**REPORT OF TRUSTEES FOR THE YEAR ENDING 31 JULY 2020**
Trustees present their report & unaudited financial statements of Charity for year ended 31 July 2020.
Dated 13 August 2021
A COMPANY LIMITED BY GUARANTEE REPORT AND FINANCIAL STATEMENTS YEAR ENDING 31 JULY 2020
Charity Number: 1176236
Company Number: 10266569
FURUICHOI & CO CHARTERED ACCOUNTANTS 69 STATION ROAD HAMPTON TW12 2BT
## **Dated 13 August 2021 REPORT OF TRUSTEES FOR THE YEAR ENDING 31 JULY 2020**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2020.
## **Principal activities**
The charity's principal activity during the year was to organise cultural and educational activities to promote Korean culture in the UK.
## **Trustees**
The following persons served as trustees during the year:
Jeong E J Jang Charles Clark Jiho Ham Maureen Clark Elly Nam
## **Small company provisions**
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board of trustees on 13 August 2021 and signed on its behalf.
Dated 13 August 2021
Jeong E J Jang Chair Trustee
## **Dated 13 August 2021 INDEPENDENT EXAMINER'S REPORT OF TRUSTEES for the year ending 31 July 2020**
I report on the accounts for the year ended 31 July 2020 set out on pages four to seven.
## **Respective responsibilities of trustees and examiner**
The charities trustees are responsible for the preparation of accounts. The charities trustees consider if an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is required.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act
- to follow the procedure laid down in the General Directions given by the Charity
- Commission (under Section 145(5)(b) of the 2011 Act); and
- to state whether particular matters have to come to my attention
## **Basis of independent examiners report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes y unusual items or disclosures in the accounts, and seeking explanations
from you as trustees concerning any such matters. The procedures under taken do not
provide all evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ' true and fair view ' and the report is limited to those matters set out to the statements below.
## **Independent examiners statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives the reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the
- accounting requirements of the 2011 Act have not been met; or
- (2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Dated 13 August 2021
Ali Raja ACA FURUICHOI & CO Chartered Accountants 69 Station Road Hampton TW12 2BT
## **Dated 13 August 2021 STATEMENT OF FINANCIAL ACIVITIES for the year ending 31 July 2020**
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2020.
|**Notes**
**2020**
**£**
**Grants, Donations, and Fundraising**
69,186.00
Event Costs
67,516.00
-
**Gross Profit**
**1,670.00**
Administrative expenses
3,982.00
-
**YEAR ENDING 31 JULY 2019**
**2,312.00**
**-**|**2019**
**£**
56,285.55
30,369.00
-
**25,916.55**
5,592.00
-
**20,324.55**|
|---|---|
**Dated 13 August 2021 BALANCE SHEET AS AT 31 JULY 2020**
|The trustees present their report
and the unaudited financial
statements of the charity for the
year ended 31 July 2020.
**Notes**
**Current assets**
Cash at bank and in hand
**Dated 31 July 2020**
2
**Net Current Assets**
**YEAR ENDING 31 JULY 2020**
**Creditors: amounts falling due**
**after more than one year**
**Net liabilities**
**Reserves**
Profit and loss account
4
**Members' Funds**|**£**
**£**
31,580
31,580
755
-
30,825
30,825
8,600
-
22,225
22,225
22,225
**2020**|**£**
**£**
33,892
33,892
755
-
33,137
33,137
8,600
-
24,537
24,537
24,537
**2019**|
|---|---|---|
The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 44 of the Charities and Trustee Investment (Scotland) Act 2005
These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes at page 6 form part of these accounts
Jeong E J Jang Chair Trustee on behalf of the trustees Approved by the trustees on 13 August 2021
**Dated 13 August 2021 NOTES TO THE FINANCIAL STATEMENTS for the year ending 31 July 2020**
## **Accounting policies**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
|**2**
**Creditors: amounts falling due within one year**
Other creditors|**2020**
**£**
755
**755**|**2019**
**£**
755
**755**|
|---|---|---|
## **3 Company Limited by Guarantee**
It is a company limited by guarantee and therefore has no share capital. The liability of each member in the event of winding-up is limited to £1.
Overall management of the company is the responsibility of the directors who are elected and coopted under the terms of the memorandum and articles of association. Day to day project activity is managed and carried out by volunteers and/or paid staff.
|**4**
**Analysis of charitable funds**
Opening funds
Profit/Loss) for the year
Transfer to restricted funds
Closing funds|**2020**
**£**
24,537
(2,312)
-
22,225|**2019**
**£**
4,212
20,325
-
24,537|
|---|---|---|
## **Dated 13 August 2021 DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2020**
|**Donations and grants**
Kingston Council Grant
Korean Government Grant
British Heritage
E-Won Art Factory
Private Sponsers
Stall income
Souvenir Sales
**Cost of production**
Direct costs
Artist Fees
Management
Insurance
Hospitality / Donations
PR & Marketing
**Administrative expenses**
Employee costs:
Committee Dinners
Travel and subsistence
**General administrative expenses**
Stationery and printing
Bank charges
Postage
Rent
Software
Sundry expenses
Legal and professional costs:
Accountancy fees
**Total administrative expenses**|**2020**
**£**
7,715
-
38,800
14,829
7,842
-
-
**69,186**
59,022
-
2,500
-
140
5,854
**67,516**
-
1,520
1,520
416
1
187
798
160
-
1,562
900
900
**3,982**|**2019**
**£**
5,750
-
48,500
-
2,036
-
-
**56,286**
24,325
-
1,236
-
400
4,408
**30,369**
-
2,500
2,500
-
92
-
-
-
-
92
3,000
3,000
**5,592**|
|---|---|---|