**REGISTERED CHARITY NUMBER: 1159284** ## **Report of the Trustees and Unaudited Financial Statements for The Year Ended 31 March 2024 for LONDON CITY KOREAN CHURCH** ## **FURUICHOI & CO** ## **CHARTERED ACCOUNTANTS** 69 Station Road, Hampton, Greater London TW12 2BT www.furuichoi.com **LONDON CITY KOREAN CHURCH** **Contents of the Financial Statements for the Year Ended 31 March 2024** ||Page| |---|---| |Report of the Trustees|1 - 2| |Independent Examiner's Report|3| |Statement of Financial Activities|4| |Balance Sheet|5| |Notes to the Financial Statements|6 - 7| |Detailed Statement of Financial Activities|8| ## **LONDON CITY KOREAN CHURCH** ## **Report of the Trustees for the Year Ended 31 March 2024** The trustees present their annual report and financial statements of the charity for the year ended **31 March 2024** . The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 published on 16 July 2014. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity Number** 1159284 ## **Principal address** St. Cyprians Church, Glentworth Street, London NW1 6AX ## **Trustees** Mr In Chang KIM Mr Jung Hwan YANG Mr Jong Man KIM Mr Suhan JEON ## **Independent examiner** FURUICHOI & CO Chartered Accountants 69 Station Road Hampton TW12 2BT ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated Charity. ## **Organisational structure** It is run entirely by volunteers who all believe God and follow Jesus in their life the Christian religion. Since London City Korean Church is created and presented for religious activities **4** Trustees and around **15** volunteers & **55** members are involved into those activities. Key Partners - IPC (International Presbyterian Church) and IPC KP (International Presbyterian St Cyprian's Church). ## **Risk management** The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Page 1 ## **LONDON CITY KOREAN CHURCH** ## **Report of the Trustees** ## **for the Year Ended 31 March 2024** ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objectives of London City Korean Church are as follows ; It aims to spread the knowledge of the Bible to the people. It also aims to encourage people to enjoy a life and a wonderful life with lots of different types of culture. ## **Activities** Church. They are ; . Worship - to increase awareness of God's presence and celebrate God's love . Learning and Caring - to help people to learn and grow as Christiana, through mutual support and care . Service - to be a good neighbour to people in need and challenge injustice; and . Evangelism - to make more followers of Jesus Christ . Conference - to help people to know and develop as Christian who belongs to God in order to help people to improve the Bible knowledge . Fellowship - to help people to develop well communication with other people ## **ACHEIVEMENT AND PERFORMANCE** ## **Charitable activities** Since London City Korean Church is created, we give services of worship every Wednesday and Sunday and at least once a month we have a second worship on Sunday. We try to help by teaching and making them to be Christian as it truly changes their life in a better way. Therefore we provide: 1. human resources for worship 2. building/facilities/open space to people of particular ethnic or racial origin, 3. service of worship to public 4. advocate/advice/give information to people who need help 5. act as an umbrella or resource body We do believe this will make this world better and people will respect each other. Approved by order of the board of trustees on **24 January 2025** and signed on its behalf by: ………………………………………………………. Trustee Page 2 ## **Independent Examiner's Report to the Trustees of LONDON CITY KOREAN CHURCH** I report on the accounts for the year ended **31 March 2024** set out on pages four to eight. ## **Respective responsibilities of trustees and examiner** The charities trustees are responsible for the preparation of accounts. The charities trustees consider if an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act - to follow the procedure laid down in the General Directions given by the Charity - to state whether particular matters have to come to my attention ## **Basis of independent examiners report** My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of accounting records kept by the charity 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 under taken do not provide all evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ' true and fair view ' and the report is limited to those matters set out to the statements below. ## **Independent examiners statement** In connection with my examination, no matter has come to my attention: - (1) which gives the reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or - (2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. FURUICHOI & CO Chartered Accountants 69 Station Road Hampton TW12 2BT 24-Jan-25 Page 3 ## **LONDON CITY KOREAN CHURCH** ## **Statement of Financial Activities for the Year Ended 31 March 2024** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**fund**|**fund**| |||**£**|**£**| ||**Notes**||| |**INCOMING RESOURCES**||**2024**|**2023**| |Incoming resources from generated funds|||| |Voluntary income||68,935|56,109| |Government grant||-|-| |Investment income||787|-| |Total incoming resources||**69,722**|**56,109**| |**RESOURCES EXPENDED**|||| |Costs of generating funds|||| |Costs of generating voluntary income||24,438|22,228| |Charitable activities|||| |Costs of generating voluntary income||37,596|35,504| |Governance costs||1,440|1,010| |Total resources expended||**63,474**|**58,742**| ||||| |**NET INCOMING RESOURCES**||**6,248**|**(2,633)**| |**RECONCILIATION OF FUNDS**|||| |Total funds brought forward||47,834|50,467| |Reconciliation||-|-| |**TOTAL FUNDS CARRIED FORWARD**||**54,082**|**47,834**| Page 4 ## **LONDON CITY KOREAN CHURCH** ## **Balance Sheet As at 31 March 2024** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**fund**|**fund**| |||**£**|**£**| ||**Notes**|**2024**|**2023**| |**FIXED ASSETS**|||| |Computers & equipments||-|-| |**CURRENT ASSETS**|||| |Debtors|**5**|600|600| |Cash at bank||53,982|48,651| |**CREDITORS**||**54,582**|**49,251**| |Amount falling due within one year|**6**|500|1,417| |**NET CURRENT ASSETS**||**54,082**|**47,834**| |**TOTAL ASSETS LESS CURRENT LIABILITIES**||54,082|47,834| |**NET ASSETS**||**54,082**|**47,834**| |**FUNDS**|||| |Restricted funds||1,060|-| |Unrestricted funds|**7**|53,022|47,834| |**TOTAL FUNDS**||**54,082**|**47,834**| The financial statements were approved by the Board of Trustees on **24 January 2025** and were signed on its behalf by: ………………………………………………………… Trustee Page 5 **Notes to the Financial Statements for the Year Ended 31 March 2024** ## **LONDON CITY KOREAN CHURCH** ## **1. ACCOUNTING POLICIES** ## **Accounting convention** The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘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)’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011. ## **Incoming resources** All incoming resources are included on Statement of Financial Activities when the charity is legally entitled to the income and amount can be quantified with reasonable accuracy. ## **Resources expended** Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with charitable objectives at the discretion of the trustees Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for praticular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. Investment Income** |Deposit account interest|**2024**
**£**
787|**2023**
**£**
-| |---|---|---| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended **31 March 2024** . ## **Trustees' expenses** There were no trustees' expenses paid for the year ended **31 March 2024** . Page 6 ## **LONDON CITY KOREAN CHURCH** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2024** |**4. STAFF COSTS**
**2024**
**£**
Wages and salaries
26,346
The average monthly number of employees during the year was as follows:
**2024**
Trustees
4
Payrolled Employees
2
Volunteers
15
Members
55
76|**2023**
**£**
25,920
**2023**
4
2
15
50
71| |---|---| No employees received emoluments in excess of £60,000. |**5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2024**
**£**
Other debtors
600
**6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2024**
**£**
Accrual
500
**7. MOVEMENT IN FUNDS**
**Net movement**
**At 31.03.23**
**in funds**
**£**
**£**
**Unrestricted funds**
General fund
47,834
6,248
**TOTAL FUNDS**
**47,834**
**6,248**
Net movement in funds, in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
69,722
(63,474)
**TOTAL FUNDS**
**69,722**
**(63,474)**|**2023**
**£**
600
**2023**
**£**
1,417
**At 31.03.24**
**£**
54,082
**54,082**
**Movement**
**in funds**
**£**
6,248
**6,248**| |---|---| Page 7 ## **LONDON CITY KOREAN CHURCH** ## **Detailed Statement of Financial Activities for the Year Ended 31 March 2024** |**INCOMING RESOURCES**
**Voluntary Income**
Donations
**Government Grant**
CJRS
**Investment Income**
Investment Income
**Total incoming resources**
**RESOURCES EXPENDED**
**Costs of generating voluntary income**
Insurance
Postage and Stationery
Semina Food
Donations
Travel
Projects/Events
Missionary Work Support
Service Exp
Seminars
Pastor Cost
Membership
Other Cost
**Charitable activities**
Wages
**Governance costs**
Accountancy
**Support costs**
**Management**
Rent Payable
**Total resources expended**
**Net Income**|**2024**
**£**
68,935
-
-
**68,935**
451
735
5,936
-
3,083
8,333
1,800
-
-
3,600
500
-
**24,438**
26,346
1,440
11,250
**63,474**
**5,461**|**2023**
**£**
56,109
-
-
**56,109**
426
261
4,361
-
3,083
4,693
3,865
210
-
4,830
500
-
**22,229**
25,920
1,010
9,583
**58,742**
**(2,633)**| |---|---|---| Page 8