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 advan￿ment of Ko￿an language education in England for the children of
Koresn origin or des￿llt 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 advan￿ment 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 C￿ated an
on-web51te donation platforrn, S￿al 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
Tru8t••s Annual R•wt
5. Planned Glwro.. ErK￿rage to mèke k48nn•J grfts a8 tw, cWI*Ae trL*ts. orvffjrvjlies. This can be gn
8ffectiv• way to s6cum knyterrrt fuTrJing fwTrJats"cfft.
STRUCTURE, GOVERNANCE ANO IAAIIAGEMENT
The Fol￿datIOn is a ￿gIstere￿ choftty arKI a ¢onyany l¥niled by guarantoe in England anil Wales. Th8 Foundatlon
hold and r&Jula￿ updat8 an int8m81 governance but is gov8m8d ovw¥l by tts merl￿ndUm and ATtid8s of
Association. Any new trustee appointrr￿l rrwjst be r8cLN)wwdg(I by 2 ewsllng Iruste88. and the appjlntrngnt must
b& approve<l by 8 213 vote of In￿le&s.
The Trustee8 are res[(￿SIb￿ for keepiThJ pw accoLmling reccyds Ihat dlsdtsso ¥Alh reasonable ac￿raCY at any
Ilme th8 financtal posi1￿n of the ¢harity and to enabl8 them to 8n$ure Ihal tho finanoal statements efjmply ￿th Ih
Companl8s Act 2006. The Tnjstees are also fespon$iU¥ for safeguarthng a8sets of th8 ckn8￿ty Bt)d h$n¢o iaklr
r8oson8blé $lep8 lor the prèvention aThJ dot8ction ol Iraud and other irTegulariti8s. Th& abova r8wt has bèèn pr•parod
In ac¢ord8n¢e wlth the provlslon$ ¥ppllcatA8 to oynpanies SLknieLt to the sm811 e(mp8nle8 rwme as 8et iyjt in Part
15 of the Corynl6$ Act 2006 Jcc(Ydance hilh tha SORP (FRS 1021.
Tru$le$$ afy reSpc￿8￿b1e for keeF4r4J proper 8CC•>Jnllng rec(Yd8 that d18L*)88 wlth re860nat40 8cciirw at any
mè thè financaal poSit￿n of the chanty and to enabl8 to ensuro thai th8 financial ststements comply wlih the
Companies AGt 21X)6. The Truste0$ a￿ 8130 r8ep￿sIt)re for saf•guarding lh• 888ets ol the char¢'ty and h8nGg taking
tea3onabl8 8tsps for lh& pr*venllon ar￿ deiecilon ol Iraud and othgr Irwularilles.
The abovo report has bean prepared In 8¢ctyd8nce with ￿ p￿￿8￿On$ 8pplScat4e to ￿mpanI@s subject lo the small
companies reglffrf as set out In Part 15 ol the Ccrfnpanies Acl 21x6 and In a¢c¢rdance with lh8 ChaTldeB SORP
IFRS 1021.
SI9￿d on b8h811 of tho b￿rd
Jeong Eun JANG
Truste&
2411012024

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 frI￿ard
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 Sh￿1
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 fall￿g 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
Unro*trlc¢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￿￿ FfftislC￿8 of Part 15 of the G)mpank8 Act 2(
relating lo small ¢omparMes.
For the yeor ended 31 December 2023 the r£th￿yWas 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¥))r￿ce sK*on 478 of th8 ComparNo8
Act 2006.
Th8 direc￿￿$ xknowiodgè their reSpC￿S1￿.1l1￿ 0Jmp￿d t•Ath tha wilrwmnts of the Ccfftpani88 Act 2006 wtth
respect to ac￿untirF reccrfds and the of acc￿nts.
Approved by tho botrd on 31 D￿n￿r 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 C￿dItorS
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 a￿1VIlle$
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