## **OXFORD KOREAN CHURCH**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31[ST] AUGUST 2019**
**CHARITY NUMBER: 1184111**
## **OXFORD KOREAN CHURCH UNITED REFORMED CHURCH COLLINWOOD ROAD HEADINGTON OXFORD OX3 8HW**
**INDEX Page Index 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes on the financial Statements 7-9**
**1**
## **OXFORD KOREAN CHURCH**
# **TRUSTEES’ REPORT YEAR ENDED 31[st] August 2019**
The trustees are pleased to present their report for the year ended 31[st] August 2019 for the charity, Oxford Korean Church with charity number 1184111.
The Trustees of the charity are: Guanguo Cui Dr Minsuk Shin
Sung Chol Hwang
The principal address of the charity is : United Reformed Church Collingwood Road Headington Oxford OX3 8HW
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Charity governing document is a CIO- Foundation Constitution that was registered on 26[th] June 2019 issued by the Charity Commission on public benefit before deciding what activities the charity should undertake. The object of the charity is to advance the Christian Religion in Oxford in accordance with the Statement of Beliefs.
## **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. The organisation held several conferences during the year to encourage the community in practicing the Christian faith.
**2**
## **FINANCIAL REVIEW**
The income of the charity is above £40,000. This is a good amount for this year of the charity the costs have been well managed over this period. This is a higher income than expected and the organisation is in a good position to progress in the coming year. The main cost of the organisation was paying for the mission house rent. The organisation has no long term debt and is a going concern.
.
## **FUTURE DEVELOPMENTS**
The church intends to continue to host its regular conferences in UK. The organisation plan to focus on increasing the number of attendants in their services in the future. 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 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 2[nd] October 2019 and signed on their behalf by:
_____________________________________________
**3**
## Independent Examiner’s Report To the Trustees **OXFORD KOREAN CHURCH**
I report on the accounts of the church for the year ended 31[st ] August 2019 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
## **Respective responsibilities of trustees and examiner**
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to:
- Examine the accounts under section 145 of the 2011 Act.
- Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
- State whether particular matters have come to my attention.
## **Basis of Independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
In the course of my examination, no matter has come to my attention;
- (1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
- proper accounting records are kept( in accordance with section 130 of the 2011 Act
- accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
- (2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Chuks Ajuka BSc(Man), FICB PMDip ( License number: 17362) FRESH FIRE ORGANISATION 95 Miles Road Mitcham Surrey CR4 3 FH
**4**
## **OXFORD KOREAN CHURCH**
## **Statement of Financial Activities for the year ended 31st August 2019**
|||**Unrestricted**|**Total Funds**|
|---|---|---|---|
|||**Funds**|**2019**|
|**Incoming Resources from**|**Note**|**£**|**£**|
|**generated funds**||||
|Donations and legacies||44803|44803|
|Investment income||0|0|
|||44803|44803|
|_Other Income_||||
|Other||0|0|
|**Total Incoming**||44803|44803|
|**Resources**||||
|**Resources Expended**||||
|**Charitable activities in furtherance of objectives**||||
|Charitable Activities|**3**|42,554|42,554|
|**Other**|**4**|360|360|
|**Total Resources**||42,914|42,914|
|**Expended**||||
|**Net movement in funds**||**1,889**|1,889|
|**Reconciliation of Funds**||||
|Total Funds brought forward||||
|**Total Funds carried forward**||**1,889**|1,889|
The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.
The notes on the accounts form part of these accounts.
## **OXFORD KOREAN CHURCH Balance Sheet as at 31st August 2019**
||**Note**|**2019**|
|---|---|---|
|**Fixed Assets**||**£**|
|Tangible fixed assets|**2**|478|
|||_________|
|||478|
|||_________|
|**Current Assets**|||
|Cash at bank and||1771|
|in hand|||
|Debtors & prepayment|**6**|0|
|||1771|
|**Creditors:amounts falling due within one year**|||
|Creditors & accruals|**5**|360|
|||_________|
|**Net Current Assets**||1411|
|||_________|
|**Net Assets**||1889|
|**Unrestricted Funds**|||
|General Fund||1889
_________|
|**TOTAL FUNDS**||1889|
|||_________|
Approved by the trustees on 2nd October 2019 and signed on their behalf by:
_____________________________________________
**6**
## **OXFORD KOREAN CHURCH**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] AUGUST 2019**
## **1) Accounting Policies**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s)
## _Incoming Resources_
Incoming resources are recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to future periods are Deferred on the Balance Sheet
## _Resources Expended_
Expenditure is recognised in the statement of financial activities when a liability is incurred or increased without a commensurate increase in recognised assets or a reduction in liabilities.
## _Allocation of Costs_
Direct Activity Costs comprise those costs that contribute directly to an activity and are allocated to the relevant activity
Support Costs comprise those costs that are necessary to deliver an activity but in themselves do not produce or deliver an activity. Support costs are allocated to activities based on the direct salary costs of the activity compared with total activity salary costs
.
## _Funds_
Restricted funds represent income received that is subject to restrictions on use as determined by the donor which are narrower than the general objects. Designated funds represent funds set aside by the Trustees for specific purposes General funds are those funds made available for the charity’s general objects.
## _Depreciation_
Items of equipment over £500 are capitalised and depreciated so as to write off Cost in equal instalments over their useful lives. Rates are set at equipment 5 to 10 years.
**7**
## **OXFORD KOREAN CHURCH Notes to the accounts for year ended 31st August 2019**
|**2 Tangible Fixed Assets**
**Cost**
At 01/09/2018
Additions
At 31/08/2019
**Depreciation**
At 01/09/2018
charge for the year
At 30/08/2019
**Net Book Value at 31/08/2019**
Net Book Value at 01/09/2018|Instrument Fix & Fitt
Equipment Total 2019
**£**
**£**
**£**
**£**
0
0
0
0
317
0
280
597|
|---|---|
||317
0
280
597
0
0
0
0
63
0
56
119|
||63
0
56
119
254
0
224
478
0
0
0
0|
|**3 **|**Cost of Activities in furtherance of Charity's Objectives**|**Cost of Activities in furtherance of Charity's Objectives**|
|---|---|---|
|||**2019/£**|
||Insurance|336|
||Printing|254|
||Rent of building|3000|
||Music Services|140|
||Youth outreach costs|258|
||Wages|19387|
||Mission house rent|9600|
||Vehicle expenses|681|
||Training costs|84|
||Missionary expenses|1800|
||Subscriptions|1500|
||Honorarium|100|
||PAYE/NIC|440|
||Conference costs|1111|
||Admin|450|
||Depreciation|119|
||Waste services|184|
||Rates|1694|
||Advertising costs|335|
||Church events|445|
||Refreshments|636|
||Total|42554|
**8**
## **OXFORD KOREAN CHURCH Notes to the accounts for year ended 31st August 2019**
|**4 **|**Other**||
|---|---|---|
|||**2019/£**|
||Accounting services|360|
||Total|360|
## **5 Creditors: amounts falling due within one year**
|Creditors
Total
**6 Debtors and Prepayments**
Debtors|**2019/£**
360|
|---|---|
||360
**2019/£**
0|
**9**
## **OXFORD KOREAN CHURCH**
## **FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31[ST] AUGUST 2020**
**CHARITY NUMBER: 1184111**
## **OXFORD KOREAN CHURCH UNITED REFORMED CHURCH COLLINWOOD ROAD HEADINGTON OXFORD OX3 8HW**
**INDEX Page Index 1 Trustee’s Report 2-3 Independent Examiner’s Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes on the financial Statements 7-9**
**1**
## **OXFORD KOREAN CHURCH**
# **TRUSTEES’ REPORT YEAR ENDED 31[st] August 2020**
The trustees are pleased to present their report for the year ended 31[st] August 2019 for the charity, Oxford Korean Church with charity number 1184111.
The Trustees of the charity are: Guanguo Cui Dr Minsuk Shin Sung Chol Hwang
The principal address of the charity is : United Reformed Church Collingwood Road Headington Oxford OX3 8HW
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Charity governing document is a CIO- Foundation Constitution that was registered on 26[th] June 2019 issued by the Charity Commission on public benefit before deciding what activities the charity should undertake. The object of the charity is to advance the Christian Religion in Oxford in accordance with the Statement of Beliefs.
## **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. The organisation held several conferences during the year to encourage the community in practicing the Christian faith.
**2**
## **FINANCIAL REVIEW**
The income of the charity is above £55,000. This is a good amount for this year of the charity the costs have been well managed over this period. This is a higher income than expected and the organisation is in a good position to progress in the coming year. The main cost of the organisation was paying for the mission house rent. The organisation has no long term debt and is a going concern.
.
## **FUTURE DEVELOPMENTS**
The church intends to continue to host its regular conferences in UK. The organisation plan to focus on increasing the number of attendants in their services in the future. 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 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 2[nd] October 2019 and signed on their behalf by:
_____________________________________________
**3**
## Independent Examiner’s Report To the Trustees **OXFORD KOREAN CHURCH**
I report on the accounts of the church for the year ended 31[st ] August 2020 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
## **Respective responsibilities of trustees and examiner**
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 144(2) of the Charities Act 2011 (the 2011 Act),does not apply. It is my responsibility to:
- Examine the accounts under section 145 of the 2011 Act.
- Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 145(5)(b) of the 2011 Act.
- State whether particular matters have come to my attention.
## **Basis of Independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
In the course of my examination, no matter has come to my attention;
- (1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
- proper accounting records are kept( in accordance with section 130 of the 2011 Act
- accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act: or
- (2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Chuks Ajuka BSc(Man), FICB PMDip ( License number: 17362) FRESH FIRE ORGANISATION 95 Miles Road Mitcham Surrey CR4 3 FH
**4**
## **OXFORD KOREAN CHURCH**
## **Statement of Financial Activities for the year ended 31st August 2020**
|||**Unrestricted**|**Total Funds**|**Total Funds**||
|---|---|---|---|---|---|
|||**Funds**||**2019**|**2019**|
|**Incoming Resources from**|**Note**|**£**|**£**|**£**||
|**generated funds**||||||
|Donations and legacies||55017||55017|44803|
|Investment income||0||0|0|
|||55017||55017|44803|
|_Other Income_||||||
|Other||0||0||
|**Total Incoming**||55017||55017|44803|
|**Resources**||||||
|**Resources Expended**||||||
|**Charitable activities in furtherance of objectives**||||||
|Charitable Activities|**3**|46,550||46,550|42554|
|**Other**|**4**|848||848|360|
|**Total Resources**||47,398||47,398|42914|
|**Expended**||||||
|**Net movement in funds**||**7,619**||7,619|1889|
|**Reconciliation of Funds**||||||
|Total Funds brought forward||1889||1889||
|**Total Funds carried forward**||**9,508**||9,508|1889|
The above funds are all classed as to purpose All movements of funds and all recognised gains and losses are included above.
The notes on the accounts form part of these accounts.
## **OXFORD KOREAN CHURCH Balance Sheet as at 31st August 2020**
||**Note**||**2020**||**2019**|
|---|---|---|---|---|---|
|**Fixed Assets**||**£**||**£**||
|Tangible fixed assets|**2**||383||478|
||||383||478|
|**Current Assets**||||||
|Cash at bank and|||9125||1771|
|in hand||||||
|Debtors & prepayment|**6**||0||0|
||||9125||1771|
|**Creditors:amounts falling due within one year**||||||
|Creditors & accruals|**5**||0||360|
|**Net Current Assets**|||9125||1411|
|**Net Assets**|||9508||1889|
|**Unrestricted Funds**||||||
|General Fund|||9508||1889|
|**TOTAL FUNDS**|||9508||1889|
Approved by the trustees on 8th October 2020 and signed on their behalf by:
_____________________________________________
**6**
## **OXFORD KOREAN CHURCH**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[ST] AUGUST 2020**
## **1) Accounting Policies**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s)
## _Incoming Resources_
Incoming resources are recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measurable. Any incoming resources received that relate exclusively to future periods are Deferred on the Balance Sheet
## _Resources Expended_
Expenditure is recognised in the statement of financial activities when a liability is incurred or increased without a commensurate increase in recognised assets or a reduction in liabilities.
## _Allocation of Costs_
Direct Activity Costs comprise those costs that contribute directly to an activity and are allocated to the relevant activity
Support Costs comprise those costs that are necessary to deliver an activity but in themselves do not produce or deliver an activity. Support costs are allocated to activities based on the direct salary costs of the activity compared with total activity salary costs
.
## _Funds_
Restricted funds represent income received that is subject to restrictions on use as determined by the donor which are narrower than the general objects. Designated funds represent funds set aside by the Trustees for specific purposes General funds are those funds made available for the charity’s general objects.
## _Depreciation_
Items of equipment over £500 are capitalised and depreciated so as to write off Cost in equal instalments over their useful lives. Rates are set at equipment 5 to 10 years.
**7**
## **OXFORD KOREAN CHURCH Notes to the accounts for year ended 31st August 2020**
|**2 Tangible Fixed Assets**
**Cost**
At 01/09/2019
Additions
At 31/08/2020
**Depreciation**
At 01/09/2019
charge for the year
At 30/08/2020
**Net Book Value at 31/08/2020**
Net Book Value at 01/09/2019|Instrument Fix & Fitt
Equipment Total 2020
**£**
**£**
**£**
**£**
317
0
280
597
0
0
0
0|
|---|---|
||317
0
280
597
63
0
56
119
50
0
45
95|
||113
0
101
214
204
0
179
383
254
0
224
478|
## **3 Cost of Activities in furtherance of Charity's Objectives**
||**2020/£**|2019/£|
|---|---|---|
|Insurance|336|336|
|Printing|0|254|
|Rent of building|3000|3000|
|Music Services|0|140|
|Youth outreach costs|0|258|
|Wages|14997|19387|
|Mission house rent|7200|9600|
|Vehicle expenses|1505|681|
|Training costs|0|84|
|Missionary expenses|2000|1800|
|Subscriptions|649|1500|
|Honorarium|0|100|
|PAYE/NIC|1467|440|
|Conference costs|0|1111|
|Admin|536|450|
|Depreciation|95|119|
|Waste services|0|184|
|Rates|1043|1694|
|Advertising costs|0|335|
|Church events|1217|445|
|Refreshments|751|636|
|Repairs|1538|0|
|Professional fees|10216|0|
|Total|46550|42554|
**8**
## **OXFORD KOREAN CHURCH Notes to the accounts for year ended 31st August 2020**
|**4 Other**
Accounting services
Charity donation
Bank charges
Total|**2020/£**
2019/£
385
360
455
8|
|---|---|
||848
360|
## **5 Creditors: amounts falling due within one year**
|Creditors
Total
**6 Debtors and Prepayments**
Debtors|**2020/£**
**2019/£**
0
360|
|---|---|
||0
360
**2020/£**
**2019/£**
0
0|
**9**