BIRMINGHAM KOREAN CHURCH
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30[TH] NOVEMBER 2022
CHARITY NUMBER: 1150640
COMPANY NUMBER: 08307951
BIRMINGHAM KOREAN CHURCH WEOLEY HILL UNITED REFORMED CHURCH GREEN MEADOW ROAD BIRMINGHAM B29 4DE
INDEX Page Legal & Administrative Details 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes on the financial Statements 7 - 9
BIRMINGHAM KOREAN CHURCH
LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 30[TH] NOVEMBER 2022
ADDRESS FOR CORRESPONDENCE
WEOLEY HILL CHURCH GREEN MEADOW ROAD BIRMINGHAM B29 4DE
REGISTERED CHARITY NUMBER
1150640
GOVERNING DOCUMENT
MEMORANDUM AND ARTICLES OF ASSOCIATION 26[TH] NOV 2012
TRUSTEES/ DIRECTORS
AE RAN KANG JIYEONG PARK SEUNG JEE LIM REBECCA GEEHEE POLLEY SANGYOUNG PARK
PRINCIPAL BANKERS
BARCLAYS BANK LEICESTER LE87 2BB
INDEPENDENT EXAMINER
FRESH FIRE ORGANISATION GENERATOR BUSINESS CENTRE 95 MILES ROAD MITCHAM CR4 3FH
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BIRMINGHAM KOREAN CHURCH
TRUSTEES’ REPORT YEAR ENDED 30[TH] NOVEMBER 2022
The trustees are pleased to present their report for the year ended 30[TH] November 2022 for the charity, Birmingham Korean Church with Charity Number 1150640.
The Trustees of the charity are: Ae Ran Kang Sangyoung Park Seung Jee Lim Rebecca Geehee Polley Jiyeong Park
The principal address of the charity is : Weoley Hill Church Green Meadow Road Birmingham B29 4DE
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a Memorandum and Articles that was incorporated 26[TH] November 2012.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
ACHIEVMENTS AND PERFORMANCE
The Organisation held successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The church continues to hold its meeting in the hired hall. The organisation held successful church events that was used to train and equip attendants on the benefits of the Christian faith.
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FINANCIAL REVIEW
The income of the charity is above £29,600. This is a higher amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost has been for the maintaining the effective running of the worship services and covering all costs in involved in running the various church programs.
FUTURE DEVELOPMENTS
The church intends to continue to host its weekly services in the UK. The intended reappointment of our present independent examiner at the upcoming trustee meeting is expected to support the financial operations by making it more effective
RESERVE POLICY
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure .This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
RISK MANAGEMENT
The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
TRUSTEE RESPONSIBILITIES
Under the Charities Act 2011, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 3[rd] August 2023 and signed on their behalf by:
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Independent Examiner’s Report To the Trustees BIRMINGHAM KOREAN CHURCH
I report on the accounts of the church for the year ended 30[th ] November 2022 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to :
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Examine the accounts under section 145 of the 2011 Act.
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Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
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State whether particular matters have come to my attention.
Basis of Independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention;
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(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept( in accordance with section 130 of the 2011 Act
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
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(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Chuks Ajuka BSc(Man), FICB PMDip FRESH FIRE ORGANISATION Generator Business Centre 95 Miles Road Mitcham Surrey CR4 3FH
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BIRMINGHAM KOREAN CHURCH
Statement of Financial Activities for the year ended 30th November 2022
| Unrestricted | Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | 2021 | ||
| Incoming ResourcesNote | £ | £ | £ | |
| from generated funds | ||||
| Donations and Legacie | 2 | 29765 | 29765 | 28835 |
| Investment income | 0 | 0 | 0 | |
| 29765 | 29765 | 28835 | ||
| Other | 0 | 0 | 0 | |
| Total Incoming | 29765 | 29765 | 28835 | |
| Resources | ||||
| Resources Expended | ||||
| Charitable activities in furtherance of objectives | ||||
| Cost of Activities | 4 | 36,101 | 36,101 | 30,250 |
| Other | 5 | 0 | 0 | 0 |
| ______ | ||||
| Total Resources | 36,101 | 36,101 | 30250 | |
| Expended | ||||
| Net movement in funds | -6,336 | -6,336 | -1415 | |
| Reconciliation of Funds | ||||
| Total Funds brought forward | 20917 | 20917 | 22332 | |
| Total Funds carried forward | 14,581 | 14,581 | 20917 |
The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.
The notes on the accounts form part of these accounts.
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BIRMINGHAM KOREAN CHURCH Balance Sheet as at 30th November 2022
| Note 2022 Fixed Assets £ Tangible fixed assets 3 458 _ 458 _ Current Assets Cash at bank and 14488 in hand Debtors & prepayment 8 0 14488 Creditors:amounts falling due within one year Creditors & accruals 7 365 _ Net Current Assets 14123 _ Net Assets 14581 Unrestricted Funds General Fund 14581 _ TOTAL FUNDS 14581 _ |
2021 £ 378 __ 378 |
|---|---|
| ___ 20899 0 |
|
| 20899 360 |
|
| ___ 20539 |
|
| ___ 20917 20917 |
|
| _ 20917 _ |
- (a) For the year ended 30th November 2022 Birmingham Korean Church
was entitled to exemption from audit under section 477 of the Companies Act relating to small companies.
Directors' responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
The Directors acknowledge their responsibilities for complying with the requirements
of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by board of directors on 3rd August 2023
And signed on their behalf by A.R. KANG BA
(Director)
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BIRMINGHAM KOREAN CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30[ST] NOVEMBER 2022
1) Accounting Policies
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 for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s)
Incoming Resources
Incoming resources are recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to future periods are Deferred on the Balance Sheet
Resources Expended
Expenditure is recognised in the statement of financial activities when a liability is incurred or increased without a commensurate increase in recognised assets or a reduction in liabilities.
Allocation of Costs
Direct Activity Costs comprise those costs that contribute directly to an activity and are allocated to the relevant activity
Support Costs comprise those costs that are necessary to deliver an activity but in themselves do not produce or deliver an activity. Support costs are allocated to activities based on the direct salary costs of the activity compared with total activity salary costs
Funds
Restricted funds represent income received that is subject to restrictions on use as determined by the donor which are narrower than the general objects. Designated funds represent funds set aside by the Trustees for specific purposes General funds are those funds made available for the charity’s general objects.
Depreciation
Items of equipment over £500 are capitalised and depreciated so as to write off Cost in equal instalments over their useful lives. Rates are set at equipment 5 to 10 years.
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BIRMINGHAM KOREAN CHURCH
Notes to the accounts for year ended 30th November 2022
2 Voluntary Income
----- Start of picture text -----
Unrestricted Total fundsTotal funds
Funds 2022 2021
Church collections £ £ £
Tithes and Offerings 29765 29765 28835
Grant 0 0 0
29765 29765 28835
3 Cost/£ EquipmentTotal
30/11/2021 1019 1019
Addition 66 66
30/11/2022 1085 1085
Depreciation
30/11/2021 538 538
Charge for year 89 89
30/11/2022 627 627
NBV
30/11/2022 458 458
30/11/2021 378 378
4 Cost of Activities in furtherance of Objectves
£/2022 £/2021
Welfare 0 591
Music & Media expense 0 0
Events 55 196
Professional fees 0 180
Wages 26700 24000
Printing 226 0
Rent 2628 2020
Website costs 245 208
Donation 500 0
Benevolence 280 50
Insurance 284 294
Sundry 300 0
Admin 4070 1905
Subscription 244 56
Accounting services 480 630
Depreciation 89 120
Total 36101 30250
----- End of picture text -----
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BIRMINGHAM KOREAN CHURCH Notes to the accounts for year ended 30th November 2022
| 2022/£ | 2021/£ |
||||
|---|---|---|---|---|---|
| 5 | Other Costs | 0 | 0 |
||
| 6 | Staff Costs | 2022 £ | 2021 £ | ||
| Wages | 26700 | 24000 |
|||
| Total | 26700 | 24000 |
No employee earned more than £30,000 p.a. There was 1 employee during the year. All other work was carried out by volunteers.
| 7 | Creditors: amounts falling due within one year | 2022 | £ | 2021 £ |
|---|---|---|---|---|
| Creditors | 0 | 0 | ||
| Bookkeeping |
365 | 360 | ||
| Total | 365 | 360 |
||
| 8 | Debtors and Prepayments | 2022 | £ | 2021 £ |
| Debtors | 0 | 0 |
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