Korean Education Foundation Charity No. 1154679 Company No. 07409314 Trustees. Report and Unaudited Accounts 31 December 2023 i<cr Educaiion l¥ o ol Ilf•
Korean Education Foundation Contsnts Pages Trustees, Annual Report 2to4 Independent Examine¢s Report ststement of Finan¢ial A¢tivitie$ Summary In¢ome and Expenditure Account Balance Sheet Notes to the Accounts 9t016 Page 1
Korean Education Foundation Trustoes Annual Report The trustees. who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the unaudited financial statements of the charity for the year ended 31 December 2023. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 07409314 Charity No. 1154679 Registered Office Korean Community Centre 110 Coombe Lane Raynes Park London SW20 DAY Directors and Trustees The Directors of the charitable company are its Trustees for the purposes of charity law. The followng Directors and Trustees served during the year". Jeong Eun JANG Yoonjeong LEE Sung Eun Bae President Of Kocham IKorean Chamber Of Commerce) Headmaster of London Korean School President of Korean Residents Society Director of Education of the Embassy of the Republic of Korea in the UK Accountants MCAR LONDON Chartered Accounlanls 69 Station Road Hampton Greater London TW12 2BT Page 2
Korean Education Foundation Trustoes Annual Report OBJECTIVES AND ACTIVITIES The objective of the charitab company is'the advanment of Koan language education in England for the children of Koresn origin or desllt and to support snd adVall the awareness of Korean culture in England,. In preparing these financial statements the trustees have had regard to the Chairty Cornmis8ion'8 guidance on public benefit ACHIEVEMENTS AND PERFORMANCE The Foundation ¢onlinued to hi out venue spa and nt out a¢commodation in the year to December 2023. The charity managed to generate income from various individual and institutional donors. Grant8 were also honoured to institutions Including Korean Education schools. Especially in 2023, we have selected and supported 22 schoo15 (supporting each school with £1,000) throughout the UK to Continue their support for the education of the Korean language, which they severely Struggled lo re-open after the pandemic for the past three years. In addition to our School support program, we have carried out 1 mentoring snd networking event for developing future leaders. FINANCIAL REVIEW As we were unable to carry out our events at the pre-pandetnic level, our donation income was largely affected. Also, we have reshaped our Committee after the pandemi¢ which caused some time delay for fund-raising events organising. Despite the reduced income, the foundation should not fa any finanual challenges in the rnIng 12 months. Fund-raising events are due lo run al full capacity again in the second half of 2023. PLANS FOR FUTURE PERIODS During 2024, the Foundation will seek to continue to fulfil its objectives in creative way5 thst will assist in the advanment of the Korean language and Culture in England. The foundation is working towards continuously hosting student-focused events such as career and leadership workshops. and fund-raising events. 1. Individual Donations.. Reach Dut to individual donors who sha your foundation's values and mission. We have Cated an on-web51te donation platforrn, Sal media outreach, via program PR and sharing information of supporting groups and dI¢t mail Campaigns to a¢h potential donors. 2. Corporate Sponsorships". Reach out to local businesses and corporations to seek sponsorship for our foundation. This could involve offering rewnition through marketing m8terials, social media. or events. in exchange for financial support. 3. Grant Writing.. Write grant proposals lo seek funding from private and public foundations, corporations, and government agencies. We are to research potential funding sources Carefully and tsilor our proposals to their specific requirements. 4. Special Events.. Organize events such as charity auctions, galas, or concerts lo raise funds for our foundation. We should also consider partnering with other organizations or businesses to expand our reach and increase participation. Page 3
Korean Educatlon Foundatlon
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Korean Education Foundation Independent Examinerfs Report to the trustees of Korean Education Foundation I report lo the charity trustees on my examination of the fi'nancial slalements of Korean Education Foundation for the year ended 31 December 2023 which comprise the Statement of Financial Aclivilies, the Summary Income and Expenditure Account, the Balance Sheet and the related notes. Rgsponslblllllos and bas1$ of rgport As the trustees of the charity land also ils directors for the purposes of company lawl you are responsible for the preparation of the financial stslements in accordance with the requirements of the Companies Act 20061'lhe 2006 Act.) Having satisfied myself that the financial ststemenls of the charity 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 financial ststemenls as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs ststement I have completed my examination. I can confirm that no material matters have Come lo my attention in connection with the examination giving me cause to believe that.. accounting records were not kept In accordance with section 386 of the 2006 Act., or the financial statements do not accord with those records.. or the financial statements do not comply wth the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'lrue and lair, view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the Charities SORP IFRS 1021. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understsnding of the financial slalements lo be reached. Ali Raja ICAEW MCAR LONDON Chartered Accounlanls 69 Slalion Road Hampton Greater London TW12 2BT 2211012024 Page 5
Korean Education Foundation Statement of Financial Activities for the year ended 31 December 2023 Unr85trlctgd fund8 Total fund5 Total funds 2023 2023 2022 Note8 Income and endowments from: Donations snd 5,184 5,184 1094 Charitable a¢tivities Investments Othei 38,524 43,708 38,524 43,708 45,471 46,573 Totsl Expenditure on: Charitable activities other 25.799 14,755 Total 40,554 Net gain$ on inve$tment$ 350,000 356,019 Net incomellexpenditure} Transfers between funds 10 Net incomellexpenditure} 356,019 before other gain811108ses} Other gains and losses Net movement In funds 356,019 Reconciliation of funds- Total funds brought forward 1,609,828 1,609,828 1,253,809 Totsl fund$ carrled frIard 1.609,828 1,609.828 1,609,828 Page 6
Korean Education Foundation Summary Income and ExpenditureAccount for the year ended 31 December 2023 2023 2022 Income 43,408 46,565 Net gains on investments 350,000 Interest and investment income Gross incomg for thg y9ar Expenijilure 43,408 44,128 396,573 61,994 Depreciation and charges for Impaimient of fixed assets -21,440 Totsl expendlture for the year Net incomellexpenditurel before L9x for the year 720 40,554 720 356,019 Ngt In¢omg 11gxpendllurg I for the ygar 720 356,019 Page 7
Korean Edueatlon Foundatlon Balancg Sh1 t 31 December 2023 2D22 Flxed asgets Tangibte as8ets 12 1.584.000 1.584.000 1,584.000 1,584.000 Current a•s•ts DebtOT5 Cash at bank and In hand 13 1.284 26,893 28,177 -2.349 25.828 1,609.828 1,609.828 22.451 27.457 4.349 25.828 1,609.828 1,609.828 Credi¢orn: Amount fallg due wrfhin one yew N•t curr•nt as••ts 14 Total assets l••s eurrnnt Ilabllltl•s Not auets •xcludlng nI10n a•••t or Ilablllty Totsl n•t a8••t• 1,609,828 1,609.828 Th• fun<ts of th• ch•rlty R••trlct•d lunds 15 Unrotrlc¢èd fund• Gan&ral funds 15 1,259.108 1,259,828 1,259,108 1,259,828 R•Mr4 Revaluation reser¥9 350.000 Total funds 1.609.108 1,609.828 Th•8è aeeovnts h8v& bo prepared in accordm v47th the spe FfftislC8 of Part 15 of the G)mpank8 Act 2( relating lo small ¢omparMes. For the yeor ended 31 December 2023 the r£thyWas exemolcth Lmdtrr 477 of the Crynpanies Act 2006 r8latlro to small comp8nle8. Tho member5 have nol required the company to tthin an audil in x¥))rce sKon 478 of th8 ComparNo8 Act 2006. Th8 direc$ xknowiodgè their reSpCS1.1l1 0Jmpd t•Ath tha wilrwmnts of the Ccfftpani88 Act 2006 wtth respect to acuntirF reccrfds and the of accnts. Approved by tho botrd on 31 Dnr 2023 And slgned on Its bahall by.. Jeong Eun JA Trustee 2211012024 Page 8
Korean Education Foundation Notes to the Accounts Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the Ul< and Republic of Ireland IFRS 1021 (effective 1 January 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Change in basis of accounting or to previous accounts There has been no change to the accounting policies Ivalualion rules and method of accounlingl since last year and no changes have been made to accounts for previous years. Fund accountlng Unrestricted funds These are available for use al the discretion of the trustees in furtherance of the general objects Designated funds Revaluation funds These are unrestricted funds eamiarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the reststement of investment assets at their market values. These are available for use subject lo restrictions imposed by the donor or through temis of an appeal. Reslricled funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes enlilled to, and virtually certain lo receive, the income and the amount of the income can be measured with sufficient realiability. Income with related Where income has related expenditure the income and related expenditure is reported gross in expenditure the SOFA. Donations and legaices Voluntary income received by way of grants, donations and gifts is included in the SOFA when receivable and only when the Charity has unconditional enlitlemenl lo the Income. Tax reclaims on donations and gifts Donated services and facilities Income from lax reclaims is included in the SOFA al the same lime as the giftldonalion lo which it relates. These are only included in income Iwith an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help investment income Gainslllossesl on revaluabon of fixed asels The value of any volunteer help received is not included in the accounts. This is included in the accounts when receivable. This includes any gain or loss resulting from revaluing investments lo marker value al the end of the year. Gainslllossesl on investment assets This Includes any gain or loss on the sale of investments. Page 9
Korean Education Foundation Notes to the Accounts Expenditure Recognition of expenditure Expenditure on raising funds Expenditure on charitable aclivits'es Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure lo which il relates. These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs. These comprise the costs incuThed by the Charity in the delivery of its activities and services in the furtherance of ils objects, Including the making of grants and governan costs. 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. by the trustees at the end of the year bul not yel paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any auditlindepèndenl èxamination fees, costs linked lo the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated lo a particular activity. Grants payable Governance costs Other expenditure Taxation The Charity is exempt from corporation lax on its charitable aclivilies. Freehold Investment property Investment properties are measured initially al cost and subsequently al fair value al each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Stocks Stock is included al the lower of cost or nel realisable value. Donated items of stock a recognised al fair value which is the amount the charity would have been willing lo pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the setuement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Cash and cash equlval&nts Cash and cash equivalents Comprise cash at bank and on hand, demand deposits with banks and other short-lerm highly liquid investments wth original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Slalement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other CdItorS Short term Creditors are measured al the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to sellle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 10
Korean Education Foundation Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which il is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rale of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving al net incomelexpenditure. Leased assets Where the charity enters into a lesse which entails taking substsntially all the risks and rewards of ownership of an asset, the lease is treated as a finan lease. Leases which do not transfer subslanlially all the risks and rewards of ownership lo charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, al the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as lo achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly allribulable to qualifying assets, in which case they are capilalised in accordan with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as ari expense on a slraighl-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives 15 recogni5ed as a reduction of rental expense on a slraighl-line basis. Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are sht)wn in accruals in the balance sheet. The assets of the plan are held separately from the company in independendy administered funds. Receipt of donatsd goods, facilities and sgrvicas All donated goods, facilities and services received are recognised within incoming resources and expenditure al an estimate of the value to the charity. 2 Company ststus The company is a private company limited by guarantee and consequently does not have share capital. Page11
Korean Education Foundation Notes to the Accounts 3 Stat9ment of Flnan¢lal A¢tlvltle$ - prlor year Unrestricted funds Total funds 2022 2022 Income and endowments from: Donations and legacies Charitable 8clivilies Other trading activities Totsl Expenditure on: Charitable activities 987 2,756 41,606 45,349 987 2,756 41,606 45,349 10,680 56,412 67,072 121,7231 121,7231 10,660 56,412 67,072 121,7231 121,7231 Other Total Net Income Net income before other gainslllossesl Other gains and losses: Net movement in funds Recon¢lllatlon of fvnds: Total funds brought fonNard Totsl funds carrled forNard 121,7231 121.7231 1,275,532 1,253,809 1,275,532 1,253,809 4 In¢omg from donallon$ and 1ggaclg$ Unrestricted Total 2023 Total 2022 Donations 5,184 5,184 987 987 5 Income from Charitable activities Totsl 2023 Total 2022 Fundraising events 1,138 2,756 Page 12
Korean Education Foundation Notes to the Accounts 6 Income from investments Unrestrictsd Total 2023 Total 2022 Bank Interest 7 Other Income Unrestricted Total Total 2023 2022 Venue hire 33,389 33,389 45,471.00 45,471.00 8 Expendlture on charltable a1VIlle$ Unrestricted Total Total 2023 2022 Expenditure on charitable activities Fundraising events 1,138 24,739 1,060 Governance costs 1,138 25,799 9 Other expenditure Unrestrlcted Totsl 2023 Total 2022 Employee costs Motor and travel costs 13,645 823 5,124 13,645 823 5,124 18,353 79 12,092 Premises costs Amortisation. depreciation, impairment, profivloss on disposal affixed assets General administrative costs Legal and professional costs -21,440 21,258 3,278 44,128 21,258 3,278 44,128 3,093 2,578 14,755 10 Net incomellexpenditurel before transfe 2023 2022 This is staled after charging". Depreciation of owned fixed assets -21,440 Page 13
Korean Education Foundation Notes to the Accounts 11 Stsff ¢o$ts 2023 2022 Salaries and wages Pension costs 13,214 412 18,000 353 13,626 18,353 No employee received emoluments in excess of £60,000. 12 Tanglble flxed assets Cost or revaluation At 1 January 2023 Al 31 December 2022 Depreclatlon and impairment Al 1 January 2023 Depreciation charge for the year Al 31 December 2023 1,600,000 1,600.000 196 1,600,196 1,600,196 196 16,000 196 16,138 16,000 196 16,196 Net book values At 31 December 2023 1,584,000 1,584,000 1,584,000 1,584,060 At 31 December 2022 13 Debtors 2023 2022 Trade debtors other debtors 1,206 3.800 5,006 1284 1284 14 Credltors: amounts falling due within one year 2023 2022 Trade creditors Other taxes and social security Other creditors Accruals 131 551 69 1,598 2,349 131 551 69 1598 2,349 Page 14
Korean Education Foundation Notes to the Accounts 15 Movomgnt In funds Incoming resources {including other Resources gainsllossesl expended At 1 January 2023 At 31 December 2023 Restrlcted funds: Unrestricted funds.. General funds Revaluatlon Resgrve$: Revaluation fund 1,600,196 1,600,000 196 1,600,196 Total revaluation TrseNes Totsl fvnd$ 1,600,196 1,600,000 196 1,600,196 Purposes and reslriclions in relation to the funds". Revaluation reserves Represent the amount by which investment exceed their historical cost. 16 Reconclllatlon of net debt At31 Docembor 2023 At 1 January 2023 Cash flows Cash and cash equivalents 18,270 4,181 22,451 Nel debt 18,270 4,181 22,451 Page 15
Korean Education Foundation Notes to the Accounts 17 Commllmgnts Opernting lease commitments Annual commitments under non-cancellable operating leases are as follows". 2023 Land and buildings 2023 other 2022 Land and buildings 2022 other Operating leases with expiry date.. Penslon commltments 2023 2022 The pension cost charge to the company amounts lo". 412 353 18 Rglated party disclosures Contmlllngparty The company is limited by guarantee and has no share capitsl," thus no single paty controls the company. Page 16