Docusign Envelope ID: D80CB51B-078D-8005-80C8-A101E5E4E889
REGISTERED CHARITY NUMBER: 801352
Report of the Trustees and
Financial Statements
for the Year Ended 31 December 2025
for
Kings Cross Korean Church
Basetax Limited 85 Tooting High Street, London, England SW17 0SU
Docusign Envelope ID: D80CB51B-078D-8005-80C8-A101E5E4E889
Kings Cross Korean Church
Contents of the Financial Statements for the Year Ended 31 December 2025
| 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 |
Docusign Envelope ID: D80CB51B-078D-8005-80C8-A101E5E4E889
Kings Cross Korean Church
Report of the Trustees for the Year Ended 31 December 2025
The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. 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 £187,215 (2024: £135,668), which were the total incoming resources.
Total expenditure incurred was £157,154 (2024: £157,328), resulting in a net surplus of £30,061 for the year (2024: deficit of £21,660).
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 on 31 December 2025 amounted to £203,809 (31 December 2024: £173,748).
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
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Kings Cross Korean Church
Report of the Trustees for the Year Ended 31 December 2025
Principal address 25 Woodlands Avenue Worcester Park Surrey KT4 7AL
Trustees
C Choi Y Jung W Park
Independent Examiner
Kah Tan Basetax Limited 85 Tooting High Street, London, England SW17 0SU
Approved by order of the board of trustees on 16 March 2026 and signed on its behalf by:
W Park - Trustee
Page 2
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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 2025.
Responsibilities and basis of report
As the charity trustee 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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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 to enable a proper understanding of the accounts to be reached.
Kah Tan
Basetax Limited 85 Tooting High Street, London, England SW17 0SU
16 March 2026
Page 3
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Kings Cross Korean Church
Statement of Financial Activities for the Year Ended 31 December 2025
| 31/12/25 | 31/12/24 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 185,111 | 132,061 | |
| Investment income | 2 | 2,104 | 3,607 |
| Total | 187,215 | 135,668 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Charitable activities and support | 157,154 | 155,528 | |
| Other | - | 1,800 | |
| Total | 157,154 | 157,328 | |
| NET INCOME/(EXPENDITURE) | 30,061 | (21,660) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 173,748 | 195,408 | |
| TOTAL FUNDS CARRIED FORWARD | 203,809 | 173,748 |
The notes form part of these financial statements
Page 4
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Kings Cross Korean Church
Statement of Financial Position 31 December 2025
| Notes 31/12/25 Unrestricted fund £ FIXED ASSETS Tangible assets 5 17 CURRENT ASSETS Cash at bank 205,947 CREDITORS Amounts falling due within one year 6 (2,155) NET CURRENT ASSETS 203,809 TOTAL ASSETS LESS CURRENT LIABILITIES 203,809 NET ASSETS 203,809 FUNDS Unrestricted funds 7 203,809 TOTAL FUNDS 203,809 |
31/12/24 Total funds £ 23 175,829 (2,104) 1 173,748 173,748 173,748 |
|---|---|
| 173,748 173,748 |
The financial statements were approved by the Board of Trustees and authorised for issue on 16 March 2026 and were signed on its behalf by:
W Park - Trustee
The notes form part of these financial statements
Page 5
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Kings Cross Korean Church
Notes to the Financial Statements for the Year Ended 31 December 2025
1. ACCOUNTING POLICIES
Basis of preparing 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, the income will probably be received, and the amount can be measured reliably.
Expenditure
Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, a transfer of economic benefits will probably 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 costs 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 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.
continued...
Page 6
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Kings Cross Korean Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
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 affects 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.
2. INVESTMENT INCOME
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|---|---|---|
|31/12/25|31/12/24|
|£|£|
|Deposit account interest|2,104|3,607|
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3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ending 31 December 2025 nor for the year ended 31 December 2024.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
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|---|---|---|
|31/12/25|31/12/24|
|Pastors|2|2|
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No employees received emoluments in excess of £60,000.
continued...
Page 7
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Kings Cross Korean Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
5. TANGIBLE FIXED ASSETS
| Cost At 1 January 2025 and 31 December 2025 Depreciation At 1 January 2025 Charge for year At 31 December 2025 Net book value At 31 December 2025 At 31 December 2024 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 7. MOVEMENT IN FUNDS At 1/1/25 £ Unrestricted funds General fund 173,748 TOTAL FUNDS 173,748 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 187,215 TOTAL FUNDS 187,215 |
Computer equipment £ 10,669 10,646 6 10,652 17 23 31/12/25 31/12/24 £ £ 895 850 1,260 1,254 2,155 2,104 Net movement At in funds 31/12/25 £ £ 30,061 203,809 30,061 203,809 Resources Movement expended in funds £ £ (157,154) 30,061 (157,154) 30,061 |
|---|---|
continued...
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Kings Cross Korean Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/24 £ 195,408 195,408 |
Net movement in funds £ (21,660) (21,660) |
At 31/12/24 £ 173,748 173,748 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 135,668 135,668 |
Resources expended £ Movement in funds £ (157,462) (21,660) (157,462) (21,660) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/24 £ 195,408 195,408 |
Net movement in funds £ 8,401 8,401 |
At 31/12/25 £ 203,809 203,809 |
|---|---|---|---|
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 £ 322,883 322,883 |
Resources expended £ Movement in funds £ (314,482) 8,401 (314,482) 8,401 |
|---|---|---|
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
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Kings Cross Korean Church
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2025.
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Kings Cross Korean Church
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2025 | |||
| 31/12/25 | 31/12/24 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 185,111 | 132,061 | |
| Investment income | |||
| Deposit account interest | 2,104 | 3,607 | |
| Total incoming resources | 187,215 | 135,668 | |
| EXPENDITURE | |||
| Charitable activities | |||
| Propaganda & missionary | 27,027 | 20,400 | |
| Sunday school | 9,633 | 13,044 | |
| Aid & scholarship | 130 | - | |
| Pastoral activity | 3,326 | 4,664 | |
| Fellowship | 4,597 | 4,046 | |
| Other | 44,713 | 42,154 | |
| Church activities | 15,450 | 21,271 | |
| Support costs | |||
| Management | |||
| Other operating leases | 3,526 | 3,232 | |
| Church rent | 26,996 | 26,496 | |
| Motor expenses | 3,633 | 2,843 | |
| Other | 34,155 | 32,571 | |
| Computer equipment | 6 | 8 | |
| Governance costs | |||
| Wages | 60,817 | 58,483 | |
| Pensions | 101 | 103 | |
| Accountancy | 900 | 1,500 | |
| Payroll preparation | 360 | 923 | |
| Legal fees | 652 | 315 | |
| 62,830 | 61,324 | ||
| Total resources expended | 157,154 | 157,328 | |
| Net expenditure | 30,061 | (21,660) | |
This page does not form part of the statutory financial statements
Page 11
Docusign Envelope ID: D80CB51B-078D-8005-80C8-A101E5E4E889
Kings Cross Korean Church
63 Canning Road London N5 2JR
16 March 2026
Basetax Limited 85 Tooting High Street London, England SW17 0SU
Dear Sirs
KINGS CROSS KOREAN CHURCH ACCOUNTS TO 31 DECEMBER 2025
We confirm to the best of our knowledge and belief and having made appropriate enquiries of other officials of the charity, the following representations are given to you in connection with your work on the charity’s accounts for the period to 31 December 2025.
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We acknowledge as the board of trustees our responsibilities under the Charities Act 2011 for preparing accounts 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 2015). We also acknowledge our responsibility to prepare accounts which give a true and fair view and to make accurate representations to you.
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All the accounting records have been made available to you for your work, and all the transactions undertaken by the company have been properly reflected and recorded in the accounting records.
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All other records and related information, including minutes of all management and shareholders’ meetings, have been made available to you.
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In our opinion, the balance sheet includes all cash and bank accounts and all other assets and, on realisation in the ordinary course of the charity, the current assets in the accounts are expected to produce not less than the net book amounts at which they are stated.
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All assets were free from any lien, encumbrance or charge except as disclosed.
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We confirm that significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
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All income which arose up to the date of the accounts has been brought into account.
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There have been no events since the balance sheet date which require adjustment or disclosure in the accounts. We have no plans that may materially affect the stated value or classification of assets and liabilities.
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At the balance sheet date there were no contingent liabilities of a material amount and no litigation in progress, pending or threatened, other than as disclosed or provided in the accounts.
Docusign Envelope ID: D80CB51B-078D-8005-80C8-A101E5E4E889
2
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We acknowledge our responsibility for the d e s i g n and implementation of controls to prevent and detect fraud.
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We confirm that there have been no actual or suspected instances of fraud involving management or employees who have a significant role in internal control or that could have a material effect on financial statements. We also confirm that we are not aware of any allegations of fraud by former employees, regulators or others.
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We confirm that there are no companies or charities associated with this charity for tax purposes. We understand that companies are associated with sstax purposes if they are within a 51% group.
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We confirm that there were no transactions with related parties concluded outside of normal commercial terms, except those already informed you and disclosed in the accounts.
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In our opinion, the charity is entitled to exemption from the requirements for a statutory audit.
CHARITIES COMMISSION FILING
- We confirm our approval for you to file the charity’s accounts with the Charities Commission.
Yours faithfully
…………………………………………………….. Trustee Approved by the board and signed on its behalf.