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2020-12-31-accounts

Registered number 1180512

READING KOREAN CHURCH

Trustees' Report and Unaudited Financial Statements

31 December 2020

READING KOREAN CHURCH Report and accounts Contents

Page
Trustee's Report 1
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Accounts 6

READING KOREAN CHURCH Registered number: 1180512 TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 December 2020

The Trustees, who are also the directors of the company for the purposes of company law, present their report and accounts for the year ended 31 December 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name: READING KOREAN CHURCH Charity Number: 1180512 Website: www.facebook.com/ReadingChurch C/O TYNDALE BAPTIST CHURCH, 2-4 CRESSINGHAM ROAD, READING Registered Address: RG2 7JE

Trustees:

D. FINCH T. YOON S. A. HILL

Reading Oracle, Natwest Reading Banker: National Westminster Bank Plc Oracle Branch, Unit 11, The Oracle Shopping Centre, Reading, RG1 2AG Unit 2, Second Floor, 39-41 High Kye S Yin (FCCA, AAIA, MAAT, MBA) Street, New Malden, Surrey, KT3 4BY

Independent Examiner: Kye S Yin (FCCA, AAIA, MAAT, MBA)

STRUTURE, GOVERNANCE & MANAGEMENT

Governing Document

READING KOREAN CHURCH is a charitable company limited by guarantee, which was incorporated on and governed by its CIO - Association dated, 20 May 2019, as defined by the the Charities Act 2011 (The 2011 Act).

Risk Management

The trustees have a duty to regularly 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. The trustees do no consider that there are any substantial risks beyond the liabilities disclosed in the financial statements.

OBJECTIVES AND ACTIVITIES

Objects

a) to advance the Christian faith in accordance with the Articles of Faith for the benefit of the Korean community and associated persons in Reading and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit;

(b) to advance the education in the Christian faith of the Korean community and associated persons in Reading and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit;

(c) to relieve persons who are in conditions of need or financial hardship or who are sick or in need and to relieve the distress caused thereby in Reading and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit;

(d) to promote and fulfil such other charitable purposes beneficial to the community in Reading and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit.

1

READING KOREAN CHURCH Registered number: 1180512 TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 31 December 2020

Activities

Activities during the year included:

Public Benefit

The trustees confirm that they have had due regard to the pulic benefit guidance published by the Charity Commission in exercising their powers or duties, as required in the Charities Act 2006/2011.

FINANCIAL REVIEW

General Fund income was £29,224 (2019 was £26,018), all from donations and gift Aid. Expenditures were £30,239 (2019 were £27,424), resulting as net loss of £1,015 (2019 with Net Pofit of £606).

APPROVAL

This report, which has been prepared in accordance with the provision in the Companies Act 2006 relating to small companies, was approved by the trustees on 19/06/2022 and signed on their behalf by:

S A HILL - Trustee

…………………………………..

Date: …19/06/2022…

2

READING KOREAN CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF READING KOREAN CHURCH

I report on the accounts of READING KOREAN CHURCH for the year ended 31 December 2020 which are set out on pages 4 to 9.

Respective Responsibilities of Trustees and Examiner

The Society's trustees are responsible for the preparation of the accounts. The Society's trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (The 2011 Act) and that an independent examination is needed.

It is our responsibility to:

under section 145(5)(b) of the Charities Act, and

Basis of Independent Examiner's Statement

Our examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the 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 it seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the 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 in the statement below.

Independent Examiner's Statement

In connection with my examination, no matter has come to our attention:

  1. which give me reasonable cause to believe that in, any material respect, the requirements: (i) to keep accounting records in accordance with section 130 of the Charities Act; and

  2. (ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or

  3. to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.

Kye S Yin (FCCA, AAIA, MAAT, MBA) Chartered Certified Accountants Unit 2, 5 & 6 Second Floor 39-41 High Street New Malden, Surrey KT3 4BY

19/06/2022

3

READING KOREAN CHURCH STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2020

Income from:
Voluntary Income
Charitable Activities
Investments (Interest Receivable)
Expenditure on:
Charitable Activities
Net Income/(Expenditure)
Transfers between funds
Net Movement in funds
Total funds brought forward
Total funds carried forward		 Notes Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
3
4
6
7
7		 £
£
£
£
26,842
2,382
29,224
28,030
-
-
-
-
-
-
-
-
26,842
2,382
29,224
28,030
30,239
-
30,239
27,424
(3,397)
2,382
(1,015)
606
-
-
-
-
(3,397)
2,382
(1,015)
606
2,510
-
2,510
1,904
(887)
2,382
1,495
2,510

4

READING KOREAN CHURCH Registered number: 1180512 Balance Sheet as at 31 December 2020

Balance Sheet
as at 31 December 2020
Fixed Assets
Tangible Assets
Total Fixed Assets
Current Assets
Debtors
Cash at bank and in hand
Total Current Assets
Creditors: Amount falling due within
one year
Net Current Assets/(Liabilities)
Total Assets Less Current Liabilities
Creditors: Amount falling due after
more than one year
Provisions for liabilities and charges
Total Net Assets
Funds of the Charity
Restricted funds
Unrestricted funds
General Income Fund
Total Funds		 Notes Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
2
8
9
7
7		 £
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
2,763
-
2,763
3,378
2,763
-
2,763
3,378
1,268
-
1,268
868
1,495
-
1,495
2,510
1,495
-
1,495
2,510
-
-
-
-
1,495
-
1,495
2,510
-
2,382
2,382
-
(887)
-
(887)
2,510
(887)
2,382
1,495
2,510

The trustees (who are also the directors of the company for the purposes of company law) confirmed that for the year ended 31 December 2020:

The trustees acknowledge their responsibilities for:

The accounts which have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies, were approved by the trustees on 29th September 2021 and signed on their behalf by:

S A HILL - Trustee

………………………………….. Date: …19/06/2022……

5

READING KOREAN CHURCH Notes to the Financial statements for the year ended 31 December 2020

1 Accounting policies

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, the Charities Act 2011, Accounting & Reporting by Charities: Statement of Recommended Practice (Charties SORP FRS102).

All incoming resources are included on the statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonably accuracy.

Voluntary Income

Voluntary income is received by way of member's subscriptions and donations. Members' subscriptions income is credited in the financial statements in period when it is received. No adjustment is made in respect of subscriptions outstanding or received in advance. Donations are taken to income in the year of receipt.

Interest Receivable

Interest on funds held on deposit is included when receiveable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Charitable Activities

Incoming resources from charitable activities are accounted for in the period when the production takes place. Income is deferred when admission fees are received in advance of the performances to which they relate.

Expenditure is recognised on the accurals basis. The charity is not registered for VAT, thus all costs are shown inclusive of VAT charged.

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. The charity does not currently have any capitalised assets.

Fitting Out, Improvements & Equipment : Over 5 years

(e) Taxation

The charity is exempt from corporation tax on its charitable activities.

(f) Funding Accounting

Unrestricted Funds

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted Funds

Restricted funds can only used for particular restricted purpose within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

(g) Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6

READING KOREAN CHURCH Notes to the Financial statements for the year ended 31 December 2020

2 Tangible Fixed Assets

Cost
At 01.01.2020
Addition
Cost at 31/12/2020
Depreciation
At 01.01.2020
Charge for the period
Depreciation at 30.04.2020
Net Book Value
At 31/12/2020
At 31/12/2019		 Fixtures
&
Fittings
£
-
-		 Fixtures
&
Fittings
£
-
-		 Leasehold
Land &
Building
Total
£
£
£
-
-
-
-
-
-
Equipments		 Leasehold
Land &
Building
Total
£
£
£
-
-
-
-
-
-
Equipments
- - -
-
-
-		 -
-		 -
-
-
-
- - -
-
- - -
-
- - -
-

At 31/12/2019

3 Voluntary Income

Voluntary Income
Unrestricted Restricted Total Total
Funds Funds 2020 2019
£ £ £ £
General Donations 22,198 - 22,198 26,018
GIFT AID 3,559 - 3,559 2,012
Korean Presbytery support 840 - 840 -
Specific Donations - 2,382 2,382 -
Unspent food budget 245 - 245 -
26,842 2,382 29,224 28,030
Income from Charitable Activities
Unrestricted Restricted Total Total
Funds Funds 2020 2019
£ £ £ £
Charity Event - - - -
Others - - - -
- - - -
Income from Investments
Unrestricted Restricted Total Total
Funds Funds 2020 2019
£ £ £ £
Interest Receivable - - - -
- - - -
Total Income: 26,842 2,382 29,224 28,030

4 Income from Charitable Activities

5 Income from Investments

7

READING KOREAN CHURCH Notes to the Financial statements for the year ended 31 December 2020

6 Expenditure on Charitable Activities

Unrestricted Restricted Total Total
Funds Funds 2020 2019
£ £ £ £
Children's Church 255 - 255 368
Church Activities & Fellowship 595 - 595 236
Family support 700 - 700 -
Independent Examination 500 - 500 600
Insurance 135 - 135 -
Ministerial - guest preachers 1,080 - 1,080 633
Ministerial - Missionary 1,862 - 1,862 -
Ministerial - Pension 245 - 245 258
Ministerial - Salary 21,600 - 21,600 21,485
Payroll Admin 390 - 390 360
Safeguarding 129 - 129 484
Stationery and printing 8 - 8 -
TREASURER TRAINING COURSE 40 - 40 -
Tyndale Baptist Church 2,700 - 2,700 3,000
30,239 - 30,239 27,424
Total Costs: 30,239 - 30,239 27,424
7
8		 Movements in funds
As at
Incoming
Outgoing
As at
01/01/2020 Resources
Resources
31/12/2020
Unrestricted funds
£
£
£
£
General fund
2,510
26,842
30,239
(887)
Restricted funds
-
2,382
-
2,382
Total Funds
2,510
29,224
30,239
1,495
Cash at Bank and in Hand
Unrestricted
Restricted
Total
Total
Funds
Funds
2020
2019
£
£
£
£
Cash at Bank
2,763
-
2,763
3,378
Cash in Hand
-
-
-
-
2,763
-
2,763
3,378		 As at
Incoming
Outgoing
As at
01/01/2020 Resources
Resources
31/12/2020
£
£
£
£
2,510
26,842
30,239
(887)
-
2,382
-
2,382
2,510
29,224
30,239
1,495
£
£
£
£
2,763
-
2,763
3,378
-
-
-
-
2,763
-
2,763
3,378

9 Creditors and Accruals

Suppliers
Independent Examiner Fee Accrued
PAYE & NI Contributions
Pension		 Total
Total
2020
2019
£
£
60
60
1,100
600
60
160
48
48
1,268
868

8