BIRMINGHAM KOREAN SCHOOL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[st ] December 2023
CHARITY NUMBER: 1170911
BIRMINGHAM KOREAN SCHOOL WEOLEY HILL CHURCH GREEN MEADOW ROAD BIRMINGHAM B29 4DE
| INDEX | ||
|---|---|---|
| Page | ||
| Index | 1 | |
| Trustees Report | 2 - 3 | |
| Independent Examiner’s Report | 4 | |
| Receipts and Payments Account | 5 | |
| Statement of Assets and Liabilities | 6 | |
| Notes on the financial Statements | 7 |
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BIRMINGHAM KOREAN SCHOOL
TRUSTEES’ REPORT YEAR ENDED 31[st ] December 2023
The trustees are pleased to present their report for the year ended 31[st] December 2023 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- constitution that was registered on 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 CIO is 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.
ACHIEVMENTS AND PERFORMANCE
The Organisation continues to run the school every Saturday from 9am to 12.30pm throughout the year where they teach the young children on all aspects of Korean language, Korean history, Music, Science and culture. This produced good results in helping the attendants understand the Korean language and culture. A grant received from the Korean Embassy greatly encouraged the work and helped to cover the costs to run the classes.
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FINANCIAL REVIEW
The income of the charity is above £16,000. This was a higher amount for this year, but the charity the costs have been well managed over this period. The organisation is still in a good position to manage its costs. The main costs of the organisation were the operational costs of running the school.
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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 2011, 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 1993.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 29[th] November 2024 and signed on their behalf by:
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Independent Examiner’s Report To the Trustees
BIRMINGHAM KOREAN SCHOOL
I report on the accounts of the church for the year ended 31[st] December 2023 set out on the following pages which have been prepared on the basis of the accounting policies shown in the corresponding pages.
Respective responsibilities of trustees and examiner
The trustees of the church are responsible for the preparation of accounts: they consider that the audit requirement under section 43(2) of the Charities Act 1993 (the 1993 Act),does not apply. It is my responsibility to :
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Examine the accounts under section 43(3) of the 1993 Act.
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Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 43(7)(b) of the 1993 Act.
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State whether particular matters have come to my attention.
Basis of Independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the church and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention;
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(1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept( in accordance with section 41 of the Act)
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- accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act: or
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(2) to which , in my opinion , attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Chuks Ajuka FICB PMDip ( License Number 17362) Fresh Fire Organisation Generator Business Centre 95 Miles road Mitcham Surrey CR4 3FH
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BIRMINGHAM KOREAN SCHOOL
ACCOUNTS FOR THE YEAR ENDED 31st December 2023
1 Receipts & Payments Account (General Purpose Fund)
| Income Receipts Donations Other Income Total Receipts Direct Charitable Expenditure Admin Supplies Wages Rent Insurance Bank Charges Charity Donations Postage Training costs Other Expenditure Equipments Total Payments Net Receipts/(Payments) for the year Cash Funds brought forward Cash Funds at the end of the year |
£/ 2023 £/2022 11125 8092 5367 7062 |
|---|---|
| 16492 15154 |
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| 1661 4153 10498 9587 585 1055 132 130 60 662 94 1293 |
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| 14985 14925 |
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| 14985 14925 1507 229 14762 14533 |
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| 16269 14762 |
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BIRMINGHAM KOREAN SCHOOL
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2 Statements of Assets and Liabilities at 31st December 2023
Cash Funds Unrestricted Funds
£/2023 £/2022
Bank 16269 14762
Total Cash Funds 16269 14762
Assets Retained for the
Charity's Own use
Equipments
Liabilities
Bookkeeping services 280
Approved by the Trustees and signed on their behalf:
Name: Eunmi Son Signature:
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BIRMINGHAM KOREAN SCHOOL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st December 2023
ACCOUNTING POLICIES
Basis of Accounting
These accounts have been prepared on the receipts and payments basis under section of the Charities Act 2011.
Funds
Unrestricted funds are those which can be used at the Trustees' discretion. Restricted Funds are those whose purposes have been restricted by the donor.
Staff
The charity had paid teachers that provided educational services during the year
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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