2024-04-30-accounts - Corner Stone (Korean) Church

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Registered number 06219161

Corner Stone (Korean) Church

Income and Expenditure Account

30 April 2024

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 2024.

The board of trustees are satisfied with the performance of the charity during the year and the position at 30 April 2024 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 2024. were :-

K C Park Rev O S Park

This report was approved by the board on 29 January 2025 and signed on its behalf.

K C Park Trustee

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

29 January 2025

Corner Stone (Korean) Church Statement of Financial Activities For the year ended 30 April 2024

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 30/04/2023 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 £ £ £ £ £ - - - - - - - - - - - - - - - - - - - - - - - - 47,546 - - 47,546 39,452
	47,546 - - 47,546 39,452
	- - - - - - - - - - - - - - - - - - - - 19,413 - - 19,413 20,850 28,230 - - 28,230 21,966 - - - - -
	47,643 - - 47,643 42,816
	(97) - - (97) (3,364)
	- - - - -
	(97) - - (97) (3,364)
	- - - - - - - - - -
	(97) - - (97) (3,364)
	(31,556) - - (31,556) (28,192)
	(31,653) - - (31,653) (31,556)

Corner Stone (Korean) Church Balance Sheet For the year ended 30 April 2024

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 £ £ £ £ £ 2,360 - - 2,360 404 - - - - - - - - - -
	2,360 - - 2,360 404
	- - - - - 3,074 - - 3,074 - - - - - 4,719 - - 4,719 8,703
	7,793 - - 7,793 8,703
	41,807 - - 41,807 40,664
	(34,014)- -(34,014) (31,961)

	(31,654) - - (31,654) (31,557)
	- - - - - - - - - -
	(31,654)- -(31,654) (31,557)
	(31,653) (31,653) (31,556) - - - - - - - - -
	(31,653)- -(31,653) (31,556)

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

29 January 2025

Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2024

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.

Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2024

Note 3 Analysis of incoming resources

		This year	Last year
	Analysis	£	£
Voluntary income	Donation etc.	40,616	39,452
		-	-
	Others (Bank interests on deposit account)	-	-
	Others (Gift aid)	6,930
		Total 47,546	39,452

Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2024

Note 4 Analysis of resources expended

				This year	Last year
		Analysis		£	£
Charitable activities				-	-
	Charitable activities			19,413	20,850
			Total	19,413	20,850
Governance costs	Rent			7,110	6,885
	Donation			-	-
	Stationery and printing			171	101
	Equipment expensed			705	515
	Pensions			263	55
	Insurance			248	239
	Bank charges			108	36
	Repairs & maintenance			-	-
	Depreciation			787	135
	Accountancy fee			1,440	800
	Advertising and PR			1,900	1,800
	Software			254	-
	Travel & subsistence			-	-
	Motor expenses			75	600
	Wages & salaries			15,017	10,800
	Employer's NI			-	-
	Penalties			152	-
	Write offs/discounts			-	-
			Total	28,230	21,966

Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2024

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 £
	15,017	10,800
		-
	263	55
	15,280	10,855

	This year Number	Last year Number
Fundraising	-	-
Charitable Activities	-	-
Governance	1	1
Other	-	-
Total	1	1

Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2024

Note 6 Tangible fixed assets

6.1 Cost or valuation

Freehold land & buildings £	Other land & buildings £	Plant, machinery and motor vehicles £	Fixtures, fittings and equipment £	Payments on account and assets under construction £	Total £
-	-	6,941	-	-	6,941
-	-	2,743	-	-	2,743
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	9,684	-	-	9,684
-	-	6,537	-	-	6,537
-	-	787	-	-	787
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	0
-	-	-	-	-	-
-	-	7,324	-	-	7,324

-	-	404	-	-	404
-	-	2,360	-	-	2,360

Corner Stone (Korean) Church Notes to the Accounts For the year ended 30 April 2024

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	111 (142)
Other creditors	41,696 40,806
Accruals and deferred income	- -
	Total 41,807 40,664