**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: 

1. 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 

3. 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<br>fund<br>Notes<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>5<br>10,716<br>**CURRENT ASSETS**<br>Cash at bank<br>70,901<br>**CREDITORS**<br>Amounts falling due within one year<br>6<br>(1,494)<br>**NET CURRENT ASSETS**<br>69,407<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>80,123<br>**NET ASSETS**<br>80,123<br>**FUNDS**<br>7<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Restricted<br>fund<br>£<br>429,261<br>-<br>-<br>-<br>429,261<br>429,261|31.12.22<br>Total<br>funds<br>£<br>439,977<br>70,901<br>(1,494)<br>69,407<br>509,384<br>509,384<br>80,123<br>429,261<br>509,384|31.12.21<br>Total<br>funds<br>£<br>439,765<br>34,575<br>(2,064)<br>32,511<br>472,276<br>472,276<br>43,015<br>429,261<br>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 -----**<br>
.............................................<br>R Park - Trustee<br>**----- End of picture text -----**<br>


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<br>fund<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>240,372<br>Investment income<br>3<br>**Total**<br>240,375<br>**EXPENDITURE ON**<br>**Charitable activities**<br>Charitable activities<br>211,457<br>**NET INCOME**<br>28,918<br>**Transfers between funds**<br>(108,379)<br>**Net movement in funds**<br>(79,461)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>122,476<br>**TOTAL FUNDS CARRIED FORWARD**<br>43,015|Restricted<br>fund<br>£<br>-<br>-<br>-<br>-<br>-<br>108,379<br>108,379<br>320,882<br>429,261|Total<br>funds<br>£<br>240,372<br>3|
|---|---|---|
|||240,375|
|||211,457|
|||28,918<br>-|
|||28,918<br>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**<br>General fund<br>**Restricted funds**<br>Restricted Income funds<br>**TOTAL FUNDS**|At 1.1.21<br>£<br>122,476<br>320,882<br>443,358|Net<br>movement<br>in funds<br>£<br>28,918<br>-<br>28,918|Transfers<br>between<br>funds<br>£<br>(108,379)<br>108,379<br>-|At<br>31.12.21<br>£<br>43,015<br>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**<br>General fund<br>**Restricted funds**<br>Restricted Income funds<br>**TOTAL FUNDS**|At 1.1.21<br>£<br>122,476<br>320,882<br>443,358|Net<br>movement<br>in funds<br>£<br>66,026<br>-<br>66,026|Transfers<br>between<br>funds<br>£<br>(108,379)<br>108,379<br>-|At<br>31.12.22<br>£<br>80,123<br>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**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>528,037<br>528,037|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(462,011)<br>66,026<br>(462,011)<br>66,026|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(462,011)<br>66,026<br>(462,011)<br>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|||