HE CHURCH FINAN IAL NTS FOR THE Y DED 30° EPTEMBER 2024 NUMBER: 116 HEART FIRE CHURCH LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 30 September 2024 ADDRESS FOR CORRESPONDENCE 43 Charlcs Strc¢L Cardiff South WRles CFIO 2GB REGISTERED CHARITY NUMBER 1165580 COVTRNING DOCUMENT CIO- FOUNDATION R£GISTERED 16 F¢bruary 2016 AmEl￿DED ON 19 octob￿ 2018 TRUSTEESI DIRECTORS Ju Yeoung KID] Rev Dr Young Hwan Kim Sandra Crawford Dr Arthur Edward Wall PRIFICIPAL BANKERS HSBC. Newport South Wales CHURCH Arles Street CFIO 2 INDEX Legal & Admlnlstratlve Detslls Index Trustee's Report Statement of Financial Activities Balance Sheet Notes on the financial Ststements 7-10 HEART FIRE CHURCH CHARITY NUMBER: 1165580 TRUSTEES? REPORT The tNstees are pleased to present their report for the y¢ar erlded 30, SeptemlKr 2024 for the charity, Heart Fire Church with Charity Number 1165580. The Trustee5 of the charity aTe.' MTS Ju Yeoung Kim Rev Dr Young Hwan Kim Mrs SaDdr& Crawford Dr Arthur Edwatd Wall The principal address of the charity is: 43 Charles Street, Cardiff, Glamorgan, CFIO 2GB OBJECTS Th¢ objects of the Church for the benefit of the public are to advance the Christian faith worldwide in accordance with its statement of beliefs, in Cardiff, Newport and such other parts of the UK or the world as t￿e Church may from time to tiTn¢ thiT)k fit and 10 fi21fi11 such other purposes which are exclusively charitable according to the law of England Wales and are ¢omiected with the charitable WO￿ of the Church. STRUCTURE, GOVERNANCE AND MANAGEMENT The Church is governed by a leadershtp team on which the Iruslees are represented. It meets regularly to review, plan activities alld monitor the fllmicial position. The tnjstees appointed have served exemplary in providing much needed governance and administrative support and guidance to the ch&ity throughout the year. ACHIEVEMENTS AND PERFORMANCE The church continues to develop itself in the community. The church also continues to hold regularsservices that are open to the general public. The church held succes8fv1 conferences during the year, and it continues to support the ethos of its church through all its activities. FINANCIAL REVIEW The income of the ohuTch is over £56000. This is a higher amount thao on the previous year and the costs have been well managed over this period. So the church hopes to continue its work in the comAtig year without any unnecessary finaThcial constraints. The church used most of its in¢om¢ on th¢ rent of th¢ building and wages for the employee and donations, hospitality and welfare. PLANS FOR THE FtrruRE The church intends to continue to host its regular Services and special events in Cardiff. The intended re-appointment 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 Church to rnaintain unrestricted fjjnds, which are the reserves of the charity at about 3 months of unrestricted expenditure . Similar amounts of income and outcome was provided $0 need to save more for the emergency expenditures that may arise from tin￿ to titne. RISK MANAGEIVIEiYr The charity has assessed all the major risks to which the charity is exposed to. in particular those related to operations and fin2mces of the charity. and are satisfjed that systems are in place to mitigate exposur¢ to n￿jOy Tisks. TRUSTEE RESPONSJBJLITIES Under the ChaTities Act 2011, the t￿￿teeS are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to: l. Select suitable aecounting policies and apply them consistently. 2. Make judgements and estimates that are reasonable and prudenL 3. State whether the applicable aecounting standards have been followed. 4. Prepare f￿￿]CiaL statements on an ongoing bASiS. They are responsible for keeping proper records which disclose with reasonable arcuracy the finances of th¢ church at any time and to ensure that such accounts comply with the Charities Act 2011.They also bave a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other iryeguiarities. Approved by the TTUStees on 22nd July 2025 and si ed on their behalf by.. // HEART FIRE CHURCH Statomont of Financkl A¢tMtlos for thg yoar •nded 30th Septembor 2021 Unrestrlcted Funds Incomlng Resources from Note £ generatèd funds Donations and Lega(yes Total Funds 2024 2023 56013 56013 35528 Inv&stment in(xJme 56013 56013 35528 Other Inu)me Totsl Incomlng Resour¢g8 56013 Re80urcg$ Expendod Charitable activiti08 in furtheranc• of objoctives Charitsble Activities 55056 55056 36606 Other Totsl R¢50urcos Expendad Nèt movgm•nt In funds 957 957 -1078 Reconclllatlon of Funds Total Funds brought foNard Total Funds carried fonvard 1542 1421 1421 The above fijnds are all classed as lo purpose All movements of funds and all recognised gains and losses are induded al)ov&. The noles on the accounts form part of these accounts. HEART FIRE CHURCH Balance Sheet as at 30th SoPtffiib8r 2024 Note 2024 2023 Fixod Assets Tangible fixed assets Current Assgts Cash at bank and In hand Debtors & prepayments 55056 36606 55056 Cradltors:amounts lalllng du¢ wlthln one y•ar 36506 Creditors & accruals Net Currènt Assets 55056 36606 Net Assets 1421 Unrnstrfcted Funds General Fund TOTAL FUNDS 421 1421 464 Approved by board of Trust¢¢s on . And signed on their behalf by ITnJsteel Slgnalure.. iu H£ART FIRE CHURCH NOTES TO THE ACCOUTr4TS FOR THE YEAR ENDED 30-SEpfKMBER 2821 l} A¢¢ountlng Policies 1.1 Basis of Accounting These a¢¢ounts have been prepared under the historic cost convention with items Recognised at cost or transaction values otherwise stated in the relevant nole(s) to These accounts. The accounts have been prepared in accoi'dance with.. The Statement of Recommended Prdctice.. Accounting and Reporting by Charitie5 Preparing their accounts in accordan¢¢ with the Financial Reportlng St￿ard Applicable in the UK and Republi¢ of Ireland (FRS102) issued on 16 July 2014. 1.2 Going Concern: The accounts are prepared on a going concern b&sis. 1.3 The accounts present a ￿e and fair view and no change has been made to the accounting policies adopted. 1.4 No changes to the accounting estimates have occurred in the r¢porting period 1.5 No material prior year errors hav¢ b¢en identified in the reporting peLlOd. Recognition ofIncome These are ineluded in the Statement of Financial Activities (SOFA) when: ' The charity becomes entitled to resources; . It is more likely than not that the tnAStees will receive the resources The monetary value can be measured with sufficient r¢liability. Grants and Doizations Grants and Donations are only included in the SOFA when the general income recogt)ition criteria are met (5.10 to 512 FRS102 SORTr). Tor reclaim on donaliotts andgifts Gift Aid receivabl¢ is includ¢d in th¢ tncom¢ when there is a valid d¢¢laration from the donor. Any gift aid atnount recovered on a donation is considered to be part of that gift and is treated in addition to the same fund &% the initial donation unless the donor or the terms of the appeal have specified olheTWiSe. EXPENDITURE AND LIABILITIES Liability Recognition Liabilities are recognised where it is more likely than not that there is a legal or coiistNctive obligation committing the charity to pay out resources and the amount of the obligation can ￿ 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 publi¢ accountability of th¢ charity and its compliance with regulation and good practice. HEART FIRE CHURCH NOTES TO THE ACCOUNTS FOR TME YXAR ENDED 30 SEFfEMBER 2021 Creditors The organisation has creditors which are measured at settlement amounts less ally trad¢ di5rounts. ASSETS Tart￿ble F￿£dASSetSf0r by the organisation They are ¢apitalisa if they w) be used for mor¢ than one year. They are valued at cost. The depre¢iation is calculated at 200/0 reducing balance method. Debtor Debtors are measured Oll initial recognition al settlement amount. Subsequently they are measured at ¢&8h. HEART FIRE CHURCH Notss to the accounts for year ended 301h Sgptombor 2021 2 Voluntary Income Unrgstricted Funds Tolal funds 2024 2023 £734 28180 35528 Churth collections Donations Total 46168 56013 46168 56013 3 Investment incomè unrestrict￿ Total funds Funds £ 20241£ 20231£. Bank Interest 4 Other Accountancy fees Amount 20241£ 20231£ License and Subscrfptions S Tanglblo Flxed Assets Instrument Equipment Total 2021 £ 2024 £ 2023 £ 2021 At 0111012021 Additions 1271 AI 3010912024 1271 Depreclation At 0110912021 charge for the year At 3010912024 1271 Net Book Value at 3010912024 HEART FIRE CHURCH Notes to the accounts for year ended 30th Septsmber 2023 6 Cosl of Activities in furtherance of Charitablo ObJo¢tlves 20241£ 20231£ 12480 11626 3301 3939 121 376 141 172 9984 39 Pastors S819ry Premlses o)sts Resources Youth 8vents offi￿ wot1(er salary Hosfitality Telephone & Stsuonery Publicity & Advertising Previous saving transfer Travelllng & Motor expenses sundry Website costs Pension PAYE Welfare Trainlng Rates ghl & Heat Donations Total 119 70 4524 242 36 137 1225 17 610 17000 110 12 1470 295 141 65 66 65 21 55056 2274 36606 The organization had 2 employees. 9 Cr•ditors: arnounts fralllng duo wtthln ong yoar 2024 2023 Creditors Total io