2024-07-31-accounts - Korean British Cultural Exchange

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Charity Registration No. 1176236 (England and Wales)

KOREAN BRITISH CULTURAL EXCHANGE ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024

KOREAN BRITISH CULTURAL EXCHANGE ANNUAL REPORT AND UNAUDITED ACCOUNTS REPORT OF TRUSTEES

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2024.

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:

Charlotte Emma Levy Kim Jungeun Heilbron Catherine Martin Marian Felix Mike Massimi Griseldis Kirsch

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 and signed on its behalf.

Dated 29 May 2025

............................................................................

Mr Mike Massimi Trustee

KOREAN BRITISH CULTURAL EXCHANGE INDEPENDENT EXAMINER’S REPORT OF TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

I report on the accounts for the year ended 31 July 2024 set out on pages four to six.

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 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 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 29 May 2025

Ali Raja FURUICHOI & CO Chartered Accountants

69 Station Road, Hampton TW12 2BT

KOREAN BRITISH CULTURAL EXCHANGE (COMPANY NO: 10266569 ENGLAND AND WALES) STATEMENT OF FINANCIAL ACTIVITIES

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 July 2024.

Notes 2024 2023 £ £ Grants, Donations, and Fundraising 51,221.00 49,144.00 Event Costs -32,427.00 -38,317.00 __ __ Gross Profit 18,794.00 10,827.00 Administrative expenses -27,399.00 -20,635.00 __ __ YEAR ENDING 31 JULY 2024 -8,605.00 -9,808.00 ___ __

KOREAN BRITISH CULTURAL EXCHANGE BALANCE SHEET AS AT 31 JULY 2024

Current assets Notes Cash at bank and in hand Creditors: amounts falling due within one year 4 Net current assets Net assets Capital and reserves Revaluation reserve Profit and loss account Members’ funds	2024 £ 7,547 - 7,547 7,547 18,943 (11,396) 7,547	2023 £ 21,746 -
		21,746
		21,746
		24,537 (2,791) 21,746

For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and section 44 of the Charities and Trustee Investment (Scotland) Act 2005.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.

The financial statements were approved by the Board and authorised for issue on and were signed on its behalf by

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............................................................................
Mr Mike Massimi
Trustee
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Dated 29 May 2025

KOREAN BRITISH CULTURAL EXCHANGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024

1 Statutory information

KOREAN BRITISH CULTURAL EXCHANGE is a registered charity, registered in England and Wales, registration number 1176236. The registered office is 102 Calbeck Avenue, Worcester Park, KT4 8BJ, England.

2 Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.

3 Accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Basis of preparation

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that arrgretate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fund accounting

Unrestricted funds can be used in accordance with charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

4	Creditors: amounts falling due within one-year	2024	2023
		£	£
	Other creditors	-	-

5 Average number of employees

During the year the average number of employees was 0 (2023: 0).

6 Trustees’ Remuneration and benefits

There are no trustees’ remuneration or other benefits for the year ended 31 July 2024.

7 No employees received emoluments in excess of £60,000.

8 Taxation

The charity is exempt from tax on its charitable activities.

KOREAN BRITISH CULTURAL EXCHANGE DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 JULY 2024

Cost Direct costs Gross loss Administrative expenses Temporary staff and recruitment Travel and subsistence Rent Cleaning Postage Stationery and printing Bank charges Software Accountancy fees Management fees Advertising and PR Other operating income Donations and grants Operating profit/(loss)	2024 £ 32,427 (32,427) 1,872 5,162 6,708 131 43 38 2 1,184 600 1,865 9,794 27,399 51,221 (8,605)	2023 £ 15,576
		(15,576)
		1,125 727 1,512 - 89 821 - 540 600 1,154 1,865
		8,433
		34,581 10,572