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2020-12-31-accounts

REGISTERED COMPANY NUMBER: 07409314 (England and Wales) REGISTERED CHARITY NUMBER: 1154679

KOREAN EDUCATION FOUNDATION

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Korean Education Foundation

Contents of the Financial Statements for the Year Ended 31 December 2020

Report of the Trustees 1 - 2
Report of the Independent Examiner 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 - 8

Korean Education Foundation

Charity Information for the Year Ended 31 December 2020

Reference and Administration details

Registered Company number

07409314 (England and Wales)

Registered Charity number

1154679

Registered office

Korean Community Centre 110 Coombe Lane Raynes Park London SW20 0AY

Trustees

Sungjin Park Seung Sub Jung Jong-Han Kim Jaehoon Yeon Sung Soo Kim (Resigned 5 May 2021) Director of Education of the Embassy of the Republic of Korea in the UK President of Korean Residents Society Headmaster of London Korean School Minjung Kim Jounga Joo Kyoung-Sun Chung (Appointed 7 Oct 2020) Consul General of the Embassy of the Republic of Korea in the UK or any Officer of the Embassy appointed by the Consul General

Independent Examiner

Andrew Stickland Moore Kingston Smith LLP Chartered Accountants

Devonshire House 60 Goswell Road London EC1M 7AD

Korean Education Foundation

Report of the Trustees for the Year Ended 31 December 2020

Structure, Governance and Management

Governing document

Korean Education Foundation is a registered charity incorporated as a private company limited in England and Wales. It is controlled by its Memorandum and Articles of Association.

Objectives and Activities

The objective of the charitable company is ‘the advancement of Korean language education in England for the children of Korean origin or descent and to support and advance the awareness of Korean culture in England'.

In preparing these financial statements the trustees have had regard to the Charity Commission's guidance on public benefit.

Activities undertaken

The Foundation continued to hire out venue space and rent out accommodation in the year to December 2020 prior to activities being curtailed by the national lockdown. Further, donations received amount to over £15,000 from individual and organisational donors.

The Foundation continued to to give grants to institutions specialising in Korean Education and as scholarships to individuals studying the Korean language. In the year to December 2020 such grants totalling £11,181 were paid (2019:£4,087).

Key achievements

The continued level of donations received by the Foundation from the Korean community is a positive sign that the charity has continued to perform well in 2020.

Structure, Governance and Management

The Foundation is a registered charity and a company limited by guarantee in England and Wales. The Foundation hold and regularly update an internal governance policy but is governed overall by its Memorandum and Articles of Association. Any new trustee appointment must be recommended by 2 existing trustees, and the appointment must be approved by a 2/3 vote of all trustees.

Financial Review

During 2020 the funds of the Foundation decreased by £1,900 as a result of normal activities. The Foundation was supported by government grants of £3,861. The Foundation had Unrestricted General Funds of £1,275,532 at the year end of which £1,225,128 is represented by tangible fixed assets. Free reserves amount to £50,404. The Trustees deem this level of reserves adequate for the day to day running of the foundation for it to meet its charitable objectives for the next 12 months.

Plans for Future Periods

During 2021, the Foundation will seek to continue to fulfil its objectives in creative ways that will assist in the advancement of the Korean language and culture in England. Having made appropriate enquiries, the trustees do not believe that Covid-19 and any resultant government legislation will affect the Foundation's ability to continue as a going concern in 2021 and 2022.

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.

Page 1

Korean Education Foundation Report of the Trustees {contlniip.dl for the Year Ended 31 December 2020 Statement of Trustees. Respon5ibillties The Iruslees who are also directors of the charity lor the purposes ol the Lompanies Aci 2006, present thcir rcport with the financial -tstement£ of tha charity for the year 0ndod 31 December 2020. The truslees have adoptett the provlsions of the Stslement of Recommended Practice ISORPI 'Accounting and Reporting by Charities. IFRS 1021. Company law requires the truslces to prepare fintsncial statements for each f1nancial year, which give a true and fair view of the slate of affairs of the charitable company and of the incoming res?urces and application of resourcès, including the income and Èxpenditure. of the chariiable company for the year. In preparing ihose financial statements, the trustees are required lo.. elect suitabl& accoiinling pnlitr.ip% and then apply them consislenlly.. ubbelV¥ tli¥ Iii¥tliuds diid priiiGipl¢s in the Charity oOP)P 2015 IfTrLJ 1021., mAkg. jiJdoÈmenls and estimates that are reasonable and prudent.. stste whether applicable UK Accounting Standards have been followed, subje¢t to any material departures disclosed and explained in the financial statements,. and prepare the financi&l statcmcnL on th¢ going conotrrn basis unl986 it is inappropriatg to presume that Ime CharrtaDie company will conTinue In operation. The Iruslees are responsible for keeping adequate accounting records that disc105e wlh rcakn¥onable accuracy 3t any tim8 the financial position of the charitable company and enabl them lo ensure ihai the financial siaiements comply with the Companies AGI 2006. Tliey are also rasponsible for safeguarding the Ssgets of thÈ eh8ritable company And hpncÈ for taking reasonable steps for the prevention and deledion of fraud and other irregularities. Tliis report has been prepared in accordance with the vtalement of Recommendcd Practice. 'Ac¢ounting and Reporting by Charities. and In accordance with the speci81 provisions of Part 15 of the Companies Act 2006 relating to smaller enlilies. Approved by order of tha board of trustees On by.. and signed on it* Trustee Tnjstee se Ak, Paqe 2

Korean Education Foundation

Report of the Independent Examiner for the Year Ended 31 December 2020

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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 Stickland (FCA, ICAEW) For and on behalf of Moore Kingston Smith LLP Chartered Accountants

Devonshire House 60 Goswell Road London EC1M 7AD

Date: 29 September 2021

Page 3

Korean Education Foundation

Statement of Financial Activities for the Year Ended 31 December 2020

Notes
INCOMING RESOURCES
Incoming resources from generated funds
Voluntary income - donations
Charitable activities
2
Rental income
Government grants
Total incoming resources
RESOURCES EXPENDED
Charitable expenditure
3, 3a
Total resources expended
NET INCOMING/(OUTGOING) RESOURCES
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2020
£
2019
£
16,221
36,099
8,728
7,204
38,749
39,403
3,861
-
67,559
82,706
65,598
64,820
65,598
64,820
1,961
17,886
1,961
17,886
1,273,571
1,255,685
1,275,532
1,273,571

All activities in the current and prior year relate to unrestricted funds.

Page 4

Korean Education Foundation Balance Sheet As at 310ecember 2020 2020 2020 2019 2019 Note5 FIXED ASSETS T3ngiblp. Fixed AssÈts 1,225,128 1,237,696 CURRENT ASSETS Debtors Cash al bank 1,176 60,269 61,445 1,088 43,019 44.107 CREDITORS Amounts falling due wlhin one year 11,041 8,232 NET GURReNT A88ET8 I ILIABILITIESI 50,404 35,875 NET ASSETS 1,275,532 1,273,571 FUNDS Unrestricted funds TOTAL FUNDS 1,275.532 1,273.571 The charitable company is enlill8d to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020. The membeTS have not d8POSlt&d notic•, purguant to Section 478 of the P.nmpanig.q Act 2006 requiring an audll of ihese financial statement3. The Iruslees ackno￿edge their responsibilities for IA) gnsurino that the charitable company keeps accountinq records that comply wth Sections 386 and 387 of the Companics Act 2006", and Ib) preparing financial statements ￿1¢h give a true and fair view of otherwise comply wth the requirements of the Companies Act 2006 relating lo financial stsle of affairs of the charitable company as al the end ol each financial year and of lis surplus or deficit for eaGh finan¢ial year in accordance Vwith tho requirements of S•clions 394 and 395 ¥nd L4hir.h stslemenls, so far as 8ppiicaDie io ine cnaniable Company. The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relalinq lo small chaiilable ￿mpanIeS. The flnancial ¥tsLeiTi¥iilb weiv by tlie Board of Trustees on nd wÈré signed an 115 behalf by.. TnJAtÈÈ Page 5

Korean Education Foundation

Notes to the Financial Statements for the Year Ended 31 December 2020

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are presented in sterling (£) which is also the functional currency for the charity.

Going Concern

The Foundation has reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. To make this judgement, the trustees have taken into account various internal and external factors, including the potential impact of Covid-19 and resulting government regulations. It has therefore continued to adopt the going concern basis in preparing its financial statements.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the Foundation is legally entitled to the income and the amount can be measured reliably.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Grants given to institutions and individuals are recognised when ratified by trustess and the recipient made aware of the grant. 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

The freehold property was initially recognised at cost, but was revalued to fair value in 2018.

Tangible fixed assets are depreciated at the following rates:

Buildings 50 years straight line
Office equipment 3 years straight line

Taxation

The charity is exempt from corporation tax due to its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 6

Korean Education Foundation

Notes to the Financial Statements (continued) for the Year Ended 31 December 2020

Charitable activities
Venue hire		 2020
£
2019
£
8,728 7,204
8,728 7,204

2. Charitable activities

3. Charitable expenditure

Included within charitable expenditure are amounts paid to the independent examiner in the year;

Accountancy
Independent examination		 2020
2019
£
£
3,150 1,236
1,260 3,084
4,410 4,320

3a. Grant expenditure

Included within charitable expenditure are grants given to institutions specialising in Korean Education and as scholarships to individuals in the year;

2020 2019
£ £
Grants to institutions 9,900 3,137
Grants to individuals (scholarships) 1,281 950

4. Trustees' Remuneration and benefits

There was no trustees' remuneration or other benefits paid in the year ended 31 December 2020 (2019 £nil). The trustees are deemed to be the key management personnel for the charity. Consequently key management remuneration was £nil (2019: £nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2020 (2019: £nil).

5. Staff costs

Salaries and wages 2020
2019
£
£
13,634 15,600
13,634 15,600

During the period the average number of employees was 1 (2019: 1).

No employees received employee benefits of more than £60,000 during the year.

6. Tangible Fixed Assets

Cost/valuation
At 31 December 2019
Additions
At 31 December 2020
Depreciation
At 31 December 2019
Charge for the year
At 31 December 2020
Net book value as at 31 December 2020
Net book value as at 31 December 2019		 Buildings
Office
equipment
Total
1,250,000
205
1,250,205
-
-
-
1,250,000 205 1,250,205
12,500
9
12,509
12,500
68
12,568
25,000 77 25,077
1,225,000
128
1,225,128
1,237,500
196
1,237,696

Page 7

Korean Education Foundation

Notes to the Financial Statements (continued) for the Year Ended 31 December 2020

7. Debtors

2020 2019
£ £
1,176 1,088
1,176 1,088
2020
2019
£
£
Prepayments
Creditors: Amounts falling due within one year
Trade creditors
Accruals
Tax and social security
Other creditors		 1,176 1,088
1,176 1,088
2020
2019
£
£
1,224 2,945
9,292 4,986
489 301
36
-
11,0418,232

8. Creditors: Amounts falling due within one year

9. Movement in funds

Current year
Unrestricted funds
General fund
Total funds
Prior year
Unrestricted funds
General fund
Total funds		 2019
Incoming
resources
Resources
expended
Unrealised
gains
2020
£
£
£
£
1,273,571
67,559 (65,598)
- 1,275,532
1,273,571
67,559 (65,598)
- 1,275,532
2018
Incoming
resources
Resources
expended
Unrealised
gains
2019
£
£
£
£
1,255,685
82,706 (64,820)
- 1,273,571
1,255,685
82,706 (64,820)
-1,273,571

10. Operating lease income

The following income is receivable under non-cancellable operating leases;

Amounts receivable within one year
Amounts receivable within two to five years
Amounts receivable in more than five years		 2020
2019
£
£
6,200
6,200
-
-
-
-
6,200
6,200

11. Related party transactions

There were no related party transactions during the year (2019: none).

Page 8