KSEAUK (A COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 COMPANY NUMBER: 10735444 CHARffY NUM8ER: 1174740 A18 c(plEs HOLKSE
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 Cantonts Page Legal and Administratsve InforMatn Trustees, Annud Report Statement of DirectOTS' Responsibilities Independenl Examinerfs Rei &6 Staternenl of Financial Aclivilies Balance Sheet Notes lo the Financial Statements 9-12
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present ther report and financial $18lements for the year ended 31 December 2023, which also comprises the Oirectors. report required by S417 Companies Act 2006. Relerence and admlnlstrallve detalls The charity name. The legal name ofthe charity is KSEAUK The charity is also known by its operating name, The Korean Saentists and Engineers Association in the UK. Th• Charity's r¢gi5tration numbers. The charity is regIsted in Engkgnd & Wales with the Charity Commission in England & Wales {CCEWI with charity number 1174740 arKI company numter 1073544. The registered and operntin9 address of the charity is: _ 41 Bobbin Lane Lincoln LN2 4Z8 The following p•rsons s•r¥ed a5 Trustees and DiT•ctor5 during the year end 31 Docember 2023 DT Youngseok Choi Dr Seongho Jin Dr Young Saeng Park Dr Youngchan Kim Dr Youngchan IQM was app)inted a twstee and th"rector on 5 January 2023. By opera11¢ of law all. truslees are dir¢dors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities. as such. under both company and charity legislatn. Independent Examiner Paul Martin CMB Partnership Limited 7 Wey Court Mary Road Guildford, Surrey GU14QU Logal StruGturn of th• ¢harlty There are no roslrthons in the governing documents operaton of the Clwity or on its investment powers other than those imposed by Charity Law
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 TRUSTEES, ANNUAL REPORT Icontlnuedl Objects and Actlvitles of the charlty The purpose of the Charlty as set oul in Its govemlng do¢umenL To advance educati for public benefil in STEM (Sc, Techndogy, Engineering and Mathematics) induding me(liane 8nd related discylines. Th• maln •¢t•viti•$ Undok¢n in rèlation lo th1 purpoms during the period. There are various aclivities are publicised in KSEAUK'S websrte and they are lo achieve the charity's purposes by advancing edUcatnal arKI research a¢IivrtS vka commty actNiligs, promoting Caer deveknpment opportunitses and various seminars throughout. The main activiti•s und•rtak•n during th• p•riod to further th• charW$ purpos• for the public bènÈflt The main activities can be classed as 4 main activitses shown below.'- 1. Organising workshops 2. Sharing knovAedge via academic forums. research resulls and posting articles amorvj members and for the public via its online shari faohties. 3. Promoting careers 4. Community events The Trustees have had regard to the Charity commtssnerfs gu*Jance on public benefit managing the activilies of the charity The short temi and longer lenn aims •nd oblectives The tharity has organised regular events as well as major events whh are usualty collaborated at the global scope with other charities or academic associates. The short term objectives are to benefit the members and the public by allowiry Ihe knowledge database available as wide as possible and Ihe evenlual long lem objectives are to benefrt the society with enhances STEM. Th• charity's $trat•gi•s for achievlng its aims and obj•¢tlve$ in th• futuro The charity has already established gcd partnershp workl¥wde and plan to develop fiJrther ty sharing the knowledge and SUPfM)rt each other. Especially via gkjbal workshops, the charity's objectives can be achieved more effiCntly. Resources used In the actlvltles undertaken during the period The Chafity has wide sree of reurCeS i.e. K.O.F.S.T. and member5 voluntary conlributk?ns along with donations. elc. There are also a lot of valUae contr115 fr(Mn volunleers and members to manage and operate charitable events for the charity.
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 TRUSTEES, ANNUAL REPORT (Continu> The makn achievements and perfomiance of the Chaiity thring t year All Ihe acbvities, irldi signifan1 achievements and Imments110n of the charity durin9 the year. are distribjled lo the KSEAUK ffmbers and wesented on the chwty's website www.kseauk.o in a webzine fom)at. Th• dllf•r•nce In the ¢h¥Ws wrformanco durlng tho year has mad• lo tho benoficlarfes of lh• chaylty The charity has dear goals and objectives which make the charity unKiue and beneficial to the members and the publtc. Please refer to Chari$ website for d8lai18d pgrfomiance. Th• d•gre• to which th• achi•v•m•nts and p•rformanG• during th• y•ar hav• n•fited widor society The achievements were either for members and the public in Ihe long lemi. All the knovledge based workshops are Science, TeChrlO9y, Engineering and Mathematics induding medicine and related disciplines. the red$ and demands gd higher during the year by the members and th publiG. How th• achi•v•m•nts during th• y•ar rn•asur• up to th• obi•ctiv•s s•t Wrth the funds granted by other Publ brAlies or tharities. the charity is liable to share its performances and athieveThnts prompty to make sure the tharil*)le events are achieving the objedives. Structur•. governance and management of the chaTIty G0mIng Document The organisation is a charitable company limited by guarantee. incorporated on 21 April 2017 and reg151ered as a charity. The company was established under a PAemOranM of Assctiation established the objects and powers of the tharilable company and is governed under its Articles of Assocrdtion. In the event of the company being wound up ts members are required lo contribute an of amnI not exceeding £1. The methods Ied to rncrull and appoint new charity trust•es The charity trustees are appointed as pef thaiity's eMing documents Ihmugh its general meetiThJs.
KSEAUK COMPANY MUM8ER 1073S444 YEAR ENDED 31 DECEMBER 2023 TRUSTEES, ANNUAL REPORT IContlnu•dl Flnanclal r•vl•w ol the posltlon 41)1 Dvc•mb•r 2023 The resutts fky the year ended 31 December 2023 $htr incoming 0rCeS amounted to £64,840 12022." £52.6791 and resoufces expended wère £67.802 {2022." £58.7591. This lo a netdecreasg resources 01 £2.962 (2022.. net de¢rease in re50urEe$ £6.0801. A¥•lfability and adequaey of assets ol each of ihe lunds The board ol trustees is satr that Ihe chwity's assets in 8h fund 80 walble and 8dequate to fuffil rts oblty•tK)ns in rÈspe¢t of ea¢h fur. Public 8•n•fil The injstees aTr satisfied thai they have ¢omplied with the dity in sectw)n 17 01 Ihe Chariiies Act 2011 to have due regard lo the publK benefrt guJance pubshed by the Charity Commission. Staiement of th• Directorn. and Tru51ee5' A•$ponslbilit•e¥ The Irusiees ar8 sponsIble frjr prepann9 the Annual Report and the financial stalements in ordance with appluble law and Unrted King(th Accounb"rvJ Siandards (United Kingdom Generalty Acceple(l Accounting Pradu}. Company law Ihe Injslees to pa financial stslements for each finan¢ial year whh give a true arKI fair of the state of affair5 of Ihe charitable company and of the inming source5 and application ol SOurceS including the incoff and expendrture of the company for that period. In preparing these fmancial statements. Ihe Iru$es are required to:_ S8t surtable accounting polKtes and app them ¢onsistentty. observe the methods and principles in thè Chanty SORP. make jvdgments a1 e5timares that are S(atrIe and Pfudent. state whether #ppltabfe UK Accountiny Standards have been folled. suty'•ct lo any materi?1 departures disch)sed and explained in thè financial stalernents: and prepare the financial staternents on the goirKJ ¢)cern basis unle55 it inappropriate to presvme the chwrt8bk company wll continue to oper. The trustees are responsible lorkeeF¥ng proper accounting reCS hKh di5cbse with reasonable accvracy at #ny time the financial posit ol the charlabte ¢ompany and which ènabl8 Ihem to ensure Ihat the financial Slatements comply wrth revant gi5btion and the trust deed. They are also responsible for safeguaiding the assets ol the ¢harty and hence tor takiNJ rortable steps foi the preventKJn ol Iraud and IrregUritIes. Independ•nt Examlnatlon This rèport has been prepared in ¥cOrda with th• PfO¥iSWX$ MI Part 15 of the Companies Act 20(h tating to $m3W companie5. This report was approved by the board oflThstees on I Sef Fepilw 2024 Oirertor and Trustee
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 310ECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KSEAUK I rewjrt lo Trustees {who are also Dectors for the puw ofcompany law) on my examination ofthe financial statements of KSEAUK I'the charilable company'l for the year ded 310e¢ember 2023 wthich Lxmprise ts Statement of Financial Activitsts. the Balarte Sheet and related notes. This report is made solely lo the charity's trustees. as a body. in accordance with section 145 of the Charities P£t 2011. My work has been undertaken so that I might stale lo the chafity's trustees those matters l am required lo stste to them in this Teport and for no other purpose. To the fullest extent permrtted by law. I do not accept or assume responsibikty to anyone other than Ihe charity and the chartty's In1$ as a body. for my Wofk. for this re[. or for the opinions I have fiKmed. R•spcbns6lilh$ and ba$ls ol rnport As the trustees of charitable company you are responsible lor the preparation of Ihe financial stalgments in acc(Kdance wbth the rewirements of the Compantes kt 20C (Ihe 2006 Act.). Having satisfied myself Ihal the financial ststements of Ihe charitable ojmpany are not required lo e audited under Part 16 of the Act and are elNJible for independent examination. I report in respect of my examination of the charitable CoMpanS ffinancial stslement carried oul under section 145 of the Charities Ad 2011 {'the 2011 ACVI and in cafrying out my eXaMinatn I have follcmed all Ihe applicable Drectsorv3 given by the Charity Comrnission under section 145(5Xb) of the 2011 ACL An Independent examination ths not involve gathering all the evidence that woukl be required in an audit and consequenuy does not cover all the matters that an auditor considers in giving their opinion on Ihe financial statements. The planning and conduct of an audit goes beyond the limited assurare that an independent examination can provide. Consequenty l express no opin)n as lo whether the financial statements Present a ttrue and fair view. and my rep)rt is limited to those specific matters set out in the independent exarrunerfs ststemenL Ind•p•ndent Examln•rfs Slatement I have cornpleled my examinati. I confinn that no malerial matters have come to my attentK>n in onnection with the exaMinan gNing me cause to believe that in any malerlal reSpe._ accounting records were not kept in rgspect of the <W[tab company as required by section 386 of the 2006 ACL. or the financHI statements do not accord wilh those recrrfds or. the financial stalements do not comtrfy wilh ihe accounting requirements of section 396 of the 2006 Act other than any requirement that the financial slaterrnts give a 'lrue and fair vtsw, Thich 15 not a matter considered as part ol an independent examinalion., the financial stalemerts have nol been wepared in accordance with the methods and principles oflhe Statement of Recommended Praclice for a¢¢ountiNJ and rewting bycharities applicable to charities preparirkg thw'r accounts in acc(xdanc8 with the Financial Reporting Standard applicable in the UK and Republic of Ifeland {FRS 102).
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 INDEPENDE1 EXAMINER'S REPORT TO ThE TRUSTEES OF KSEAUK (CONTINUED) I have no concerns and have come across no other matters in connection with the examnation lo which attentn should be drawn in this rep(Kt in order to enable a proper understanding of the financial ststements to be reached. 21(< 102fr ChlB Partnershlp Llmlled IndeFeThJent Ex8mir*ts Name . Paul Martln Relevant professional qualification= ICAEW Name of Practice: CMB Partnership Limited Address of Practice.. 7 Wey Court. Mary Road. Guihjford. Surrey GU14QU
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE {ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricte F1$ Rstricied Fund Total 2022 2023 In¢oming Resources In¢oming rosources from generated funds:. Voluntary income Donation5 and gifts from individuals Other revenue grants and Donations Membership subscriptions as donations Investment Income 1.474 57,160 57,160 46.576 7.022 658 7.022 658 4.568 61 Totil Incoming Resouvces 64,840 64.840 52.679 Resources Expènd•d Costs of Generatlng fvnds Fundraising Charitable activitie5 Go¥emance costs 66.548 1.254 66,548 1,254 57.391 1.368 Total resourcès •xp•nded 67,802 67.802 58,759 Net Income for th• y•ar (2,962) 12,9621 16.080) R•¢on¢iliation ol Funds: Total funds brought forward Total funds carri•d ft•ThYard 76.975 76.975 83.05S 74,013 The Slatement of Financial Activits gNes Ihe equNalenl informaiDn to an Income and Expenditure AccounL and accordingty. separate Inccrfne and Expenditure acctyJnl has been prc&luced. I the InMming Resour$ and Resources Expended were from continuing operations. The Charity ha$ no rL¥JnIS8d gairts or kjsses other than those dealt with in the Statement of Financial Aclivilies. The notes on pages 912 form part ofthe financial SementS
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Cutroni Ass•ts Cash ot bank and in hand Total curr•nt •6$¢ts 74.763 77.725 Credltorn: Amounts falling due one ygar 750 N•t Current a$s•ts 74.013 Th tolal net as$ets ol th• chartty unrestr•¢1 Fund> 74.013 76.975 For the year ended 31 D¢¢embef 2023 the ¢harilat4e company was entitled to exemptN)n from audrt under section 477 olthe C(mpan5 Act 2CQ6. The rnembers have nol iequired Ihe wnpany to obtain an audrt of its financial statements for the year end8d 31 Oecan•r 2023 in ¥¢eordance with section 476 of the Companies Act 2006. The directors a¢krledge Ihtir respons1h"I5 for... a. En$uriThJ that the CL¥np8ny keeps a¢¢cwrrtin9 recordswhth compty with Sectiorts 386 and 387 of the Companied Act 2(6,. WKI b. Preparing financial statements whth give a aThJ lair view of the stste of affaits ol the company as al the end ol e&h financial year and ol ts profft or bJs5 for each financial year ift accordance with SedK)rts 304 and 395 and whh othemse CW with the reqU1ments of the CompanEs Act 2006 rela1v iofmancAI 5totements so far as applicable lo the company. The finanu81 statements have been preparèd in with the prv4is¥)ns of Part 15 of the Companies Act 20CIS relatiNJ Ict small conyanies. The finartial statefflents weffj 0ppffj by Ihe Tnjslees and signed on its hall ty.'- On behaw olthe Trustees:_ gEoN&HQ d /A
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENOED 31 DECEMBER 2023 A¢¢ounting Pollcies Basls of preparntlon and a¢¢ountlng convenlion Basis of Accounting The finala1 ststwnents have been prepared under the historical wst convenlion. They are prepared in accordance wrth the Ststement of Recommended Practice Accounting and Reporting for Charities preparing their accounts in aCCordare Financial Reporting Stsndard appluble in the UK and Republic of Ireland {FRS 102) "the ChaTiti8s SORP IFRS 102)" as applicable to smaller enkn"lies. and the Companies Act 2006. The presentational currency is G8P Steding. Preparalion of Financial Slatem•nts- Golng Con¢•rn 8a$l$ The trustees consider Ihal the going concem assumption is an appropriate basis on Nvhich to Pfepafe the finarKial stateFnents. Naturo of Incom• Gross inwne represents all the revewes receNed by membership fees. grant. donations. elc. ID¢om• R•¢ognl¢loD Income. whether from exchange or nonvexchange transactions. is recognised in the statement of financial activities ISOFAI on a re1vable basis. when a transaction or other event results an increase in the charty's assets or a re(lu¢tion in its liabilrf(ies and only when the charity has legal entiuement. the income is probable and can be measured reliably. Income su*'ect to temis and conditions whKh musl be met before the charity is enttlled to the resources is not fecognised until the nditTr$ have been met. All income B accounled gross. before deducting any related fees or costs. Memb¢rshlp $ub$cription$ The income and any associated Gift AJ"d or other tax refund from membership subscription received by the charity in the nalure of a gift, is accounted for on the same basis as a donation. The income from membetshy Subscript received by Ihe chanty where the subscription purthases right to Serwces ry benefits is recognised as inc4)me from charitable activities.
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023- Continued Recognitlon of Ilabllllles and expendltur• A liability, and the related expenditure. is recognised when a legal w constructive obligatKJn exists as a result of a past event, and when it is more than likety than not that a transfer of economic benefits will be rewired in selVem8nL aTrJ when the amount of the oblig*ion can be measured or reliabty eslimaled. Debtors Debtors are measured al Iheir recoverable amounts at Ihe balance sheet date. Flnanclal InslNm¢nts in¢ludlng rash and bank balanus Cash held by charity is included at the amounl actualty held arKI counted at the year end. 8ank balances, whether in credit or overthawn are slM)wn at the affwnts propwly reconciled to the bank statements. Unrestri¢ted Reser¥es Unrestricted funds represent fiJnds available to be used by the trustees fcf any purpose wtihin the charity's objects. INCOMING RESOURCES 2023 2022 Donations a1 Gifts Grants Membership Subscriptions Investment Income 1.474 46.576 4,568 61 57.160 7.022 658 64.840 52,679 COSTS OF GENERATING FUNDS- FUNDRAISING 2023 2022 Costs of Stsging Fundraising 10
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 310ECEMBER 2023 - Continued CHARITABLE ACTIVITIES 2023 2022 Direct Sp•nding Wages and SalaTies Temporary staff Travel and subsistence 3.800 4.800 57 4.857 Grant Funding of activities 60.314 50.590 Support Costs: Stationery and printiNJ Informaticffl and publicatbjn and website Insurance Sundry Legal fees Bank charges 13S 1.358 141 2.036 13 385 310 TOTAL 57.391 GOVERNANCE COSTS 2023 2022 Independent Exafflinerfs fees Trustees. expenses 1.254 1.368 1,254 1,368
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2023 NOTES FORMING PART OF THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 _ Contlnu•d CREDITORS 2023 2022 AccrLpIs 750 750 TRUSTEES AND RELATED PARTIES No trustees reIVed any remuneration for their services (2022: None). Trustee expenses thJrirKJ the year were £Nil {2022." £Nill. There were no related party trwsathns12022.. None). TAXATION All the charity's income is applied for charilabbe PUTP)ses and therefore the eharily is exempt from COW•rabon lax. SHARE CAPITAL The coryany is limrted by guarantee and O)es not have a share capital. 12