Registered number 1180512
READING KOREAN CHURCH
Trustees' Report and Unaudited Financial Statements
31 December 2023
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 2023
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 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Name: READING KOREAN CHURCH Charity Number: 1180512 Website: www.facebook.com/ReadingChurch Registered Address: C/O TYNDALE BAPTIST CHURCH, 2-4 CRESSINGHAM ROAD, READING Trustees: D. FINCH S. A. HILL S CHO Banker: National Westminster Bank Plc Reading Oracle, Natwest Reading Unit 2, Second Floor, 39-41 High Independent Examiner: Kye S Yin (FCCA, AAIA, MAAT, MBA) Street, New Malden, Surrey, KT3 4BY
STRUTURE, GOVERNANCE & MANAGEMENT
Governing Document
READING KOREAN CHURCH is a charitable company limited by guarantee, which was incorporated on
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 2023
Activities
Reading Korean Church continued to provide a weekly worship service in Korean with English translation of the sermons. Outreach and evangelism resulted in a number of new families joining the church. Youth group and Sunday school classes were held during the main services.
Pastor Taero Yoon left the Church by mutual agreement at the end of his sabbatical leave year to work in the mission field. Pastor Nam-san Suh agreed to continue as Interim Pastor.
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 £30,938 (2022 was £28,501), from donations, Gift Aid and Presbytery support. Expenditures were £32,278 (2022 were £27,308), resulting as net loss of £1,340 (2022 with profit of £1,192).
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 25/10/2025 and signed on
S A HILL - Trustee
…………………………………..
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 2023 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:
-
(i) examine the accounts under section 145 of the Charities Act
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(ii) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Charities Act, and
-
(iii) to state whether particular matters have come to our attention.
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 any material matters of concern have come to our attention 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:
-
which give me reasonable cause to believe that in, any material respect, the requirements:
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(i) to keep accounting records in accordance with section 130 of the Charities Act; and
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(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
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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 3941 High Street New Malden, Surrey KT3 4BY
25/10/2025
3
READING KOREAN CHURCH STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023
| 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 2023 2021 |
|---|---|---|
| 3 4 6 7 7 |
£ £ £ £ 30,938 - 30,938 28,501 - - - - - - - - |
|
| 30,938 - 30,938 28,501 |
||
| 32,278 - 32,278 27,309 |
||
| (1,340) - (1,340) 1,192 - - - - |
||
| (1,340) - (1,340) 1,192 3,120 - 3,120 1,928 |
||
| 1,780 - 1,780 3,120 |
4
READING KOREAN CHURCH Registered number: 1180512 Balance Sheet as at 31 December 2023
| Balance Sheet as at 31 December 2023 |
||
|---|---|---|
| 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 2023 2022 |
| 2 8 9 7 7 |
£ £ £ £ - - - - |
|
| - - - - |
||
| - - - - 3,337 - 3,337 4,240 |
||
| 3,337 - 3,337 4,240 |
||
| 1,557 - 1,557 1,120 |
||
| 1,780 - 1,780 3,120 |
||
| 1,780 - 1,780 3,120 |
||
| - - - - |
||
| 1,780 - 1,780 3,120 |
||
| - - - - 1,780 - 1,780 3,120 |
||
| 1,780 - 1,780 3,120 |
The trustees (who are also the directors of the company for the purposes of company law) confirmed that for the year ended 31 December 2023:
the company is entitled to exemption from audit under section 477 of the Companies Act 2006, and member have not required the charity company to obtain an audit of its financial statements for the year in question in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for:
ensuring that the charitable company keeps accounting record that comply with Sections 386 and 387 of the Companies Act 2006
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 2023 and signed on their behalf by:
S A HILL Trustee
…………………………………..
Date: …25/10/2025……
5
READING KOREAN CHURCH Notes to the Financial statements for the year ended 31 December 2023
1 Accounting policies
(a) Basis of preparation
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).
(b) Income Resources
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.
(c) Expenditure and liabilities
Expenditure is recognised on the accurals basis. The charity is not registered for VAT, thus all costs are shown inclusive of VAT charged.
(d) Tangible fixed assets
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 2023
2 Tangible Fixed Assets
Cost
At 01.01.2023 Addition
Cost at 31/12/2023
Depreciation
At 01.01.2023 Charge for the period
Depreciation at 31.12.2023
Net Book Value
At 31/12/2023 At 31/12/2022
| Fixtures & Fittings £ - - |
Fixtures & Fittings £ - - |
Leasehold Land & Building £ £ - - - - Equipments |
Leasehold Land & Building £ £ - - - - Equipments |
Total £ - - |
|---|---|---|---|---|
| - | - | - | - | |
| - - |
- - |
- - |
- - |
|
| - | - | - | - | |
| - | - | - | - | |
| - | - | - | - |
3 Voluntary Income
Donation from New Aberdeen Korean Church General Donations GIFT AID Korean Presbytery support Other Donations Specific Donations - Family support Specific Donations - Missionary Support
4 Income from Charitable Activities
Charity Event Others
5 Income from Investments
Interest Receivable
Total Income:
| Unrestricted | Restricted | Total | Total |
|---|---|---|---|
| Funds | Funds | 2023 | 2022 |
| £ | £ | £ | £ |
| 1,000 | 1,000 | - | |
| 22,300 | - | 22,300 | 21,502 |
| 2,318 | - | 2,318 | 3,588 |
| 4,800 | - | 4,800 | 1,200 |
| - | - | 776 | |
| - | - | - | 225 |
| 520 | - | 520 | 1,210 |
| 30,938 | - | 30,938 | 28,501 |
| Unrestricted | Restricted | Total | Total |
| Funds | Funds | 2023 | 2022 |
| £ | £ | £ | £ |
| - | - | - | - |
| - | - | - | - |
| - | - | - | - |
| Unrestricted | Restricted | Total | Total |
| Funds | Funds | 2023 | 2022 |
| £ | £ | £ | £ |
| - | - | - | - |
| - | - | - | - |
| 30,938 | - | 30,938 | 28,501 |
7
READING KOREAN CHURCH Notes to the Financial statements for the year ended 31 December 2023
6 Expenditure on Charitable Activities
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Children's Church | - | - | - | - |
| Church Activities & Fellowship | 319 | - | 319 | 539 |
| Employers NI | - | - | - | |
| Independent Examination | 500 | - | 500 | 500 |
| Insurance | 286 | - | 286 | - |
| Ministerial - guest preachers | 200 | - | 200 | 100 |
| Ministerial - Missionary | 890 | - | 890 | 470 |
| Ministerial - Pension | 245 | - | 245 | 524 |
| Ministerial - Salary | 26,400 | - | 26,400 | 22,574 |
| Others | 349 | - | 349 | 242 |
| Payroll Admin | 390 | - | 390 | 360 |
| Safeguarding | 157 | 157 | 145 | |
| Translation | 32 | - | 32 | 205 |
| Tyndale Baptist Church | 2,510 | - | 2,510 | 1,650 |
| 32,278 | - | 32,278 | 27,309 | |
| Total Costs: | 32,278 | - | 32,278 | 27,309 |
- 7 Movements in funds
| As at Incoming 01/01/2022 Resources Unrestricted funds £ £ General fund 3,120 30,938 Restricted funds - - Total Funds 3,120 30,938 Cash at Bank and in Hand Unrestricted Restricted Funds Funds £ £ Cash at Bank 3,337 - Cash in Hand - - 3,337 - Creditors and Accruals Suppliers Independent Examiner Fee Accrued PAYE & NI Contributions Pension |
As at Incoming 01/01/2022 Resources |
Outgoing As at Resources 31/12/2023 |
|---|---|---|
| £ £ 3,120 30,938 |
£ £ 32,278 1,780 |
|
| - - |
- - |
|
| 3,120 30,938 |
32,278 1,780 |
|
| Total Total 2023 2022 |
||
| £ £ 3,337 - - - |
£ £ 3,337 3,337 - - |
|
| 3,337 - |
3,337 3,337 |
|
| Total Total 2023 2022 |
||
| £ £ - 1,060 1,060 545 60 (48) - |
||
| 1,557 1,120 |
8 Cash at Bank and in Hand
- 9 Creditors and Accruals
8