REGISTERED CHARITY NUMBER: 1108135
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
THE HANBEET KOREN PRESBYTERIAN CHURCH
Lee & Capital Partners Ltd Chartered Certified Accountants 25 South Lane New Malden Surrey KT3 5HU
THE HANBEET KOREN PRESBYTERIAN CHURCH
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
THE HANBEET KOREN PRESBYTERIAN CHURCH
Report of the Trustees
for the Year Ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To worship God within the Presbyterian faith.
To develop religious eduction for Korean speaking congregation in and around London. To provide a help network for underprivileged Koreans in the UK. To support Korean community projects in the UK, Europe and Korea. To provide financial support for overseas Christian missions.
Significant activities
Provision of biannually financial support for overseas Christian mission in Europe, Korea, China and Africa. Organizing religious education
Delivery of financial aid and scholarships to underprivileged Koreans in the UK and Korea
Public benefit
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims; that are for the public benefit. The Trustees confirms that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
FINANCIAL REVIEW
Financial position
The results for the financial period are set out in the statement of Financial activities.
Overall the charity income totalling £287,662 (2021: £240,375) with expenditure on charitable activities (including other costs) £250,554 (2020:£211,457 ), resulting in a net surplus as at 31 December 2022 of £37,108 (2021:£28,918)
Total funds as at 31 December 2022 are £509,384 (2021: £472,276)
Reserves policy
The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objective even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, constitution.
Risk management
The trustees have a duty to identify and review the risks to which the charitycharity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1108135
Principal address
122 London Road Kingston Upon Thames Surrey KT2 6QJ
Page 1
THE HANBEET KOREN PRESBYTERIAN CHURCH
Report of the Trustees
for the Year Ended 31 December 2022
Trustees
J H Do Trustee (resigned 20.11.22) S K Ahn Trustee (resigned 20.11.22) D H Kim Trustee (resigned 20.11.22) J Y Lee Trustee (appointed 20.11.22) Y Chung Trustee (appointed 20.11.22) T Kim (appointed 20.11.22) R Park Trustee (appointed 20.11.22)
Independent Examiner
Byung Hun Lee FCCA Lee & Capital Partners Ltd Chartered Certified Accountants 25 South Lane New Malden Surrey KT3 5HU Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... J Y Lee - Trustee
Page 2
Independent Examiner's Report to the Trustees of THE HANBEET KOREN PRESBYTERIAN CHURCH
Independent examiner's report to the trustees of THE HANBEET KOREN PRESBYTERIAN CHURCH
I report to the charity trustees on my examination of the accounts of THE HANBEET KOREN PRESBYTERIAN CHURCH (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation 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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements 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 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.
Byung Hun Lee FCCA
Lee & Capital Partners Ltd Chartered Certified Accountants 25 South Lane New Malden Surrey KT3 5HU Date: .............................................
Page 3
| THE HANBEET KOREN PRESBYTERIAN CHURCH | THE HANBEET KOREN PRESBYTERIAN CHURCH | |||||
|---|---|---|---|---|---|---|
| Statement of Financial Activities | ||||||
| for the Year Ended 31 December | 2022 | |||||
| 31.12.22 | 31.12.21 | |||||
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies | 287,641 | - | 287,641 | 240,372 | ||
| Investment income | 2 | 21 | - | 21 | 3 | |
| Total | 287,662 | - | 287,662 | 240,375 | ||
| EXPENDITURE ON | ||||||
| Charitable activities | ||||||
| Charitable activities | 250,554 | - | 250,554 | 211,457 | ||
| NET INCOME | 37,108 | - | 37,108 | 28,918 | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 43,015 | 429,261 | 472,276 | 443,358 | ||
| TOTAL FUNDS CARRIED FORWARD | 80,123 | 429,261 | 509,384 | 472,276 | ||
| The notes form part of these | financial | statements | ||||
| Page 4 |
THE HANBEET KOREN PRESBYTERIAN CHURCH
Balance Sheet
31 December 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 10,716 CURRENT ASSETS Cash at bank 70,901 CREDITORS Amounts falling due within one year 6 (1,494) NET CURRENT ASSETS 69,407 TOTAL ASSETS LESS CURRENT LIABILITIES 80,123 NET ASSETS 80,123 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 429,261 - - - 429,261 429,261 |
31.12.22 Total funds £ 439,977 70,901 (1,494) 69,407 509,384 509,384 80,123 429,261 509,384 |
31.12.21 Total funds £ 439,765 34,575 (2,064) 32,511 472,276 472,276 43,015 429,261 472,276 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
----- Start of picture text -----
.............................................
R Park - Trustee
----- End of picture text -----
The notes form part of these financial statements
Page 5
THE HANBEET KOREN PRESBYTERIAN CHURCH
Notes to the Financial Statements
for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvement to property: 25% on reducing balance basis Plant & machinery: 25% on reducing balance basis Fixtures and fittings: 25% on reducing balance basis
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 6
THE HANBEET KOREN PRESBYTERIAN CHURCH
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Deposit account interest | 21 | 3 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 240,372 Investment income 3 Total 240,375 EXPENDITURE ON Charitable activities Charitable activities 211,457 NET INCOME 28,918 Transfers between funds (108,379) Net movement in funds (79,461) RECONCILIATION OF FUNDS Total funds brought forward 122,476 TOTAL FUNDS CARRIED FORWARD 43,015 |
Restricted fund £ - - - - - 108,379 108,379 320,882 429,261 |
Total funds £ 240,372 3 |
|---|---|---|
| 240,375 | ||
| 211,457 | ||
| 28,918 - |
||
| 28,918 443,358 |
||
| 472,276 |
continued...
Page 7
| THE HANBEET KOREN PRESBYTERIAN | THE HANBEET KOREN PRESBYTERIAN | CHURCH | |||||
|---|---|---|---|---|---|---|---|
| Notes to the Financial Statements-continued | |||||||
| for the Year Ended 31 December 2022 | |||||||
| 5. | TANGIBLE FIXED ASSETS | ||||||
| Improvements | Fixtures | ||||||
| Freehold | to | Plant and | and | ||||
| property | property | machinery | fittings | Totals | |||
| £ | £ | £ | £ | £ | |||
| COST | |||||||
| At 1 January 2022 | 429,261 | 113,927 | 22,757 | 43,982 | 609,927 | ||
| Additions | - | - | 3,784 | - | 3,784 | ||
| At 31 December 2022 | 429,261 | 113,927 | 26,541 | 43,982 | 613,711 | ||
| DEPRECIATION | |||||||
| At 1 January 2022 | - | 107,512 | 19,825 | 42,825 | 170,162 | ||
| Charge for year | - | 1,604 | 1,679 | 289 | 3,572 | ||
| At 31 December 2022 | - | 109,116 | 21,504 | 43,114 | 173,734 | ||
| NET BOOK VALUE | |||||||
| At 31 December 2022 | 429,261 | 4,811 | 5,037 | 868 | 439,977 | ||
| At 31 December 2021 | 429,261 | 6,415 | 2,932 | 1,157 | 439,765 | ||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||
| 31.12.22 | 31.12.21 | ||||||
| £ | £ | ||||||
| Other creditors | 1,494 | 2,064 | |||||
| 7. | MOVEMENT IN FUNDS | ||||||
| Net | |||||||
| movement | At | ||||||
| At 1.1.22 | in funds | 31.12.22 | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 43,015 | 37,108 | 80,123 | ||||
| Restricted funds | |||||||
| Restricted Income funds | 429,261 | - | 429,261 | ||||
| TOTAL FUNDS | 472,276 | 37,108 | 509,384 | ||||
| Net movement in funds, included in the above are as follows: | |||||||
| Incoming | Resources | Movement | |||||
| resources | expended | in funds | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 287,662 | (250,554) | 37,108 | ||||
| TOTAL FUNDS | 287,662 | (250,554) | 37,108 |
continued...
Page 8
THE HANBEET KOREN PRESBYTERIAN CHURCH
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Restricted Income funds TOTAL FUNDS |
At 1.1.21 £ 122,476 320,882 443,358 |
Net movement in funds £ 28,918 - 28,918 |
Transfers between funds £ (108,379) 108,379 - |
At 31.12.21 £ 43,015 429,261 |
|---|---|---|---|---|
| 472,276 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 240,375 | (211,457) | 28,918 |
| TOTAL FUNDS | 240,375 | (211,457) | 28,918 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted Income funds TOTAL FUNDS |
At 1.1.21 £ 122,476 320,882 443,358 |
Net movement in funds £ 66,026 - 66,026 |
Transfers between funds £ (108,379) 108,379 - |
At 31.12.22 £ 80,123 429,261 |
|---|---|---|---|---|
| 509,384 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 528,037 528,037 |
Resources Movement expended in funds £ £ (462,011) 66,026 (462,011) 66,026 |
Resources Movement expended in funds £ £ (462,011) 66,026 (462,011) 66,026 |
|---|---|---|---|
| 66,026 |
continued...
Page 9
THE HANBEET KOREN PRESBYTERIAN CHURCH
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 10
| THE HANBEET KOREN PRESBYTERIAN CHURCH | THE HANBEET KOREN PRESBYTERIAN CHURCH | ||
|---|---|---|---|
| Detailed Statement of Financial Activities | |||
| for the Year Ended 31 December 2022 | |||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 256,247 | 211,749 | |
| Gift aid | 31,394 | 28,623 | |
| 287,641 | 240,372 | ||
| Investment income | |||
| Deposit account interest | 21 | 3 | |
| Total incoming resources | 287,662 | 240,375 | |
| EXPENDITURE | |||
| Charitable activities | |||
| Wages | 111,491 | 119,845 | |
| Employer Nic | 5,523 | 7,592 | |
| Pensions | 1,321 | 3,688 | |
| Church rent & running cost | 16,072 | 13,531 | |
| Insurance | 2,959 | 2,701 | |
| Mission support | 28,528 | 28,466 | |
| Education | 27,694 | 3,312 | |
| Scholarship | 2,700 | 6,221 | |
| Speakers | 7,515 | 500 | |
| Catering and event | 5,755 | 3,210 | |
| Books and training support | 3,657 | 848 | |
| Condolence | 1,760 | 1,402 | |
| Advert | 1,305 | 260 | |
| Printing, postage & stationery | 3,417 | 4,505 | |
| Computer cost | 482 | 647 | |
| Telephone & internet | 994 | 908 | |
| Subscription | 795 | 300 | |
| Motor & travel expenses | 3,496 | 4,064 | |
| Gift | 5,634 | 700 | |
| Staff-relocation | 12,626 | - | |
| Sundry expenses | 801 | 457 | |
| Bank charges | 721 | 1,490 | |
| Improvements to property | 1,604 | 2,139 | |
| Plant and machinery | 1,679 | 978 | |
| Fixtures and fittings | 289 | 386 | |
| Mortgage | - | 1,243 | |
| 248,818 | 209,393 | ||
| Support costs | |||
| Governance costs | |||
| Accountancy and legal fees | 1,736 | 2,064 | |
| Total resources expended | 250,554 | 211,457 | |
| Net income | 37,108 | 28,918 | |
| This page does not form part of the statutory financial statements | |||
| Page 11 |