilhln one year (38,143) (51,480) NEf CURRENT ASSETS (24,184) {24,961) TOTAL ASSETS LE88 CURRENT LIABILITIES 586.731 598.082 CREDITORS Amthjnts falllng 4Ju6 after more than one year 8 (110,430) (107.140) NET AS8Ers 476,301 490.942 FUNDS Unrestricl8d funds 10 476,301 490,942 TOTAL FUNDS 476,301 490,942 The fina￿la1 slaiemenls were approved by the Boar(l of Trusi8es and authorised for issue on ..1¢E4kn...2o4.. an(1 y￿re signed on its behalf by.. S Y Choi - Trustee The notes fomi part of these flnancial slatements Page S Noles the Finan or the Year En latem 1Dec nt 23 ACCOUNTING POLICIES Basls of praparlng th• financlal statomonts The finanGial statemen15 of the charity, which is a public benefit entity under FRS 102. have been prepared in accordance wilh the Charilies SORP (FRS 102) 'Accounting and Reporting by Charib'es.. Slalement of Recornmended Practice applicable to charities preparing Iheir accounts in accordance th Ihe Financial Repurting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. Financial Reporting Standard 102 The Financ5al Reportlng Standard applicable in Ihe UK and Republic of Ireland, and the Charities Act 2011. The financial slatemen15 have been prepared under the historical cost convention. Going Concern The accounls are prepared on a going concern b85is on the expectallon that creditors falling due within one year will not be rwired lo be paid in the forese8ab18 future. Incorno All income is fecognisgd in the Statement of Flnancial Activities once Ihe charlty has entlllerneni to the fLmds. it IS Probable that the income will be recelved and the amount can be measured reliabty. Income tax recoverable in relation to donation6 received under Grft Aid or deeds of Covenani 18 recognised at the time of Ihe donat￿n. Other income is recognised in Ihe period In whlch it is receivable and to the extenl the goods have been provlded or on completion ol the sepil¢e. Expondlturn LlabHlties are r•¢ognised as exponditure a8 soon as thar• 18 a legal or constructivè obligatlon committing the ¢haftly lo Ihat expendilure, It 1$ Probab￿ Ihat a transfer of economic benefits will be required In 58lllem6nt and the amouni of the obligation con bè m82sured rellably. Exp8ndilure is aGGounted for on an accruals basis and has been classified under headings Ihat aggregate all cost related to the calegory, Where costs cannot be directly attribuled to partlculaf headings they have been all￿ated lo activities on a basis consistenl with th6 us8 ol resources. Cenlral staff ¢osls are allocaled on the basis of limo spent, and lh8 depreciatlon charges alocaled on the portSon of Iho ass￿.8 us8. ChaTllable acllviiles and Governance coBts are costs incurred In the charitls religious and educ81K)nal operations, Including SUPPDrt costs and costs relating to the governance of the charliy apportioned to charitable 8Ctivities. All expenditure is indusive of Irrecoverab￿ VAT. Tanglbf• flx•d as8018 Depreclation is provided al the followlng annual rates in order lo write off each &8set over its esllmaled useful life. Freehold propety- 50 years slrasght line Fixtures and fittings - 3 ￿ar3 straight line Taxatlon The charily is exempt from tax on ils charitable activilies. Fund xcounllng Unreslricted funds can be used in accordance wilh the charitable objeclives al the discrellon of the Iruslees. RestrKled funds can only be used for particular restricted purposes w￿h1n Ihe objects ol the charity. Restrrlions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 6 continued... Note in ial Stat ntin ACCOUNTING POLICIES - contlnued Fund accounting Further explanation of the nature and purpose of each fund Is included In the note5 lo Ihe financial statements. Dgbtors Trade and olher debtors are fecognised at the s8ttlement arnounl after any liade I￿scOunt offered. Prepayment are valued at the amount wepaid nol of any tr8de discounts due. Cash at bank and In hand Cash al bank and in hand includes cash and short-lemi hwly liquid inveslmenls with a short malurity of three months or less Irom the dale ol acquisits'on or openhg of the dèposll or similar account. Flnanclal Instruments Th6 Chanly only has financial 8ssels and financial liabllltles of a kind that qualify as ba8ic financial Instnwnents. 8asic financial instruments are inilially recognised at transactlon v81ué and subsèquently measured at their settlement Val￿ with exceplion ol bank loans which ar8 subsequ8nlly measured al amortAs8d cost durlng the 6ffecliv8 inlerest mettrK)d. TRUSTEES, REMUNERATION AND BENEFITS There were no Irustee5' remuneration or other benefits for the year ended 31 December 2023 nor lor the year ended 31 December 2022. Tru81•8s' •xpens08 Thère were ￿ trustees, expenses pa￿ lor the year 8nded 31 December 2023 nor for Iha year ended 31 Décembèr 2022. COMPARATIVES FOR THE STATEMENT OF FIN￿CIAL ACTIVITIES Unrestricted lund as reslated INCOME AND ENDOWMENTS FROM Donations and legaci8S 46.371 EXPENDITURE ON Charitablo a¢tlvlt1•8 Un￿stri1ed aciivilies 46,426 NET INCOMEI(EXPENDITURE> (55) RECONCILJATION OF FUNDS Total funds broughl fomard 490,997 TOTAL FUNDS CARRIED FORWARD 490.942 Page 7 continued... alva Korean hu Notes lo the Fln rEnd linu 1 December 2023 PRIOR YEAR ADJUSTMENT The prFor year adftuslment of £10.948 relates to gill aid dor>alions in income receiv￿1 ano gifl aid receivable being overstated in the ￿ar ended 31 December 2022. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Totsls COST Al l January 2023 and 31 December 2023 753,087 28,042 781,129 DEPRECIATION Al 1 January 2023 Charge for year 130.044 12,128 28,042 158,086 12.128 At 31 December 2023 142,172 28,042 170,214 NET BOOK VALUE At 31 December 2023 610.915 610.915 At 31 De￿rnber 2022 623,043 623,043 Included In land and buildings is freehold land ai cost £147,043 12022 - £147.043) which is not depreciated. DEBTORS: AMOUNTS FALLING OUE WITHIN ONE YEAR 31.12.23 31.12.22 as restated Gift aid receivable prePa￿nentS and accrued Income 5,372 1.901 11,069 1,901 7,273 12,970 Page 8 continued... Korean hur to th Fin ar I Statem6n - conts'n ed CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 as restated Bank klans and overdrafts (see note 9) Trade creditors Other creth'lors 6.200 15,592 31,942 35,888 38,143 51,480 CREDITORS: AMOLINTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.23 31.12.22 as restated Bank108ns 110,430 107,140 LOANS In 2021 the chadty entered into a loan repayffl8nt with Bardays Bank PLC in Ihe sum of £203.000, which is being repaid over 240 m(Inlhly repayments as a rale of 4.450h aljove 8wc18ys bas• rale pef annum. Thè loan is secured against the land and buildings asset and currently répres6nls 19% (2022 20%) of Ihe value ol the asset ai ￿ar end. 10. MOVEMENT Ihl FUNDS P￿r year adjustment Net movement in funds At 1.1.23 Al 31.12.23 Unr•$trlct•d funds General fund 501,890 {10,948) (14,841) 476.301 TOTAL FUNDS 501,890 (10,948) (14,641) 476,301 Nei movemanl Sn funds, included in ihe above are as fojlows.. Incoming r8source5 Re50ur¢es expended Movement in fund5 Unrnslrlct•d fund4 General fund 42,188 (56.829) {14,641) TOTAL FUNDS 42,188 156,829) 114,641) Page 9 continued... alva nch rch Not t the Fina for the Year End 10. MOVEMENT IN FUNDS * continu•d Comparativas lor mov•m•nl in funds Net movement in funds Al 31.12.22 At 1.1.22 Unrnslrfct•d funds General fund 490,997 155) 490,942 TOTAL FUNDS 490.997 ($5) 490,942 Cornparative net movement in lunds. included in Ihe above are as follows: Incomlng resources Resources expended PAovernent In funda Unr•8trlct•d funds General lund 46,371 146,426) (551 TOTAL FUNDS 46.371 (46,426) {551 A current year 12 monlhs and prlor year 12 months ￿rnbIned position is as follows: Prlor year adjustment Net movement in funds At 1.1.22 31.12.23 Unrostrlcted funds General fund 490,997 (10,948) {14.696) 465,353 TOTAL FUNDS 493,997 (10,948) (14,696) 465,353 A Current year 12 months and prior year 12 monihs combined nei movemont In funds. Included In the al)ove are as foiiow8'. Incoming sources Resources expended Movement in funds Unrestrlcted funds General fund 88.559 <103.255) {14,6961 TOTAL FUNDS 88,559 1103,255) (14,6961 Pa￿ 10 contlnued... alva Korean Church Notes t t in tatem ec -co 11. RELATED PARTY DISCLOSURES There W￿re no related party transactions for the yaar ended 31 December 2023. Page 11 Cafv Korean hurch inancial Aclivi nded 31 December 2 I rlhey 31.12.23 31.12.22 as reslaled INCOME AND ENDOWMENTS Donations and lagacle$ Donations 42,188 46,371 Total Incoming resources 42.188 46,371 EXPENDITURE Charltable aclSvitl•g Wages Premises costs Missions (includes adverlising) Fellowship ndries Depreciatlon of tangible fixed assets Bank int8r8sI 17,467 7,632 3,312 9,827 6,411 4,739 916 20 12,530 6,974 1,028 12,128 11,217 S2,684 41,417 Supp¢rt ¢o$ts Governanca costs Accounlancy including independent ex8mination Exceptional itèms 3,841 304 4.626 383 4,145 5.009 Total reswrces expended 56,829 46.426 Net expgndltur• (14,641) 155) This page does not form part ol the statutory financial statements Page 12