Registered number 06219161
Corner Stone (Korean) Church
Income and Expenditure Account
30 April 2022
Corner Stone (Korean) Church Registered number: 06219161 Trustee's report
The trustees present their annual income and expenditure account for the year ended 30 April 2022.
The board of trustees are satisfied with the performance of the charity during the year and the position at 30 April 2022 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity's assets are adequate to fulfill its obligations.
Name, registered office and constitution of the charity;
The full name of the charity is Corner Stone (Korean) Church.
The legal registration details are :-
Date of incorporation : 19 April 2007 Registered Office : 13 Approach Road London SW20 8BA Charity Registration Number : 1121157
Principal activities
The members of the Board of Trustees of the Charity during the year ended 30 April 2022. were :-
K C Park Rev O S Park
This report was approved by the board on 11 January 2023 and signed on its behalf.
K C Park Trustee
1
Corner Stone (Korean) Church
Independent examiner's report on the accounts
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for this period under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is our responsibility to;
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
-
to state whether particular matters have come to our attention.
Basis of independent examiner's statement
Our examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination examination, no matter has come to our attention;
-
which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting
-
requirements of the Charities Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
S Kwon KPY Phillips Young LLP Chartered Certified Accountants 13 Approach Road London UK SW20 8BA
13 January 2023
2
Corner Stone (Korean) Church Statement of Financial Activities For the year ended 30 April 2022
Income and Expenditure Account as required by the Companies Act
| Incoming resources Incoming resources from generated funds Voluntary income Activities for generating funds Investment income Incoming resources from charitable activities Other incoming resources Note 3 Resources expended (Note 4) Costs of Generating Funds Costs of generating voluntary income Fundraising trading costs Investment management costs Charitable activities Governance costs Other resources expended Other recognised gains/(losses) Total incoming resources Total resources expended Net incoming/(outgoing) resources before transfers Gross transfers between funds Net incoming/(outgoing) resources before other recognised gains/(losses) Gains and losses on revaluation of fixed assets for the charity’s own use Gains and losses on investment assets Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ - - - - - - - - - - - - - - - - - - - - - - - - 27,650 - - 27,650 17,170 |
|---|---|
| 27,650 - - 27,650 17,170 |
|
| - - - - - - - - - - - - - - - - - - - - 7,018 - - 7,018 1,427 19,793 - - 19,793 11,602 - - - - - |
|
| 26,811 - - 26,811 13,029 839 - - 839 4,141 |
|
| - - - - - |
|
| 839 - - 839 4,141 |
|
| - - - - - - - - - - |
|
| 838 - - 839 4,141 |
|
| (29,030) - - (29,030) (33,171) |
|
| (28,192) - - (28,191) (29,030) |
3
Corner Stone (Korean) Church Balance Sheet For the year ended 30 April 2022
| Fixed assets (Note 6) Tangible assets Investments Total fixed assets Current assets Stock and work in progress Debtors (Short term) investments Cash at bank and in hand Total current assets Creditors: amounts falling due within one year (Note 7) Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after one year Provisions for liabilities and charges Net assets Funds of the Charity Unrestricted funds Restricted income funds Endowment funds Total funds |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ 539 - - 539 719 - - - - - - - - - - |
|---|---|
| 539 - - 539 719 |
|
| - - - - - - - - - 651 - - - - - 10,794 - - 10,794 8,687 |
|
| 10,794 - - 10,794 9,338 | |
| 39,526 - - 39,526 39,087 |
|
| (28,732) - - (28,732) (29,749) | |
| (28,193) - - (28,193) (29,030) | |
| - - - - - - - - - - |
|
| (28,193) - - (28,193) (29,030) | |
| (28,192) (28,192) 29,030 - - - - - - - - - |
|
| (28,192) - - (28,192) 29,030 |
The trustees are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The trustees acknowledge their responsibilities of complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to Companies subject to the small companies regime.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Signed by on behalf of all the trustees
K C Park
13 January 2023
4
Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2022
Note 1 Basis of preparation
1.1 Basis of accounting
These accounts have been prepared on the basis of historic cost in accordance with:
-
Accounting and Reporting by Charities - Statement of Recommended Practice;
-
and with the Financial Reporting Standards for FRS102;
-
and with the Charities Act.
Note 2 Accounting policies
Incoming resources
| Incoming resources | |
|---|---|
| Recognition of incoming | These are included in the Statement of Financial Activities (SoFA) when: |
| resources | the charity becomes entitled to the resources; |
| the trustees are virtually certain they will receive the resources; and | |
| the monetary value can be measured with sufficient reliability. | |
| Incoming resources with | Where incoming resources have related expenditure (as with fundraising or contract income) the |
| related expenditure | incoming resources and related expenditure are reported gross in the SoFA. |
| Grants and donations | Grants and donations are only included in the SoFA when the charity has unconditional |
| entitlement to the resources. | |
| Tax reclaims on donations | Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to |
| and gifts | which they relate. |
| Contractual income and | This is only included in the SoFA once the related goods or services have been delivered. |
| performance related grants | |
| Gifts in kind | Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. |
| Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or | |
| distributed by the charity. | |
| Gifts in kind for use by the charity are included in the SoFA as incoming resources when | |
| receivable. | |
| Donated services and | These are only included in incoming resources (with an equivalent amount in resources |
| facilities | expended) where the benefit to the charity is reasonably quantifiable, measurable and material_._ |
| The value placed on these resources is the estimated value to the charity of the service or facility | |
| received. | |
| Volunteer help | The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report. |
| Investment income | This is included in the accounts when receivable. |
| Investment gains and losses | This includes any gain or loss on the sale of investments and any gain or loss resulting from |
| revaluing investments to market value at the end of the year. | |
| Expenditure and liabilities | |
| Liability recognition | Liabilities are recognised as soon as there is a legal or constructive obligation committing the |
| charity to pay out resources. | |
| Governance costs | Include costs of the preparation and examination of statutory accounts, the costs of trustee |
| meetings and cost of any legal advice to trustees on governance or constitutional matters. | |
| Grants with performance | Where the charity gives a grant with conditions for its payment being a specific level of service or |
| conditions | output to be provided, such grants are only recognised in the SoFA once the recipient of the |
| grant has provided the specified service or output. | |
| Grants payable without | These are only recognised in the accounts when a commitment has been made and there are no |
| performance conditions | conditions to be met relating to the grant which remain in the control of the charity. |
| Support Costs | Support costs include central functions and have been allocated to activity cost categories on a |
| basis consistent with the use of resources, eg allocating property costs by floor areas, or per | |
| capita, staff costs by the time spent and other costs by their usage. | |
| Assets | |
| Tangible fixed assets for use | These are capitalised if they can be used for more than one year, and cost at least £500. They |
| by charity | are valued at cost or a reasonable value on receipt. |
| Investments | Investments quoted on a recognised stock exchange are valued at market value at the year end. |
| Other investment assets are included at trustees' best estimate of market value. | |
| Stocks and work in progress | These are valued at the lower of cost or market value. |
5
Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2022
Note 3 Analysis of incoming resources
| This year | Last year | ||||
|---|---|---|---|---|---|
| Analysis | £ | £ | |||
| Voluntary income | Donation etc. | 24,803 | 9,606 | ||
| - | - | ||||
| Others (Bank interests on deposit account) | - | - | |||
| Others (JRS Grants) | 2,847 | 7,564 | |||
| Total | 27,650 | 17,170 |
6
Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2022
Note 4 Analysis of resources expended
| This year | Last year | ||||
|---|---|---|---|---|---|
| Analysis | £ | £ | |||
| Charitable activities | - | - | |||
| Charitable activities | 7,018 | 1,427 | |||
| Total | 7,018 | 1,427 | |||
| Governance costs | Rent | 6,885 | 574 | ||
| Telephone and fax | - | - | |||
| Stationery and printing | 50 | - | |||
| Equipment expensed | 678 | - | |||
| Subscription | - | - | |||
| Insurance | 236 | 228 | |||
| Bank charges | - | - | |||
| Repairs & maintenance | 76 | - | |||
| Depreciation | 180 | 240 | |||
| Accountancy fee | 800 | 800 | |||
| Advertising and PR | 200 | - | |||
| Temporary staff and | - | - | |||
| recruitment | |||||
| Travel & subsistence | - | - | |||
| Motor expenses | 800 | 400 | |||
| Wages & salaries | 9,888 | 9,760 | |||
| Employer's NI | - | - | |||
| Penalties | - | - | |||
| Write offs/discounts | - - 400 | ||||
| Total | 19,793 | 11,602 |
7
Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2022
Note 5 Paid employees
Please complete this note if the charity has any employees.
| Fundraising Charitable Activities Governance Other Total 5.1 Staff Costs Gross wages, salaries and benefits in kind Employer’s National Insurance costs Pension costs Total staff costs 5.2 Average number of full-time equivalent employees in the year The parts of the charity in which the employees work |
This year Last year £ £ 9,888 9,760 - - - - |
|---|---|
| 9,888 9,760 | |
| This year Last year Number Number - - - - 1 1 - - |
|
| 1 1 |
8
Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2022
Note 6 Tangible fixed assets
6.1 Cost or valuation
----- Start of picture text -----
Freehold land Other land & Plant, Fixtures, Payments on Total
& buildings buildings machinery and fittings and account and
motor vehicles equipment assets under
construction
£ £ £ £ £ £
Balance brought - - 6,941 - - 6,941
forward
Additions - - - - - -
Revaluations - - - - - -
Disposals - - - - - -
Transfers * - - - - - -
Balance carried - - 6,941 - - 6,941
forward
6.2 Accumulated depreciation and impairment provisions
Basis RB RB RB RB RB
Rate 25%
Balance brought - - 6,222 - - 6,222
forward
Depreciation charge - - 180 - - 180
for year
Impairment provisions - - - - - -
Revaluations - - - - - -
Disposals - - - - - 0
Transfers - - - - - -
Balance carried - - 6,402 - - 6,402
forward
6.3 Net book value
Brought forward - - 719 - - 719
Carried forward - - 539 - - 539
----- End of picture text -----*
9
Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2022
Note 7 Creditors and accruals
7.1 Analysis of creditors
| 7.1 Analysis of creditors | |
|---|---|
| Amounts falling due | |
| within one year | |
| This year Last year |
|
| £ £ |
|
| Other taxes and social security costs | (80) (244) |
| Other creditors | 39,606 39,331 |
| Accruals and deferred income | - - |
| Total 39,526 39,087 |
10