REGISTERED CHARITY INUMBER: 1130821 Report of the Trustees and Fillaneial Staten)ents for the Year Ended 31 May 21124 for Koreaii Eatfiiig Chllrch Wilsoii Pare1'S Luiiited Chancery House 30 St Jol)ns Road Woking Suii'ey GU217SA
Korean Ealing CJ)urch Coiiteiits of tlie FinaiielAI Statett)eJ)ts foi. tlhe Yeai. Ended 31 May 2024 Page Repoi't of the Trustees Independent Ex¥miiier's Report Statement of Financial Activities Statement of Financial Position Noles to the Financial Statements Detafiled Statement of FinAncial Aetivities 9 to 10
Koi'ean Ealiiig Cliurcli Report of the Trustees for the Yeav nded 31 May 2024 The tswstees pi'esent dieir i'epoit witii tlie fmancial stateiiients of tlie chaiity for the yeai. ended 31 May 2024. The liustees liave adopted tlie piovisions of Accounting aiid Repoi'ting by Cliai'ities.. Slateinent of Recoii]niended Pi'actice applicable lo cliarllies pi'epariiig tlieir accounts in accoi'dance willi the Fiiiaiicial Repoi'ling Standard applicable in die utl and Republic of li'eland (FRS 102) (effective l Jaiiuaiy 2015). OBJECTIVES AND AcfIviTIES Objectlves and aiins Tlie objectives of tlie chai-ity al'e lo pi'oinote Ilie eIlst1an faiili. Significant activities The principal fiind L2iSllig activity of th¢ cliui'ch is tlie offeiings and donations niade by die membaE of the church cOnggatIon. Tl)e ndS raised are used to suppoi't inissionaiy woi'k, bolli in tlie Untled Kii)gdoni and abroad, to give sdiolai'ship support to studails. and geL)erally lo give suppoit and aid to those less well off iii tlie coiilliiunity. Pub]It benefit Tl)e tt'ustees liave taken Tlie Cliaiity Coirnnissioii's specific and genei?I guidance on public benefit (contained within Ilie guidance publication "The Advancemeiit of Religion foi. the Public Benefit" and with tlie revised guidance publication 'Cliai-ities and Public Benefit") into consideration in pi'eparing Ilieir slalement oil piiblic benefit contained witliin tliis trnstees, at)nual i'eport. FINANCIAL REVIEW Pi'ineipal funding soui'ces Tbe cli'1ty received donations and intei'est of £195,911 (2023: £190,005), duiing tlie yeai. the cliarity also received gift aid of £36,501 {2023'. £30,468) Inaking tlie lolal incoining resouires £232,412 (2023.. £220,473). Total expenditui-e incuii'ed was £227,529 (2023.. £185.086) tl)at left net inconiing resoiii'e¢s foi. tl)e yeat. of £4,883 {2023: £35,387). Tlie trustees applied and sliall continue to apply all accuinulations of the income to cliaritable causes after making sllcli provision foi. all exp¢iiditur¢ on ttust administtalion. Reserves pollcy Tlie um'eslricted ndS reserve of the chai'ity at 31 May 2024 aii)ounled to £348,843 (2023.. £343,960). It is Ilie tsuslees, view tliat it is piudent to ensui'e Iliat there al'e sufficient fl'ee i'eseives to pi'ovide financial flexibility thIDugliout the ye. Tlie long term aiiii is to use the reseeS for the purchase of a site for a cbui'cb. FUTURE PLANS Tlie cl)arity will continue to pursue its objectives as slated above. STRUCTURE, GOVERNANCE AND MANAGEMENT Covei'iiijig doeumeiit The cliarity is controlled by its goveining docuinenl, a deed of trust and constibjles an Uninco01.ated cl)ai'ity. Risk maiiagenient The liuslees liave a duty to identify and review the risks lo wliich the chai'ity is exposed and to ensure appropriate conli'ols al'e in place to provide reasonable assurance against fraud and etTOi'. REFERENCE AND ADMif41STRATIVE DETAILS Registered ClIArity number 1130821 Principal address Koi'eaii Ealing CEiui'cli in HGBC Casllebai. Road Ealing London W5 2UP Page I
Koi'ean Ealing Cliurch Report of tlle Trustees for tlie YeAI' Ended 31 May 2024 Trustees D J Icang (i'esigned 21212025) Y W Cliang B Yyoon SC Park Independent Examlner Andi'ew C2ipenteL Wilsoii Partiiers Liinited Chaiicery House 30 Sl Jolins Road Woking Suii'ey GU217SA COMMENCEMENT OF ACTIVITIES Tlie cl)aiity was set up on 25 May 2009 and took over tl)e assets of tlie Korean Ealing cliui'cli cOn'egation. AppiDved by ol'der of the board of tnistees on 17 Apiil 2025 and signed on its behalf by: SC Park- Trustee Page 2
Independent Exainlnei s Repoi't to tlie Ti'ustees of I<oreaD Ealing Chul'ch Independent exaniineY'$ report to the ti'ustees of Kore211 Ealiiig Church I report to tl)e chai'ity kn'ustees on Iny exaniination of tlie aecounts of Icoiran Ealing Churcli {tlie Tnt) foi. the yeai. ended 31 May 2024. Responsibilitie5 and basis of i'epoi't As ti)e charity liustees of tlie Ti'ust yOlL are i'esponsible foi. the pi'epai'ation of tlie a¢eounts in accoi'dance with tlie requireinenls of tlie Cl)arities Act 2011 ('Ilie Act,). I I'epoit in i'espect of Iiiy examination of Ilie Trust's accouiils caiiied out under Section 145 of tlie Act ai)d in caiiying out iiiy exanitnation I l)ave followed all applicable Dii'ections given by the Cliai'ity Comiiiission iindei. Section 145(5)(b) of tlie Act. Independent exaniiiiei s stateinent I have completed iiiy exaniinatioii. I confii'iii that no inaleLial malteiB liave eoine to iny attention iii connection with Ibe exaniination giving me cause to believe tl)at in aiiy nialeiial respect.. ac¢oiiMting i'ecords wei'e not kept in i'espect of ilie Ti'ust as requii'ed by Section 130 of tlie Act. oi. tlie accouiits do not accord willi 11)ose Ircords. oi. tlie accouiits do not coniply witli tlie applicable requii'ements coiiceiniiig tlie foi'iii 311d contellt of aceoiiiits set out in tlie Cliai'ilies {Accounts aiid Reports) Regulations 2008 oilier thali any requireiiieiit that tlie accounts give a e aiid fall. view wliicli is Liot a niatlei. consideLEd as pai'l of an independent exaiiiination. I have no coiicei'iis and have coiiie aci'oss no olliei. n)attei's in connection with the ewninatioii lo which attention should be di?wn in this i'eport in ordei. to enable a pi'oper understanding of tlie accounts lo be i'eacl)ed. Andtrw Catyenter Wilsoii Parttiers Limited Cliancery House 30 St Jobns Road Woking Sw'i'ey GU217SA l7 Apiil 2025 Page 3
Koi'ean Ealiijg Cliui'cli statejnent of FinaiiclAI Actlvltles for tlie Yeai. Ended 31 May 2024 3115124 Urn'estricted funds 3115123 Total fund8 Notes INCOME ATr4D ENDOWIIIENTS FROM Doiiations and legacies 230,173 219,876 ivestnient income 2,239 597 TotAI 232,412 220,473 EXPENDrruRL, ON Cliarltable attivitles Cl)ai'ilable activities aiid support 213,906 175,062 Oiliei. 13,623 10,024 Total 227.529 185,086 NET JNCONIE 4,883 35,387 RECONCILIATION OF FUNDS Total funds brougl)t forwai'd 343,960 308,573 TOTAL FUNDS CARRIED FORWARD 348,843 343,960 Tlie notes fonn pait of Iliese fiiiancial stateinents Page 4
Icoi'ean Ealiiig Cliui'cli Statement of Thnaneial Positioll 31 May 2024 3115124 UrnEstricted funds 3115123 Total nds Notes CURRENT ASSETS Casli at bank 348,843 343,960 NET CURRENT ASSETS 348,843 343,960 TOTAL ASSETS LESS CURRENT LIABILITIES 348,843 343,960 NET ASSETS 348,843 343,960 FUNDS Uill'esli'icled funds 348,843 343,960 TOTAL Ftif+lDS 348,843 343,960 Tlie financial stateinents were appiDved by Ilie Board of Tiustees and autliorised foi. issue on 17 Apiil 2025 and wei'e signed on ils belialf by.. Yo B Y Yoon- TTUStee Tl)e notes foiin pait of tliese financial staleinenls Page 5
Korean allttg Cliui'ch Tr4otes to the Fln2ncial Stlltements for the Yeai. Ended 31 May 2024 ACCOUNTJNG POLICIES Basis of pi'eparing the finanelal stateilients Tlie financial slalements of Ilie cliai'ity, whicli is a piiblic benefit entity under FRS 102, have been pi'epai'ed in accordaiice with the ChitIeS SORP (FRS 102) 'Accounling and Reporting by Cliarities: Stateiiient of Recoinmended Practice applicable to cliai'ities pi'epai'ing theii. accouiits in accoidance witli the Finaiicial Repoi'ling Standard applicable iii Ilie UK and Republic of Ireland (FRS 102) (effective l J8iiuaiy 2019),, Finaiicial Reporling Standard I02 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and Ilie Cliarities Act 2011. Tlie fii)ancial staleiiients have beeii prepared undei. Ilie liislorical cost convention. liieoine All incoine is i'ecognised in tlie Stateinent of Finaiicial Activities once the cliai'ity has entitlement to the funds, it is pi'obable that the inconie will be received and tlie amount can be measw'ed ¥eliably. Expeiidlture Liabilities al'e recognised as expenditutE as soon as tliere is a legal or coi)sli'uctive obligation eoininitting the charity lo Iliat expenditui'e, it is probable tlial a d.1Sfer of economic benefits will be i'equii'ed in settlen)ent and tlie aniount of Ilie obligation Can be nieasui'ed i'eliably. Expenditure is aecouiited for on an acci'lials basis and lias been classified undei- lieadings Iliat aggiEgate all cost related to 11)e category. Wliere costs tt00t be dii-ecily ath'ibuted to particular l)eadings diey l)ave been allocated to activities on a basis consistent with tlie use of resources. Taxation The Chlty is exempt fiIll tax on its charitable activities. Fund accountlng Unrestricted funds cali be used in accordance witl) tlie cl)ai'itable objectives at tlie disci'etion of tlie trustees. Restricted funds cali only be used for paiticular restrieted purposes wiiliin Ilie objects of the charity. Restrictions ai'ise wlien specifLed by tlie donor oi. when thnds are raised forpticl11ar i'estricted puiposes. Fwther explanation of the iiatui'e and purpose of eacli thnd is included in tlie notes to the fllwicial statements. Penslon costs and othei. post-l'etli'enieiit beiiefits Ti)e cl)ai'ity ope121es a defined conti'ibutiot] pension sclieine. Coi)Iributions payable to tlie cliai'ity's pension sclieme are charged lo ttse Statement of Fiiiancial Activities in tlie pei'iod to wl)icli tliey relate. INVESTMEIYT INCOME 3115124 3115123 Deposit account interest 2,239 597 TRUSTEES, RERATION AI¥4D BENEFITS Tliere were i)0 ts'ustees, i'eiiiunei'ation oi. oiliei. benefits foi. 11)e yeai. ended 31 May 2024 noi. for Ilie year elided 31 May2023. Trustees, expeiises Their wei'e no liustees, expeiises paid foi. die Ye ended 31 May 2024 nol foi. the yeai. ended 31 May 2023. Page 6 contiiiued...
Koi'eaii Ealing Cliurcli Notes to the filiian¢ial StAtenients- contfinued for the Yeai. It nded 31 May 2024 STAFF COSTS Tl)e average montlily nuiiiber of eii)ployees during tlie yeai. was as follows: 3115ll4 3115123 Pastors No einployees i'eceived einolunients in excess of £60,000. MOVEMENT IN FUNDS Net niovement in funds At 3115124 At 116123 Uni'esti'icted funds General fund 343,960 4,883 348,843 TOTAL FUNDS 343,960 4,883 348,843 Net inovement in fLwds, incIuded in tlie above al'e as follows: Iiicoi)iing resoui'ces Resoui'ces expended Moveiiient in funds Ui)Yesti'icted funds Geneixl fund 232,412 (227,529) 4.883 TOTAL FUNDS 232,412 {227,529) 4,883 Coinpai'atives for movemeilt In funds Net njovenient in thnds At 3115123 At 116122 Uiiresti'icted funds General fiind 308,573 35,387 343,960 TOTAL f<UNDS 308,573 35,387 343,960 Compai'ative nel movement ii) fui)ds, included in tlie above are as follows.. Incoining resoui'¢es Resoui'ces expended Movement iii fuiids Uni'esti'icted funds Genetal fund 220,473 (185,086) 35,387 TOTAL FUTr4DS 220,473 (185,086) 35,387 Page 7 continued...
Icoi'eaii Eallng Cliui'ch Notes to tlie financial Statenients- contiiiued ror tlie Yeat, Ended 31 May 2024 MOVEMENT IN FUTr4DS - continued A curiEnt year 12 Inontl)s and prior yeai. 12 inoiiilis coiiibined position is as follows.. Net iiioveiiieiit in ndS At 3 115124 At 116122 Uni'esti'leted funds Geiiei?l fi)nd 308,573 40,270 348,843 TOTAL FUNDS 308,573 40,270 348,843 A cui'rent year 12 inonihs and pi'ioi ye. 12 niontbs coinbined net iiioveinent in fiuids, ithcluded irL the above are 88 follows.. Incoming resoui'ces Resoui'ces expeiided Movement in funds Uni'esti'leted funds Genei?l fid 452,885 (412,615) 40,270 TOTAL FUNDS 452,885 (412,615) 40,270 Reseives are niaiiitained to ensure sufficient fi'ee reseives to pi'ovide financial flexibility. The loiig teiTll aiiii is to build up i-eserves for tlie pui'cliase of a site foi. a church building. RELATED PARTY DISCLOSURES There were no ielated paty ts'ansactions for the yeai. ended 31 May 2024. Page 8
Koreaii Exliiig Cliurch Detailed Stateintnt of Fiiiancial Activities foi. the Year Ended 31 May 2024 3115124 3115123 INCOME AI¥D ENDOWMENTS Donatlolls aiid legacies Donations Gift aid 193,672 36,501 189,408 30,468 230,173 219,876 Investment income Deposit account iiiterest 2,239 597 Total ineomlng resources 232,412 220,473 I XPENDITURE Chai'itable acrfvities Mission support Educatioi) support 41,604 38,118 30,344 16,456 79,722 46,800 Other Speakers & chw'eh aetlVLlies Cliurcli refi'esllliients 8,587 5,036 6,329 3,695 13,623 10,024 Suppoi't C05tS Maiiagement Rent Insuraiiee Light and heat Advertising Motor expenses Activities support Special pw'pose support Oiliei. cl)ui'cli costs 38,044 369 1,091 128 4,577 9,558 3,950 3,446 29,144 379 430 774 7,562 10,586 18,310 2,861 61,163 70,046 Ffiilance Bank charges 961 1,009 Governance costs Wages Social secwity Pensions Account]cY and legal fees 67,316 1,261 1,321 2,162 52,737 1,105 1,321 2,044 72,060 57,207 Tliis page does iiot forin pail of tlie statutoiy fiijancial statemeiils Page 9
KoreAn Ealiilg Cliui"cl) Detailed StAteillent of Fiilancial Actlvltles for tlie Yeai. Eilded 31 May 2024 3115124 3115123 Total resoui'ces expended 227,529 185,086 Net Income 4,883 35,387 This page does not form part of the StatOry financial statements Page 10