2021-05-31-accounts

Korean Ealing Church c/o Hi Tech I & E Europe Argyle House Joel Street Northwood Hills Middlesex HA6 1NW

8 March 2022

Barnbrook Sinclair Chancery House 30 St Johns Road Woking Surrey GU21 7SA

Dear Sirs

KOREAN EALING CHURCH ACCOUNTS TO 31 MAY 2021

We confirm to the best of our knowledge and belief, and having made appropriate enquiries of other officials of the charity, the following representations given to you in connection with your work on the charity’s accounts for the period to 31 May 2021.

1. We acknowledge as the board of trustees our responsibilities under the Charities Act 2011 for preparing accounts 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 2015). We also acknowledge our responsibility to prepare accounts which give a true and fair view and for making accurate representations to you.

2. All the accounting records have been made available to you for the purpose of your work and all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.

3. All other records and related information, including minutes of all management meetings, have been made available to you.

4. In our opinion, the balance sheet includes all cash and bank accounts and all other assets and, on realisation in the ordinary course of business, the current assets in the accounts are expected to produce not less than the net book amounts at which they are stated.

5. All assets were free from any lien, encumbrance, or charge except as disclosed.

6. We confirm that significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

2

1. All income which arose up to the date of the accounts has been brought into account.

2. There have been no events since the balance sheet date which require adjustment or disclosure in the accounts. We have no plans that may materially affect the stated value or classification of assets and liabilities.

3. At the balance sheet date there were no contingent liabilities of a material amount and no litigation in progress, pending or threatened, other than as disclosed or provided in the accounts.

4. We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud.

5. We confirm that there have been no actual or suspected instances of fraud involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We also confirm that we are not aware of any allegations of fraud by former employees, regulators or others.

6. We confirm that there are no companies or charities associated with this charity for tax purposes. We understand that companies are associated for tax purposes if they are within a 51% group.

7. We confirm that there were no transactions with related parties concluded outside of normal commercial terms, except those already informed to you and disclosed within the accounts.

8. In our opinion, the charity is entitled to exemption from the requirements for a statutory audit.

CHARITIES COMMISSION FILING

1. We confirm our approval for you to file the charity’s accounts with the Charities Commission.

Yours faithfully

Dae Joong Kang Dae Joong Kang (Mar 8, 2022 11:20 GMT)________ Bum Yong YoonBum Yong Yoon (Mar 8, 2022 14:32 GMT) Trustee

Approved by the board and signed on its behalf.

REGISTERED CHARITY NUMBER: 1130821

Report of the Trustees and

Financial Statements

for the Year Ended 31 May 2021

for

Korean Ealing Church

Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA

Korean Ealing Church

Contents of the Financial Statements for the Year Ended 31 May 2021

		Page
Report of the Trustees	1	to	2
Independent Examiner's Report		3
Statement of Financial Activities		4
Statement of Financial Position		5
Notes to the Financial Statements	6	to	8
Detailed Statement of Financial Activities	9	to	10

Korean Ealing Church

Report of the Trustees for the Year Ended 31 May 2021

The trustees present their report with the financial statements of the charity for the year ended 31 May 2021. 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 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the charity are to promote the christian faith.

Significant activities

The principal fund raising activity of the church is the offerings and donations made by the members of the church congregation. The funds raised are used to support missionary work, both in the United Kingdom and abroad, to give scholarship support to students, and generally to give support and aid to those less well off in the community.

Public benefit

The trustees have taken The Charity Commission's specific and general guidance on public benefit (contained within the guidance publication "The Advancement of Religion for the Public Benefit" and with the revised guidance publication "Charities and Public Benefit") into consideration in preparing their statement on public benefit contained within this trustees' annual report.

FINANCIAL REVIEW

Principal funding sources

The charity received donations and interest of £144,486 (2020: £155,671), during the year the charity also received gift aid of £27,591 (2020: £23,909) making the total incoming resources £172,037 (2020: £179,580).

Total expenditure incurred was £159,313 (2020: £173,114) that left net incoming resources for the year of £12,724 (2020: £6,466).

The trustees applied and shall continue to apply all accumulations of the income to charitable causes after making such provision for all expenditure on trust administration.

Reserves policy

The unrestricted funds reserve of the charity at 31 May 2021 amounted to £262,239 (2020: £249,515).

It is the trustees' view that it is prudent to ensure that there are sufficient free reserves to provide financial flexibility throughout the year. The long term aim is to use the reserves for the purchase of a site for a church.

FUTURE PLANS

The charity will continue to pursue its objectives as stated above.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Risk management

The trustees have a duty to identify and review the risks to which the charity 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

1130821

Page 1

Korean Ealing Church

Report of the Trustees for the Year Ended 31 May 2021

Principal address

Hi Tech I & E Europe Ltd Argyle House Joel Street Northwood Hills Middlesex HA6 1NW

Trustees

D J Kang Y W Chang B Y Yoon SC Park

Independent Examiner

Andrew Carpenter FCA Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA

COMMENCEMENT OF ACTIVITIES

The charity was set up on 25 May 2009 and took over the assets of the Korean Ealing church congregation.

Approved by order of the board of trustees on 8 March 2022 and signed on its behalf by:

Dae Joong Kang

Dae Joong Kang (Mar 8, 2022 11:20 GMT)

D J Kang - Trustee

Page 2

Independent Examiner's Report to the Trustees of Korean Ealing Church

Independent examiner's report to the trustees of Korean Ealing Church

I report to the charity trustees on my examination of the accounts of Korean Ealing Church (the Trust) for the year ended 31 May 2021.

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

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.

Andrew Carpenter

Andrew Carpenter (Mar 8, 2022 15:14 GMT)

Andrew Carpenter FCA Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA

8 March 2022

Page 3

Korean Ealing Church

Statement of Financial Activities for the Year Ended 31 May 2021

31/5/21 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 171,994 Investment income 2 43 Total 172,037 EXPENDITURE ON Charitable activities Charitable activities and support 156,067 Other 3,246 Total 159,313 NET INCOME 12,724 RECONCILIATION OF FUNDS Total funds brought forward 249,515 TOTAL FUNDS CARRIED FORWARD 262,239	31/5/20 Total funds £ 179,484 96
	179,580 167,212 5,902
	173,114
	6,466 243,049
	249,515

The notes form part of these financial statements

Page 4

Korean Ealing Church

Statement of Financial Position 31 May 2021

31/5/21 Unrestricted funds Notes £ CURRENT ASSETS Cash at bank and in hand 262,239 NET CURRENT ASSETS 262,239 TOTAL ASSETS LESS CURRENT LIABILITIES 262,239 NET ASSETS 262,239 FUNDS 5 Unrestricted funds 262,239 TOTAL FUNDS 262,239	31/5/20 Total funds £ 249,515
	249,515
	249,515
	249,515
	249,515
	249,515

The financial statements were approved by the Board of Trustees and authorised for issue on 8 March 2022 and were signed on its behalf by:

Bum Yong YoonBum Yong Yoon (Mar 8, 2022 14:32 GMT)

B Y Yoon - Trustee

The notes form part of these financial statements

Page 5

Korean Ealing Church

Notes to the Financial Statements for the Year Ended 31 May 2021

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.

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.

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.

2. INVESTMENT INCOME

INVESTMENT INCOME
	31/5/21	31/5/20
	£	£
Deposit account interest	43	96

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020.

Page 6

continued...

Korean Ealing Church

Notes to the Financial Statements - continued for the Year Ended 31 May 2021

4. STAFF COSTS

The average monthly number of employees during the year was as follows:

Pastors No employees received emoluments in excess of £60,000.

31/5/21	31/5/20
2	2

5. MOVEMENT IN FUNDS

At 1/6/20 £ Unrestricted funds General fund 249,515 TOTAL FUNDS 249,515 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 172,037 TOTAL FUNDS 172,037 Comparatives for movement in funds At 1/6/19 £ Unrestricted funds General fund 243,049 TOTAL FUNDS 243,049 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 179,580 TOTAL FUNDS 179,580

Net movement At in funds 31/5/21 £ £ 12,724 262,239 12,724 262,239 Resources Movement expended in funds £ £ (159,313) 12,724 (159,313) 12,724 Net movement At in funds 31/5/20 £ £ 6,466 249,515 6,466 249,515 Resources Movement expended in funds £ £ (173,114) 6,466 (173,114) 6,466

continued...

Page 7

Korean Ealing Church

Notes to the Financial Statements - continued for the Year Ended 31 May 2021

5. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund TOTAL FUNDS	At 1/6/19 £ 243,049 243,049	Net movement in funds £ 19,190 19,190	At 31/5/21 £ 262,239
			262,239

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 £ 351,617 351,617	Resources Movement expended in funds £ £ (332,427) 19,190 (332,427) 19,190	Resources Movement expended in funds £ £ (332,427) 19,190 (332,427) 19,190
			19,190

Reserves are maintained to ensure sufficient free reserves to provide financial flexibility. The long term aim is to build up reserves for the purchase of a site for a church building.

6. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 May 2021.

Page 8

Korean Ealing Church

	Detailed Statement of Financial Activities
	for the Year Ended 31 May 2021
		31/5/21	31/5/20
		£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations		144,403	155,575
Gift aid		27,591	23,909
		171,994	179,484
Investment income
Deposit account interest		43	96
Total incoming resources		172,037	179,580
EXPENDITURE
Charitable activities
Mission support		30,204	32,914
Education support		9,003	8,133
		39,207	41,047
Other
Speakers & church activities		3,246	4,244
Church refreshments		-	1,658
		3,246	5,902
Support costs
Management
Church rent		5,774	26,225
Insurance		358	375
Light and heat		-	251
Advertising		370	362
Motor expenses		6,595	7,313
Activities support		4,594	8,224
Equipment renewals		306	507
Special purpose support		22,650	6,930
Other church costs		637	905
		41,284	51,092
Finance
Bank charges		358	705
Governance costs
Wages		69,180	67,255
Social security		3,121	3,826
Pensions		1,063	1,523
Accountancy and legal fees		1,854	1,764
		75,218	74,368

This page does not form part of the statutory financial statements

Page 9

Korean Ealing Church

	Detailed Statement of Financial Activities
	for the Year Ended 31 May 2021
		31/5/21	31/5/20
		£	£
Total resources expended		159,313	173,114
Net income		12,724	6,466

This page does not form part of the statutory financial statements

Page 10

Korean Ealing 2021 accounts pack

Final Audit Report

2022-03-08

Created: 2022-03-07 By: Barnbrook Sinclair ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAAbidvxPyERaaEd6-gL4jPLdU5OPT6-Cd5

"Korean Ealing 2021 accounts pack" History

Document created by Barnbrook Sinclair ([e-mail])

2022-03-07 - 3:38:52 PM GMT- IP address: 217.155.117.126

Document emailed to Dae Joong Kang ([e-mail]) for signature

• 2022-03-07 - 3:40:56 PM GMT

Email viewed by Dae Joong Kang ([e-mail])

• 2022-03-07 - 3:41:00 PM GMT- IP address: 66.249.90.36

Document e-signed by Dae Joong Kang ([e-mail])

Signature Date: 2022-03-08 - 11:20:53 AM GMT - Time Source: server- IP address: 86.173.175.26

• Document emailed to Bum Yong Yoon ([e-mail]) for signature

• 2022-03-08 - 11:20:55 AM GMT

Email viewed by Bum Yong Yoon ([e-mail])

• 2022-03-08 - 2:07:44 PM GMT- IP address: 81.134.5.227

Document e-signed by Bum Yong Yoon ([e-mail])

Signature Date: 2022-03-08 - 2:32:03 PM GMT - Time Source: server- IP address: 81.134.5.227

Document emailed to Andrew Carpenter ([e-mail]) for signature 2022-03-08 - 2:32:05 PM GMT

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Document e-signed by Andrew Carpenter ([e-mail]) Signature Date: 2022-03-08 - 3:14:04 PM GMT - Time Source: server- IP address: 217.155.117.126

Agreement completed.

• 2022-03-08 - 3:14:04 PM GMT