CAMBRIDGE YEOLIM CHURCH FINANCtAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2023 CONTBNTS AND ADMINISTRATIVE INFORMATION CONTENTS PAGE.. Trust£es R¢port Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Financial Stat£m£ntS CHAIR.. Rever¢nd Tae Kyu Kim TRUSTEES.. Dr S Son (Treasurer) Dr E Choi (resigned 15104r2023) DrJ Shim MrsCHt£e Mrs M J Kim (appointed 1610412023) PRINCIPAL OFFICE: 5 Howgak Road Cambridge CB4 3XL CHARtTY NUMBER.. Il92216 CHARrrY INCORPORATION NUMBER.. CE023263 INDEpfNDENT EXAMINER.. Lan Shipley FCCA ror and on beha]f of. Prontis & Co LLP Chartcrcd Accountants & Inde￿dent Examin¢TS 115c Milton Road Cambridge CB4 IXE BANKEKS.. Barclays Bank I Churchill Plxe London E14 5HP CAMBRtDGE YEOLIM CFIURCH PAGE I FINANCIAL STATEME.NTS FOR THE YEAR ENDED 30TH NOVEMBER 2023 TRUSTEES ANNUAL REPORT Th¢ Trustee5 present their annual report for thE C3mbrid8¢ YeolTm Church for the yw ended 30th November 2023. The financial 5tatemellts cojnply th¢ Cbarities Act 2011 and Accounting and Reporting by Charitie%.' St&tement of Recommended Practice applicable to charitie5 preparing their accounts ID accordance with the Financial Reportit)g Standard applicable in the UK and Republic of Irela1￿ (FRS 102) i&sued October 2019 (effective l January 2019). STRucfuRE GOVEILNANCE AND MANAGEMENr Cambridg¢ Yeolim Ch￿Ch (the t￿ty) is an inwrporated ¢ntity governed under a Constitsjtion of a Charithle Incory>orated Olg￿lSatio The Th5te¢3 are responsible forth¢ overaIl roanagement control of Cambridge Yeolim Church alld bold regular mEetings. All Trustees give their time freely and no remuneration was paid during the year as a Trustee. Trust£¢s Can be reimbursed for expense5 and one Trustee is patd as a Reverenr ¢xampl¢ wythollt lllnit2tion by.. (i) (2) (3) (4) (5) (6) (7) regular public worsbip, prnyer, Bibl¢ Study, prGqching and teaching. the Con)munion of the tA)rd's Supper which shall norn￿1]Y be observed at least once a year- evangelism and mission: locauy. regionall). nationally and internation311y,' the teaching, Cn￿Urage￿ent, welcome aod inclusion of yountr people- nurtur¢ and growth of Chrislian disciples" giving and Encouraging pastoral care- encouraging rc12tionships with and supporting other Chrisiians. RISK MANAGEMEYr The TTUStees review the ch￿1￿5 activities regularly to identify Si￿lficant risks and, wh¢re possible, they take appropriate m¢asure5 lo mitigate those risks. Approptriaie procedures Bre in place to identify, monitor, and rcyiew the% rtsks on a Tegular basis. INANCIAL REVIEW AND RESERVES The financial results for the year ended 30th NoYeTt]Ixr 2023 show an overall surplus on wwtriel¢d rcserves of £40,355 (2022: deficii £4,982). The surplus was due in part to a claim for gift aid for past ye￿3. The Gharity has free rcserye5 of £L22,800 (2022= £132,643) and a w)licy of maintaining ￿ld building their ￿erv￿ t(} cover any fulure drops in iticome aJd maintaining a more pennanent presence in th¢ city of Cambridge. During the perityj, as allowed by the Constitution (aDd tn common with many othEr religious charities), our pastor, who is also a Truste4 was renumerated. CAMBRIDGE YEOLtM CHURCH PAGE2 FNANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER2023 TRUSTEES ANNUALREPORT...............................JCONTINUED ACHIEVEMENfs AND PERFORMANCE Th¢ year 1st Dec¢mber 2022- 30th Novetthr2023 has seen progra￿ in the Iife of the church as indicatsd below.. The eharlty htts had both ott-sits SyJd&y ServÉces (a]so live.Str¢amed for those Vvtho Tr7nt to take part ID the Service onlffte) and Sunday School progrdms inthe Churcd building of C4stl¢ Str¢eL Meth(MlistChur¢h, C8mbrid.tre, CB3 OAH. In addition, the charity has provided both inwson ar￿ online group Arfivitiu as Wedffte5day Bible Study and SuDrise $0rvices every weekday morning. To help butld stronger fellowship allLong church membeTS the charty OF¢Trt¢S its cell groyp {small fatnily group5). The charity has giyell fmancial SLtpport to Korean Missio￿.¢S who work ill'the UK and overseas. The charity has also been focusing on sharing love with people around thc world who 5kffering from ttaDfft] disastas or ￿£T. STATEMENf OF TRLsfEES ￿sPoNSIBlLFr[Es The Trnstees ar r¢qutred by charity law to prepare fi￿￿Cial statements for each yekr whichgivE & true and fair view of the strats of affa￿5 of tTK tharty and osthe suTrlus or d¢ficii of the charity for that year. In preparing rhose finan¢i&l statements, the Truste¢s are requir￿ to... (a) Ib) (cl Select suitable &c¢ouDtiDg polici&s and then appty them co￿1￿¢￿11￿. ake judgements 8r.d e011n￿t￿ that are re&sonable and pftthnL' prEP8re the f￿all¢la& ￿aternents OTh a gotng coucern basis U￿1¢$S it is iE)4ppropriate to presume the Charity will continue in operatioTr,' ate whether the policies adopted are in accordan￿ the CharitKes Ad 2011 and applicable &c¢outJting standgrds atld S￿* ements of Recommendcd Practic4 s￿bjeCt to any material depar)Jre disclosed and expl￿ned in the financi8] s￿eMents- observ¢ the method5 and PTinctpal$ of th¢ Chetities SORP. (d) (el The Tru5ttes are responsible for keepi￿ - prop¢ra(xouQti￿g re¢ords which disclose with re&%)llable a￿ur&eY at anytime £lie fmancial posiiion of th¢ chariry and ro eDsuTe that the financial statements ¢omply with the Charities ACL The Tw5tees are ￿80 resEwible forsafeguarding the a￿ts of the charity hence for raking rtsonable steps for the pttvention and det¢¢tion of fraud and other irre8ularities. The T￿SteeS ¢onfuTh they hav¢ refetTed to th¢ gu dance ¢onthllied in the Charity Cornrp,Tssion's gererdl guidance on publi¢ benefit whell reviewing ttLe charitys airns ￿ objeciives alld in pt3tk1ing fiEtur¢ activities. ON BEHALF OF THE BOAIiD OF TRUSTE SUNGMtN SON TREASURER 2810312024 DATE CAMBRIDGE YEOLIM CHURCH PAGE 3 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2023 tNDEPENDEKf EXANaNER'S REPORT TO THE TRUS1EES OF CAMBRIDGE YEOLIM CHURCH I report Oll the accounts of the charity for the year ¢nd¢d 30th NovembEr 2023. RESPONSIBILITIES AND BASIS OF REPORT As the charity tW5te¢s of the CIO you are responsible for the prepardtion of the accounts in accordance with ¢h¢ requirements of the Charities Act 20 11 (the Act). I report in respect of my examinktion of the Cl(Ys accounts c￿rIed out under section 145 of the Act. In carrying out my examination I have followed applicable dire¢tion5 givgn by th¢ Charity Commission wider section 145(5Xb) of the2011 Act. INDEPENDENT EXAMINER'S STATEMENT I haye cornpleted my examination. I confirm that no material matters bave Come to tny attention in connection with the examination giving me cause to belieye that in ally ￿￿erIal respect.. accounting re¢ords were not kept as requireil by section 130 of the Ac¢ or th¢ a¢counts do Dot arKord with those records; or the accoullts do not cornply with tbe applicable requirements concerning the fomi and contents of accounts set out in the Charities (Accoullts aud RqK)rts) Regulations 2008 other thaD an) requirement that th¢ accounts give a 'true and fairf which is not a matter considered as part of 3n independent exaniin2ti0n. I haye no concerns and have come across no other matt¢rs in eonneaion with thc ¢xaminatlOD to which attention sbould be drawn in this report in order to enable a proper und¢r5thnding of the accounts to Lx reath¢ IAN SHIPLEY FCCA FOR AND ON BEHALF.. PRENTES & CO LLP CHARTERED ACCOUNTANTS & INDEPENDENf EXAMINERS 115c Milton Road Cambridge CB4 IXE CANIBRIDGE YEOLIM CHURCH PAGE 4 FINANCIAL STATEmE￿s FOR THE YEAR ENDED 30TH NOVEMBER 2023 STATEMENT OF Flh'ANCIAL ACTivrriES Total Unrestricted 2023 TotAI UJ]restricted 2022 INCOME Donations) grdnts and gift aid recoverdble Notes 156,072 100,301 TOTAL INCOME 156,072 100,301 EXPENDITURE 115.717 105,283 TOTAL EXPENDITURE 115,717 105,283 NET MOVEMENT IN FtrNDS FOR THE YBAR 40.355 (4,982) RECONCtLL4TION OF FUNDS Total fvnd balance brougbt fotTrYard Total fi￿d balallce Carried fonvard 133,411 138,393 173,766 133,411 The Statwjent of Fin8neiaI Activitie5 includes all gairLS and10&ses recognised in the year. The notes on pages 6 to 9 form part of th¢s¢ financial statements. CAMBRIDGE YEOLIM CFYURCH PAGE 5 FINANCIAL STATEMEYfs FOR THE YEAK ENDED 30TH NOVEMBER 2023 BALANCE SHEET 2023 2022 N￿e5 FIXED ASSETS 780 768 CURREKC ASSETS Cash at bank Debtors 130,853 50,516 139,755 541 TOTAL CURRENT ASSETS 181,369 14J296 CUiiRENf LIABILITIES CreditOT3 8,383 7.653 NET CURRENT ASSETS 172.986 132,643 TOTAL NET ASSETS 173.766 THE FUNDS OF THE CHARtTY Unrestrictrd income funds 173,766 TOTAL CHARtTY FUNDS 173,766 liJ,411 The fin8n¢ial 5fateTnents were approved by the Board of Tr￿ on 28/03/2oZ SUNOMtN SON TREASURER The notes on pages 6 10 9 form part of the3¢ fjtmncial stateEnents. cAMBRI[￿E YEOLIM CEIURCH PAGE 6 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2023 NOTES TO THE FtNANCIAL STATEMEwrs ACCOUNTtNG POLICIES la) BASIS OF PREPARATION OF FINANCIAL STATEMENTS Thc financial sW¢Tnenls have b¢¢n pr¢par¢d wid¢r the bistorica] cost CODveDtion with items recognised at C05t or traltsaetiort value unless otherwise stated in the relevant notes to these financial statements. The r]DancAal statemen15 have been prEpa￿d accordance with tbe Statement of Recommended Practice: Accounting and R¢porting b} Charitie5 preparing their accounts in wcordancc with the Financial Keporting Standard applicable ITh the United Kingdom and Republic of Ireland (FRS 1021 issued (klober 2019 {effeGtive 1st January 2019) the Finatjcial ReportiDg Standard applicable ITh thc United Kingdom and Republic of Ireland (FRS 102) alld the Charities Act 2011. The Trustee5 consider there are no matsrial uncertainties about the Charitys ability to Bontinue &g t going conc£rn. (b) tNCO Incotne represents the amount derived from the tharttys OTdinary activities. Jncome is recognised in the peritKI in which th¢ charity 15 elltitled to receipt and the amount Can be me&8ured with reasonable certaitLty. No ineome is stated net of any associatrd expenditure. (¢1 EXPENDITURE All expenditure is accounted for on an ac￿￿15 basis. Charitable expenditure comprises those costs incurred by the ctrthrity tn the delivery of its activiti¢5 and services to beneficiaries. GovernaThce costs include costs associated with meeting the constitytional and ststhtory requiremcnts of the charity and are part of the char&ty activitses. Expenditure ts allocated to eypense headings on a direct cost basis. (d) FIXED ASSETS AND DEPRECIATION Tangible fsxed assets are statcd at C05t fle￿ depreciatton. Depreciation is provided at rates calculated to write off the cosi of fixed &8sets. le&$ their estimaied ￿IdUal value, over their expected useful lives on the following basis: Computer equipment Fixtures and fittings 250/47 straight Ir 25ts/0 Strdight li (e) STATEMENT or CASHFLOWS The Trustees have opted to take advantsge of the amendmenl to Charities SORP FRS 102. whereas only larger charitics ar¢ requircd to prepare a Statement of Cashflow. CAMBRIDGE YEOLIM CHURCH PAGE 7 FINANCIAL sfAfEMENfs FOR THE YEAR ENDED 30TH NOVEMBER 2023 NOTES TO THE FtNANCIAL STATEMEKrs EXPENDITURE ON CHARrrABLE ACr[VIT￿s Totsl Unre9tricted 2023 To¢al Unrestricted 2022 Gross wages E]nployer's pension Employer's National It)SUTaD¢¢ Insurance Accountancy Postage, stationery aDd advertising Housing support Speakers Missionaries Rent Rernembrance Safeguarding Softwar¢ and sub5rriptioDs Miscellaneou5 Depreciation Independent ExamitMtson fee Sunday School Donations Books Travel Church Ev¢nts 72.122 1,767 2,153 266 1,114 667 3,053 2,745 12,868 7,907 200 270 944 526 476 1,800 2.230 300 58 1,509 2,742 69,575 1,691 2,401 318 1,387 498 630 10,286 6,191 500 467 758 448 354 1,500 3.675 1,500 161 1,931 1,012 115,717 105,283 STAFF COS'L'S 2023 2022 Sularies 72,122 69,575 The average numb￿ of employees duriD8 the peTiod 4 (2022: 3). No member of staff earned more than £60.000. The key management personnel of the charkty comprises the Board of Tn￿te¢s. A T￿￿tte, tieverend T Kim. remunerated £46.475 during the year (2022.. £47,797). Trustees ue allowed to ￿ r¢￿v￿¢ra1ed under the charitys Constitution. The Board ofTrustees consider tbe 16vel of renutneration to be in line with comparable roles ill the local area. Tnjstees take no p2rt in the decisions regardints their e]nplovin¢nt and remuneratiOJL CAMBRtDGE YEOLIM CHURCH PAGE 8 FINANCEAL sTATE￿￿rs FOR THE YEAR ENDED 30TH NOVEMBER 2023 NOTES TO THE FINANCIAL STATEMENrs FIXED ASSETS . CbRREwf YEAR COST Balance at 1st December 2022 Addition5 Fixtyres and Computer Fittitigs Equiptncnt Total 240 360 1,176 128 1.416 488 B418n¢e at 30th November 2023 600 1,304 ,904 DEPRECIATION Ba]ance &t 1st December 2022 Charge for the year 60 150 588 326 648 476 Balance at 30th Nov¢mt*r 2023 210 914 1,124 NET BOOK VALUE AT 30th November 2023 390 390 780 FIXED ASSETS . PIUOR YEAR COST Balance at 1st December 2021 Additions FixttwKs aDd Computer Fittings Equipment Total 1.176 1,176 240 240 BalancE at 30th November 2022 240 1,176 1,416 DEPBECIATION Balance at 1st December 2021 Ch8rge for the year Balance at 30th Nov¢rnber 2022 294 294 294 354 60 60 588 648 NET BOOK VALUE AT 30th November 2022 180 588 768 DEBTORS 2023 2022 Prepaym¢nts Gifi &id TwTrverdble 330 50,186 541 50.516 541 CREDITORS 2023 2022 Net ￿ageS and social security Accruals and deferred income 6,553 1,830 6,003 1,650 8,383 7,653 CAMBRIDGE YEOLIM CHURCH PAGE 9 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2023 NOTES TO THE FINANCIAL STATEMENrs MOVEMENT tN FtrNDS Balance at Balance at 1st 30th Deccmber Noyember 2022 Income Expenditure 2023 Unre5trithd fulld5 133.411 156,072 (115,717) 173.766 MOVEMENT IN FLfNDS - PRIOR YEAR Ba18nce at 6th December 2021 ITJcome Expenditure Bal8￿ce at 30th November 2022 Unrestricted fund5 138,393 100,301 {105,283) 133,411 TRUSTEE EXPENSES During the year Trustees were reirnbur5ed expenses a￿0llnting to £3.497 (2022.. £2.992).