REGISTERED CHARITY NUMBER: 1040160
Report of the Trustees and Unaudited Annual Accounts for The Year Ended 31 December 2023 for KOREAN RESIDENT SOCIETY IN UNITED KINGDOM
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FURUICHO! & CO
CHARTERED ACCOUNTANTS
69 Station Road, Hampton, Greater London TW12 2BT www.furuichoi.com
KOREAN RESIDENT SOCIETY IN UNITED KINGDOM
Contents of the Financial Statements for the Year Ended 31 December 2023
| Pages | |
|---|---|
| Report ofthe Trustees | 1 |
| Independent Examiner's Report | 2 |
| Notes to the Financial Statements | 3-4 |
| DetailedStatementofFinancialActivities | 5 |
KOREAN RESIDENT SOCIETY IN UNITED KINGDOM
Report of the Trustees
for the Year Ended 31 December 2023
The trustees have presented the report and accounts for the year ended 31 December 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity Number 1040160
Principal address
108-110 Coombe Lane
Raynes Park London SW20 OAY
Trustees
Mrs Sook Hee KIM (Chair) Mr Seungone Y! Mrs Mi Sun KIM
Independent examiner
FURUICHOI & CO
Chartered Accountants
69 Station Road, Hampton, Greater London TW12 2BT
GOVERNANCE AND OBJECTIVES
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated Charity.
Principal activities
The relief of poverty, of the aged, and of disabled people (amongst persons of Korean origin resident in the UK), the advancement of education for the benefit of the public, to promote good good race relations between different races by encouraging equality of opportunity between persons of different racial groups, and seeking to eliminate discrimination on the grounds of race.
Approved by order of the board of trustees on 08 January 2024 and signed on its behalf by:
Chair Trustee
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Independent Examiner's Report to the Trustees of KOREAN RESIDENT SOCIETY IN UNITED KINGDOM
| report on the accounts for the year ended 31 December 2023 set out on pages 3 - 5.
Respective responsibilities of trustees and examiner
The charities trustees are responsible for the preparation of accounts. The charities trustees consider if an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act
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to follow the procedure laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
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tostate whether particular matters have to come to my attention
Basis of independent examiners report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of accounting records kept by the charity 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 under taken do not provide all evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a‘ true and fair view ' and the report is limited to
those matters set out to the statements below.
Independent examiners statement
In connection with my examination, no matter has come to my attention:
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(1) which gives the reasonable cause to believe that, in any material respect, the requirements - to keep accounting records in accordance with Section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or
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(2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
FURUICHOI! & CO
Chartered Accountants
69 Station Road, Hampton, Greater London TW12 2BT
08 January 2024
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KOREAN RESIDENT SOCIETY IN UNITED KINGDOM
Notes to the Financial Statements
for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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)’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
Incoming resources
All incoming resources are included on Statement of Financial Activities when the charity is legally entitled to the income and amount can be quantified with reasonable accuracy.
Resources expended
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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with 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 praticular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. Investment Income
2023 2022 £ £ Deposit account interest - =
3. TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 December 2023.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 December 2023.
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KOREAN RESIDENT SOCIETY IN UNITED KINGDOM
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
4. STAFF COSTS
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|STAFF|COSTS|2023|2022|
|£|£|
|Wages|and|salaries|-|4,650|
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The average monthly number of employees during the year was as follows:
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|---|---|---|
|2023|2022|
|Trustees|3|5|
|Employee|0|itigndott|
|ai Buae|paua|
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No employees received emoluments in excess of £60,000.
5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|2023|2022|
|£|£|
|Other|debtors|-|-|
|CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR|
|2023|2022|
|£|£|
|Accrual|-|600|
|-|600|
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6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7. MOVEMENT IN FUNDS
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|---|---|---|---|---|---|
|Net|movement|
|At|01.01.23|in|funds|At|31.12.23|
|£|£|£|
|Unrestricted|funds|
|General|fund|39,281|22,099|61,380|
|TOTAL|FUNDS|39,281|22,099|61,380|
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KOREAN RESIDENT SOCIETY IN UNITED KINGDOM
Detailed Statement of Financial Activities
for the Year Ended 31 December 2023
INCOMING RESOURCES
| INCOMING RESOURCES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Voluntary Income | ||
| Donations | 52,348 | 32,992 |
| Other Income | ||
| Balance b/f | 9,032 | 6,289 |
| Total incoming resources | 61,380 | 39,281 |
| RESOURCES EXPENDED | ||
| Costs ofgenerating voluntary income | ||
| Advertising | 2,926 | 2,410 |
| Donations | 3,880 | 1,982 |
| Meetings | 3,736 | 1,423 |
| Events | 28,557 | 18,620 |
| Bank Charges | 78 | 17 |
| Postage | 76 | 21 |
| Light and Heat | 8,100 | 0 |
| Management | 0 | 4,298 |
| Repairs & Maintenance |
6,832 | 0 |
| Stationery | 268 | 67 |
| Temporary Labours | 0 | 500 |
| Travelling | 1,109 | 827 |
| Consultancy | 840 | 0 |
| Website Maintenance | 537 | 84 |
| Sundry | 19 | 0 |
| 56,958 | 30,249 | |
| Charitable activities | ||
| Wages | ) | 0 |
| Governance costs | ||
| Accountancy | 1,200 | 0 |
| Support costs | ||
| Management | ||
| Rent Payable | 0 | 0 |
| Sundry | 0 | 0 |
| Total resourcesexpended | 58,158 | 30,249 |
| NetIncome | 3,222 | 9,032 |
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