| Pages | |||
|---|---|---|---|
| Trustees' Annual Report |
2to4 | ||
| Independent Examiner's |
Report | ||
| Statement of Financial | Activities | ||
| Summary Income and Expenditure |
Account | ||
| Balance Sheet | |||
| Notes to the Accounts | 9to 16 |
| for the year | ended 31Decemb | er 2022 | |||
|---|---|---|---|---|---|
| Unrestricted | |||||
| funds | Total funds | Total funds | |||
| 2022 | 2022 | 2021 | |||
| Notes | f | F. | f | ||
| Income and | endowments | ||||
| from: | |||||
| Donations | and legacies | 1,094 | 1,094 | 987 | |
| Charitable | activities | 2,756 | |||
| Investments | 8 | 8 | |||
| Other | 45,471 | 45,471 | 41,606 | ||
| Total | 46,573 | 46,573 | 45,349 | ||
| Expenditure | on: | ||||
| Charitable | activities | 25,799 | 25,799 | 10,660 | |
| Other | 14,755 | 14,755 | 56,412 | ||
| Total | 40,554 | 40,554 | 67,072 | ||
| Net gains on | investments | 350,000 | 350,000 | ||
| Net income/(expenditure) | 10 | 356,019 | 356,019 | (21,723) | |
| Transfers between funds |
|||||
| Net income/(expenditure) before other gains/(losses) |
356,019 | 356,019 | (21,723) | ||
| Other gains | and losses | ||||
| Net movement in funds |
356,019 | 356,019 | (21,723) | ||
| Reconciliation offunds: | |||||
| Total funds brought forward | 1,253,809 | 1,253,809 | 1,275,532 | ||
| Total funds carried forward | 1,609,828 | 1,609,828 | 1,253,809 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| f | E | ||||
| Income | 46,565 | 45,349 | |||
| Net gains on | investments | 350,000 | |||
| Interest and |
investment | income | |||
| Gross Income forthe year | 396,573 | 45,349 | |||
| Expenditure | 61,994 | 54,504 | |||
| Depreciation | and charges | for | |||
| impairment | offixed assets | (21,440) | 12,568 | ||
| Total expenditure for the |
year | 40,554 | 67,072 | ||
| Net income/(expenditure) | before tax | ||||
| for the year | 356,019 | (21,723) | |||
| Net Income | /(expenditure | )forthe year | 356,019 | (21,723) |
| Korean Education Balance Sheet at 31December |
Foundation 2022 |
Foundation 2022 |
Foundation 2022 |
||||
|---|---|---|---|---|---|---|---|
| Company No. |
07409314 | Notes | 2022 | 2021 | |||
| E | F. | ||||||
| Fixed assets | |||||||
| Tangible assets | 12 | 1,584,000 | 1,212,560 | ||||
| 1,584,000 | 1,212,560 | ||||||
| Current assets | |||||||
| Debtors | 13 | 1,284 | |||||
| Cash at bank | and | ln hand | 26,893 | 52,773 | |||
| 28,177 | 52,773 | ||||||
| Creditors: Amount | falling due within one year | 14 | (2,349) | (11,524) | |||
| Net current assets | 25,828 | 41,249 | |||||
| Total assets less | current liabilities | 1,609,828 | 1,253,809 | ||||
| Net assets excluding | pension asset or liability | 1,609,828 | 1,253,809 | ||||
| Total net assets | 1,609,828 | 1,253,809 | |||||
| The funds ofthe | charity | ||||||
| Restricted funds | 15 | ||||||
| Unrestricted funds |
15 | ||||||
| General funds | 1,259,828 | 1,253,809 | |||||
| 1,259,828 | 1,253,809 | ||||||
| Reserves | 15 | ||||||
| Revaluation | reserve | 350,000 | |||||
| 350,000 | |||||||
| Total funds | 1,609,828 | 1,253,809 |
| Fund accoun | Fund accoun | ting | ting | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | funds | These are available for use atthe discretion ofthe trustees | In furtherance | of | the | ||||
| general objects ofthe charity. | |||||||||
| Designated | funds | These are unrestricted funds earmarked by the trustees |
for particular purposes. |
||||||
| Revaluation | funds | These are unrestricted funds which include a revaluation |
reserve representing | the | |||||
| restatement ofInvestment assets at their market values. |
|||||||||
| Restricted | funds | These are available for use subject to restrictions imposed |
by the donor | or through | |||||
| terms of an appeal. | |||||||||
| Income | |||||||||
| Recognition | of | Income Isincluded in the Statement of Financial Activities |
(SoFA) when the charity | ||||||
| income | becomes entitled to, and virtually certain to receive, the |
income and the | amount of | ||||||
| the income can be measured with sufficien reliability. |
|||||||||
| Income with | related | Where income has related expenditure the income and |
related expenditure | is | |||||
| expenditure | reported gross In the SoFA. |
||||||||
| Donations | and | Voluntary income received by way ofgrants, donations |
and gifts is included in |
the | |||||
| legacies | the SoFA when receivable and only when the Charity has |
unconditional | |||||||
| entitlement to the Income. |
|||||||||
| Tax reclaims | on | Income from tax reclaims is included In the SoFA at the same time as the |
|||||||
| donations | and | gifts | gift/donation to which it relates. |
||||||
| Donated services | These are only included in income (with an equivalent amount In expenditure) |
||||||||
| and facilities | where the benefit to the Charity is reasonably quantifiable, |
measurable | and | ||||||
| material. | |||||||||
| Volunteer | help | The value of any volunteer help received is not included |
in | the accounts. | |||||
| Investment | income | This ls Induded in the accounts when receivable. |
|||||||
| Gains/(losses) | on | This includes any gain or loss resulting from revaluing Investments to market |
value | ||||||
| revaluation | of | fixed | at the end ofthe year. | ||||||
| assets | |||||||||
| Gains/(losses) | on | This includes any gain or loss on the sale ofinvestments. |
|||||||
| investment | assets |
| an Education Found s to the Accounts |
an Education Found s to the Accounts |
ation | ||||
|---|---|---|---|---|---|---|
| Expenditure | ||||||
| Recognition | of | Expenditure is recognised on an accruals |
basis. Expenditure includes |
any VAT which | ||
| expenditure | cannot be fully recovered, and Is reported |
as part ofthe expenditure | to which It |
|||
| relates. | ||||||
| Expenditure | on | These comprise the costs associated with |
attracting voluntary |
Income, fundraising | ||
| raising funds | trading costs and Investment management |
costs. | ||||
| Expenditure | on | These comprise the costs incurred by the |
Charity ln the delivery of its activities and |
|||
| charitable | activities | services in the furtherance of Its objects, |
Including the making | of | grants and | |
| governance costs. |
||||||
| Grants payable | All grant expenditure is accounted for on |
an actual paid basis | plus | an | accrual for | |
| grants that have been approved by the trustees at the end of |
the | year but not yet | ||||
| paid. | ||||||
| Governance | costs | These include those costs associated with |
meeting the constitutional | and statutory | ||
| requirements ofthe Charity, including any audit/independent |
examination fees, |
|||||
| costs linked to the strategic management | ofthe Charity, together | with a share of | ||||
| other administration costs. |
||||||
| Other expenditure | These are support costs not allocated to a particular activity. |
| 3 Statement |
of F | inancial | Activities - prior year | ||
|---|---|---|---|---|---|
| Unrestricted | |||||
| funds | Totalfunds | ||||
| 2021 | 2021 | ||||
| Income and endowments | from: | ||||
| Donations | and | legacies | 987 | 987 | |
| Charitable | activities | 2,756 | 2,756 | ||
| Other trading activities |
41,606 | 41,606 | |||
| Total | 45,349 | 45,349 | |||
| Expenditure on: |
|||||
| Charitable | activities | 10,660 | 10,660 | ||
| Other | 56,412 | 56412 | |||
| Total | 67,072 | 67,072 | |||
| Net income | (21,723) | (21,723) | |||
| Net Income before | other | ||||
| galas/(losses) | (21,723) | (21,723) | |||
| Other gains and losses: | |||||
| Net movement | In funds | (21,723) | (21,723) | ||
| Reconciliation | offunds: | ||||
| Total funds brought | forward | 1,275,532 | 1,275,532 | ||
| Total funds carried | forward | 1,253,809 | 1,253,809 |
| 4 | Income fro | m donations | and legacies | |||
|---|---|---|---|---|---|---|
| Unrestricted | Total | Total | ||||
| 2022 | 2021 | |||||
| Donations | 1,094 | 1,094 | 987 | |||
| 1,094 | 1,094 | 987 | ||||
| 5 | Income from charitable | activities | ||||
| Total | Total | |||||
| 2022 | 2021 | |||||
| Fundralsing | events | 2,756 | ||||
| 2,756 |
| 6 | Income from | Investmen | ts | |||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Total | Total | ||||||
| 2022 | 2021 | |||||||
| Bank Interest | ||||||||
| 8 | 8 | |||||||
| 7 | Other Income | |||||||
| Unrestricted | Total | Total | ||||||
| 2022 | 2021 | |||||||
| Venue hire | 45,471 | 45,471 | 41,606 | |||||
| 45,471 | 45,471 | 41,606 | ||||||
| 8 | Expenditure | on charitable | activities | |||||
| Unrestricted | Total | Total | ||||||
| 2022 | 2021 | |||||||
| Expenditure | on charitable | |||||||
| activities | ||||||||
| Fundraising | events | 24,739 | 24,739 | 8,865 | ||||
| 1,060 | 1,060 | 1,795 | ||||||
| Governance | costs | |||||||
| 25,799 | 25,799 | 10,660 | ||||||
| 9 | Other expenditure | |||||||
| Unrestricted | Total | Total | ||||||
| 2022 | 2021 | |||||||
| Employee costs | 18,353 | 18,353 | 18,270 | |||||
| Motor and travel costs | 79 | 79 | 79 | |||||
| Premises costs | 12,092 | 12,092 | 17)020 | |||||
| Amortisation, | depreciation, | |||||||
| impairment, | profit/loss | on | (21,440) | (21,440) | 12,568 | |||
| disposal offixed assets | ||||||||
| General administrative |
costs | 3,093 | 3,093 | 4,283 | ||||
| Legal and professional | costs | 2,578 | 2,578 | 4,192 | ||||
| 14,755 | 14,755 | 56,412 | ||||||
| 10 | Net income/(expenditure) | before transfers | ||||||
| 2022 | 2021 | |||||||
| This is stated | after charging; | f | ||||||
| Depreciation | of owned | fixed assets | (21,440) | 12,568 |
| Not | es to the Accounts | ||||
|---|---|---|---|---|---|
| 11 | Staff costs | ||||
| 2022 | 2021 | ||||
| Salaries and wages | 18,000 | 18,000 | |||
| Pension costs | 353 | 270 | |||
| 18,353 | 18,270 | ||||
| No employee received emoluments |
in excess of660,000. | ||||
| 12 | Tangible fixed assets | ||||
| Cost or revaluation | |||||
| At 1January 2022 | 1,600,000 | 196 | 1,600,196 | ||
| At 31December 2022 | 1,600,000 | 196 | 1,600,196 | ||
| Depreciation and |
|||||
| Impairment | |||||
| At 1January 2022 | 16,000 | 136 | 16,136 | ||
| Depreciation charge for the |
60 | 60 | |||
| year | |||||
| At 31December 2022 | 16,000 | 196 | 16,196 | ||
| Net book values | |||||
| At 31December 2022 | 1,584,000 | 1,584,000 | |||
| At 31December 2021 | 1,584,000 | 60 | 1,584,060 | ||
| 13 | Debtors | ||||
| 2022 | 2021 | ||||
| 6 | 6 | ||||
| Trade debtors | 1,284 | ||||
| 1,284 | |||||
| 14 | Creditors: | ||||
| amounts falling due within one year |
|||||
| 2022 | 2021 | ||||
| f | |||||
| Trade creditors | 131 | 8,396 | |||
| Other taxes and social security | 551 | 618 | |||
| Other creditors | 69 | 2,510 | |||
| Accruals | 1,598 | ||||
| 2,349 | 11,524 |
| Movement | in fun | ds | ||||
|---|---|---|---|---|---|---|
| Incoming | ||||||
| resources | ||||||
| At 31 | ||||||
| (including | Resources | December | ||||
| At 1January | other galas/losses |
expended | 2022 | |||
| 2022 | ) | |||||
| f | ||||||
| RestrIcted funds: | ||||||
| Unrestricted | funds: | |||||
| General funds | 1,253,809 | 46,573 | (40,554) | 1,259,828 | ||
| Revaluation | Reserves: | |||||
| Revaluation | fund | 350,000 | 350,000 | |||
| Total revaluation | reserves | 350,000 | 350,000 | |||
| Total funds | 1,253,809 | 396,573 | (40,554) | 1,609,828 |
| 16 | Analysis ofnet | assets between funds |
|||
|---|---|---|---|---|---|
| Unrestricted | |||||
| Total | |||||
| funds | |||||
| f | |||||
| Fixed assets | 1,584,000 | 1,584,000 | |||
| Net current assets | 25,828 | 25,828 | |||
| 1,609,828 | 1,609,828 | ||||
| 17 | Recondllatlon | ofnet debt | |||
| At 31 | |||||
| At 1January | December | ||||
| 2022 | Cash flows | 2022 | |||
| f | f | f | |||
| Cash and cash | equivalents | 52,773 | (25,880) | 26,893 | |
| 52,773 | (25,880) | 26,893 | |||
| Net debt | 52,773 | (25,880) | 26,893 |
| Annual co |
mmitments under non-cancellable |
operating leases are |
as follows: | ||
|---|---|---|---|---|---|
| 2022 | 2022 | 2021 | 2021 | ||
| Land and | Land and | ||||
| Other | Other | ||||
| buildings | buildings | ||||
| f | |||||
| Operating | leases with expiry date: | ||||
| Pension commitments | |||||
| 2022 | 2021 | ||||
| f | |||||
| The pension cost charge to the company | |||||
| amounted | to: | 353 | 270 |