2020-12-31-accounts

WORLD PRAYER SCHOOL (EUROPE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2020

CHARITY NUMBER: 1180598

WORLD PRAYER SCHOOL(EUROPE) 1THE AVENUE WORCESTER PARK KT4 7EW

INDEX Page Index 1 Trustee’s Report 2 - 3 Receipts and Payments Account 4 Statement of Assets and Liabilities 5 Notes on the financial Statements 6

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WORLD PRAYER SCHOOL (EUROPE)

TRUSTEES’ REPORT YEAR ENDED 31[ST] DECEMBER 2020

The trustees are pleased to present their report for the year ended 31[st] December 2020 for the charity, World Prayer School(Europe) with charity number 1180598.

The Trustees of the charity are: Young Mi Son Joseph Hongchul Bae Jisu Kim

The principal address of the charity is : 1The Avenue Worcester Park KT4 7EW

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity governing document is a CIO – Foundation Constitution registered 7[th] November 2018.The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.

OBJECTIVES AND ACTIVITIES

The Objects of the organisation are first to advance the Christian faith in accordance with the statement of beliefs for the benefit in the United Kingdom and in such other parts of the world as the trustees may think fit from time to time . The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.

ACHIEVMENTS AND PERFORMANCE

The Organisation continues to hold successful meetings through the year in which individuals were equipped and educated on the principles and doctrines of the Christian faith. This has produced good results in reaching and helping members of the community.

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FINANCIAL REVIEW

The income of the charity is above £15,000. This is a good amount for this year of the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the rent of its building that it uses for worship services and its equipment.

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RESERVE POLICY

It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.

RISK MANAGEMENT

The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.

TRUSTEE RESPONSIBILITIES

Under the Charities Act 2011,the trustees 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:

1. Select suitable accounting policies and apply them consistently.

2. Make judgements and estimates that are reasonable and prudent.

3. State whether the applicable accounting standards have been followed.

4. Prepare financial statements on an ongoing basis.

They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.

Approved by the Trustees on 14[th] November 2020 and signed on their behalf by:

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WORLD PRAYER SCHOOL (EUROPE)

ACCOUNTS FOR THE YEAR ENDED 31st December 2020

**1 **	Receipts & Payments Account (General	Purpose Fund)	Purpose Fund)
	Income Receipts	£/ 2020	£/2019
	Donations	15675	2620
	Total Receipts	15675	2620
	Direct Charitable Expenditure
	Advertising	15	86
	Refreshments	0	22
	Wages	5200	2500
	Fuel	0	3
	Benevolent giving	1000
	Website costs	173
	Supplies	225
	Media costs	50
		6663	2611
	Other Expenditure
	Equipment	0	0
	Instruments	0	0
		0	0
	Total Payments	6663	2611
	Net Receipts/(Payments) for the year	9012	9
	Cash Funds brought forward	222	213
	Cash Funds at the end of the year	9234	222

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WORLD PRAYER SCHOOL(EUROPE)

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2 Statements of Assets and Liabilities at 31st December 2020
Monetary Assets
Cash Funds Unrestricted Funds
£/2020 £/2019
£
Cash at hand and in bank 9234 222
Total Cash Funds 9234 222
Assets Retained for the
Charity's Own use
Non-monetary Assets and Liabilities
Musical Instruments
Equipments
0 0
Liabilities
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These accounts were approved by the trustees and signed on their behalf by: CHUL OH SHIM

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WORLD PRAYER SCHOOL (EUROPE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st December 2020 ACCOUNTING POLICIES Basis of Accounting These accounts have been prepared on the receipts and payments basis with all revenue and expenses shown on a cash basis. Non-monetary assets are shown at estimates of the value at the end of the year. Funds The CIO has a general unrestricted fund that receives voluntary donations from attendants at the services. The CIO has no outstanding guarantees to third parties no any debts secured on the asstes of the CIO Public Benefit The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit.Details of how this is achieved are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake. Depreciation Depreciation is calculated at 20% reducing balance method.

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