REGISTERED CHARITY NUMBER: 1108135 of the Trustees arwj tements ft>r the Year r 2024 THE HANBE KOREN PRESBYfERIAN Lee & Capital Pathers Ltd Chartered Certified AccountarTts 30 Groveland Way N&•V Malden Surrey KT3 5BT
Contents of the Financial Ststements for the Year Ended 31 Decelllber 2024 Page ReFK)rt of the Trustse5 1 to 2 Independent Examinerfs ReTX)rt Statsment of Financial Activitses Balan Sheet Notss to the Financial Slaternents 6 to 10 Detslted Statement of Financial Activibes 11
NPRE rt of Ihe Trusie f r the Year Ended 31 December ?0?4 The trustees present their report Yth the financial statements of the charity for tha year ended 31 Decembèr 2024. The trustees have adopted the provisions of Accounting and ReFK)rting by Charities: Statement of Recommended Practicè applicxble to charities preparing their acwunts in accordance Vth the Finartial Raportrng Stsndard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191. OBJECTIVES AND ACnWTIES Objectives and alms To worship God wthin the Presbyterian faith. To develop religious eduction for Korean speaknng congregation in arKI around LorKlon. To provide a help network for underprivileged Koreans in the UK. To support Korean communty projects in the UK, Europe and Korea. Ta provide finanaal support for OVeeaS Christian mis&ons. Significant activities Provision of biannually financial support for overseas Christian missKm in Euro. Korea. China and Africa. Organizing religious education Delivery of finanaal aid and scholarships to underpriveged Koreans in the UK and Korea Public benefit The charity acknowledges its requirement to demonstrate cleaty that ik must have charitable purposes or aims" that are for the public benefft. The Trustees cOnfiS that they have paid due regard to the Charity Comfflission guidan 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 Finala] axivilies. Overall the charity income totalling £307,972 12023: £300,472) with expenditure on charitable acbwties {induding other costs) £321,118 12023.'£288,299}. resulting in a net outw'ng as al 31 Dmber 2024 of £13.146 {2023'.£12,173 surplus) Total funds as at 31 December 2024 are £508.411 {2023:£521.557} Reserves policy The trustees have considered the level of reseThes they wish to retain, appropriate to the charivs 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 rf therE is a temporary shortfall in income or unexpecied expenditure. The trustees will endeavour not to set aside funds unne(xsarily. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document, ¢xnstitutson. Risk management The trustees have a duty to identify and review the risks to which the tharitycharity 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 I
THE HANBEET KOREN PRESBYtERIAN CH Re rt of the Trusiees for the Year Ended 31 December 2024 Trustees J Y Lee Trustee Y Chung Trustee T Kim (regned 23.6.24) R Park Trustee S B Lim Trustee (appointed 23.6.24} Independent Examiner Byung Hun Lee FCCA Lee & Capital Partners Ltd Chartered Cartified Accountants 30 Grovdand Way New Malden Suffey KT3 5BT Approved by order of the board of trustees on 20 Odober 2025 and svJned on its behalf by: J Y Lee - Trustee Pa%e 2
Ind endent Examtnevs R rt to the Trustees of THE HANBEET KOREN PRESB YTERJAN CHURCH Independent examlnerf8 report to the trustees of THE HANBEET KOREN PRESBYfERIAN CHURCH I raport to the chartty trustees on my examination of tha accounts of THE HANBEEf KOREN PRES8ERlAN CHURCH {the Trust) for the year ended 31 December 2024. Responsibilltles and basis of report As the charity trustees of the Trust you are reSp(s)le for the preparation of the accounts in accordance wth the requirements of the Charities Act 2011 (Ihe Acri. I report in respect of my examination of the Trusys accounts Caled out under Section 145 of the Act and in carying out my examination I have followed all applicable Directions given by the Charity Commission under Section 1495Xb) of the ACL Independent examinerfs statement Since your charity's gross income exceeded £250,(K)O your examiner must be a member of a listed body. I can confimi that I am qualified to undertake the examination because l am a member of the Associalion of Chartered Certnled Accountants, which is one of tre listed bodies. I have completed my examination. I confim that no material matters have come to my attention in connection with the examination gVIng m8 cause to believe that in any material respect accounting records were not kept in rew of Trust as required by Section 130 of the Act. or the accounts do not accord wth those Cords., or the accounts do not comply wtth the applicable requirements con¢%ming the fomi and content of accounts s8t out in the Charities (Accounts and Reports) Regulations 2008 other than any requirem8nt that the acLounts 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 wilh th8 examination to which attention shoukl be drawn in this report in order to enable a proper understandiThJ of the accounts to be reached. Byung Hun Lee FCCA Lee & Capital Partners Ltd Chartered Cerbfied AcGountsnts 30 Groveland Way New Malden Surrey KT3 5BT 20 October 2025 Page 3
THE HANBEEf KOREN PRE Statement of Financial Activitias f r the Year Ended 31 December ?0?4 31.12.24 Total 31.12.23 Unrestricted Restri¢t&l fimds INCOME AND ENDOWMENTS FROM Donations and lege8 307.670 307,670 300,234 Investment Inc 302 238 Total 307.972 307,972 300,472 EXPENDITURE ON Charitable activlties Charitable activibes 321,118 321.118 288.299 NET INCOMEI(EXPENDrruRE) {13.146) {13.146) 12,173 RECONCIUATION OF FUNDS Total funds brought fOard 2296 429261 521.557 509.384 TOTAL FUNDS CARRIED FORWARD 79,150 429,261 508,411 521,557 The notas forni part ofthese financial statements Page 4
THE HANBEEf KOREN PRESB YfERIAN CHURCH Balance Sheet 31 Decembet 2024 31.12.24 Total funds 31.12.23 Unrestricted fund Restricted fund funds FIXED ASSETS Tangible assets 26.027 429261 455,288 451,563 CURRENT ASSETS Cash at bank and in hand 56,587 56,587 87,568 CREDITORS Amounts falling due within one year (3,464) {3,464) {17,574) NET CURRENT ASSETS 53.123 53.123 69,994 TOTAL ASSETS LESS CURREKf UABILMES 79.150 429.261 508.411 521.557 NET ASSETS 79,150 429.261 508,411 521.557 FUNDS Unrestricted funds Restiicted funds 79,150 429.261 92.296 429.261 TOTAL FUNDS 508.411 521,557 The financrdl statements were approved by the Board of Trustees and auihorised for issue on 20 October 2025 and were signed on its behalf by: R Parf(- TNstee The no forni part of these financial statements Page 5
THE HANBEEf KOREN PRESBYTERIAN CHURCH Notes to the Financial Statements for the Year Ended 31 Decenlber 2024 ACCOUNTING POUCIES Basls of prèparing the flnancial ststem The financial statements of the charity, vthich is a public benefft entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'AccountiTrJ and Reporting by Charities.. Statement of Recommended Practice appli(%ble to charibes preparing their aco)unts in accordance with the Finanaal Reporting Stsndard applicable in the UK and Reput4ic of Ireland (FRS 102) {effective 1 January 2019),, Financial Reporting Stsndard 102 'The Financial Rewrting Standard appliL8ble in the UK and Republic of Ireland, and the Charities Act 2011. The financhgl statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Actsvttres On the charity has entitkement to the funds. it is probable that the income will be received and the amount tn be measured reliab. Expenditure Liabilities are rec(onised as expenditure as scrf)n as there is a legal or consinjctive obligation commitbng the charity to that expendilure, it is probable that a transfer of economic beneffts 11 be required in settlement and the amount af the obligation can be rneasured reliabty. Expendthre is ac(x)unted for on an accruaLs basis and has been clas&fied under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to partilar headings they have been allocated to aclivilies on a basis consistent wilh the use of resources. Tangible fixed awts Depreciation is prowded at the frjllowing annual rates in order to write off each asset over its estimated useful life. Improvern8nt to propety: 25Vo on r&Jucing balan basis Plant & machinery: 25 % on reducing balance basis Fixtures and ffittings." 25% on reducing balance basis Taxatlon The charity is exempt from tax on tts tharitable aL#]ve$. Fund accounting Unrestricted funds can be used in aCCoance wth the charitable objectives at the discretion of the trustees. Restrict8d funds can only be used for particular restricted purposes vrithin 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 purp)se of each fund is wicluded in the notes to the financial ststements. Hire purchase and leasing commitments Rentsls paid under operating leases are charg&J to the Statement of Financial Activittes on a straight line basis over the period of the lease. Pension costs and other post-relirement benefits The charity operates a defined contiibution pen&on scheme. Conlr*Julions payable to the charitys pensK)n scheme a charged to the Statement of Finanoal Activities in the period to which they relate. Page 6 con1lnu..
THE HANBEET KOREN PRESB YfERL4N CHURCH Notes to the Financial Statements- continued for the Year Ended 31 December 2024 INVESTMEpif INCOME 31.12.24 31.12.23 Deposit accx)unt irrterest 302 238 TRUSTEES, REMUNERATION AND BENEFITS There were no tnjstees. remuneration or other beneffts for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 tknember 2024 nor for the year ended 31 Dernber2o23. STAFF COSTS The average [nOnth number of employees during the year was as foll(yNs: 31.12.24 31.12.23 Pastor Staff No ernployees received emoluments in excess of £60,0(M). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTNMES Unrtstricted fimd Restricted fid Total funts INCOME AND ENDOWMENTS FROM Donations and legaues 300.234 300,234 Investment income 238 238 Total 300.472 300.472 EXPENDITURE ON Charitable activttie5 Charitsble actiwties 288.293 288.299 NET INCOME 12.173 12,173 RECONCILIATION OF FUNDS Totsl funds brought foD4vard 80,123 429,261 509.384 TOTAL FUNDS CARRIED FORWARD 92,296 429,261 521.557 Page 7 continued..
THE HANBEET KOREN PRESBYTERIAN CHURCH Notes to the Financial Statements - continued for the Year Ended 31 December 2024 TANGIBLE FIXED ASSETS Improvements to property Freehold propety Plant and machinery COST At 1 January 2024 Additions 429.261 113,927 28,067 9,971 At 31 Dmber 2024 429,261 113,927 38.038 DEPRECIATION At 1 January 2024 Charge faryear 110.319 902 23.145 3,723 At 31 Drnber 2024 111.221 26,868 NET BOOK VALUE At 31 December 2024 429.261 2.706 11,170 At 31 Dember 2023 429,261 3.608 4,922 FixtUTes Motor vehicle5 fittings Totals COST At 1 January 2024 Additions 43,982 2.429 17.495 632.732 12,400 At 31 December 2024 46,411 17,495 645.132 DEPRECIATION At 1 January 2024 Charge for year 43.331 4,374 3,280 181.169 8.675 At 310ec8mber 2024 44,101 7,654 189.844 NET BOOK VALUE At 31 December 2024 2,310 9,841 455,288 At 31 t)ecember 2023 651 13,121 451,563 Page 8 continued...
THE HANBEET KOiiEN PRESBYtERIAN CHURCH Notes to the Financial Sthiements - continued for the Year Ended 31 December 2024 CREDITORS: AMOUNTS FALUNG DUE THIN ONE YEAR 31.12.24 31.12.23 Other creditors 17,574 MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 92.296 (13.146) 79.150 Restrlcted funds Restricted Income funds 429.261 429,261 TOTAL FUNDS 521,557 (13,146) 508.411 Net movement in funds, included in the above are as follows: Incoming Resources Movement in funds Unrestrlcted funds General fvnd 307.972 (321,118) (13.1461 TOTAL FUNDS 307.972 (321,118) (13.146) Comparatives for nK•vement in fund5 Net movement in fimds At 31.12.23 At 1.1.23 Unrestricted funds General fund 80,123 12,173 92,296 Restrlcted funds Restricted Income funds 429.261 429.261 TOTAL FUNDS )9,384 12,173 521.557 Page 9 continueiL..
THE HANBEET KOREN PRESB YTERIAN CHURCH Notes lo the Financial Statements- continued for the Year Ended 31 December 2024 MOVEMEKf IN FUNDS- continued Comparative net movement in funds. included in the above are as folk)ws: Incorning resources Resources expended Movement in funds Unrestricted funds General fund XJ.472 (288,299) 12,173 TOTAL FUNDS 300,472 (288,299) 12,173 A current year 12 months and prior year 12 months Cnbned p0SOn is as foll(Ms: Net movement in fijnds At 31.12.24 At 1.1.23 Unrestricted funds General fund 80.123 (973) 79.150 Restricted funds Restricted Income fijnds 429,261 429,261 TOTAL FUNDS (973) 508,411 A cuffent year 12 months and prior year 12 mthS combined net movement in fvnds, included in the above afe as follows.. Incoming Resources expended Movement in funds Unrestricted funds General fund 608.444 (609,417) (973) TOTAL FUNDS 608,444 (609,417) (973) RELATED PARTY DISCLOSURES There wera no related paty transactions for the year ended 31 Decemt*r 2024. Page 10
THE HANBEET KOREN PRESBYTERIAN CHURCH Detailed Staternent of Financial Activtties for the Year Ended 31 December 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Donatlons and legacl8s Donations Giftaid 268,576 39,094 261.007 39,227 307,670 300,234 Investment Income DetK)Sit account interest 302 238 Total incomin9 resources 307,972 300,472 EXPENDITURE Charitable activities Wages Employer Nic Pensions Church rent & njnning cosi Insurance Mission supwrt Education Scholarship Speakers Catering and event Books and training support Condolence Advert Printing, postsge & stationery Computer cost Telephone & int8met Subscripti Motor & travel expenses Gift Stsff-relocation Entertainment Repairs & renewals Sundry expenses Bank charges Improvements to property Plant and machinery Fixtures and fitlings Motor vehicles 165,199 11.879 9,247 21,831 135,150 8,229 7.909 21,219 3,640 30,447 24,272 2,400 5,746 9,214 11,337 2,670 29,142 22.964 1,200 17,197 5,955 150 1,038 489 994 395 3,918 791 6,291 1,575 814 994 441 4,435 1,978 2.196 4,583 1,707 930 902 3.723 T70 3.280 1,156 784 1,203 1,641 217 4,374 319.918 287,099 Support costs Govemanc8 Costs Accountancy and legal fees 1,2(K) 1.200 Total resources expended 321.118 288,299 Net (expenditureyincome (13.146) 12,173 This page does not fonn part of the statutory financial statetnents Page 11