## **BIRMINGHAM KOREAN SCHOOL** ## **FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31[st] December 2024** **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**| 1 ## **BIRMINGHAM KOREAN SCHOOL** # **TRUSTEES’ REPORT YEAR ENDED 31[st ] December 2024** The trustees are pleased to present their report for the year ended 31[st] December 2024 for the charity, Birmingham Korean School with charity number 1170911. The Trustees of the charity are: Jeong Hee Kwak (Treasurer) Eunmi Son (Chair) 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 to advance education for children in Birmingham about Korean language and culture. The trustees confirm that they have had due regard to the Charity Commission’s guidance on public benefit when determining the charity’s activities. ## **ACHIEVEMENTS AND PERFORMANCE** The Organisation continues to run the school every Saturday from 9am to 12.30pm throughout the year. The curriculum includes Korean language, history, music, science, and cultural education. These classes have led to significant improvement in students’ understanding and appreciation of Korean culture and language. A grant from the Korean Embassy greatly supported the programme and contributed to covering operational costs. Key Performance Highlights: - 48 enrolled students - 95% average attendance rate 2 ## **FINANCIAL REVIEW** The charity’s income exceeded £19,000 2024, an increase from the previous year. However, the costs have been well managed during 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. . ## **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. Efforts are made to sustain this level throughout the year.. ## **RISK MANAGEMENT** The charity has 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: 1. Select suitable accounting policies and apply them consistently. 2. Make judgements and estimates that are reasonable and prudent. 3. State whether the applicable accounting standards have been followed. 4. 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 26[th] July 2024 and signed on their behalf by: Eunmi Son 3 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 2024 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 : - Examine the accounts under section 43(3) of the 1993 Act. - Follow the procedures laid down in the General Directions given by the Charity Commissioners made under section 43(7)(b) of the 1993 Act. - 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; - (1) which gives me reasonable cause to believe that, in any material aspect, the trustees have not met the requirements to ensure that: - proper accounting records are kept( in accordance with section 41 of the Act) - - accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act, or - (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 4 ## **BIRMINGHAM KOREAN SCHOOL** ## **ACCOUNTS FOR THE YEAR ENDED 31st December 2024** ## **1 Receipts & Payments Account (General Purpose Fund)** |**Income Receipts**
Donations
School fee
Other Income
**Total Receipts**
**Direct Charitable Expenditure**
Admin Supplies
Wages
Rent
Insurance
Bank Charges
Charity Donations
Postage
Training costs
**Other Expenditure**
Equipment
**Total Payments**
**Net Receipts/(Payments) for the year**
**Cash Funds brought forward**
**Cash Funds at the end of the year**|£/ 2024
£/2023
8048
11125
10967
5367
560| |---|---| ||**19575**
16492| ||5880
1661
10711
10498
1264
585
144
132
55
60
662
94
1293| ||18054
14985| ||**18054**
14985
1520
1507
**16269**
14762| ||**17789**
16269| 5 ## **BIRMINGHAM KOREAN SCHOOL** **----- Start of picture text -----**
2 Statements of Assets and Liabilities at 31st December 2024
Cash Funds Unrestricted Funds
£/2024 £/2023
Bank 17789 16269
Total Cash Funds 17789 16269
Assets Retained for the
Charity's Own use
**----- End of picture text -----**
Approved by the Trustees and signed on their behalf: Name: Eunmi Son Signature: 47 6 **BIRMINGHAM KOREAN SCHOOL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31st December 2024** ## **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. 7