## **KOREAN EDUCATION FOUNDATION**
**Charity No. 1154679**
**Company No. 07409314**
**Trustees' Report and Unaudited Accounts**
**31 December 2024**
**Korean Education Foundation Contents**
||Pages|
|---|---|
|Trustees' Annual Report|2 to 4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Summary Income and Expenditure Account|7|
|Balance Sheet|8|
|Notes to the Accounts|9 to 15|
Page 1
## **Korean Education Foundation Trustees 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 2024.
## **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 following Directors and Trustees served during the year:
Mrs Jeong Eun JANG Mr Sungwon JUN Miss Hye-Jong Linda LEE Mr Min Suk HANN Mrs Okjin PARK Mr Doo Cheol HA Mr Dongjin BAE Dr Sung Eun BAE Mrs Jihae KIM
## **Accountants**
MCAR LONDON Chartered Accountants 69 Station Road Hampton Greater London TW12 2BT
Page 2
**Korean Education Foundation Trustees Annual Report**
## **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 Chairty Commission's guidance on public benefit
## **ACHIEVEMENTS AND PERFORMANCE**
The Foundation continued to hire out venue space and rent out accommodation in the year to December 2024. The charity managed to generate income from various individual and institutional donors.
## **FINANCIAL REVIEW**
As we were unable to carry out our events at the pre-pandemic level, our donation income was largely affected. Also, we have As the UK economy wobbles, our income stream has been outperformed. However despite the reduced income, we should not face any financial challenges in the coming 12 months. Fund-raising events are due to run at full capacity in the second half of 2025.
## **PLANS FOR FUTURE PERIODS**
During 2025, 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. The foundation is working towards continuously hosting student-focused events such as career and leadership workshops, and fund-raising events.
1. lndividual Donations: Reach out to individual donors who share your foundation's values and mission. We have created an on-website donation platform, social media outreach, via program PR and sharing information of supporting groups and direct mail campaigns to reach potential donors.
2. Corporate Sponsorships: Reach out to local businesses and corporations to seek sponsorship for our foundation. This could involve offering recognition through marketing materials, social media, or events, in exchange for financial support.
3. Grant Writing: Write grant proposals to seek funding from private and public foundations, corporations, and government agencies. We are to research potential funding sources carefully and tailor our proposals to their specific requirements.
4. Special Events: Organize events such as charity auctions, galas, or concerts to 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 Education Foundation Trustees Annual Report**
5. Planned Giving: Encourage donors to make planned gifts such as bequests, charitable trusts, or annuities. This can be an effective way to secure long-term funding for our foundation.
## **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.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
Mrs Jeong Eun JANG Trustee
23/10/2025
Page 4
## **Korean Education Foundation**
## **Independent Examiner's Report to the trustees of Korean Education Foundation**
I report to the charity trustees on my examination of the financial statements of Korean Education Foundation for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.)
Having satisfied myself that the financial statements 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 statements 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 can confirm that no material matters have come to 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 with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true 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 (FRS 102).
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 financial statements to be reached.
Ali Raja FCA
## **MCAR LONDON**
Chartered Accountants 69 Station Road Hampton Greater London TW12 2BT
23/10/2025
Page 5
**Korean Education Foundation Statement of Financial Activities**
## **for the year ended 31 December 2024**
|Donations and legacies
Rental income
**from:**
**Notes**
**Income and endowments**
3
6
**Total**
Charitable activities
Venue hire
6
**Expenditure on:**
Charitable activities
Other
8
**Total**
Net gains on investments
**Net income/(expenditure}**
13
Transfers between funds
**Net income/(expenditure}**
**before other gains/(losses}**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**£**
**£**
**£**
**Unrestrlcted**
**funds**
**Total funds**
**Total funds**
**2024**
**2024**
**2023**
10,197
10,197
5,184
42,038
42,038
57,015
57,015
-
-
4,780
4,780
-
-
-
36,644
36,644
44,128
36,644
36,644
44,128
-
-
-
20,371
20,371
-720
20,371
20,371
-720
20,371
20,371
720
-
1,609,108
1,609,108
1,609,828
1,629,479
1,629,479
1,609,108
43,408
4,835
-
33,389|
|---|---|
Page 6
## **Korean Education Foundation Summary Income and Expenditure Account**
|**for the year ended 31 December 2024**
Income
Net gains on investments
**Total expenditure for the year**
Net income/(expenditure) before tax for the year
**Interest and investment income**
**Gross income for the year**
Expenditure
**Net income / (expenditure ) for the year**
Depreciation and charges for Impairment of fixed assets|57,015
43,708
-
-
-
20,371
720
-
-
-
57,015
43,408
36,644
44,128
20,371
720
-
-
**£**
**£**
**2024**
**2023**|
|---|---|
Page 7
**Korean Education Foundation Balance Sheet**
## **at 31 December 2024**
|**Total funds**
**Reserves**
Revaluation reserve
Cash at bank and in hand
**Current assets**
**Net assets excluding pension asset or liability**
**Creditors:**Amount falling due within one year
12
**Net current assets**
**Total net assets**
**The funds of the charity**
General funds
**Fixed assets**
Tangible assets 10
Debtors
11
**Restricted funds**
**Unrestricted funds**
13
**Total assets less current liabilities**||**2024**
**£**
37,404
37,404
1,592,075
1,629,479
-
37,404
1,629,479
1,629,479
1,592,075
-
1,629,479
-
1,629,479
1,629,479||**2023**
**£**
1,609,108
1,609,108
22,451
27,457
1,584,000
1,609,108
-2,349
25,108
1,609,108
1,584,000
5,006
1,609,108
-
1,609,108|
|---|---|---|---|---|
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 31 December 2024
And signed on its behalf by:
Mrs Jeong Eun JANG Trustee 23/10/2025
Page 8
**Korean Education Foundation Notes to the Accounts**
## 1 **Accounting policies**
## **Basis of preparation**
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 UI< 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.
## **Change in basis of accounting or to previous accounts**
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
## **Fund accounting**
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects
|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|
||of investment 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 is included in the Statement of Financial Activities (SoFA) when the charity becomes|
|income|entitled to, and virtually certain to 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|Voluntary income received by way of grants, donations and gifts is included in the SoFA when|
|legaices|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 gift/donation to which|
|donations and gifts|it relates.|
|Donated services
and facilities|These are only included in income (with an equivalent amount in expenditure) 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 is included in the accounts when receivable.|
|Gains/(losses) on
revaluation of fixed|This includes any gain or loss resulting from revaluing investments to marker value at the end of|
|asets|the year.|
Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 9
**Korean Education Foundation Notes to the Accounts**
## **Expenditure**
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be expenditure fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising trading costs raising funds and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and services in charitable activities 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. 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 of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Freehold investment property**
Investment properties are measured initially at cost and subsequently at fair value at 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 at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
## **Trade and other debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with 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 Statement 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 creditors**
Short term creditors are measured at 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 settle 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 it 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 rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
## **Leased assets**
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to 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, at 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 to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance 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 straight-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 is recognised as a reduction of rental expense on a straight-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 shown in accruals in the balance sheet.
The assets of the plan are held separately from the company in independently administered funds.
## **Receipt of donated goods, facilities and services**
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
- 2 **Company status**
The company is a private company limited by guarantee and consequently does not have share capital.
Page 11
**Korean Education Foundation Notes to the Accounts**
|3**Income from donations and legacies**
Donations
4**Income from Charitable activities**
Fundraising events
Venue hire
5**Income from investments**
Bank Interest
6**Other income**
Rental income
7**Expenditure on charitable activities**
Expenditure on charitable activities
Fundraising events
Governance costs
Other||5,184
10,197
-
-
10,197
10,197
4,780
**Total**
**Total**
**2024**
**2023**
**£**
**£**
10,197
5,184
**Unrestricted**
**Total**
**Total**
**2024**
**2023**
**£**
**£**
**£**
**Unrestricted**
**Total**
**Total**
**2024**
**2023**
**£**
**£**
**£**
-
-
8
-
-
8
**Unrestricted**
**Total**
**Total**
**2024**
**2023**
**£**
**£**
**£**
42,038
42,038
33,389
4,780
4,835
46,818
46,818
38,224
**Unrestricted**
**Total**
**Total**
**2024**
**2023**
**£**
**£**
**£**
-
-
-
-
-
1,138
360
360
1,737
-
-
-
360
360
2,875|
|---|---|---|
Page 12
**Korean Education Foundation Notes to the Accounts**
|Legal and professional costs
8**Other expenditure**
Employee costs
Motor and travel costs
Premises costs
Amortisation, depreciation,
impairment, profit/loss on
disposal affixed assets
General administrative costs
9**Staff costs**
Pension costs
No employee received emoluments in excess of £60,000.
Salaries and wages
**Cost or revaluation**
10**Tangible fixed assets**
At 1 January 2024
At 31 December 2023
**Additions through imporvements**
At 1 January 2023
Depreciation charge for the
year
At 31 December 2024
**Net book values**
At 31 December 2024
At 31 December 2023
11**Debtors**
Other debtors
Trade debtors||**Unrestricted**
**Total**
**Total**
**2024**
**2023**
**£**
**£**
**£**
10,294
10,294
13,645
-
-
823
23,074
23,074
5,124
-
-
-
-
-
-
-
-
-
2,248
2,248
21,258
668
668
3,278
36,284
36,284
44,128
**2024**
**2023**
**£**
**£**
-
412
10,294
13,626
10,294
13,214
**£**
**£**
**£**
1,584,000
-
1,584,000
1,584,000
-
1,584,000
-
-
-
8,075
-
8,075
1,592,075
1,592,075
1,584,000
-
1,584,060
**2024**
**2023**
**£**
**£**
-
-
1,206
3,800
-
5,006|
|---|---|---|
Page 13
**Korean Education Foundation Notes to the Accounts**
## 12 **Creditors:**
amounts falling due within one year
|Trade creditors
Other taxes and social security
Other creditors
Accruals|**2024**
**£**
-
-
-
-
-|**2023**
**£**
131
551
69
1,598
2,349|
|---|---|---|
## 13 **Movement in funds**
|**Restricted funds:**||**At 1 January**
**£**
**£**
**£**
**£**
**2024**
**Incoming resources**
**(including other**
**gains/losses)**
**Net income**
**increased**
**At 31 December**
**2024**|
|---|---|---|
|**Unrestricted funds:**|||
|**General funds**||1,629,479
1,609,108
1,609,108
20,371|
|**Revaluation Reserves:**|||
|Revaluation fund|||
|_Total revaluation reserves_|||
|**Total funds**||1,609,108
20,371
1,629,479
1,609,108|
|Purposes and restrictions in relation to the funds:|||
|Revaluation reserves|Represent the amount by which investment exceed their historical cost.||
## 14 **Reconciliation of net cash**
|Cash and cash equivalents
Net cash|**£**
**£**
22,451
14,953
37,404
22,451
14,953
37,404
**At 1 January**
**December**
**At 31**
**2024**
**Cash flows**
**2024**
**£**|
|---|---|
Page 14
**Korean Education Foundation Notes to the Accounts**
## 15 **Commitments**
## _**Operating lease commitments**_
Annual commitments under non-cancellable operating leases are as follows:
||**2024**|**2024**|**2023**|**2023**|
|---|---|---|---|---|
||**Land and**|**Other**|**Land and**|**Other**|
||**buildings**||**buildings**||
||**£**|**£**|**£**|**£**|
|Operating leases with expiry date:|-||-|-|
|**_Pension commitments_**|||||
|||**2024**||**2023**|
|||**£**||**£**|
|The pension cost charge to the company|||||
|amounts to:||-||412|
## 16 **Related party disclosures** _**Controlling party**_
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 15