LONDON CENTRAL CHURCH
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st ] DECEMBER 2022
CHARITY NUMBER: 1152527
LONDON CENTRAL CHURCH 23 MEADOW CLOSE LONDON SW20 9JB
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
1
LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 31[ST] DECEMBER 2022
ADDRESS FOR CORRESPONDENCE
23 MEADOW ROAD LONDON SW20 9JB
REGISTERED CHARITY NUMBER
1152527
GOVERNING DOCUMENT CONSTITUTION ADOPTED 3[RD] JANUARY 2013
TRUSTEES/ DIRECTORS
Leora Urim Sung Eunmi Kim
PRINCIPAL BANKERS
HSBC BANK WELWYN GARDEN CITY P.O. BOX 1000 BX1 1LT
INDEPENDENT EXAMINER
FRESH FIRE ORGANISATION GENERATOR BUSINESS CENTRE 95 MILES ROAD MITCHAM CR4 3FH
1
LONDON CENTRAL CHURCH TRUSTEES’ REPORT YEAR ENDED 31[st] December 2022
The trustees are pleased to present their report for the year ended 31[st] December 2022 for the charity, London Central Church with Charity Number 1152527.
The Trustees of the charity are: Leora Urim Sung Eunmi Kim
The principal address of the charity is: 23 Meadow Close
London SW20 9JB UK
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a constitution that was adopted on 3[rd] January 2013 and amended on 21/05/2013.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 to advance the Christian faith for the benefit of the public in accordance with the Statement of Belief attached hereto. 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 continues to hold successful services through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. The church continues to hold events and a retreat in the United Kingdom and this has continued to make a good impact in the community. The church due to the pandemic held his services and programs online for most of the year.
2
FINANCIAL REVIEW
The income of the charity is above £60,000. This is a slight increase on the previous year’s income. The costs have been managed over this period. The charity is in a good position to develop itself in the community.
FUTURE DEVELOPMENTS
The church intends to continue to host its regular services in UK. They will continue to support missionaries in Korea as well. The bible studies and youth programs will also continue as they seek to develop this side of the ministry. 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:
-
Select suitable accounting policies and apply them consistently.
-
Make judgements and estimates that are reasonable and prudent.
-
State whether the applicable accounting standards have been followed.
-
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 11[th ] October 2023 and signed on their behalf by:
3
Independent Examiner’s Report To the Trustees LONDON CENTRAL CHURCH
I report on the accounts of the church for the year ended 31[st ] December 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 :
-
Examine the accounts under section 145 of the 2011 Act.
-
Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
-
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;
-
(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
-
proper accounting records are kept( in accordance with section 130 of the 2011 Act
-
accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
-
(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
4
LONDON CENTRAL CHURCH
Statement of Financial Activities for the year ended 31st December 2022
| Unrestricted | Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | 2021 | ||
| Incoming ResourcesNote | £ | £ | £ | |
| from generated funds | ||||
| Donations and Legacie | 2 | 60512 | 60512 | 74158 |
| Investment income | 3 | 0 | 0 | 0 |
| _______ | ||||
| 60512 | 60512 | 74158 | ||
| Other Income | ||||
| Other | ||||
| _______ | ||||
| Total Incoming | 60512 | 60512 | 74158 | |
| Resources | ||||
| _______ | ||||
| Resources Expended | ||||
| Charitable activities in furtherance of objectives | ||||
| Charitable Activities | 6 | 70,631 | 70,631 | 42867 |
| Other | 7 | 6,007 | 6,007 | 11966 |
| _______ | ||||
| Total Resources | 76,638 | 76,638 | 54833 | |
| Expended | _______ | |||
| Net movement in funds | -16,126 | -16,126 | 19,325 | |
| Reconciliation of Funds | ||||
| Total Funds brought forward | 40537 | 40537 | 21212 | |
| Total Funds carried forward | 24,411 | 24,411 | 40,537 |
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.
5
LONDON CENTRAL CHURCH Balance Sheet as at 31st December 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| Fixed Assets | £ | £ | |
| Tangible fixed assets | 5 | 1729 | 514 |
| _ _ |
|||
| 1729 | 514 | ||
| _ _ |
|||
| Current Assets | |||
| Cash at bank and | 23442 | 40743 | |
| in hand | |||
| Debtors & prepayments | |||
| 23442 | 40743 | ||
| Creditors:amounts falling due within one year | |||
| Creditors & accruals | 8 | 760 | 720 |
| _ _ |
|||
| Net Current Assets | 22682 | 40023 | |
| _ _ |
|||
| Net Assets | 24411 | 40537 | |
| Unrestricted Funds | 24411 | 40537 | |
| _ _ |
|||
| TOTAL FUNDS | 24411 | 21212 | |
| _ _ |
Approved by trustees on 6th Octboer 2023
The notes on these accounts form part of these accounts
6
LONDON CENTRAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022
1) Accounting Policies
These accounts have been prepared under the historic cost convention with items Recognised at cost or transaction values otherwise stated in the relevant note(s) to These accounts. The accounts have been prepared in accordance with: The Statement of Recommended Practice: Accounting and Reporting by Charities Preparing their accounts in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.
1.1 Going Concern: The accounts are prepared on a going concern basis.
1.2 The accounts present a true and fair view and no change have been made to the accounting policies adopted.
1.3 No changes to the accounting estimates have occurred in the reporting period
- 1.5 No material prior year error have been identified in the reporting period.
Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
-
The charity becomes entitled to resources;
-
It is more likely than not that the trustees will receive the resources;
-
The monetary value can be measured with sufficient reliability.
Grants and Donations
Grants and Donations are only included in the SOFA when the general income recognition criteria are met (5.10 to 512 FRS102 SORP)
.
Tax reclaim on donations and gifts
Gift Aid receivable is included in the income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated in addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
EXPENDITURE AND LIABILITIES
Liability Recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Grants and Support Costs
Support costs have been allocated between the governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
7
LONDON CENTRAL CHURCH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2022
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
ASSETS
Tangible Fixed Assets for use by the charity
They are capitalised if they can be used for more than one year. They are valued at cost. The depreciation is calculated at 20% reducing balance method.
Debtors
Debtors are measured on initial recognition at settlement amount. Subsequently they are measured at cash.
.
8
LONDON CENTRAL CHURCH Notes to the accounts for year ended 31st December 2022
2 Voluntary Income/ Other Income
| Church collections Tithes and Offerings Total 3 Other Income Gift Aid 3 Investment income Bank Interest |
Unrestricted Total funds Funds 2022 2021 £ £ £ 60513 60513 74158 |
|---|---|
| _______ 60513 60513 74158 |
|
| _______ Unrestricted Total funds Funds 2022/£ 2021/£ Unrestricted Total funds Funds £ 2022/£ 2021/£ 0 0 0 |
| 5 Tangible Fixed Assets Cost At 01/01/2022 Additions At 31/12/2022 Depreciation At 01/01/2022 charge for the year At 31/12/2022 Net Book Value at 31/12/2022 Net Book Value at 01/01/2022 |
Equipment Vehicle Total 2022 £ £ £ 4973 4973 1647 1647 |
|---|---|
| ______ 6620 0 6620 4459 4459 432 432 |
|
| ______ 4891 0 4891 1729 0 1729 514 0 514 |
9
LONDON CENTRAL CHURCH Notes to the accounts for year ended 31st December 2022
6 Charitable Activities
| **7 ** | 2022/£ 2021/£ Hall Hire 892 3485 Travel costs 8537 922 Refreshments 10838 1872 Web hosting 203 211 Stationery & Printing 89 24 Church events 7548 3578 Ministry expenses 5680 6000 Welfare 3110 932 Salary 13200 13200 Mission 3630 0 Subscriptions 738 440 Pension costs 569 484 Supplies 8377 1640 Hotel 0 3291 Repairs 618 931 Depreciation 432 128 Insurance 1620 0 Accounting services 1060 1521 Conference 400 0 Bank Charges 95 0 Music services 0 1008 Youth outreach 2995 3200 Total 70631 42867 Other 2022/£ 2021/£ PAYE 807 1606 Benevolence gifts 0 0 Charity donations 4700 9360 Professional fees 500 1000 Total 6007 11966 _______ |
|---|---|
Trustee Remuneration
No trustee received remuneration during the finianceial year. The church had 1 employee on staff who was paid <£15000 in the financial year.
8 Creditors: amounts falling due within one year 2022/£ 2021/£ Independent examination 760 720 9 Debtors and Prepayments 2022/£ 2021/£ Debtors
10