CAMBRIDGE KOREAN CHURCH
Charity No. 1131451
Company No. 06831723
Trustees' Report and Unaudited Accounts
28 February 2025
CAMBRIDGE KOREAN CHURCH
Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Summary Income and Expenditure Account | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 11 |
| Detailed Statement of Financial Activities | 12 to 13 |
Page 1
CAMBRIDGE KOREAN CHURCH
Trustees' Annual Report
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 28 February 2025 .
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 06831723 Charity No. 1131451
Registered Office
St. Andrews Baptist Church 43 St. Andrews Street Cambridge CB2 3AR
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: S.J. HONG H.S. YIM
Company Secretary
H. M. LEE
Accountants
MCAR LONDON 69 Station Road Hampton Greater London TW12 2BT
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
H.S. YIM Trustee 19/11/2025
Page 2
CAMBRIDGE KOREAN CHURCH
Independent Examiner's Report
Independent Examiner's Report to the trustees of CAMBRIDGE KOREAN CHURCH
I report to the charity trustees on my examination of the financial statements of CAMBRIDGE KOREAN CHURCH for the year ended 28 February 2025 .
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
• the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
• the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Mr A Raja, FCA, ICAEW MCAR LONDON 69 Station Road Hampton Greater London TW12 2BT
19/11/2025
Page 3
CAMBRIDGE KOREAN CHURCH
Statement of Financial Activities
for the year ended 28 February 2025
| Notes Income and endowments from: Donations and legacies 3 Total Expenditure on: Charitable activities 4 Other 5, 6 Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2025 £ 74,450 74,450 4,164 31,354 35,518 - 38,932 - 38,932 - 38,932 56,469 95,401 |
Total funds 2025 £ 74,450 74,450 4,164 31,354 35,518 - 38,932 - 38,932 - 38,932 56,469 95,401 |
|---|---|---|
Page 4
CAMBRIDGE KOREAN CHURCH
Summary Income and Expenditure Account for the year ended 28 February 2025
| Income Gross income for the year Expenditure Total expenditure for the year Net income before tax for the year Net income for the year |
2025 £ 74,450 74,450 35,518 35,518 38,932 38,932 |
2024 £ 46,881 46,881 37,172 37,172 9,709 9,709 |
|---|---|---|
Page 5
CAMBRIDGE KOREAN CHURCH
Balance Sheet
at 28 February 2025
| Company No. | 06831723 | Notes | 2025 | 2024 |
|---|---|---|---|---|
| £ | £ | |||
| Current assets | ||||
| Cash at bank and in hand | 95,681 | 56,774 | ||
| Creditors:Amount falling due within one year | 7 | 95,681 (280) |
56,774 (305) |
|
| Net current assets | 95,401 | 56,469 | ||
| Total assets less current liabilities | Total assets less current liabilities | 95,401 | 56,469 | |
| Net assets excluding pension asset or liability | 95,401 | 56,469 | ||
| Total net assets | 95,401 | 56,469 | ||
| The funds of the charity | The funds of the charity | |||
| Restricted funds | 8 | - | - | |
| Unrestricted funds | 8 | |||
| General funds | 95,401 | 56,469 | ||
| Reserves | 8 | 95,401 - |
56,469 - |
|
| Total funds | 95,401 | 56,469 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 29 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 19 November 2025
And signed on its behalf by:
H.S. YIM Trustee 19/11/2025
Page 6
CAMBRIDGE KOREAN CHURCH
Notes to the Accounts
for the year ended 28 February 2025
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
| Fund accounting | |
|---|---|
| Unrestricted funds | These are available for use at the discretion of the trustees in furtherance of the |
| general objects of the charity. | |
| Designated funds | These are unrestricted funds earmarked by the trustees for particular purposes. |
| Revaluation funds | These are unrestricted funds which include a revaluation reserve representing the |
| restatement of investment assets at their market values. | |
| Restricted funds | These are available for use subject to restrictions imposed by the donor or through |
| terms of an appeal. | |
| Income | |
| Recognition of | Income is included in the Statement of Financial Activities (SoFA) when the charity |
| income | becomes entitled to, and virtually certain to receive, the income and the amount of |
| the income can be measured with sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related expenditure is |
| expenditure | reported gross in the SoFA. |
| Donations and | Voluntary income received by way of grants, donations and gifts is included in the |
| legacies | the SoFA when receivable and only when the Charity has unconditional |
| entitlement to the income. | |
| Tax reclaims on | Income from tax reclaims is included in the SoFA at the same time as the |
| donations and gifts | gift/donation to which it relates. |
| Donated services | These are only included in income (with an equivalent amount in expenditure) |
| and facilities | where the benefit to the Charity is reasonably quantifiable, measurable and |
| material. | |
| Volunteer help | The value of any volunteer help received is not included in the accounts. |
| Investment income | This is included in the accounts when receivable. |
| Gains/(losses) on | This includes any gain or loss resulting from revaluing investments to market value |
| revaluation of fixed | at the end of the year. |
| assets | |
| Gains/(losses) on | This includes any gain or loss on the sale of investments. |
| investment assets |
Page 7
CAMBRIDGE KOREAN CHURCH
Notes to the Accounts
for the year ended 28 February 2025
Expenditure
| Expenditure | |
|---|---|
| Recognition of | Expenditure is recognised on an accruals basis. Expenditure includes any VAT which |
| expenditure | cannot be fully recovered, and is reported as part of the expenditure to which it |
| relates. | |
| Expenditure on | These comprise the costs associated with attracting voluntary income, fundraising |
| raising funds | trading costs and investment management costs. |
| Expenditure on | These comprise the costs incurred by the Charity in the delivery of its activities and |
| charitable activities | services in the furtherance of its objects, including the making of grants and |
| governance costs. | |
| Grants payable | All grant expenditure is accounted for on an actual paid basis plus an accrual for |
| grants that have been approved by the trustees at the end of the year but not yet | |
| paid. | |
| Governance costs | These include those costs associated with meeting the constitutional and statutory |
| requirements of the Charity, including any audit/independent examination fees, | |
| costs linked to the strategic management of the Charity, together with a share of | |
| other administration costs. | |
| Other expenditure | These are support costs not allocated to a particular activity. |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
CAMBRIDGE KOREAN CHURCH
Notes to the Accounts
for the year ended 28 February 2025
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
Page 9
CAMBRIDGE KOREAN CHURCH
Notes to the Accounts
for the year ended 28 February 2025
| 3 Income from donations and legacies Unrestricted £ Gifts and Offering 74,450 74,450 4 Expenditure on charitable activities Unrestricted £ Expenditure on charitable activities Young Children & Youth work 1,109 Fellowship & Conferences 1,343 Miscellaneous 1,712 Governance costs Missionary Expenses 600 4,764 5 Other expenditure Unrestricted £ Church Running Expenses 616 Employee costs - Premises costs 4,800 General administrative costs - 5,416 6 Staff costs 2025 £ Salaries and wages 25,338 No employee received emoluments in excess of £60,000. 7 Creditors: Amounts falling due within one year 2025 £ Bank loans and overdrafts 300 Adjustment (20) 280 |
Total 2025 £ 74,450 74,450 Total 2025 £ 1,109 1,343 1,712 600 4,764 Total 2025 £ 616 - 4,800 - 5,416 2024 £ 27,125 2024 £ 305 305 |
|---|---|
Page 10
CAMBRIDGE KOREAN CHURCH
Notes to the Accounts
for the year ended 28 February 2025
8 Movement in funds
| At 1 March 2024 Restricted funds: Unrestricted funds: General funds 56,469 Total funds 56,469 9 Analysis of net assets between funds Net current assets 10 Reconciliation of net debt Cash and cash equivalents Bank overdrafts Adjustment Net debt |
Incoming resources (including other gains/losses) £ 74,450 74,450 |
Resources expended £ (35,518) (35,518) Unrestricted funds £ 95,401 95,401 Cash flows £ 95,681 (300) 20 95,401 95,401 |
At 28 February 2025 £ 95,401 95,401 Total £ 95,401 95,401 At 28 February 2025 £ 56,774 (305) - 56,469 56,469 |
|---|---|---|---|
11 Related party disclosures Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 11
CAMBRIDGE KOREAN CHURCH
Detailed Statement of Financial Activities
for the year ended 28 February 2025
| Income and endowments from: Donations and legacies Gifts and Offering Total income and endowments Expenditure on: Charitable activities Young Children & Youth work Fellowship & Conferences Miscellaneous Governance costs Missionary Expenses Total of expenditure on charitable activities Other expenditure Church Running Expenses Employee costs Wages and salaries Premises costs Rent General administrative costs, including depreciation and amortisation Sundry expenses Total of expenditure of other costs Total expenditure Net gains on investments Net income Page 12 |
Unrestricted funds 2025 £ 74,450 74,450 74,450 1,109 1,343 1,712 4,164 600 600 3,798 616 616 25,338 25,338 4,800 4,800 - 35,518 35,518 - 38,932 |
Total funds 2025 £ 74,450 74,450 74,450 1,109 1,343 1,712 4,164 600 600 3,798 616 616 25,338 25,338 4,800 4,800 - 35,518 35,518 - 38,932 |
|---|---|---|
CAMBRIDGE KOREAN CHURCH
Detailed Statement of Financial Activities for the year ended 28 February 2025
(Continued)
| Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2025 £ 38,932 - 38,932 56,469 95,401 |
Total funds 2025 £ 38,932 - 38,932 56,469 95,401 |
|---|---|---|
Page 13