**REGISTERED CHARITY NUMBER: 1130821**
**Report of the Trustees and**
**Financial Statements**
**for the Year Ended 31 May 2022**
## **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 2022**
|||**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 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 May 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 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 £164,421 (2021: £144,446), during the year the charity also received gift aid of £30,626 (2021: £27,591) making the total incoming resources £195,047 (2021: £172,037).
Total expenditure incurred was £148,713 (2021: £159,313) that left net incoming resources for the year of £46,334 (2021: £12,724).
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 2022 amounted to £308,573 (2021: £262,239).
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 2022**
## **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 17 March 2023 and signed on its behalf by:
DJ KANG DJ KANG (Mar 15, 2023 18:43 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 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**
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 FCA Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA
17 March 2023
Page 3
## **Korean Ealing Church**
## **Statement of Financial Activities for the Year Ended 31 May 2022**
|31/5/22
Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
195,028
Investment income
2
19
**Total**
195,047
**EXPENDITURE ON**
**Charitable activities**
Charitable activities and support
142,111
Other
6,602
**Total**
148,713
**NET INCOME**
46,334
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
262,239
**TOTAL FUNDS CARRIED FORWARD**
308,573|31/5/21
Total
funds
£
171,994
43|
|---|---|
||172,037|
||156,067
3,246|
||159,313|
||12,724
249,515|
||262,239|
The notes form part of these financial statements
Page 4
## **Korean Ealing Church**
## **Statement of Financial Position 31 May 2022**
|31/5/22
Unrestricted
funds
Notes
£
**CURRENT ASSETS**
Cash at bank and in hand
308,573
**NET CURRENT ASSETS**
308,573
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
308,573
**NET ASSETS**
308,573
**FUNDS**
5
Unrestricted funds
308,573
**TOTAL FUNDS**
308,573|31/5/21
Total
funds
£
262,239|
|---|---|
||262,239|
||262,239|
||262,239|
||262,239|
||262,239|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 March 2023 and were signed on its behalf by:
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 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.
## **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**|||
|---|---|---|
||31/5/22|31/5/21|
||£|£|
|Deposit account interest|19|43|
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 May 2022 nor for the year ended 31 May 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 May 2022 nor for the year ended 31 May 2021.
Page 6
continued...
**Korean Ealing Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 May 2022**
## **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.
|31/5/22|31/5/21|
|---|---|
|1|2|
## **5. MOVEMENT IN FUNDS**
|At 1/6/21
£
**Unrestricted funds**
General fund
262,239
**TOTAL FUNDS**
262,239
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
195,047
**TOTAL FUNDS**
195,047
**Comparatives for movement in funds**
At 1/6/20
£
**Unrestricted funds**
General fund
249,515
**TOTAL FUNDS**
249,515
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
172,037
**TOTAL FUNDS**
172,037|Net
movement
At
in funds
31/5/22
£
£
46,334
308,573
46,334
308,573
Resources
Movement
expended
in funds
£
£
(148,713)
46,334
(148,713)
46,334
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|
|---|---|
continued...
Page 7
**Korean Ealing Church**
## **Notes to the Financial Statements - continued for the Year Ended 31 May 2022**
## **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 1/6/20
£
249,515
249,515|Net
movement
in funds
£
59,058
59,058|At
31/5/22
£
308,573|
|---|---|---|---|
||||308,573|
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
£
367,084
367,084|Resources
Movement
expended
in funds
£
£
(308,026)
59,058
(308,026)
59,058|Resources
Movement
expended
in funds
£
£
(308,026)
59,058
(308,026)
59,058|
|---|---|---|---|
||||59,058|
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 2022.
Page 8
## **Korean Ealing Church**
||**Detailed Statement of Financial Activities**|||
|---|---|---|---|
||**for the Year Ended 31 May 2022**|||
|||31/5/22|31/5/21|
|||£|£|
|**INCOME AND ENDOWMENTS**||||
|**Donations and legacies**||||
|Donations||164,402|144,403|
|Gift aid||30,626|27,591|
|||195,028|171,994|
|**Investment income**||||
|Deposit account interest||19|43|
|**Total incoming resources**||195,047|172,037|
|**EXPENDITURE**||||
|**Charitable activities**||||
|Mission support||23,254|30,204|
|Education support||8,078|9,003|
|||31,332|39,207|
|**Other**||||
|Speakers & church activities||4,269|3,246|
|Church refreshments||2,333|-|
|||6,602|3,246|
|**Support costs**||||
|**Management**||||
|Church rent||18,317|5,774|
|Insurance||365|358|
|Light and heat||127|-|
|Advertising||-|370|
|Motor expenses||10,384|6,595|
|Activities support||5,372|4,594|
|Equipment renewals||374|306|
|Special purpose support||13,080|22,650|
|Other church costs||4,170|637|
|||52,189|41,284|
|**Finance**||||
|Bank charges||653|358|
|**Governance costs**||||
|Wages||52,528|69,180|
|Social security||2,180|3,121|
|Pensions||1,321|1,063|
|Accountancy and legal fees||1,908|1,854|
|||57,937|75,218|
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 2022**|||
|||31/5/22|31/5/21|
|||£|£|
|Total resources expended||148,713|159,313|
|**Net income**||46,334|12,724|
This page does not form part of the statutory financial statements
Page 10
**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
7. All income which arose up to the date of the accounts has been brought into account.
8. 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.
9. 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.
10. We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud.
11. 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.
12. 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.
13. 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.
14. In our opinion, the charity is entitled to exemption from the requirements for a statutory audit.
## **CHARITIES COMMISSION FILING**
15. We confirm our approval for you to file the charity’s accounts with the Charities Commission.
Yours faithfully
______________________________________ Trustee
Approved by the board and signed on its behalf.