2021-12-31-accounts

WORLD PRAYER SCHOOL (EUROPE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] DECEMBER 2021

CHARITY NUMBER: 1180598

WORLD PRAYER SCHOOL(EUROPE) 11 CORNER FARM CLOSE TADWORTH KT20 5SJ

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 2021

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: Sang Bo Lee Chul Oh Shim Joseph Hongchul Bae

The principal address of the charity is : 11 Corner Farm Close Tadworth

KT20 5SJ

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 £23,000. 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 2021

1 Receipts & Payments Account (General Purpose Fund)

Income Receipts Donations Total Receipts Direct Charitable Expenditure Advertising Refreshments Wages Travel Benevolent giving Website costs Supplies Media costs PAYE Printing Mission Conference costs Other Expenditure Equipment Hall costs Total Payments Net Receipts/(Payments) for the year Cash Funds brought forward Cash Funds at the end of the year	£/ 2021 £/2020 23170 15675
	23170 15675
	0 15 379 0 11500 5200 1400 0 600 1000 0 173 315 225 0 50 1344 680 1700 2200
	20118 6663 409 0 50 0
	459 0 20577 6663 2593 9012 9234 222
	11827 9234

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WORLD PRAYER SCHOOL(EUROPE)

**2 **	Statements of Assets and Liabilities at 31st December 2021	Statements of Assets and Liabilities at 31st December 2021	Statements of Assets and Liabilities at 31st December 2021
	Monetary Assets
	Cash Funds	Unrestricted Funds
		£/2021	£/2020
		£
	Cash at hand and in bank	11827	9234
	Total Cash Funds	11827	9234
	Assets Retained for the
	Charity's Own use
	Non-monetary Assets and Liabilities
	Musical Instruments
	Equipments	409	0
		409	0
	Liabilities
	Bookkeeping Services	290

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 2021

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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