Korea Future Initiative CIO (T/A Korea Future) 

Charitable Incorporated Organisation CIO Registration Number: 1185332 Unaudited Accounts 

Trustees Report and Financial Statements 

For the period ended 31 December 2024. 



Korea Future Initiative CIO 

Contents 

**Reference and Administration Details for the Period Ended 31 December 2024** 3 **Trustees Report for the Period Ended 31 December 2024.** 4 **Statement of Financial Activities for the period ended 31 December 2024** 13 **Balance Sheet as at 31 December 2024** 14 

**Statement of Cash Flows** …………..………    …………………………….……………….15 **Notes to the Financial Statements** 17 

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## **Korea Future Initiative CIO** 

## **Reference and Administration Details for the Period Ended 31 December 2024** 

## **Trustees** 

Victoria Nida (Co-Chair) 

Oliver Windridge (Co-Chair) 

Mitra Moadab Motlagh 

## **Charity Registration Number** 

1185332 

## **Registered Office** 

1st Floor, 78 Coombe Road, New Malden, Greater London, KT3 4QS 

## **Banks** 

Triodos Bank, Deanery Road, Bristol, BS1 5AS 

HSBC, 54 Clarence Street, Kingston upon Thames, KT1 1NP 

## **Independent Examiner** 

Samantha Rouse FCCA DChA, Kreston Reeves LLP, 37 St Margaret’s Street, Canterbury, Kent, CT1 2TU 

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## **Korea Future Initiative CIO** 

## **Trustees Report for the Period Ended 31 December 2024.** 

The Trustees present their annual report together with the financial statements of the CIO for the year 01 January 2024 to 31 December 2024. The Trustees confirm that the Annual Report and financial statements of the CIO comply with the current statutory requirements, the requirements of the company's governing document, and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) as amended by Update Bulletin 1 (effective 1 January 2019). 

Since the CIO qualifies as small under section 382, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. 

## **Structure, Governance, and Management** 

## **Governing Document** 

Korea Future Initiative CIO is constituted as a Charitable Incorporated Organisation registered with the Charity Commission in September 2019 under registration number 1185332. The current constitution was adopted on September 1, 2019. 

## **Organisational Structure** 

The board of trustees – which currently has 3 members – administers the charity. The trustees receive no financial remuneration for their involvement. The board meets on a quarterly basis and there are sub-committees covering fundraising, audit and risk, and communications which normally meet quarterly. A Chief Executive Officer is appointed by the trustees to manage the day-to- day operations of the charity. To facilitate effective operations, the Chief Executive Officer has delegated authority, within terms of delegation approved by the trustees, for operational matters including, finance, employment, and all programme activities. 

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## **Recruitment of Trustees** 

Existing trustees are responsible for recruiting new trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Any appointment must be made at a meeting held according to the ordinary practice of the Board of Trustees as outlined in the Constitution. Each appointment is for a term of three years. 

Potential trustees are invited to attend trustees' meetings as observers and are given more details of the charity's aims and activities and, if all agree, they are then proposed as new trustees at the subsequent trustees' meeting. This process allows due consideration of the person's eligibility, personal competence, specialist knowledge and skills. 

## **Trustee Induction and Training** 

In the first instance, approaches from those wishing to serve as a Trustee shall be made to the Chair. Following further discussion and consideration, prospective Trustees shall be invited to observe at least 1 Board meeting. Subsequently, if willing, the prospective Trustee shall make written representations to the Board, who will decide whether to co-opt the prospective Trustee as a full member of the Board, with all the rights and responsibilities that entails. All Trustees shall subsequently be elected at the next board meeting through a ballot of board members. The ballot shall be administered by the Secretary. Trustees standing for election shall be required to verbally present their reasons for wishing to be elected to the Board. In terms of size, the Board shall not exceed 12 Trustees, and shall seek to be a body which is diverse in terms of skills, experience and professional background. Trustees shall serve for a 3-year term, which may be extended. 

To enable him/her to hit the ground running, new trustees must be provided with: 

- The constitution (and any supporting guidelines or regulations) 

- The last Annual Report (and any other explanatory leaflet, brochure or prospectus issued by the charity); 

- The last audited accounts, the current Budget and the most recent (monthly or quarterly) Management Accounts; 

- Copies of the last three Board Minutes and the Agenda for the next Board meeting (and a note of any future meeting dates); 

- Any Code of Conduct or Board Policies in existence; 

- Details of any Conflicts of Interest requirements; 

- Details of the Committee and staff structures and reporting processes. 

- The essential trustee: what you need to know, what you need to do (CC3) 

Trustees are encouraged to attend appropriate external training events to improve their understanding of their role and to improve the skillsets of the board for more effective governance. 

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## **Objectives and Activities** 

The objectives of the CIO are: 

- 1) To promote human rights (as set out in the Universal Declaration of Human Rights and subsequent United Nations conventions and declarations) in North Korea by all or any of the following means: 

- monitoring abuses of human rights; 

- obtaining redress for the victims of human rights abuse; 

- relieving need among the victims of human rights abuse; 

- research into human rights issues; 

- providing technical advice to government and others on human rights matters; 

- raising awareness of human rights issues; 

- international advocacy of human rights; and 

- eliminating infringements of human rights. 

In furtherance of that object but not otherwise, the trustees shall have power 

- To engage in political activity provided that the trustees are satisfied that the proposed activities will further the purposes of the charity to an extent justified by the resources committed and the activity is not the dominant means by which the charity carries out its objects. 

- 2) The relief and assistance of North Korean refugees in China and Southeast Asia through the raising and provision of funds to provide safe passage to thirdcountries. 

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit. The trustees consider that the activities undertaken - as summarised below - provide benefit to the community we serve and the wider public. 

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## **Achievements and Performance** 

In 2024, Korea Future produced groundbreaking successes by achieving legal and political accountability for serious human rights violations committed by the Democratic People’s Republic of Korea. Our work was shaped by a decade of institutional learning and clear evidence of what delivers results—and what does not.  Korea Future’s evidence contributed solely and directly to the first-ever human rights sanctions against a North Korean official and entity based on civil society documentation. We secured new accountability language in the 2024 UN Human Rights Council resolution and UN General Assembly resolution. Our evidence-based briefings and reports informed policymaking across Europe, North America, and the United Nations. Our visual investigations into the prison system reached both media and diplomatic audiences.  In 2024, our position mattered. Our headquarters and senior team have always been based in Europe, where legal mechanisms exist, key stakeholders are based, and decisions are made. Our liaison office in Seoul remained a point of contact, but our operational centre grew in the jurisdictions where pressure can be applied, and consequences pursued. The field also evolved. The first wave from the early 2000s centred on emerging testimony. The second on public advocacy. The third, now underway, must be defined by consequences. Korea Future is leading in this space. We are not documenting for its own sake. We are converting evidence into strategy, and strategy into action. 

## **Impact** 

- 2 x North Korean entities sanctioned as a direct result of our findings and advocacy. 

- 9 x amendments to United Nations resolutions as a direct result of our findings and advocacy. 

- 26 x reports and publications detailing our findings. 

- 34 x governments & multilateral actors briefed, informing policy on North Korea. 

- 36 x citations of our work in official government and United Nations reports and global media. 

- 571 x detailed interviews with survivors and witnesses. 

- 1,095 x perpetrators identified through our investigations, facilitating accountability measures. 

- 1,425 x victims identified. 

- 9,150 x human rights violations documented. 

## **Delivering Accountability** 

Korea Future’s work in 2024 focused on exposing how the DPRK state functions—not just what it does. Our goal was to identify individuals and institutions responsible for serious violations, and to provide evidence that enabled states to impose real-world consequences. We were successful. This means mapping the internal architecture of repression: who gives the orders, who carries them out, and which bodies coordinate their actions. Our investigations are not limited to the prison system. They cover ministries, party organs, border enforcement agencies, and command structures responsible for surveillance, detention, and forced repatriation. This approach also responds to a wider geopolitical shift. The same structures that administer repression inside the DPRK are involved in decisions on cyber operations and the deployment of personnel abroad, including DPRK troop involvement in 

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Russia’s war in Ukraine. Structural mapping allows policymakers to understand how these decisions are made, and which actors can be targeted for disruption, sanctions, or diplomatic pressure. This is not abstract. In 2024, our reports were used by governments in Europe and North America to refine their understanding of who holds power and how that power can be challenged. We focus on systems. And systems, once understood, can be confronted. 

## **Influencing Mechanisms** 

In 2024, Korea Future used its evidence to engage directly with the institutions that shape global policy on North Korea. We do not advocate in general terms. We identify concrete opportunities to influence political, diplomatic, and institutional responses—and we act on them. Our proposals were reflected in new language in both the UN Human Rights Council and UN General Assembly resolutions. These gains were not symbolic. They marked a shift in international tone: from broad condemnation to concrete references to sites of violence, accountability, and violations. These changes followed detailed submissions and one-on-one briefings with Geneva-based missions and policy staff across Europe and North America. We also submitted evidence to UN Special Procedures on arbitrary detention, sexual and genderbased violence, torture, and forced repatriation. Our submissions were cited in official communications and thematic reports. Our joint submission on the compounded vulnerabilities of women with disabilities in prison settings was among the first to bring this issue to international attention. Our evidence supported new EU human rights sanctions. We are now preparing case files for other jurisdictions.  We use mechanisms not to make statements, but to impose pressure. 

## **Looking Ahead** 

In 2025, Korea Future will continue to act where our work has proven most effective: delivering evidence that leads to consequences.  We will focus on the institutions and individuals responsible for internal and external repression. We will produce new case files for legal action. We will continue to brief governments and international bodies on how these systems function—and where leverage exists. Our role is not to echo what is already known. It is to provide what is currently missing: the knowledge that makes accountability possible, and the tools that make it real.  Korea Future will remain positioned in the jurisdictions where action can be taken. Our task is not to bear witness indefinitely. It is to ensure that evidence moves from research to policy, from policy to pressure, and from pressure to justice. We extend our heartfelt gratitude to our donors for their invaluable support, which significantly contributed to advancing Korea Future’s mission. These include Germany, The Netherlands, The United States of America, The National Endowment for Democracy, and Stefanus Alliance International. 

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## **Financial Review** 

## _**Reserves Policy**_ 

The ultimate aim of our reserves policy is to maintain 3 months of unrestricted reserves to cover any changes in our income, but as our projects are funded until the point of closure or completion, there would not be a cost overrun if they shut down. The trustees have, therefore, agreed a reserves target of £61,846 to meet any immediate obligations. We do not expect this to change in the next financial year. Trustees felt that unrestricted funds should be deployed to be able to grow the organisation, meaning we have a limited reserve of £51,877 (2023: £23,247) at this moment. We have developed a new fundraising strategy and pipeline in the past year to achieve 3 months of unrestricted by the end of our current strategic period. 

## _**Investment Policy**_ 

We have no investments. All cash is held within our HSBC and Triodos accounts, which earns a small amount of interest. There are no investment plans within the current strategic period. 

## _**Risk Management**_ 

The CIO ensures the highest standards of governance are maintained through its implementation of a robust risk management strategy, which entails: 

- a quarterly review of the risks the charity may face and proposes mitigation strategies to the main board; 

- an array of policies and procedures, with particular attention to financial policies and health and safety; 

- the establishment of a governance checklist with key dates planned a year in advance; and 

- the creation and quarterly update of a risk register. 

The greatest risk to the organisation has been identified as a lack of funds to meet our obligations. Progress was made in the financial year in implementing the detailed fundraising strategy developed in 2023, but greater diversification remains a challenge. We will be recruiting fundraising specialists to help us overcome this challenge in the next financial year. 

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## **Statement of Trustees’ Responsibilities** 

The CIO's trustees are responsible for preparing an annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees and directors in the period and at the report approval date were: 

Victoria Nida (Co-Chair) 

Oliver Windridge (Co-Chair) Mitra Moadab Motlagh 

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## **Statement as to Disclosure to our Independent Examiner** 

In so far as the trustees are aware at the time of approving our trustees’ annual report: 

- there is no relevant information, being information needed by the independent examiner in connection with preparing their report, of which the organisation’s independent examiner is unaware, and 

- the trustees, having made enquiries of fellow directors and the group’s independent examiner that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information. 

Approved by the Trustees and signed on its behalf: 


Victoria Nida Date: 29/10/2025 

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## **Independent Examiner’s Report to the Trustees of Korea Future initiative CIO** 

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 13 to 26. 

## **Responsibilities and basis of report** 

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

Signed: 

## S M Rouse 

Name: Samantha Rouse FCCA DChA 

Address: 37 St Margaret’s Street, Canterbury, Kent, CT1 2TU 

Date 29 October 2025 

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## **Korea Future Initiative CIO** 

|**Statement of Financial Activities for theperiod ended 31 December 2024**|**Statement of Financial Activities for theperiod ended 31 December 2024**|**Statement of Financial Activities for theperiod ended 31 December 2024**|**Statement of Financial Activities for theperiod ended 31 December 2024**|**Statement of Financial Activities for theperiod ended 31 December 2024**|**Statement of Financial Activities for theperiod ended 31 December 2024**|**Statement of Financial Activities for theperiod ended 31 December 2024**||
|---|---|---|---|---|---|---|---|
||Note|Restricted<br>Funds<br>£|Unrestricted<br>Funds<br>£|Total Funds<br>2024<br>£|Restricted<br>Funds<br>£|Unrestricted<br>Funds<br>£|Total Funds<br>2023<br>£|
|**Income from:**||||||||
|Donations and<br>Grants|5|941,583|3,322|944,905|747,856|2,334|750,190|
|Investments||-|-|-|-|-|-|
|Other Income|5a|9,227|13,581|22,808|-|20,096|20,096|
|**Total Income**||**950,810**|**16,903**|**967,713**|**747,856**|**22,430**|**770,286**|
|||||||||
|**Expenditure on:**||||||||
|Raising Funds:<br>Voluntary Income|6|10,262|-|10,262|16,197|-|16,197|
|Charitable Activities|7|888,269|(9,774)|878,495|748,008|8,046|756,054|
|Governance|8|88,874|(713)|88,161|23,553|1,349|24,902|
|**Total Expenditure**||**987,405**|**(10,487)**|**976,918**|**787,758**|**9,395**|**797,153**|
|||||||||
|**Net Movement in**<br>**Funds**||**(36,595)**|**27,390**|**(9,205)**|**(39,902)**|**13,035**|**(26,867)**|
|||||||||
|Total Funds Brought<br>Forward||43,062|24,488|67,550|82,964|11,453|94,417|
|||||||||
|**Total Funds**<br>**Carried Forward**||**6,467**|**51,877**|**58,843**|**43,062**|**24,488**|**67,550**|



The notes on pages 17 to 26 form part of these financial statements 

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## **Korea Future Initiative CIO** 

## **Balance Sheet as at 31 December 2024** 

||Note|Restricte<br>d Funds<br>£|Unrestricted<br>Funds<br>£|Total Funds<br>2024<br>£|Restricted<br>Funds<br>£|Unrestricted<br>Funds<br>£|Total Funds<br>2023<br>£|
|---|---|---|---|---|---|---|---|
|**Fixed Assets**|9|**9,410**|**68**|**9,478**|**12,227**|**104**|**12,331**|
|Current Assets<br>Debtors|10|2,000|49,153|51,153|55,419|-|55,419|
|Cash at Bank and in<br>Hand||2,594|32,832|35,426|(8,411)|28,828|20,417|
|**Current Assets**||**4,594**|**81,985**|**86,579**|**47,008**|**28,828**|**75,836**|
|Creditors: amounts<br>falling due within<br>one year|11|(7,537)|(30,176)|(22,639)|(16,173)|(4,444)|(20,617)|
|**Net Current Assets**|12|**(2,943)**|**51,809**|**48,866**|**30,835**|**24,384**|**55,219**|
|**Net Assets**||**6,467**|**51,877**|**58,344**|**43,062**|**24,488**|**67,550**|
|**Total Funds**|13|**6,467**|**51,877**|**58,344**|**43,062**|**24,488**|**67,550**|



The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 


Victoria Nida 

Date: 29/10/2025 

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|**Korea Future Initiative CIO**<br>**Statement of Cash Flows**<br>**Cash flows from operating activities:**<br>**_Net cash provided by operating activities_**<br> <br>**Cash flow from investing activities:**<br>Interest<br>Purchase of property, plant and equipment<br>**_Net cash used in investing activities_**<br>Change in cash and cash equivalents in the reporting period<br>Cash and cash equivalents at 31 December 2023<br>**Cash and cash equivalents at 31 December 2024**<br> <br>**Reconciliation of net income/(expenditure) to net cash flow**<br>**from operating activities:**<br>**_Net income/(expenditure) for the reporting period (as per the_**<br>**_statement of financial activities)_**<br>**Adjustments for:**<br>Depreciation<br>Loss on disposal of asset<br>Interest<br>(Decrease) / Increase in debtors<br>(Decrease) / Increase in creditors<br>**_Net cash provided by (used in) operating activities_**|**2024**<br>**2023**<br>**Total**<br>**funds**<br>**Total**<br>**funds**<br>**£**<br>**£**<br> <br>**2,850**<br>**(5,495)**<br> <br> <br>6<br>27<br>(2,921)<br>(7,694)<br>(2,915)<br>(7,667)<br> <br>(66)<br>(13,162)<br>20,417<br>33,579|
|---|---|
||**20,351**<br>**20,417**|
||<br> <br>**2024**<br>**2023**<br>**Total**<br>**funds**<br>**Total**<br>**funds**<br>**£**<br>**£**<br>(9,206)<br>(26,867)<br> <br> <br>3,952<br>4,800<br>1,824<br>566<br>(6)<br>(27)<br>4,265<br>1,107<br>2,020<br>14,926|
||**2,850**<br>**(5,495)**|



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## **Korea Future Initiative CIO Statement of Cash Flows** 

|**Analysis of change in net debt**<br>Cash in hand<br>**Total cash and cash equivalents**<br>**Analysis of change in net debt**<br>Cash in hand<br>**Total cash and cash equivalents**|**At 1**<br>**January**<br>**2024**<br>**Cash flow**<br>**At 31**<br>**December**<br>**2024**<br>**£**<br>**£**<br>**£**<br>20,417<br>(66)<br>20,351|
|---|---|
||**20,417**<br>**(66)**<br>**20,351**|
||**At 1**<br>**January**<br>**2023**<br>**Cash flow**<br>**At 31**<br>**December**<br>**2023**<br>**£**<br>**£**<br>**£**<br>33,579<br>13,162<br>20,417|
||**33,579**<br>**13,162**<br>**20,417**|



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## **Notes to the Financial Statements** 

The registered office for the CIO is 1st Floor, 78 Coombe Road, New Malden, Surrey, KT3 4QS 

Registered as a Charitable Incorporated Organisation in England on 16 September 2019. 

These accounts cover the period 1 January 2024 to 31 December 2024. 

## **1. Accounting policies** 

The principle accounting policies are summarised below. 

## **1.11 Basis of preparation** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The preparation of financial statements in compliance with FRS 102 requires certain critical accounting estimates. It also requires management to exercise judgement in applying the CIO’s accounting policies (see note 3). 

The financial statements have been prepared on the historical cost basis and are presented in Sterling (£). Rounding is to the nearest pound. 

Korea Future Initiative CIO meets the definition of a public benefit entity under FRS 102. 

## **1.12 Organisational status** 

Korea Future Initiative CIO is a Charitable Incorporated Organisation. The members of the company are the Trustees named on page 1. In the event of the CIO being wound up, the liability in respect of the guarantee is limited to £1 per member of the CIO. 

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## **1.13 Income** 

All income is recognised once the CIO has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. 

In accordance with the Charities SORP (FRS 102), the general volunteer time of the volunteers is not recognised and refer to the Trustees' report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the CIO which is the amount the CIO would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 

## **1.14 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Governance costs are those incurred in connection with administration of the CIO and compliance with constitutional and statutory requirements. 

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. 

Charitable activities and Governance costs are costs incurred on the CIO’s operations, including support costs and costs relating to the governance of the CIO apportioned to charitable activities. 

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## **1.15 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. 

## **1.16 Value Added Tax** 

The CIO is not registered for VAT and accordingly, where applicable, all costs and expenditures incurred are inclusive of VAT. 

## **1.17 Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **1.18 Creditors** 

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.  Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **1.19 Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. 

## **1.20 Assets** 

Assets are recognised when there is a legal and constructive right to the asset. 

19 



## **1.21 Tangible Fixed Assets and Depreciation** 

Tangible fixed assets are capitalised at cost where their acquisition value is greater than £100 and are stated at cost net of depreciation. 

Depreciation is calculated to write down the cost of all tangible fixed assets by equal annual instalments over their expected useful lives. 

The rates generally applicable are: Fixtures, fittings and kitchen/office equipment over 2 years, on a straight-line basis Computer equipment and software over 5 years, on a straight-line basis. 

## **1.22 Going Concern** 

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The trustees have reviewed the charity’s reserves position, future plans, and expected income and expenditure for the 12 months following the date of approval of these financial statements, and have concluded that it is appropriate to prepare the financial statements on a going concern basis. 

## **2 Staff numbers and costs** 

The charity had 12 full-time employees in 2024 (2023: 9).  Staff costs were as follows: 

|Wages and Salaries including Donations in Kind<br>Employer’s N.I.C.<br>Pension costs<br>Korean and Dutch tax<br>Total<br>Full time staff<br>Costs of generating funds<br>Charitable activities<br>Total|2024<br>£<br>2023<br>£<br>465,501<br>409,462<br>8,185<br>9,698<br>83,034<br>33,144<br>65,347<br>49,686|
|---|---|
||622,066<br>501,990|
||2024<br>Number<br>2023<br>Number<br>-<br>-<br>12<br>9|
||12<br>9|



No employee received remuneration amounting to more than £60,000 for the year. The total remuneration received by key management personnel was £54,470 (2023: £50,889). 

20 



## **3 Trustees remuneration and expenses** 

The Trustees, who are also directors of the Charity, are not entitled to receive any remuneration from the Charity. No expenses were paid to any Trustee or connected person during the period. 

## **4 Tax on ordinary activities** 

Korea Future Initiative CIO is a registered CIO and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **5 Donations & Grants** 

|Donations<br>Grants<br>Totals|Restricted<br>2024<br>£<br>Unrestricted<br>2024<br>£<br>Total<br>2024<br>£<br>Restricted<br>2023<br>£<br>Unrestricted<br>2023<br>£<br>Total<br>2023<br>£<br>-<br>322<br>322<br>-<br>629<br>629<br>941,583<br>3,000 944,583<br>747,856<br>1,705 749,561|
|---|---|
||941,583<br>3,322 944,905<br>747,856<br>2,334 750,190|



## **5a. Other Income** 

Other income includes the management services provided to Connect: North Korea CIO of £20,000 (2023: £20,000); interest received in the period and exchange rate variances. 

## **6 Cost of Raising Funds** 

|Fundraising<br>costs<br>Totals|Restricted<br>2024<br>£<br>Unrestricted<br>2024<br>£<br>Total<br>2024<br>£<br>Restricted<br>2023<br>£<br>Unrestricted<br>2023<br>£<br>Total<br>2023<br>£<br>10,262<br>-<br>10,262<br>16,197<br>-<br>16,197|
|---|---|
||10,262<br>-<br>10,262<br>16,197<br>-<br>16,197|



21 



## **7 Charitable Activities** 

|Research<br>expenses<br>Advocacy<br>Support<br>Depreciation<br>IT expenses<br>Rent<br>Disbursements<br>Insurance<br>Salaries<br>Employers NI<br>Staff training<br>Legal<br>Expenses<br>Pension costs<br>Korean and<br>Netherlands<br>Tax<br>Advertising &<br>marketing<br>Travel<br>expenses<br>Exchange rate<br>variances<br>General<br>expenses<br>Totals|Restricted<br>2024<br>£<br>Unrestricted<br>2024<br>£<br>Total<br>2024<br>£<br>Restricted<br>2023<br>£<br>Unrestricted<br>2023<br>£<br>Total<br>2023<br>£<br>2,627<br>-<br>2,627<br>5,865<br>-<br>5,865<br>89,222<br>-<br>89,222<br>107,493<br>-<br>107,493<br>3,461<br>491<br>3,952<br>3,259<br>36<br>3,295<br>12,115<br>135<br>12,250<br>6,674<br>-<br>6,674<br>64,722<br>1,179<br>65,901<br>63,909<br>-<br>63,909<br>-<br>-<br>-<br>1,481<br>-<br>1,481<br>3,325<br>-<br>3,325<br>362<br>-<br>362<br>458,713<br>6,788<br>465,501<br>404,198<br>5,264<br>409,462<br>8,185<br>-<br>8,185<br>2,061<br>2,636<br>4,698<br>644<br>-<br>644<br>18,133<br>-<br>18,133<br>7,803<br>207<br>8,010<br>-<br>-<br>-<br>82,861<br>173<br>83,034<br>31,252<br>1,892<br>33,144<br>63,681<br>1,666<br>65,347<br>49,686<br>-<br>49,686<br>-<br>-<br>-<br>-<br>-<br>-<br>46,750<br>-<br>46,750<br>29,110<br>-<br>29,110<br>21,400<br>(19,249)<br>2,151<br>10,310<br>(1,880)<br>8,430<br>22,759<br>(1,162)<br>21,597<br>12,709<br>98<br>12,807|
|---|---|
||888,269<br>(9,774)<br>878,496<br>748,008<br>8,046<br>756,054|



## **8 Governance Costs** 

|Audit &<br>accountancy<br>Bank charges<br>Totals|Restricted<br>2024<br>£<br>Unrestricted<br>2024<br>£<br>Total<br>2024<br>£<br>Restricted<br>2023<br>£<br>Unrestricted<br>2023<br>£<br>Total<br>2023<br>£<br>82,158<br>(7)<br>81,45<br>1<br>18,595<br>1,320<br>19,91<br>5<br>6,716<br>(6)<br>6,710<br>4,958<br>29<br>4,987|
|---|---|
||88,874<br>(713)<br>88,16<br>1<br>23,553<br>1,349<br>24,90<br>2|



The Independent Examiner’s remuneration is included in the audit and accounting 

costs listed above and total £1,980. 

22 



## **9 Fixed Assets** 

|**Cost**<br>Balance as at 31 December 2023<br>Additions<br>Disposals<br>Balance as at 31 December 2024<br>**Depreciation**<br>Balance as at 31 December 2023<br>Additions<br>Disposals<br>Balance as at 31 December 2024<br>**Net book value**<br>Balance as at 31 December 2024<br>Balance as at 31 December 2023|Office<br>Equipment<br>£<br>2024<br>£<br>2023<br>£<br>23,550<br>23,550<br>16,859<br>1,099<br>1,099<br>7,693<br>-<br>-<br>(999)|
|---|---|
||24,649<br>24,649<br>23,550|
||11,219<br>11,219<br>6,852<br>3,916<br>3,916<br>4,800<br>-<br>-<br>(433)|
||15,135<br>15,135<br>11,219|
||9,514<br>9,514<br>12,331|
||12,331<br>12,331<br>10,004|



## **10 Debtors** 

|Trade debtors<br>Prepayments<br>Total debtors<br>**ditors**<br>Trade creditors<br>Pension premiums<br>Social security and other taxes<br>Accruals<br>Total creditors|2024<br>£<br>2023<br>£<br>42,577<br>47,128<br>8,576<br>8,290|
|---|---|
||51,153<br>55,419|
||2024<br>£<br>2023<br>£<br>18,169<br>8,083<br>641<br>-<br>1,844<br>4,435<br>1,984<br>8,100|
||22,638<br>20,617|



## **11 Creditors** 

23 



## **12 Fund movements summary** 

|At 1 January 2024<br>Incoming resources<br>Expenditure<br>At 31 December 2024|Restricted<br>funds<br>£<br>Unrestricted<br>funds<br>£<br>Total<br>funds<br>£<br>43,062<br>24,488<br>67,549<br>950,810<br>16,903<br>967,713<br>(987,405)<br>10,487<br>(976,918)|
|---|---|
||6,467<br>51,877<br>58,343|



## **12   Fund movement summary (continued)** 

|At 1 January 2023<br>Incoming resources<br>Expenditure<br>At 31 December 2023|Restricted<br>funds<br>£<br>Unrestricted<br>funds<br>£<br>Total<br>funds<br>£<br>82,964<br>11,453<br>94,417<br>747,856<br>22,430<br>770,286<br>(787,758)<br>(9,395)<br>(797,153)<br>43,062<br>24,488<br>67,550|
|---|---|



## **13 Restricted funds** 

|NKPD<br>SGBV Project<br>SGBV SP1 Project<br>SGBV SP2 Project<br>NKPD SP3 Project<br>FoRB SP4 Project<br>NKPD SP5 Project<br>NKPD SP6 Project<br>Core Costs<br>Investigating Persecution of<br>Religion or Belief Project 1<br>Investigating Persecution of<br>Religion or Belief Project 2<br>Fundraising Capacity-<br>Building<br>Totals|Balance at<br>1 January<br>2024<br>£<br>Incoming<br>£<br>Outgoing<br>£<br>Balance at<br>31 December<br>2024<br>£<br>(14,029)<br>648,346 (672,913)<br>(38,597)<br>-<br>-<br>-<br>-<br>11,189<br>121,169 (133,794)<br>(1,436)<br>21,717<br>110,358<br>(94,835)<br>37,240<br>-<br>7,127<br>(7,127)<br>-<br>342<br>19,308<br>(17,742)<br>1,908<br>13,547<br>6,217<br>(15,816)<br>3,948<br>2,616<br>38,286<br>(45,516)<br>(4,614)<br>1,285<br>-<br>339<br>1,624<br>6,396<br>-<br>-<br>6,396<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|
|---|---|
||43,063<br>950,810 (987,404)<br>6,469|



24 



## **13 Restricted funds (continued)** 

|**icted funds (continued)**||
|---|---|
|NKPD<br>SGBV Project<br>SGBV SP1 Project<br>SGBV SP2 Project<br>NKPD SP3 Project<br>FoRB SP4 Project<br>NKPD SP5 Project<br>NKPD SP6 Project<br>SGBV Project<br>Core Costs<br>Investigating Persecution of<br>Religion or Belief Project 1<br>Investigating Persecution of<br>Religion or Belief Project 2<br>Fundraising Capacity-<br>Building<br>Totals|Balance at<br>1 January<br>2023<br>£<br>Incoming<br>£<br>Outgoing<br>£<br>Balance at<br>31 December<br>2023<br>£<br>39,750<br>486,849 (540,628)<br>(14,029)<br>5,023<br>-<br>(5,023)<br>-<br>-<br>47,242<br>(36,053)<br>11,189<br>12,419<br>118,409 (109,111)<br>21,717<br>-<br>20,463<br>(20,463)<br>-<br>672<br>21,105<br>(21,435)<br>342<br>-<br>13,395<br>(152)<br>13,547<br>-<br>41,113<br>(38,497)<br>2,616<br>5,023<br>-<br>(5,023)<br>-<br>1,268<br>0<br>17<br>1,285<br>7,560<br>0<br>(1,164)<br>6,396<br>-<br>720<br>(720)<br>-<br>16,272<br>-<br>(16,272)<br>-|
||82,964<br>747,856 (787,758)<br>43,062|



25 



## **13   Restricted funds (continued)** 

Fund Purpose NKPD Funds were received to support investigation into human rights violations in the North Korean penal system. SGBV SP1 Project Funds were received to support our project on survivor-informed documentation of sexual and gender-based violence and Community of Practice work involving MHPSS support organisations. SGBV SP2 Project Funds were received to support capacitybuilding within the North Korean diaspora. NKPD SP3 Project Funds were received to support investigation into human rights violations in the North Korean penal system. FoRB SP4 Project Funds were received to support advocacy and accountability. NKPD SP5 Project Funds were received to support investigation into human rights violations in the North Korean penal system. NKPD SP6 Project Funds were received to support investigation into human rights violations in the North Korean penal system. SGBV Project Funds were received to support our project on survivor-informed documentation of sexual and gender-based violence Core Costs Funds were received to support our core costs related to communications. Investigating Persecution of Religion or Funds were received to support our first Belief Project 1 documentation project on the persecution of religion or belief in North Korea. Investigating Persecution of Religion or Funds were received to support our second Belief Project 2 documentation project on the persecution of religion or belief in North Korea. Fundraising Capacity-Building This capacity-building fund was to support the development of our fundraising. 

## **14 Related party transactions** 

Connect: North Korea is a related party of which all serving Trustees are also Trustees of Korea Future Initiative CIO. 

During the current year the charity has not entered into any related party loan arrangements. 

The Charity has provided management services to Connect: North Korea CIO - £20,000 (2023: £20,000) was received during the period for those services. 

26