KSEAUK (A COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 COMPANY NUMBER.. 10735444 CHARITY NUMBER: 1174740
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2024 Contents Page Legal 8nd Admlnlstrdllve Infomiation Trustees. Annual Report Stalemenl of Dirgctors, Responsibllities Independ8nt Examlnerfs Report &7 sktement of Financial Activities Balance Sheet Notes to the Financial Stat8m8nts 10-13
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2024 TRUSTEES. ANNUAL REPORT FOR ThE YEAR ENDED 31 DECEMBER 2023 The Trustees present Ihelr report gnd financial slatements for the year ended 31 December 2023. whlch also comprises the Dlr8ctors' pOrt required by S417 CompanFes Ad 2006. Reference and admlnlstrative detsils The charlty name. The legal name of the ch8rfty is KSEAUK The charty Is also known by its operating name, The Kore8n Scientists and Engineers Associatron In the UK. The charlty's rgglstrallon numbers. The charity is registered in England & Wales wlth the Charity Commission In England & Wales {CCEW) wlth charty number 1174740 and company number 1 Q73544. The registered and 0Ing addr•ss of the charity is.. - 41 Bobbln Lane Llncoln LN2 4ZB The followlng persons served as Trustw$ and Dlrectors durfng the •ndod 31 Docftmber 2024 Prof Youngs80k Choi Dr Seongho Jin Dr Youngchan Kim resigned as a trust88 and dlrector On 1 Septembèr 2024 Dr Young Saeng Park r8slgned as a trLBtee and dlrector on 1 November 2024 Dr Jaemin Lee was appointed 8 trustee and director on 1 January 2025 By operatlon ol law 811, truslees are dlrectors under the Companie8 Act 2006 and all dtrectors are trustees undeT Charities leJi8lation and have respon5ibiliti8s, as such. under both company and chanty legislation. Indep•ndenl Examin•r Paul Martin CMB Partnershlp Llmited 7 Wey Court Mary Road Gulldford, Surrey GU14QU Logal Struthr¢ of llie charlty There are no restrlctions in the governing documents on the operation of the Chaiity or on its investrnent PDW6rs other than those imposgd by Charity Law
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2024 TRUSTEES. ANNUAL REPORT (Contlnu•d) ObJe¢ts and Aetivltlos of the charfty The purpose Ihe charity u set out In It8 govemlng documènL To advance education for the publlc benefit In STEM {S¢lence, T8L)ology. Engineerlng and Mathematics) includlng medlclne and related disciplin8S. Tho main acUvlllg8 und•rtak•n In rnlatlon to those purpose3 durlng tho perfod. Thèrn are various acfivltles ar8 publicised in KSEAUK'S webstt8 and they are to achi& the charity's purposes ty advancing educational and ras8ar¢h activitles via community actiyities, promoting career development opportunltles various seminars throughout. The maln aCtitIO$ undortak•n during th• p•rlod lo further the eharity's purpos• for th• publ1¢ b•n•flt Th8 maln activities can be classed as 4 main activit188 shown below:. 1. IganIsIng WorkStP$ 2. Sharing knOdge via academk forums. rese8rch results and posllng artlcles amorg members énd for tP public via Sts onkne sharing facilltles. 3. Promotlng careers 4. Communty evénts The Truslees have had regard to the Charity Comml8slon8rfs guidance on publ benefll In managlng the actlvltles of tho ¢haTity Th• •hort t•rni and longor terni alms and obl•cliv• The charity has organlsed regular events as well as major events which are usually ¢ollaborat8d 8t the global scope wlth olher charitiès or academic assoc4ates. The short term objeclivès are to benefit Ihe members and the publlc by allowiThJ the knowledge datsbas8 available as wide as Possible and the eventual long temi obJe¢live8 are to benellt the soclety with enhances STEM. Tha charIt5 8tratsgh8 for achlèvlng Its aims and objectlves In thè futur• The charfty has already establlshed gpod partnershl) worfdwlde and plan to develop further by sharlng the knovAedge and supwrt 8h other. Especlally via global workshops, the charlty's objeciives can be achi8ved rrKtrr8 efficienty. fteues used In the adlvltles und•rtaken durlng thg perlod The Charlty has wide sourc8 of rèsources i.e. K.O.F.S.T. and mèmbèrs voluntary contributions along wth donations, etc. There are also a lot of valuable contributions from volunteers and members to manage and operate chaiitable events for the charlty.
KSEAUK COMPANY NUMBER 10735444 YEAIèENDED31 DECEMBER2024 ' .TRUSTEEV. ANNUAL REPORT {Continu•d) T maiThaclJlevpments and performanc•of the ¢harty during the year All the actlvitigs. including sigThficant achtevaments and inp1ementatl( of the charity during the year.'are disfributed to Ihe KSEAUK memtrs and present1 on the chartys. wq)site {w¥Yw.kseauk.orq) in a webzine fonnat. Tho dlfforencè In thè eharlty's porfomiance durlng tho yoar ha6 made to the bon•fi¢iaries of th• ¢harfty The charity has clear goab and obieclives which make the chanly untque and beneficlal to the IrlberS and the public. Please rnfer to tho chaiity's website for th8 dalailed perfrymance. Th• degree to whlch tho hle¥oM0ts and perfonnance rIng the yur havo b•neflted wider 8ocl•ty Thè achlevements bver8 atthor for members and the publk in the long temi. All the knowledge based workshops are Sclence, Technology EngInwI arKI Mathematlcs incJu(ling medlclne and related dls¢lpllnes, the needs demands get duriNJ the year by Ihe Members and Ihe publtc. How th• achlevèmonls during th• year measurn up to th• obfvctlves set Wtth the lurKls granted by other publlc borfies or dHrdies. the charlty Is liablo to 8haM Ils Performan and athievaments promptly to make Sure the charltable events are achkntng the objectives. Structure. governance and management of th• charity Govemkng Documont The tyganisatkjn is a charitable comp8rw limited by guarantee. incorporated on 21 Aprll 2017 and registered as a charity. The company w&s established urKler 8 Memorandum ofAssociatton which establtshed the obiects and powers of the dritable company and is governed under its Articles of A6so(aation. In the event of the company beiw wwnd up the mwnbor8 are rewired to wntribute an of amount not exeeeding £1. Th• mothods umd to roGruit and appolnt new charlty Irust••s The charlty trustees are appointed as per the chariVs govemlng documents thrOh Its general *elings.
KSEAUK COMPANY NUMBER 10735444" YEAR ENDEP 31 DECEAIEER 2024 TRiISTEE8.' ANNUAL REPORT..(CDntintsed) ." Flnan¢lal r•vi•w of th• posttloftat.31. Decernber 2024 The results for the year ended 31 DeEember2024 show incomlng resources amour)ted to £681,873 (2023: £64,840) and. resowces expended were £505.934 (2023". £67.802). This led to a net increase in resour(s of £175.939 {2023: net decreas8 in resources Q962). The EurorE-Korea ConferenGe on Science and Te¢hMlogy (EKC) has been the premler confemce for Kwean and European erKJineers and scientis15 to present their re(%nt achievements. Drawing participants from Kor and Europe. EKC seekB lo develop new relationships. exchang8 knoledge arxl Kleas and disutss recent progress and future trends in Science and Techndogy. EKC 2024. the 16th EKC. will be held In Blrminghanvcoventry. UK from 30 July to 2 August 2024. It wlll be hosted by Korean &ienltsfs and Engineers As%Jciation In the UK (KSEAUK) tO9etherwith Ihe Korean Federatlon of Sclence and T8cPnDbgy Socielies (KOFST) and eightother Korean scntI$ts and ErvJineers Assoclations in EU. vthich are in Gwmany (VeKNI), Franc8 (ASCOF), Austrfa {KOSEAAk Finland (KOSESk Scandinavia (KSSEA), the Netherfands (KOSEANL). Swilzerland (KSEAS) and Belgium (KOSEAbe). Since itsfirst successful Start in 2008 Heidelberg. Gerfflany. EKC ha$ been held anNalty in dlfferent European ¢ountries and has become the m)St trnportant sclenllfic and social 8v8nL bringing sclentlsts and engineers from Euro and Korea logether. Avallablllty and ad•quacy of assets of each of tho fd8 The board of trustees Is satisfd th8t Ihe tharty's assets In e&h fund ar8 available and adequate to fulfil its obligafjons In respèct of each furKI. Publlc Benèllt trustees are satlsfièd that they have complled wlth thè in secknn 17 of the Charllles Acl 2011 to hava due re9ard to the public benefit guldarYA published by the Charfty Commlssion. 8l•temÈnt of the DlrectorJ' and Trnstoos, R8sponslbAftI•s The trustees are responslble fry preparing Ihe Annual Report and the ffnandal statements in accordance wilh apprAble law and United Kingdom Accountiry Standards {Unrted Kingdom Generally Accepted Accounting Practice). Company law require5 the trustees lo prepare financial statements for each finandal year wh give a and fatr eW of the state of affairs of the chaiilable company and of the h)coming resources and applicatic of resoum inGluding the IrKome and expenditure of the c<Knpany for that riod. In preparing these flnanclal statements. the trusteès are wuld to: . select suitable accounting pollcles and 8pply them consislentty. obseD/e the methods and Pri1p1&S in the Charity SORP. make judgments and estimates that are reasonable and prudent. state whether appltcable UK Accounting Standards have been folloN*d. subject to any rnaterid departures disclosed and explained In the funCIal ststements; and prepar8 Ihe an(la1 statements on Ihe golng cfmcem basis unless il is Inappropriate to pRsume that the tharftable company will rx)nthue to operate.
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT (Conllnuad) Statement of the Dlrectorn, and TNstees' Responlbllitle$ (contlnuèd) The Irustees are responslble for keeping proper accounling records whlch disclose with reasonable accuracy at any Ilme the financial posltion of the chariiable company and whlch enab18 them to ensure that the financial statements corrply with relevant legi81atron and Ihe trust deed. They are also responsible foi safegvardlng the assets of the charity and henc taking reasonable steps for the preventlon of fraud and irregularilie8. Indèpend•nl Examlnatlon This report has been propared in accordance with the provislons In Part 15 of the Companies Act 2006 relating to small comp188. Thls report Was approved by the board of Dlrector and Trustee stees o ober 2025 Seongho Ji
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2024 INDEPENOENT EXAMINER'S REPORT TO THE TRUSTEES OF KSEAUK l.rerA)rt to the Trustee$ (who are also Dlrectws.for the purpose Df company law) on my examinotion of the financl81 statsments of KSEAUK ¢haritable mPanY'>.for. the year.ended' 31.December 2024 whith comprlse the Statement of Flnanclal Actlvltl8$..the Balpnce sheet and relal8d notes. Thls rèport Is made solely to tho charity s Irust88s. as 8 body, in accordance wtth seclkn 145 of the Charities Act 2011. My work has been urxlertaken $0 that I might state to the charlty's tru8teos those matters l am required to state to thpm in thts report and for no other purpose. To the fumest extent permltted by law, I do not 8c¢ept rx assume responsibility to anyone oth8r than Ihe charity and the charitys trustees as a body, for my work, for this rèport, or for the oplnions I have forn. Responglbllltl•s and l)a81s ol r•port As the trustees of cherttabl8 company you are respon$lbl8 for the preparatlon of th• flnancial st•tem6nt8 in accordan(% with the requ1Ments of the Companl8s Act 2006 (Yhe 2006 Act,). Hav[ satlsffed myself that the flnancial 8tslements of the charftable company are not rewtred to be audlted und8r Part 16 of the Act and are ellglblo for Independ8nt oxamination, I report In regpect of my examination of the charftable ¢ompanrfs financial slatement carri8d out undèr séction 145 of the Ch8rltl8s Act 2011 ('the 2011 Acl,) and In carryiro out my 6xamlnation I have folled all Ihe applicable Dlrection$ glven by the Ch8nty Commlsslon under $tIon 145(5Kb) of the 2011 ACL An Independent examination doas not involve gathering all the evldence that would be requlred In an audFt and consequently does not cover all th8 matters th81 an audltor considers In glvlng Ihelr opinion on the finandal ststefflents. The planning and conduct of an audit goes beyond the limiled assurance that an Independent examlnatlon can provlde. Consequ8nUy l express no oplnlon as to whèiher the financial staten*nts presenl a true and far vievl and my report Is Iwniied to thos8 Specific matters set out in the IndeperKlenl oxamknerfs slatemenL Indop•ndent Examln•rf8 St•t•m•nl I have Gompieted my axarninatlon. I cor•fwm that no materlal matters have come to my attontlon In conn¢Gtton wtth the examination gMNJ me cause to believe that in any Matal respect:_ 8ccounting r8cord8 were not kept In respect of the th8ritthle company as rnqulrèil by sectlon 386 of the 2006 Art or the finandal 5tat8m8nts do nol accord wlth those records or, the financlal stataments do not compty with Ihe accountln9 requlrements of s&ction 396 of the 2006 Act other than any requlrement Ihat the Ilnancial statements gpie a 'true and falr vlew, 1th18 not a matter consldered as part of an Independent ex8mlnation,' or the financial statements have not been prepared In accordance wlth the mgthod8 and principles of tha Statement of Recommended Practlcefora¢countlng and reporting by charltles appllcable to charilies preparing th81r accounts In accord8nGe wlh the Flnancial Reportlng Standard applicab in the UK and Republic of Ireland (FRS 102).
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER.2024 INDEPENDEKf EXAMINER'S.'REPORT.,TO THE TRiISTEES OF KSEAUK (CONTINUED) I have no concems and have come aoross'no other.'Tralterts in connectlon wlth the examlnalion to whith attentron should be drawn in-this.'Feport in OF.der lo en8ble a propor understanding of the finan(481 statemen*s to be reached.. gq Oc¥&. lois CMB Partnor3hlp Limited Independent Examiners Name . Paul Marlln Relevant professional quaGaINjn. ICAEW Name of Practice: CMB Partnership LiThiied Addrnss of Practice: 7 Wey Court. Mary Road. Gulldford. Surrey GU14QU
KSEAUK COIAPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2024 STATEMENT OF FINANCIALACTIVITAES (INCLUDING INCOMEAND EXPENDITURE (ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unr¢strfct•d Funds Restrl¢ted Fund Total 2024 Total 2023 Note9 Incoming R•sourcos Incomlng resour¢•8 from generated funds:_ Voluntary cOme Donatlons 8nd gifts from iNlividuals other revenue grants and Donattons Memtrrship subscriptions as donations Investment Incorne 474.095 474,095 57.160 199,588 8.190 199,588 8,190 7.022 658 Total In¢omlng Resour 681,873 681,873 Rosources Expended Costs of Gen•rating funds Fundraising Charltable actlvlties Govemance costs 504.454 1,480 66.548 1.480 Total resources oxpend•d 505,934 $05,934 67,802 Nel Incpmg for the year 175,939 175,939 {2.962} Reeonclllatlon of Funds: Total funds brought 74.013 Total funds Carried forward 74,013 76.975 249,952 249,952 74,013 Th8 Statement of Flnancial Activities gives the equlvalent inform8tton to an Incom6 8nd Expenditure Accounc and accordingly, no separate Income and Expondiiure account has been produced. All the Incomlng Resources and Resources Expended were from conlinuing operations. The Charity has no recognised galn$ or losses other than those dealt vthh In the Ststement of Finan¢lal Activitles. The notes on pages 10-13 fr1rn7 part of the financi81 slalements
KSEAUK COMPANY NUMBER 10735444 YLIR ENDED 31 DECEMBER 2024 .'PAIAtICE:SHEET" . 'AS AT 31 DECEIIIBER 2024 2024 . 2023. Current Assets Cash at bank and in hand Total current ass•ts 250,702 74.763 Creditorn: Amounts falling due within onp year 750 Not Current asset* 249.952 74.013 The total n•t 488•ts of thé charlty 249,952 74,013 unre3trfed Funds 249,952 74,013 For the year ended 31 Drnber 2024 the charitable company was entitled to exempllon from audlt under sectlon 477 of the Compani8s Act 2006. The members have not requlred the company lo obtaln an audit of Its flnancial statements for the year ended 31 December 2024 accordartce vAth section 476 of Ihe Conyanlés Act 2006. The dlrectors acknowledge their responsibilitres for.- 8. Ensur9 that the company keeps accountlng records which comply with Sections 386 and 387 of the Companled Act 2006; and b. Preparing financial statements which give a true and falr view of the slate of affaks of the company as at tho end of each financial year and of its profrt or loss for each financial year in ac¢ordan¢e with S¢¢lions 304 and 395 and which otherwfrs8 mplY with the requwements of the Companies Act 2006 relating to finandal stalernenls so far as ap[cable to the company. The financial statements have been prepared in accordance wilh the Provislons of Part 15 of the Companies Aci 26 relating to small Gompanies. The fin8ncial stat8ments wgre approved by the Trustees and signed on its b8half by: On behalf of the Tntslees: Séon9ho Ji ate: 29th October 2025
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBE2024 NOTES.FORMINS PART:QF.THE.FINANCIAL. STATEMENT8 YEAR ENDED 31 DECEMBER 2024 Accountlng Poli¢ioS Basls of preparatlon and acGountlng ¢onventlon Basls of Aceounting The f5nanci81 statements have been prepared undtr the historlcal cost convention. They are prepared In acGord8n¢e with Ihe Slatement of Recommended Practice Accounting and Reporting for Charities preparing their accounts in accordance Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) Yhe CharFtles SORP (FRS 102)° as apIcable to smaller enttties, and the Companie8 Act 2006. The present8tlon81 currency is GBP Sterting. Preparatlon of Flnancial Statements- Golng Cone•rn Basls The trustees consider that th8 golng concem assumption is an appropriate b88is on whlch to prepare the finala1 statements. 4re of In¢omo Gross Income represents all the r8v8nues recelved by mgmbershlp lees, gran( donations. In¢om• Recognltlon Income, whether from exchang8 or non-exchange transactiong, is recognised in Ihe statement of financlal aCVI88 (SOFA) on a r1Vable basls, when a transactlon or other event results in an Increase In the ch8rity'S assets or 8 reductlon In Its Ilabllltles and only when the charlty has legal entltlement, the income is probable and can be measured reliably. Income subject to tems and oondltions which must be met before the charlty Is entiued iv the resources Is not recognls8d unlll the condltions have been met. JI InMe Is accoun18d for gross, beftire dedlIng any r018ted fe88 or costs. IAembershlp subgcrfptlons The income and any associated Gfft Md or other tax refund from membarshlp subscrlption received by Ihe charlty In the nature of a gifL is accounted for on the same basis as donation. The income frorn m8mb8rship subscrfptlon recelved by the charity where the 5ubscrfptlon purcha88s right to 88rvlces or bènefits Is recognlsed as incom6 frorn charMabl8 acllvities. 10
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2024 NOTES FORMING PART OF THE FINANCIAL ST.14TEV{rS YEAR ENDED 31 DECEMBER 2024 - ConUnuÈd Recognltlon of liabllilies and expendÉture A liability, and the lated expendlture. is recognlsed when a legal or constwctive obllgatlon exFsts as a resull of a past event. snd when it is more than likety Ihan not that a trar&fer of economi benefits wli be re(wired in settlement. and tha amount of the obligation can b8 measured or reliably estimaled. Debtors Deblors are measured at their recoverable amount8 al the balance 8h8et datè. Flnwiclal Instrumonts Includlng cash and bank balanrA8 Cash held by the ch8rlty Is irKlIMJed at the amount aclually held and counted at thè year end. Bank balan$. whether in crèdit oroverdrawn are shown al the amounts properly TeG¢)nciled to the bank statnts. Unr•strlcted Resorv8Js Unrestricled funds repreSrt funds 8vallable to be used by Iw8te8s for purfftise within the charltys objects. INCOMING RESOURCES 2024 2023 Dortations and Glfts Grants Membership Subsuiptions Investment Income 474.095 199.588 8,190 57.160 7,022 658 681,873 64,840 COSTS OF GENERATING FUNDS- FUNDRAISING 2024 2023 Costs of Stsying Fundralsing 11
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 31 DECEMBER 2024 NOTES FORMING PART OF THE FINANCIAL STATEMENTS.. YEAR ENDED 31 DECEMBER 2024 - Contlnuo'd CHARITABLE ACTMTIE8 2024- 2023 Direct 8pondiThJ Wages and Salar188 Temporary staff Travel and subsislence 10,750 3,800 372,735 3.800 Granl Funding of activili8S 97.805 60,314 Support Costs: Ststionery and printing Infomiation and pUbCallon and website Insurance Sundry Legal fe Bank chargesltransactlon fees 3,325 315 13 2,036 13 30.261 385 33,914 2,434 TOTAL 504,454 66,548 GOVERNANCE COSTS 2024 2023 Independent Examlnerfs fee$ Trustees, expenses 1,480 1,254 12
KSEAUK COMPANY NUMBER 10735444 YEAR ENDED 310ECEMBER 2024 .' NOTES FORMING PART OF THE FINANCIAL STkTEMEpfFS YEAR.ENDED *1 DECBER 2024 - Contlnued CREDITORS 2024 2023. Accnjals 750 750 TRUSTEES AND RELATED PARTIES No trustees recelved any remuneratlon for th8ir Serv8$ (2023: None). Trustee expenseB during the year wère £NII (2023: £NlI ). Thern were related party transactlons (2023: None). TAXATION All the charty's Income i8 applled for charitable purposes and therefcye the charlty is exempt from ¢orpor8tlon tax. SHARE CAprrAL The cornpany is limlt8d by guarantee and does not have a share wital. 13