REGISTERED CHARITY NUMBER: 801352
Report of the Trustees and
Financial Statements
for the Year Ended 31 December 2021
for
Kings Cross Korean Church
Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA
Kings Cross Korean Church
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
Kings Cross Korean Church
Report of the Trustees for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are to promote the Christian faith.
Significant activities
The principal fund raising activity of the church is the offerings and donations made by the church congregation. The funds raised are used to support missionary work, both in the United Kingdom and abroad, to give scholarship support to students, and generally to give support and aid to those less well off in the community.
Public benefit
The trustees have taken The Charity Commission's specific and general guidance on public benefit (contained within the guidance publication "The Advancement of Religion for the Public Benefit" and with the revised guidance publication "Charities and Public Benefit") into consideration in preparing their statement on public benefit contained within this trustees' annual report.
FINANCIAL REVIEW
Principal funding sources
The charity received donations, interest and Government support grants of £101,394 (2020: £134,145), which was the total incoming resources.
Total expenditure incurred was £93,442 (2020: £118,508) that left net incoming resources for the year of £7,952 (2020: £15,637).
The trustees applied and shall continue to apply all accumulations of the income to charitable causes after making such provision for all expenditure on trust administration.
Reserves policy
The unrestricted funds reserve of the charity at 31 December 2021 amounted to £221,750 (31 December 2020: £213,798).
It is the trustees' view that it is prudent to ensure that there are sufficient free reserves to provide financial flexibility throughout the year. The long term aim is to use the reserves for the purchase of a site for a church.
FUTURE PLANS
The charity will continue to pursue its objectives as stated above.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The trustees are all volunteers and have not been specifically recruited.
Risk management
The trustees have a duty to identify and 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.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
801352
Page 1
Kings Cross Korean Church
Report of the Trustees for the Year Ended 31 December 2021
Principal address
25 Woodlands Avenue Worcester Park Surrey KT4 7AL
Trustees
C Choi Y Jung W Park
Independent Examiner
Andrew Carpenter Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ W Park - Trustee
Page 2
Independent Examiner's Report to the Trustees of Kings Cross Korean Church
Independent examiner's report to the trustees of Kings Cross Korean Church
I report to the charity trustees on my examination of the accounts of Kings Cross Korean Church (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Carpenter Barnbrook Sinclair Chartered Accountants Chancery House 30 St Johns Road Woking Surrey GU21 7SA
Date: .............................................
Page 3
Kings Cross Korean Church
Statement of Financial Activities for the Year Ended 31 December 2021
| 31/12/21 | 31/12/20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 91,023 | 131,169 | |
| Charitable activities | |||
| Charitable activities and support | 10,353 | 2,763 | |
| Investment income | 2 | 18 | 213 |
| Total | 101,394 | 134,145 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable activities and support | 92,039 | 117,704 | |
| Other | 1,403 | 804 | |
| Total | 93,442 | 118,508 | |
| NET INCOME | 7,952 | 15,637 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 213,798 | 198,161 | |
| TOTAL FUNDS CARRIED FORWARD | 221,750 | 213,798 |
The notes form part of these financial statements
Page 4
Kings Cross Korean Church
Statement of Financial Position 31 December 2021
| 31/12/21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 55 CURRENT ASSETS Cash at bank 224,016 CREDITORS Amounts falling due within one year 6 (2,321) NET CURRENT ASSETS 221,695 TOTAL ASSETS LESS CURRENT LIABILITIES 221,750 NET ASSETS 221,750 FUNDS 7 Unrestricted funds 221,750 TOTAL FUNDS 221,750 |
31/12/20 Total funds £ 74 214,775 (1,051) 213,724 213,798 213,798 213,798 213,798 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. W Park - Trustee
The notes form part of these financial statements
Page 5
Kings Cross Korean Church
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling (£).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial instruments
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Financial instruments are recognised in the charity's statement of financial position when the charity becomes party to the contractual provisions of the Instrument.
Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.
Page 6
continued...
Kings Cross Korean Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES - continued
Financial instruments
Critical Estimates and Judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods.
Winding up or dissolution of the charity.
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.Winding up or dissolution of the charity
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31/12/21 | 31/12/20 | |
| £ | £ | |
| Deposit account interest | 18 | 213 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31/12/21 | 31/12/20 | |
|---|---|---|
| Pastors | 2 | 2 |
No employees received emoluments in excess of £60,000.
continued...
Page 7
Kings Cross Korean Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
5. TANGIBLE FIXED ASSETS
| Cost At 1 January 2021 and 31 December 2021 Depreciation At 1 January 2021 Charge for year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 7. MOVEMENT IN FUNDS At 1/1/21 £ Unrestricted funds General fund 213,798 TOTAL FUNDS 213,798 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 101,394 TOTAL FUNDS 101,394 |
Computer equipment £ 10,669 10,595 19 10,614 55 74 31/12/21 31/12/20 £ £ 2,321 1,051 Net movement At in funds 31/12/21 £ £ 7,952 221,750 7,952 221,750 Resources Movement expended in funds £ £ (93,442) 7,952 (93,442) 7,952 |
|---|---|
continued...
Page 8
Kings Cross Korean Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/1/20 £ Unrestricted funds General fund 198,161 TOTAL FUNDS 198,161 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 134,145 TOTAL FUNDS 134,145 |
Net movement At in funds 31/12/20 £ £ 15,637 213,798 15,637 213,798 Resources Movement expended in funds £ £ (118,508) 15,637 (118,508) 15,637 |
At 31/12/20 £ 213,798 |
|---|---|---|
| 213,798 | ||
| 15,637 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/20 £ 198,161 198,161 |
Net movement in funds £ 23,589 23,589 |
At 31/12/21 £ 221,750 |
|---|---|---|---|
| 221,750 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 235,539 235,539 |
Resources Movement expended in funds £ £ (211,950) 23,589 (211,950) 23,589 |
Resources Movement expended in funds £ £ (211,950) 23,589 (211,950) 23,589 |
|---|---|---|---|
| 23,589 |
Reserves are maintained to ensure sufficient free reserves to provide financial flexibility. The long term aim is to build up reserves for the purchase of a site for a church building.
continued...
Page 9
Kings Cross Korean Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 10
Kings Cross Korean Church
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| 31/12/21 | 31/12/20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 91,023 | 131,169 |
| Investment income | ||
| Deposit account interest | 18 | 213 |
| Charitable activities | ||
| Grants | 10,353 | 2,763 |
| Total incoming resources | 101,394 | 134,145 |
| EXPENDITURE | ||
| Charitable activities | ||
| Propaganda & missionary | 11,960 | 13,123 |
| Sunday school | 3,513 | 2,167 |
| Aid & scholarship | 4,643 | 4,400 |
| Pastoral activity | 2,600 | 3,173 |
| Fellowship | 1,579 | 809 |
| 24,295 | 23,672 | |
| Other | ||
| Church activities | 1,403 | 804 |
| Support costs | ||
| Management | ||
| Other operating leases | 3,174 | 3,507 |
| Church rent | 19,664 | 14,683 |
| Telephone | 129 | 410 |
| Motor expenses | 1,477 | 2,334 |
| Management | 191 | 141 |
| 24,635 | 21,075 | |
| Other | ||
| Motor vehicles | - | 420 |
| Computer equipment | 19 | 25 |
| Loss on sale of tangible fixed assets | - | 1,261 |
| 19 | 1,706 | |
| Governance costs | ||
| Wages | 39,245 | 49,853 |
| Pensions | 829 | 1,135 |
| Accountancy | 1,295 | 1,260 |
| Payroll preparation | 1,056 | 846 |
| Carried forward | 42,425 | 53,094 |
This page does not form part of the statutory financial statements
Page 11
Kings Cross Korean Church
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| 31/12/21 | 31/12/20 | |
|---|---|---|
| £ | £ | |
| Governance costs | ||
| Brought forward | 42,425 | 53,094 |
| Legal fees | 129 | 800 |
| Pastor relocation costs | 536 | 17,357 |
| 43,090 | 71,251 | |
| Total resources expended | 93,442 | 118,508 |
| Net income | 7,952 | 15,637 |
This page does not form part of the statutory financial statements
Page 12