**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 - 2 - ## **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 - 3 - **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 _______________ ______________ - 4 - **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 **----- Start of picture text -----**
............................................................................
Mr Mike Massimi
Trustee
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Dated 29 May 2025 - 5 - ## **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. - 6 - **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| - 7 -