BIRMINGHAM KOREAN SCHOOL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022
CHARITY NUMBER: 1170911
BIRMINGHAM KOREAN SCHOOL WEOLEY HILL CHURCH GREEN MEADOW ROAD BIRMINGHAM B29 4DE
| INDEX | ||
|---|---|---|
| Page | ||
| Index | 1 | |
| Trustee’s Report | 2 – 3 | |
| Receipts and Payments Account | 4 | |
| Statement of Assets and Liabilities | 5 | |
| Notes on the financial Statements | 6 |
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BIRMINGHAM KOREAN SCHOOL
TRUSTEES’ REPORT YEAR ENDED 31ST DECEMBER 2022
The trustees are pleased to present their report for the year ended 31st December 2022 for the charity, Birmingham Korean School with charity number 1170911.
The Trustees of the charity are: Hyeri Kwon Eunmi Son
The principal address of the charity is : Weoley Hill Church
Green Meadow road, Birmingham B29 4DE
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity governing document is a CIO – Foundation Constitution registered 23[RD] December 2016. The Charity is governed by a board on which the trustees are represented. It meets regularly to review, plan activities and monitor the financial position.
OBJECTIVES AND ACTIVITIES
The Objects of the organisation are for the benefit of the public: the advancement of education of children in Birmingham about all aspects of Korean language and culture. The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit before deciding what activities the charity should undertake.
ACHIEVEMENTS AND PERFORMANCE
The organisation runs a school every Saturday from 9am to 12 : 30 pm, where they teach Korean language, Korean history, Music, Science and Health education. These all produced good results in reaching and helping members of the community to understand the language and culture of the Korean people. The organisation also participated in community events which helped raise support and awareness in the community of their ethos.
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FINANCIAL REVIEW
The income this year was relatively a much higher amount than the first year of the charity and the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main cost of the organisation was paying for the wages of the staff.
RESERVE POLICY
It is the policy of the Charity to maintain unrestricted funds, which are the reserves of the charity at about 3 months of unrestricted expenditure. This provides sufficient funds to cover any emergency expenditures that may arise from time to time. The charity will seek to maintain this level throughout the year.
RISK MANAGEMENT
The charity have assessed all the major risks to which the charity is exposed to, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to major risks.
TRUSTEE RESPONSIBILITIES
Under the Charities Act 2012, the trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of the church. They are required to:
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Select suitable accounting policies and apply them consistently.
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Make judgements and estimates that are reasonable and prudent.
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State whether the applicable accounting standards have been followed.
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Prepare financial statements on an ongoing basis.
They are responsible for keeping proper records which disclose with reasonable accuracy the finances of the church at any time and to ensure that such accounts comply with the Charities Act 2011.They also have a responsibility to safeguard the assets of the church and to take reasonable steps to detect fraud or other irregularities.
Approved by the Trustees on 26th July 2023 and signed on their behalf by:
Name: Eunmi Son
Signature:
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BIRMINGHAM KOREAN SCHOOL
ACCOUNTS FOR THE YEAR ENDED 31st December 2022
1. Receipts & Payments Account (General Purpose Fund)
| Income Receipts Donations Other Income Total Receipts Direct Charitable Expenditure Admin Supplies Wages Rent Insurance Charity donation Other Expenditure Equipment Instruments Total Payments Net Receipts/(Payments) for the year Cash Funds opening balance Cash Funds at the end of the year |
2022/£ 2021/£ 8092 6115 7062 4048 |
|---|---|
| 15154 10163 |
|
| 4153 1528 9587 7795 1055 40 130 |
|
| 14925 9363 |
|
| 0 | |
| 14925 9363 229 800 14533 13733 |
|
| 14762 14533 |
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BIRMINGHAM KOREAN SCHOOL
2. Statements of Assets and Liabilities at 31st December 2022Monetary Assets Cash Funds Unrestricted Funds 2022/£ 2021/£ Cash at hand and in bank 14762 14533 Total Cash Funds 14762 14533 Assets Retained for the Charity's Own use Non-monetary Assets and Liabilities Musical Instruments Equipments
Liabilities
These accounts were approved by the trustees and signed on their behalf by:
Name: Eunmi Son Signature:
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BIRMINGHAM KOREAN SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st December 2022
ACCOUNTING POLICIES
Basis of Accounting
These accounts have been prepared on the receipts and payments basis with all revenue and expenses shown on a cash basis. Non-monetary assets are shown at estimates of the value at the end of the year.
Funds
The CIO has a general unrestricted fund that receives voluntary donations from attendants at the services.
The CIO has no outstanding guarantees to third parties no any debts secured on the assets ’ of the CIO
Public Benefit
The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for public benefit. Details of how this is achieved are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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