REGISTERED CHARITY NUMBER: 1075861 of Hicks and Company Chartered Accnuntants Vaughan Chambers Vaugh8n Road Harpenden Hertfordshire AL5 4EE Iv Ko nt oft Fin Page Report of the Trustees Independent Examinerfs Report Statemeni of Financial Activities Statement of Financial Position Notes to the Financial Stalements 6 to 11 Detailed Statement of Financial Activities 12 The tnjstees present their report with the financial statements of the charity for the yeaf ended 31 December 2024. The trustees have adopted the provisicffls of Accounting and Reports'ng by Charities.. Stslement of Recommended Praclice applicable lo charities preparing their acu)unls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITES Oblectlv•8 and alms The principle objective of the charity is to advance the Christian faith and the worship of God in particular for Korean nallonals in England and Wales. Including the provision of church seFvices and Christian counselling and the support of Chrislian missions in developing countn'es as well as the identified needs wilhin thè community. In setting oblectives and plannlng for actiwties, the trustees have given due consideralSon to general guidance published by the Charlty Commission relating to publlc benefit. induding the guidance 'Public benefit: running a tharity (P82)'. How our Actlvltlés dellv•r Publlc bènefit There are services held on every Wednesday, Saturday and Sunday. and the congregati¢)n has various group meetings every Tuesd8y and Friday. In addition, regular support is provided to missionaries who have organised to follow the footsteps of Jesus Chrisi and the resuli of misslonary activlties is regularly shared for congregation's awareness and future support, The church premlses have also been offered for comrnunty activities as well as educational conferences, whlch are organlsed by the ￿UnCIl or exlemal meetings for the local 4ay nJnning of the Church's affairs. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Chartty numb•r 1075861 Prln¢lpal addr•ss 132 Kingston Road New Maldon Surrey Kf3 3ND Trustses S Y Choi - Human Resources J S Seo - Heatth & Safety Officer Y G Lee - Treasurer Ind•p•ndent Examln•r Hicks and Company Chartered Accountants Vaughan Chambers Vaughan Road Harpenden Hertfordshire AL5 4EE Approved by order of the board of trustees on .. . and signed on its behall by; Sychoi rustee Page 2 In nt minef R hu Independent examlnerfs r•port to the trustses of Calvary Korean Church I report to the charity trustees on my examination of the accounts of Calvary Korean Church (the Charity) for the year ended 31 December 2024. Responslbllltles and basls of report As the charty Irustees of Ihe Charity you are responsible for Ihe preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Yhe Act,). I report in respect of my examinats'on of the Charitys accounts carried out under section 145 of the Act and in carying out my examinats'on I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Ind•pendent examln•rfs 8tal•mont I have completed my examination. I confimi that no material matters have come to my attenti￿ in connection with the examination giving rne cause to believe that in any material respect.. 1. accounting re￿rdS were not kept In respect of the Charity as required by sects'on 130 of the Act; or 2. Ihe accounts do not accord with those recor(Is' or 3. the accounts do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities IAcLounts and Reports) Regulations 2008 other than any requirement that the 8ccounts give a true and falr view which is noi a matter considered as part of an independent examination; or 4. the account5 have not been prepared in accordance with the methods and principles of the Statement of Rea)mmended Practice for accounting and reporting by charities (applicable to charities preparing thelr accounts in 8ccordancA wilh the Financial Reporting Standard appllGable in the UK and Republic of Ireland (FRS 102)). I have no concems and have come across no other rnatters in connection with the examination to which attention shoukl b8 drawn in this report in order to enable a proper understanding of the accounts to be reached. I'z /1 Philip The Institute of Chartered Accountants in England and Wales Hicks and Company Chartered Accountants Vaughan Charnbers Vaughan Road Harpenden Hertford5hire AL5 4EE Date: . Page 3 Iva tem nt of Fin forth Y rE ncial Activiti r20 31.12.24 Unr¢strlcted fund 31.12.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 55,837 42,188 Investment income 63 Total 55,900 42,188 EXPENDITURE ON Charltabl• •ctlvltl•8 Unrestrited ath'vilies 53,582 56,829 NET INCOMEI(EXPENDrruRE) 2,318 (14.641) RECONCILIATION OF FUNDS Total funds brought forward 476,301 490,942 TOTAL FUNDS CARRIED FORWARD 478,619 476,301 The notes fom part of these financbal stalemenls Page 4 Calva tat nt fFin 31.12.24 Unre$trlct•d lund 31.12.23 Total funds Notes FIXED ASSETS Tangible assets 610,915 598,787 CURRENT ASSETS Debtors Cash at bank 10,719 18,024 7,273 6,686 28,743 13,959 CREDrfoRS ounts falling due within one year (38,143) <38.143) NET CURRENT ASSETS (9,400) (24.1841 TOTAL ASSETS LESS CURRENT LIABILITIES 589,387 586,731 CREDrroRS Amounts falling due aftef more than one year 9 (110,768) (110,430) NET ASSETS 478.619 476.301 FUNDS Unrestricted funds 11 478,619 476,301 476,301 TOTAL FUNDS 478,619 The financial Statements were approved by the 8oard of Trusiees and authorised for Issue on 3, th4j..2rt￿r. ..,. and were swJned on Its behalf by.. Cho - Truslee The notes form part of these financial statements Page 5 an for the Year Ended 31 Dec mber 2 ACCOUNTING POLICIES Basls of preparlng Ihe fln•nclal $tstement8 The financial 518ternents ol the charity. which is a public benefft entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities: Statemenl of Recommended PracticA applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 The Financial R8porting Stsndard applicable in the UK and Republic of Ireland, and the Charities Act 2011 , The financial statements have been prepared under Ihe historical cost convents'on. Golng Con¢•rn The accounts are prepared on a going concem basis on the expect8Uon that a proportion of other creditors faHing due wilhin one year will not be required to be paid in the foreseeable future. Incom• All income is recognised in the Statement of Finand81 Aclivities once the charity has entitlemenl to Ihe fvnds, it is probable that the income will be received and the amount Gan be measured reliably. Income tax recoverabl8 in relation to donations received under Gift Aid or d•eds of covenanl is recognised at the time of the donation. Other income is recognlsed in the period In which it is receNable and to the extent the goods have been Provided or on completion of the service. Expendlture Liabillts'es are recognised as expenditure as soon as there is a legal or Constru￿Ve obligation committing the charity to that expenditure, it is probable ihat a transfer of economic benefils will be required in settlement and the arnount of the obligation can b8 measured reliably. Expenditure is accounted for on an accruals basis and has been classrfied under headings that aggregate all cost related to thè category. Where costs cannot be directty attributed to particular headings they have been allocated io activities on a basis consistenl with the use of resources. Central staff costs are allocated on the basis of ts'me spent, and the depr8ciats.on charges allocated on the portion ol tho asset's use. Charitable 8clivities and Governance costs are costs incurred in the charity's religious and educational operatlons, induding support ¢￿St8 and costs relating to the governance of the charity apportioned to tharitable activities. All expenditure is inclusive of irrecoverable VAT. Tanglble fixed as8o1$ Depreciatson is provided at the following annual rates in order to wrlte off each asset over its estimated useftjl life. Freehold property - 50 years straight line Fixiures and fittings - 3 years stralght line Taxatlon The charity is exempi from tax on its charitable aclivilies. Fund accountlng Unrestricted funds Gan be used in accordance with the charitable objectives at the discrelion of the trustees. Restricted funds can only be used for particular restricted purposes within the oty'ects of the charity. Restrictions arise speGified by the donor LX when funds are raised for particular restricled purposes. Page 6 continued... tatem nts- December nlin Ye ACCOUNTING POLICIES . ¢ontlnued Fund accountlng Further explanation of the nature and purpose of aach funcl is included in the notes to the financi81 statements. D•btorn Trade and other debtors are recognised at the settlement amount after any trade discnunt offered. Pr8payrnent are valued at the amouni prepaid net of any trade discounts due. Cash 4t bank and In hand Cash at bank and in hand indudes cash and short-temi hlghly liquid investments wilh a short maturity of three months or less from the date of acquisilbon or opening of Ihe deposit or similar account. Flnanclal Instrum•nts The Charity only has fir)anclal assets and financial liabilities of a klnd that qualfy as basic financial instruments. Baslc financi81 Instruments Bre inits'ally recognlsed al transaction value and subsequenlly measured at their settlement value with the exceptlon of bank loans which are subsequently measured at amortised cost during the effective interest method. INVESTMENT INCOME 31.12.24 31.12.23 Inlerest receivable 63 TRUSTEES. REMUNERATION AND 8ENEFITS There were no trustees, remuneration or olher benefits for the year ended 31 Oecember 2024 nor for Ihe year ended 31 December 2023. Truste•s' exp•n••J There were Irustee8' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donatj'ons and legacAes 42,188 EXPENDITURE ON Charltable acllvitles Unrestrited aclivilies 56,829 NET INCOMEI{EXPENDrruRE) (14.641) Page 7 continued... Notes to the Finan 'al Statements - co for the Year Ended 31 December 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTNITIES • continued Unrestricted fund RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjustment 501,890 (10,948) As regt•tsd 490,942 TOTAL FUNDS CARRIED FORWARD 476,301 PRIOR YEAR ADJUSTMENT In th8 financial statements for the year ended 31 December 2023, there was a prior year adjustrnent of £10,948 which related to gifl donations in Income received and glft aid receivable in debtors being overstated in the year ended 31 December 2022, TANGIBLE FIXED ASSETS Fixtures and fittings F￿ehOld propety Totals COST At 1 January 2024 and 31 December 2024 753,087 28,042 781,129 DEPRECIATION At 1 January 2024 Charge for year 142,172 12,128 28,042 170,214 12,128 At 31 December 2024 154,300 28,042 182.342 NET BOOK VALUE At 31 December 2024 598,787 598,787 At 310ecember 2023 610,915 610,915 Included in land and buildings is freehold land al Cost £147,043 (2023 - £147.043) wttich Is nol depreciated. Page 8 continued... Iv in rEn nci ntin DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Gift aid recelvable Prepayments and 8ccrued income 8,818 1,901 5,372 1.901 10,719 7,273 CREDITORS: AMOUNTS FALLING DUE ￿THIN ONE YEAR 31.12.24 31.12.23 Bank loans and overdrafts (see note 10) Trade creditors Other creditors 6,200 6,200 31.942 31,942 38,143 38,143 CREDrroRS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.24 31.12,23 Bank loans 110,768 110,430 10. LOANS In 2021 the charty entered into a loan arrangement wllh Barclays Bank PLC in the sum 01 £203.DDO. which is being repaid over 240 monthly repayments as a rate of 4.45•/0 above Barclays base rate per annurn. The loan is secured against the land and buildings asset and currently represents 20% (2023 19Yo) of the value ol the asset ai year end. To improve the church's cash postilion, the tnjstees decided to take a rnortgage repaymenl holiday during the year ended 31 December 2024. 11. MOVEMENT IN FUNDS Nel movement in funds At 31.12.24 Al1.1.24 Unre8trlGted funds General fijnd 476.301 2,318 478,619 TOTAL FUNDS 476,301 2,318 478,619 Net movement in funds, induded in the above are as follows.. Incoming resources Resources expended Movemenl in funds Unrestricted fvnds General fund 55,900 (53,562) 2,318 TOTAL FUNDS 55,900 (53,582) 2,318 Page 9 continued... alv te ntin d31 mber 2 11. MOVEMENT IN FUNDS * contlnued Comparatlves for movemont In lunds Prior year adjustsnent Net movement in funds At 31.12.23 At1.1,23 Unrostrlcted funds Genefal fund 501,890 (10,948) (14.641 } 476,301 TOTAL FUNDS 501,890 (10,948) (14,641) 476,301 Comparative nel movement in funds, induded in Ihe above are as follows.. Incomlng resources Resources expended Movernenl in fvnds Unrestrlcted fund• General fvnd 42,188 156,8291 114,6411 TOTAL FUNDS 42,188 {S6,829) (14,641) A current year 12 rnonths and prior year 12 months combined posltion is as follows.. Prior Net year movement adjusiment in funds At 31,12.24 At1.1.23 Unrnstrlct•d funds General fund 501,890 {10,948) {12,323) 478,619 TOTAL FUNDS $01,890 {10,948) (12,323) 478,619 A current year 12 monlhs and prior y8af 12 months combined net movernenl in funds, included in the 8bove are as follows.. Incomlng resources Resources expended Movemenl in funds Unr•strfcted funds General fund 98,088 (110,411) {12,323) TOTAL FUNDS 98,088 1110,411) {12,323) Page 10 continued.., Fin ials nded 31 men - conti 12. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 December 2024. Page11