Charity Registration No. SC049843 (Scotland) EDINBURGH KOREAN GRACE CHURCH SCIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 EDINBURGH KOREAN GRACE CHURCH SCIO CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial ststements 10-11 EDINBURGH KOREAN GRACE CHURCH SCIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for tlie year ended 31 March 2025. The financial statements have been prepared in accordance with tlie accounting policies set out in note I to the financial statements and coniply witli the cl)arity's governing dociiment, the Charities and Trustee Investment [Scotland) Art 2005, the Charities Accoiints (.SrotlJndJ Ilegiilations 2006 (as amended) and "Accounting and Reporting by Charities.. Statenient of Reconimended Practice applicable to charities preparing their accoiints in accordance with the l."iiidiicial Reporting Standard applicable in the Uk and Republic of Ireland (FRS 102)" (effertive I lanuary 2019). Objectives and activities The purpose of the charity is the advancement of religion. One of Edinburgh's Korean churches. the church of grace is built around the gospel of Jesus ChrisL It is a church that follows God's word to preach the gospel as a community of faith that seeks the kingdom ofGod firsL It is a church built solely on Jesus. not centered on man. only a church built on the rock of the Bible. and built solely for the growth of faith. It is a church that loves one another in the Lord, especially between saints, does not disrespect one another, does not discriminate against race. does not divide classes, and is fully in awe of God. -Finally, brethren. think of these thinks as a. Church that is true. reverent in anything, right in anythin& worthy of love for anything, priceable for anythin& and honorable no matter what virtues" (Philippians 4.8) as a church that realizes the weight of these words. Edinburgh Korean Grace Church is planning to join the Worldwide Alliance of Independent Church of the presbyterian church of Korea and will become a stable, denominationally protect church as a denominational church in future. Activities To advance the Christian religion in Edinburgh and the surrounding area and to spread the gospel of Jesus ChrisL EDINBURGH KOREAN GRACE CHURCH SCIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The church's visions are.. May the church be established as a comniiiiiity of lioly faith reiitereil oil God. (Romans 8.1-11) 'Th05e who are in the realni of the flesh caiiiiot i)le'i.se Cjod" (Roiiiai)s 8.8). We hope that it will be a church that belongs to tlie spirit, not a i)IIy5ical church, and a church that pleases God, not a church that pleases people. May it be a church that helps faith grow well. "Until weall reach unity in the faith and in the knowledge of tlie Son of God and become mature, attaining to the whole measiire of the fiillness ol C.lirist" { l."pliesi¢i1iS 4..13) We hope that it will become a church that will help you grow in f47ith and become more knowledgeable about God, and that it will be filled with perfect (n)atiire) saints before God. May it be a church where people pray. (l Timothy 2.8) -Therefore I want the men everywhere to pray, lifting up holy hands without anger or disputin￿. (I Timothy 2..8) We hope that the church will be where every church members desiring to pray together, and so all difficults'es and problems are resolved in prayer. May it be a church where holy worship continue. (Romans 12.1-2) Rather than seeking happiness. we hope to be a spiritually discerning church that worships before God firsL May it be a church that brings the home to life. (Ephesians 6.1-4) We hope that the relationship between parents and children will help us become more desirable and beautiful in God's sights and to be a church that prays together for it. We will teach around the Bible and built it into a church that prepares for the next generation. (2 Timothy 3.14-17) We hope that all faith education will be conducted around the Bible that is most beneficial to life, not the book of the world. We will establish itself a church that causes regional and global missions. (Romans 1.8) We hope that We will not fjrst think of the lack and frailty olthe church, but rather to follow the Lord's commands to be a church that strives to care for the more vulnerable and provide a way of helping. Achievement and perfonnance Edinburgh Korean Grace Church has continued to manage to become an established church in the heart of Edinburgh. The church is stsble financially, which has allowed it to support projects such as The Salvation Army in Granton Area and other events. EDINBURGH KOREAN GRACE CHURCH SCIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial Review The charity received total income of £1 1,404 and incurred a total of £13,306.6 by way of expenditure, leaving a net defiLit ol £1.902.6 as .%hown in the Stateinent rjf Financial Activities. Our main Source of income comes from donations. Reserves Policy The current balance of £ 15361.4 is held in unrestricted reserves for use by the Trustees in furthering the aims of the church. The Trustees do not envisage any large costs other than money to be spent on charitable purposes, and therefore the Trustees do not see any need to hold any significant reserves. Church members and visitors donate by cash. cheque, or by standing order directly to the church accounL Structure. governance and mangement The charity is a SCIO re￿stered with the Office of the Scottish Charity Regulator (OSCR). The trustees who served during the year and up to the date of signature of the financial statements were: Registered Office 37/40 Pilrig Height Edinburgh EH6 5FB Principal Address Holyrood Evangelical Church 121 Montgomery Street Edinburgh EDINBURGH KOREAN GRACE CHURCH SCIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of trustees. responsibilities The trustees are re5pon5ible for preparing ihe Ti"iistee5' Repnrt and the nnanclal statements in accordance with applicable law and l.:iiited Kingd()iii Aci()uniiiiK.%iandards (ljnited Kingdom Generally Accepted Accounting Practice). The las applicable to charitie.s in .Scotland require.s the trustee.£ to prepare financial statements for each financial year which 8ivea true and fair view of tlie state ufaflairs uf the Lharity and OF the incoming resources and applicatiffl of rcsources of the chtirity for that ycar. In preparing these financial statements, the trustees are required to: Select suitable accounting policies and then apply them con.sistently; Observe the methods and principles in the Charities SORP: Make judgements and esttmates that are reasonable and prudent; State whether applicable accounting standard% have heen followed. subject to any material departures disclosed and explained in the financial ststements., and Prepare the financial staternents on the going concern basls unless It is inappropriate to presurne that the charity will continue in operation. The trustees are responsible for keepinR sufficient accounting records that disclose with reasonable accuracy at any time the financial positian nf the charity and enable them to ensure th2t the financial statements comply with the Charities and Trustee Investment (Scoiland) Act 2005, the Charitios Accounts (Scotland) Rcfutations 2006 (a5 amcnded) and the pi.ovisi011s uf the trust deed. They are also re5wn5ible for safeguardiiig the dS)eis uf ihL' Lhcirity and hence for taking redS(Ill4able steps for the prevention and detection of fraud and other irregularities. The trustee's report was approved by the Board of Trustees. EDINBURGH KOREAN GRACE CHURCH SCIO INDEPENDENT EXAMINER'S REPORT TO THE cOMMI￿EE FOR THE YEAR ENDED 31 MARCH 2025 I report on the accounts of the charity for the period ende.d 31 March 2024 which are set out on pages 6 to 8. Respertive responsibilit5es of trustees and examiner The charity's committee is responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment {Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity committee considers that the audit requirement under Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under sertion 44(1) (c) of the Act and to state whether particular matters have come to my attention. Basls of independent examinerfs statement My examination Is conducted in accordance with Regulation 11 of the Charities Accounts (Scotland) Re8ulations 2006. An examination includes a review of the accounting records kept by the charity and a comparAson of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeks explanations from the committee concerning any such matters. any such matters. The procedures undertaken do not provide all the evidence that would be required in an audiL and consequently I do not expres5 an audit opinion on the view given by the accounts. Independent examinpr's stat@ment In the Cour￿ of my examination, no matter has come to my attentlon whlch give.£ me reasonable cause to believe that in any material respect the followiiig requlrements have not been met: i) to keep accounting records in accordance with Sectioii 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulation5. and li) to prepare xcounts which accord with the accounting record5and comply with Regulation 8 of the 2006 Accounts Regulations. Director Npw Time Asgoci2tes Ltd 190 Easter Road Edinburgh EH7 5QH December 20.202S EDINBURGH KOREAN GRACE CHURCH SCIO STATEMENT OF FINANCIAL ACTIVITIES (SOFA) FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Donations 11404.00 14540.06 10,050.00 14540.06 Cost of charitable activities Staff Costs 6550.00 7050.00 Rent 1200.00 500.00 Insurance 265.90 227.31 Church Website 204.92 223.14 Community programs 276.00 665.00 Independent Examiners fee 400.00 400.00 Food/Refreshments 2313.48 1355.47 Hotel Accommodation Retreat loo.00 300.00 Youth Club 138.91 486.17 Office cost 461.18 260.68 Gifts 784.07 603.90 Donations 600.00 600.00 Miscellaneous 12.14 71.49 13306.60 12743.16 SURPLUS(DEFicrr} FOR THE PERIOD (1902.60) 1796.90 All funds are unrestricted. Opening general funds 17264.00 15467.10 Surplus (Deficit) for the year (SOFA) (1902.60) 1796.90 Closing general funds per balance sheet 15361.40 17264.00 EDINBURGH KOREAN GRACE CHURCH SCIO BALANCF SHEET AS AT31 MARCH 2025 en Bank & cash {2) 15761.40 17664.00 Creditors 400.00 +00.00 NFf CURRENT ASSErs 15361.40 17264.00 NFfASSETS 15361.40 17264.00 Represented by: GENERAL FUNDS IS361.40 17264.00 All funds ar¢ unrcstrictcd. Approved ly the committee and signed on their behalf. EDINBURGH KOREAN GRACE CHURCH SCIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 The accounts have been prepared under the historical cost convention on the 'accruals basis,. Bank a/c I 17664.00 15.867.10 Cash 0.00 0.00 Opening balance 17664.00 15.867.10 Add: Deficit for the period -1902.60 1796.90 Creditors 400.00 400.00 -1502.60 2196.90 Less". Capital expenditure 0.00 0.00 Creditors paid 400.00 400.00 400.00 400.00 10- Closing balance 15761.40 17664.00 Bank a/c I 15761.40 176C)4.00 Cash 0.00 0.00 None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. The average monthly number of employees during the year was 1. There were no disclosable related paty transactions during the year.