CbttTity number: 1159276 Company number: 09174169 The Korean Church Londoll Trustees, report and financial statements for the year ended 31 December 2024
The Korean Cbiirch london Contents Page IKgal aiid adniillistrative infornmtion Trustees, report Independent examiners, report Incorne and expenditure account Balance sheet Notes to the financial stateinents 8-11
The Kore&n Church london LegaI and administrative information Charity Dumber 1159276 Company registration number 09174169 Registered office 37 Grove Crescent ICIDt0 Upon Thames SueY KTI 2DG Trustees RevBHYoo DKKIM DSLee Accountants I(AMP CHARTERED AccouNfANTS Fal¢on House 257 Burlington Road New Malden Surr¢y KT3 4NE Bankers 14SBC 66 14igh Street New Malden Surrey KT3 4HD i• Page I
The Korean Church london Report of the trustees (incorporating the directors, rei)ort) for the year ended 31 December 2024 The trustees piEsent their report and the financial statements for the year ended 31 December 2024. The trustees, who are also directors of T]ie Korean Church London for the purposes of cOmp]Y law and wlio Se¢d during the year and up to the date of this report are set out on page I, The accounts have been prepared in accordance with the accounting policies set out in note I, tlie Companies Acl 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing tlieir accounting accordance with the Financial Reporting Standard applicable (SORJ)) in the LIK and Republic of Ireland (FRS 102) (effective l January 2015)" Structur4 governance and Inallagement The Korean Church London is a registered Oh.1tY and ig goveined by its own constitution. The operational manwment ofthe organisation's day to day activities arc d¢l¢gated to bustses. Objectives and activities The main obj¢cl of the CompqFJy is.. To advallC¢ the Christianity religion in UK for the benefit of the publiG througli tlie holding of prayer meeting, lectures, Worship and public ¢¢lebrdtion of religious festivals producing and distributing literature on Christi&nity to enlighten others about the Christianity. AchieVnentS and perforniance The doiiations have IncaSed for year end 31 D¢Gember 2024 to amount £170,181 from £161.739 cotnparing to the last year. On the other hand Fund Raising Cost & 0rhead5 have also i'educed to amouiit £143,417 and the differen¢¢ Gontributed to deficit this year. The charity organises Sunday worship services and emphasis wa5 laid on iiicreasing mondjly donations and controlllljg costs. Funds generate4[ via regular donations totalled £166,957 up to year ended 31 D¢c¢mber 2024 wliicli is 3 % more than last year. There was a increase in funds during the ¢urrent year of £26,764. Focus is to maintain and where possible to increase don&tion i'eceipts. statement of trustees, rponSIbIlitieS Th¢ trustees (wlio are also directors of The Korean CIiuTch London for the purpose of conipany law) 8re responsible foi. preparing the Ti'ustees, Annual Report &nd the financial statements in accordance with applicable law and United l(ingdom Generally ACpted Accounting 14'acti¢e. Company law requires the ttee$ to prepare financial statements for eacli finallcial year which give a true and fair view of the state of affairs of the Gh'[table Company aiid of the incoming resouires and application of resources, including the inc()ine and expenditure, of the charitable Company for that period. In preparing th¢se financial 5taternents, the trustees are required to.. select suttable accounting poIicies and then apply them consistently> obs¢rv¢ the rnethods and principles in th¢ Clwities SORP. mak¢ judgements and estiinates tliat are reasonable And pi'udent" state wh¢ther applicable UK A¢¢ounting Standards Iiave beejk followed, subject to any material departures disclosed and explained in the fIn]Gla1 statetnents,. and pi'epare the financial stat¢meiits on the going concern basis unless it is inappropriate to presurne that the ch'Itable Con)pany will continue in operdtion. P%ge 2
The Korean Chui'ch london Report of the trustees (incorporating the director6, report) foi. the year ended 31 December 2024 Th¢ trustees are responsible for keeptng proper accounting reGords whioh disclose with reasonable ac¢uracy at any time th¢ fanCIal position of the charitable Compat)y and which enable them to ensure that th¢ financial statements comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and l)ence for taking reasonable steps for the prevention and detection of fraud and other irre£ularities. Small company provisions Tliis Teport has been prepared in accordance with the special provisions for small companies uiider Part 15 of the Companies Act 2006. On behalf of the Trustees Mr.DKKIM Trustee Date: Page 3
The Korean Church london Independent examiner's report to the trustees on the unaudited financial statements of The Icorean Church ndOll. J report on the aowiints of The Korean Church London for th¢ ye. ended 31 Deceiiiber 2024 set out on pages 2 to ii. Respective responsibiIitles of trustees and independent examiner The charity's trustses (who are also the directors of the CoEnpany for purposes of company law) are responsible for the preparatioi) of the accounts. The trustees Consider that an audit is not required for this year under section 43(2) of the Charities AGt 1993 (the Act), as amended by section 28 of the Charities Act 2006 and that an independent examination is needed. It is Any responsibility to examine the ac¢ounL£ under section 43(3)(a) of the Act, as amended. to follow the procedures laid down in the General Directions given by the Cliarity Commission under section 43(7)(b) of the ACL as ameiided" and to state whether particujar matters have come to my attention. Ba515 of independent examlner's statement My exarnination was Garried out in accordaii¢e with the Genera] Directions given by th¢ Charity Commission. An examinalion includes a review of the accounting record's kept by the charity and a coinparisoii of the accounts pres¢nt¢d with tt]ose i'ecords. It also includes ¢onsiderdtion of any unusual items or disclosures in the ac(x)unts. and seeking explanations from you as ti'ustees con¢a'ning }Y such matters. The procedures uiideriaken do not provid¢ Esll tlie evidence that would be required in an audit ld consequ¢ntly no opinion is given as lo whether the accounts present a'te and fair vieMO and the report is limitsd to those matters set out in th¢ statement below. Independent exaler'S statement In connection with my examination, no inatter has come to my attention: (i) whiGh gives me rga50nabl¢ use to believe that in any m&terial respect the requir¢ments,' to keep proper Accounting records in accordan¢g with stion 386 of the Companies Act 2006. and to prepare accounts which aord with tl)e accounting reconls, coinply with the a¢¢ounting r¢quii'ements of section 396 of the Companies Act 2006 and with the methods and principles of th¢ Statsment of Re¢ommended Practice: Accounting and Reporting by Charities in accordance with the Financial Reporting Stsndard appliG&ble in the UK and Republi¢ of IrelAnd (FRS 102). ave not been met" or (ii)to which, in my opinion, attaition sbould be drnwn in order to able a proper underst8ndin£ of the aGGounts e reached. MASOOD SHAHID Chartered Accollntallt Independent examiner Falcon House 257 Burlington Road New Malden Surrey KT3 4NE Page 4
The Korean Church london Income alld expenditure account For the year ended 31 December 2024 2024 2023 Notes Iiicome Operating expenditure 166,957 161,739 (143,417) (205,501) 23,540 (43,762) Operating surplus/(deficit) Other income Interest receivable and Similar income 3,224 1,707 3224 1,707 Inter&8t payable and sfimilar charges Retained siirplusl{deficit)- for the fiiiancial year 26.764 (42,055) 26,764 (42,055) The notes on pag&5 8 to 11 foi'm An integr¥tl part orthe flnancial statements. Page 5
The Korean Cburch lolldon Balance sheet as at 31 December 2024 2024 2023 Notes Cllrrent assets Debtoi's Cash at batfft and in band 236.390 212,516 236,390 212,516 Creditors: amoullts falling due Ivithin one )'ear (1,800) (4,690} Net currellt assets 234,590 207,826 Net assets 234,590 207,826 Funds Unrrstricted income funds 234,590 207.826 Total funds 234,590 207,826 Th¢ Balance Sheet ¢ontinues on the following page. The notes on pAges 8 to 11 fonn integi'AI part of these finAnclAI statements. PAge 6
The I<orean Church london Balance sheet (eontillued) Trustees statements required by the Companies Act 2006 for the year ended 31 December 2024 In apw'oving these financial statsments as trustees of the Conipany, w¢ hei'eby confirm., (a) tliat for the year statsd above, die Company was entitled to the exemption conferred by section 477 of the Companies Act 2006 (b) that no notic¢ has been deposited at the registered office of the Coinpally pur5uanl to section 476 ofthe Compauies Act 2006 requesting that an audit be coiiducted for the year ended 31 D¢Gembei' 2024. (c) that we acl(nowl¢dge our responsibilities for: (l) ensuring that khe Conjpany keepg proper a¢counting records which comply with se¢tion 386 of the Companies Act 2006. and (2) pi'eparing financial ststements which give a true and fair view of the state of affairs of the Company as at the end of the finai)cial year and of its profIt or loss for the year then ended in accordanc¢ with tbe requirements of sectioi)s 394 and 395, and which Oth.wIse comply with the provisions of the Compantes Act relating to financial statements, so far as applicable to the Company. These financial statsm¢nts are prepared in a¢cordauGe with tlie special provtsions of Part 15 of tbe Conipanies Act 2006 relating to srnall compani¢s and in acwrdanee witb th¢ Finau¢ial Reporting Standard for Smaller Entities (effective April 2008). The ftnancial stthmenls were approved by the board on 2lib$/Afr and signed on its behalf by Mr. D.K. KIM Trustee The notes on pages 8 to I I foi'm an Integrol pRrt of those financlal ststemcnts. Pag¢ 7
The Koi'ean Church lolldon Notes to financial statements for the year ellded 31 Deeember 2024 Accounting policies Tlie principal accounting policies are sunmiarised below, The accounting policies have been applied consistently thToughout the year aad the preceding y¢ar. 1.1. Basis of accounting The flnancial statements are prq)argd under the historical cost ¢onvention and in aocoi'danoe with the Financial Reporting Standard for Smaller Entities (effective April 2008), tlie Statement ofRecomm¢nded Pra¢tiGe 'Aounting and Reporting by Charities, issued in March 2005 (SORP 2005) and the Companies Act2006. 12. Ineomlllg resources AII incoming resources are included in the statement of financi activities when the ¢harity is entitled to the income and th¢ &niount Gan be quarilified with r¢asonable acFura¢y, Thè following specific policid are applted to ptICUlar categorifs of iiiconie: Voluntary income is r¢ceived by way of grants, donations and gifts and is included in 11 in the stat¢nient of finaDcial activities when receivable. Grdnts where entitlement is not conditionaI on th¢ delivery of a specific perforniance by the ch'ity, are recognised when the charity becomes unconditionally entitled to the gr11. Donated services and fa¢ilitie8 are inGlud¢d at the vaIue to the ctwity where tliis can be q(thntified. The v&lue of services provid¢d by volunteers has not been included. Gifts donated for resale are illGluded as incoming lysol¢¢$ withiii activiti¢s for generating thnds when th¢y are sold. Gi'ants, including grants for the purchase of fIxed Assets, are recognised in thll in the statement of fiiiancial activities in the year in which they are receivable. Income fron] tnv¢5tments is included in th¢ year in which tt is receivable. 1.3. Resources expended Expenditure is rewgnised on an accrual basis as a liability is incurred. Expenditure includes any VAT which Gamiot be thlly recovere 15 reported as part of the expenditure to which it Tclales. Costs of generating ftinds comprise th¢ costs associated with attj'acting voluntaiy income and the costs of trading for fundraising puryN)ses including tlie Charity's shop. Charitable expenditure comprises those costs incuri'ed by the charity in the delivery of its activities and services for its beneficiaries. It includes both Gosts that can be allocated dire¢tly to siich activities and those costs of an indire¢t nature necessary to support them. Fundraising ¢0sts are those incwred in seeking voluntary contributions )d do not include the costs of diss¢tninating inftbrmation irn support of the charitable activities. Support costs are those costs incurye41 dii'ectly ii) support of expenditure on tbe objects of the eharity ]d include project m&nagement. Page 8
The Icorean Church london Notes to financial statements for the year ended 31 December 2024 2. Voluntary ineome 2024 Total 2023 Totsl Doi)ations Grants receivable 736 161,739 736 161,739 Don&tions and gifts Sunday Offering Titlies Thanks Giving Salvation Offering Missionary Gift Aid Sp¢¢i&l fund offering 43,111 71,828 25,788 7,830 1,180 15.984 500 33,023 79,773 13,633 8,058 660 17,771 8,981 166,221 161.739 3. Investment income 2024 TotAI 2023 Total Other interest receivable 3224 1,707 3,224 1,707 Page 9
The Korean Church london Notes to financial sl'atements for the yeai" ended 31 December 2024 Employees I mployment costs 2024 2023 Wages and saI.1e8 Social se¢iirity cosls Pension costs OLhgr costs 65,771 59,252 1,018 1,018 66,789 60,270 No ¢mployee r¢c¢ived enioluments of more than £60,000 (2023 ,, None). Other pension costs above represents the total operating charge Fncluded in r¢So.0eS expended in the statsment of"financial activities and does not include kllnounts included in oth¢i finance cost and other recogni5ed gains a])d losses. Number of employees The average monthly nuberS of ¢mployee5 (including the trustees) during the year, Calculated oi) the basis of 11 time equivalents, was as follows,. 2024 Number 2023 Number Taxation The charity's a¢tivities fall within the exemptions afforded by the provtsions of the IncoJn¢ and Corporation Taxes AGt 1988, Accordingly, there is no taxation ch'ge in tlie$e accounts. J)ebtors 2024 2023 Other debtors P.Ige 10
The Korean Chiirch london Notes to fAnancial statements for the year ended 31 December 2024 Creditor8: amounts lalling due within one year 2024 2023 Otlier taxes aiid social security Accruals and deferred income 730 3,960 1,800 1.80Q> 4,690 Unrestricted funds At At 01 jan[rY Incoming Outgoing 31 Deeember 2024 resources resourc08 2024 Uni'estricted Fund 207,826 170,181 (143,417) 234,590 Page 11
The Korean Chllrch london The foIlowing pages do not form part of the ststutory accounts. Page 12
The Icorean Church london Detailed statement of finAneial aetivities For the year ended 31 December 2024 2024 2023 Incomfing resources Incoming resources from generating funds: voluntary income Donations Grants receivable 166,957 161,739 166,957 161,739 Investmeni 1ctIMe Otlier interest receivable 3,224 1,707 3,224 1,707 Total illeoming resources from generating funds 170 181 163 446 Total incoming resources 170 181 Page 13
The Korean Church london Detailed stotemellt of fillaneial activities Ilor the year ended 31 December 2024 2024 2023 Support ¢osts SuppK)rt- Staff - Wages & salaries Supw)rt- Siaff - Employerfs Ntc Support- Staff - Pension costs Support- St&ff - Severence Pay Support- Establishrnent - L(ght & heat Support- Establishinent - Repairs & Mainten]Ge Support- Establishment - Insurdnce Support- Church Supplies Support- Chvroh Eveiits Support- ChLrch Bvent,(Worship.) Support- Other motor & travelling expenses Support- Church Family Visits Support- Books & Seminars Support- Missionary Aid SuppDrt- Offjce expenses- Telephone Support- OffIee expenses-Printing & Statioiiery Support- Adlioc Support Salvation Ex Gratia Expenses Subs¢riptions External Lecture Labour AccoLU)t I Itgal Support- Scholarship Support- License Fee 65,771 59,252 1,018 3,001 4,001 20.779 5,305 1,018 3,929 7,012 64,539 3,660 9,013 1,288 432 15,121 2,213 564 14,665 890 1,309 26,059 888 429 10,300 10,300 1,000 1,1.50 1,024 3,600 1,150 2,682 140 946 202 418 Total fundrllising trading cost of goods sold alld other costs 140 946 Total costs of gelleratlng fullds 140 946 202418 Page 14
The Korean Church london Det,oRled statement of financial activities For the year ended 31 December 2024 2024 2023 Charitable aL'tivlties Governance costs Support casts Professional fee Support- Pn)fessional - Accountsncy fees Bank Cli&rg¢s 2,368 L03 2,952 131 2,471 3,083 Total goverllance costs 2,471 3,083 Net incomlng/(outgoing) resources for the year 143 417 205 Pagc 15