||||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|