## **Koreo Foundation Trustees’ Annual Report for the period**
**From 1 September 2023, Period start date To 31 August 2024, Period end date**
## **Charity name: Koreo Foundation**
## **Charity registration number: 1199788**
## **Objectives and Activities**
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SORP reference
Summary of the purposes of Para 1.17
the charity as set out in its The Koreo Foundation is dedicated to
governing document empowering the voluntary and non-profit
sector through education, training, and
capacity-building. As a registered charity, it
operates with the mission of strengthening
organizations and individuals working
toward social impact.
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|**Objectives and Activities**|**Objectives and Activities**|**Objectives and Activities**|
|---|---|---|
|SORP reference|||
|Summary of the purposes of
the charity as set out in its
governing document
Para 1.17
The Koreo Foundation is dedicated to
empowering the voluntary and non-profit
sector through education, training, and
capacity-building. As a registered charity, it
operates with the mission of strengthening
organizations and individuals working
toward social impact.|||
|Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.|Para 1.17 and
1.19|As a charitable company limited by
guarantee, the Foundation advances
education for the public benefit by providing
training and development programs for the
voluntary and non-profit sector. It also
strengthens charitable organizations by
offering essential support, information, and
services.
During this reporting period The Koreo
Foundation delivered two main
programmes of work. A six-month codesign
project funded by The National Lottery
Community Fund called Future Care, which
resulted in the design of a leadership and
employment programme for people from
the looked-after care system,as well as the
distribution of a private donation to fund a
series of learning courses aimed at
supporting young people from diverse
backgrounds succeed into employment,
called Humans in the Office (HITO) in
partnership with Northern Soul.|
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Statement confirming Para 1.18 The Trustees have had due regard to the
whether the trustees have guidance issued by The Charity
had regard to the guidance Commission on public benefit
issued by the Charity
Commission on public
benefit
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## **Additional information (optional)**
## You may choose to include further statements where relevant about:
SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers The Foundation policies include: Conflict of Other Interest, Reserves, Anti Bribery & Corruption, Anti Money Laundering, Delegation of Authority, Donor Policy.
## **Achievements and Performance**
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SORP reference
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|**Achievements and Performance**|**Achievements and Performance**|**Achievements and Performance**|
|---|---|---|
|SORP reference|||
|Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|**The main achievements for the charity**
**during this reporting period were:**
**1. Development of the****_Future Care_**
**programme, through meaningful**
**co-design work with care experienced**
**young people:**
●
The Foundation engaged 75 Care
Experienced Young People and
over 30 social care organisations to
explore innovative ways to
transform the looked-after care
system in England. Their views
informed the creation of_Future_
_Care_— a leadership and
employment programme aimed at
systemic change.|
|●|This work was supported by a|
|---|---|
||£48,650grant from The National|
||Lottery Community Fund, which|
||funded a six-month co-design|
||project. The project elevated the|
||wisdom of lived experience through|
||trauma-informed focus groups,|
||interviews, and surveys, and|
||involved stakeholders from across|
||the care system and service design|
||industry.|
|●|Delivered on time and within|
||budget, the project produced a final|
||report (submitted in August) that|
||included a Theory of Change,|
||Design Principles, and an|
||innovative Programme Structure for|
||the Future Care programme.|
|●|We are now aiming to|
||operationalise_Future Care_through|
||further fundraising efforts.|
|**2. Capacity-building support for young**||
|**people**|**entering the social impact**|
|**sector:**||
|●|Young people from diverse|
||backgrounds are now better|
||supported to succeed in|
||purpose-driven roles in the charity|
||sector, thanks to free access to|
||online courses designed to build|
||confidence and workplace|
||readiness.|
|●|These_Humans In The Office_|
||_(HITO)_courses, developed by|
||Northern Soul, were made available|
||to over 3,000 young people through|
||Koreo’s programmes and networks.|
|●|A £20,000 donation from private|
||donor James Thornton was used to|
||license the HITO courses in|
||partnership with Northern Soul.|
||These courses help newcomers|
||enhance their workplace|
||experience, foster inclusive|
||cultures, and navigateprofessional|
||expectations.|
|---|---|
|●|The courses were delivered on time|
||and within budget and were|
||distributed freely to Koreo|
||Foundation alumni, partners, and|
||programme members as part of|
||broader capacity-building efforts.|
## **Additional information (optional)**
## You may choose to include further statements where relevant about:
|Achievements against
objectives set|Para 1.41||
|---|---|---|
|Performance of fundraising
activities against objectives
set|Para 1.41||
|Investment performance
against objectives|Para 1.41||
|Other|||
## **Financial Review**
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Review of the charity’s Para 1.21
financial position at the end At the end of the financial year ending
of the period August 2024, the Koreo Foundation
maintained a stable financial position. The
charity's total income for the period was
£73,692, from a mix of restricted grants
and donations. Total expenditure was
£26,174, directed towards delivering
charitable activities aligned with our
objectives.
The Foundation ended the year with net
assets of £47,518, with no material
liabilities.
The Trustees are satisfied with the financial
performance and believe that the charity is
well-placed to continue its activities in the
coming year.
Statement explaining the Para 1.22
policy for holding reserves The Koreo Foundation Trustees believe it is
stating why they are held not required to hold reserves at this time.
Amount of reserves held Para 1.22
Koreo Foundation does not hold reserves.
Reasons for holding zero Para 1.22 The Trustees have considered the likely
reserves overall costs in the event that it would be
necessary to wind up the charity and have
therefore decided the appropriate
calculations for establishing if any reserves
are required.
At this time The Koreo Foundation has no
staff of its own. Any required work is
carried out by Koreo Limited staff and costs
are covered by the Foundation. Therefore
at present there would be no costs
associated with winding up the charity.
As the Trustees’ continually review the
financial risks then this policy will be
reviewed annually and updated as
required.
Details of fund materially in Para 1.24 There were no funds materially in deficit
deficit during the reporting period.
Explanation of any Para 1.23 The Trustees have assessed the charity’s
uncertainties about the financial position and have no material
charity continuing as a going uncertainties regarding the Foundation’s
concern ability to continue as a going concern. The
Foundation has adequate resources to
operate for the foreseeable future..
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**Additional information (optional)**
You may choose to include further statements where relevant about:
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The Foundation’s principal sources of
funds are through restricted grants.
The charity’s principal
sources of funds (including Para 1.47 In addition Koreo Ltd as the Sole Member
any fundraising) provides staffing resources to support the
running of the Foundation and related to
annual company performance Koreo Ltd
makes financial donations (£5,000 to date).
Investment policy and
objectives including any Para 1.46
social investment policy
adopted
A description of the principal Para 1.46
risks facing the charity
Other
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## **Structure, Governance and Management**
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Description of charity’s
trusts: The Koreo Foundation is governed by a
Board of Trustees that comprises Koreo
connected trustees together with
independent Trustees who form the
majority. The current Board of Trustees are
Rachel Whale (Chair and Koreo connected
Trustee), Jordana Ramalho, Jane
Garnham, and Emma McGowan as
Independent Trustees.
There was one change in the Trustee
group in 2024. Following Emily Lim
stepping down as an independent trustee,
the Board appointed Emma McGowan as a
new independent Trustee in November.
Type of governing document Para 1.25 The Koreo Foundation is governed by the
(trust deed, royal charter) Articles of Association and a Relationship
Framework Agreement that governs the
relationship between Koreo Foundation
and Koreo Ltd.
How is the charity Para 1.25 The Koreo Foundation is constituted as a
constituted? Charity and a Company Limited by
(e.g unincorporated Guarantee with no Share Capital
association, CIO) (Registered Charity Number 1199788) and
a company (Registered Company Number
13542031)
Trustee selection methods Para 1.25 Trustees are appointed in writing by the
including details of any Member of the Foundation, unless
constitutional provisions e.g. considered disqualified by Article 27 in the
election to post or name of Articles of Association. Confirmation of the
any person or body entitled appointment of Trustees, or any changes to
to appoint one or more the Trustee Board are agreed and minuted
trustees in Trustee meetings.
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## **Additional information (optional)** You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction Para 1.51 and training of trustees The charity’s organisational structure and any wider Para 1.51 network with which the charity works The Koreo Foundation has a sole Member, Koreo Ltd. The relationship between the
|Relationship with any related
parties|Para 1.51|two parties is governed by the Trustees
through a Relationship framework
Agreement and a Conflict of Interest Policy.|
|---|---|---|
|Other|||
## **Reference and Administrative details**
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Charity name The Koreo Foundation
Other name the charity uses
Registered charity number 1199788
Charity’s principal address Well Farm
Welcombe
Devon EX396HG
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## **Names of the charity trustees who manage the charity**
|1
2
3
4
**Trustee name**
Rachel Whale
Emma McGowan
Jane Garnham
Jordana Ramalho|1
2
3
4
**Trustee name**
Rachel Whale
Emma McGowan
Jane Garnham
Jordana Ramalho|**Office (if any)**|**Name of person**
**Dates acted if not for**
**(or body)**
**whole year**
**entitled to**
**appoint trustee**
**(if any)**|
|---|---|---|---|
|||Chair|Wholeyear|
|||Independent
Trustee|November 24 to
present, appointed
byMember|
|||Independent
Trustee|Whole year,
appointed by
Member|
||
Jordana Ramalho|Independent
Trustee|Whole year,
appointed by
Member|
Corporate trustees – names of the directors at the date the report was approved
**Director name** Rachel Whale Emma McGowan Jane Garnham Jordana Ramalho
## Name of trustees holding title to property belonging to the charity
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Trustee name Dates acted if not for whole year
None
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## **Funds held as custodian trustees on behalf of others**
|Description of the assets
held in this capacity|None|
|---|---|
|Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects|N/A|
|Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets|N/A|
## **Exemptions from disclosure**
Reason for non-disclosure of key personnel details
**N/A**
## **Other optional information**
## **Declarations**
**The trustees declare that they have approved the trustees’ report above.**
## **Signed on behalf of the charity’s trustees**
|**Signature(s)**||
|---|---|
|**Full names(s)**|Rachel Whale|
|**Position (eg Secretary, Chair, etc)**|Chair|
|**Date**|April 28, 2025|
**Koreo Foundation Statement of Financial Activities For the year ending 31 August 2024**
|**Income**
Income From Charitable Activities
**3**
Income from Investments
**4**
**Total Income**
**Expenditure**
Expenditure on Charitable Activities
**5**
**Total Expenditure**
**Net Movement in Funds**
**_Reconciliation of Funds:_**
**Total Funds Brought Forward**
Movement in the Year
**Total Funds Carried Forward**
**Note**
**s**|**2024**
**£**
5,000
42
**5,042**
576
**576**
**4,466**
**0**
4,466
**4,466**
**Unrestricte**
**d Funds**|**2024**
**£**
68,650
0
**68,650**
25,598
**25,598**
**43,052**
**0**
43,052
**43,052**
**Restricted**
**Funds**|**2024**
**Total Funds**
**£**
**73,650**
**42**
**73,692**
**26,174**
**26,174**
**47,518**
**0**
**47,518**
**47,518**|**2023**
**Total Funds**
**£**
**0**
**0**|
|---|---|---|---|---|
|||||**0**|
|||||**0**|
|||||**0**|
||||||
|||||**0**|
||||||
|||||**0**|
|||||**0**
**0**|
## **Koreo Foundation Balance Sheet As at 31 August 2024**
|**Notes**
**Fixed Assets**
Tangible Fixed Assets
**Total Fixed Assets**
**Current Assets**
Cash in hand and at bank
**10**
Debtors
**Total Current Assets**
Creditors: amounts falling due within one year
9
**Net Current Assets / Liabilities**
**Total assets less current liabilities**
Creditors: amounts falling due after one year
**Total net assets or liabilities**
**_Funds of the Charity_**
Unrestricted funds
Restricted funds
**Total funds**|**2024**
**Total Funds**
**£**
0
**0**
47,893
0
**47,893**
375
**47,518**
**47,518**
0
**47,518**
4,466
43,052
**47,518**|**2023**
**Total Funds**
**£**
0|
|---|---|---|
|||**0**|
|||0
0|
|||**0**|
|||0|
|||**0**|
||||
|||**0**|
|||0|
|||**0**|
|||0
0
**0**|
For the year ending 31 August 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The financial statements were approved by the Board of Directors on 02/06/2025.
SIGNED ON BEHALF OFTHE BOARD BY:
Chairperson..
## **Koreo Foundation Notes to the Accounts**
## **1. Company Status**
Koreo Foundation is a company limited by guarantee, registered in England (registration number: 13542031), and has no share capital. It is also a charity registered in England (registration number: 1199788).
## **2. Accounting Policies**
## **2.1 Basis of Preparation**
These accounts are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice: Accounting Standards for Charities ("UK SORP") used by Charities preparing accounts in accordance with the applicable Financial Reporting Standard in the United Kingdom and the Republic of Ireland ("FRS 102"), the Companies Act 2006 and the Charities Act 2011.
Koreo Foundation meets the definition of a public benefit entity under FRS 102. The Trustees have taken advantage of the exemption in UK SORP from including a cashflow statement.
## **2.2 Going Concern**
The Trustees have considered the ability of the charity to meet its commitments over the medium term, and have concluded that it is appropriate to prepare the charity's accounts on a going concern basis.
## **2.3 Fund Accounting**
The charity has adopted the following definitions of funds:
- Unrestricted funds comprise the accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Trustees in furtherance of Koreo Foundation's general charitable objectives.
- Restricted funds are funds subject to specific restricted conditions imposed by donors.
## **2.4 Incoming Resources**
All incoming resources are accounted for when the charity has entitlement, there is certainty of receipt, and the amount is measurable. Grants and donations are only included in the SoFA when the general income recognition criteria are met. Income is accrued and deferred when it is in respect of work to be carried out in other periods than when it is received.
## **2.5 Resources Expended**
Expenditure is recognised when a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Contractual arrangements and performance-related grants are recognised as services are supplied.
All expenditure is stated gross of VAT as Koreo Foundation is not registered for VAT, and no VAT costs are recoverable.
Expenditure related to charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries, and includes both costs that can be allocated directly to such activities, plus those costs of an indirect nature necessary to support them.
## **Koreo Foundation**
## **Notes to the Accounts**
|**3. Analysis of Income - Charitable Activities**
Donations and gifts
General grants provided by
government/other charities|**2024**
**Unrestricted**
**Funds**
5,000
0
**5,000**
**2024**
**Unrestricted**
**Funds**
42
**42**|**2024**
**Restricte**
**d Funds**
0
68,650
**68,650**
**2024**
**Restricte**
**d Funds**
0
**0**|**2024**
**Total**
**Funds**
**2023**
**Total**
**Funds**
5,000
0
68,650
0
**73,650**
**0**
**2024**
**2023**
**Total**
**Total**
**Funds**
**Funds**
42
0
**42**
**0**|
|---|---|---|---|
|**Total Income from Charitable Activities**
**4. Analysis of Income - Investment Income**
Interest Income||||
|**Total Income from Investments**||||
## **5. Analysis of expenditure on charitable activities**
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This year
Activities Grant
Support Total this
Activity or programme undertaken funding of
Costs year
directly activities
£ £ £ £
Koreo Foundation Project 25,598 - 576 26,174
Total 25,598 - 576 26,174
**----- End of picture text -----**
**----- Start of picture text -----**
Last year
Activities Grant
Support Total last
Activity or programme undertaken funding of
Costs year
directly activities
£ £ £ £
Koreo Foundation Project - - - -
Total - - - -
**----- End of picture text -----**
## **6. Analysis of Support Costs**
**----- Start of picture text -----**
Koreo
Support cost Foundation
Project Grand total
£ £
Governance 576 576
Total 576 576
**----- End of picture text -----**
## **Koreo Foundation**
## **Notes to the Accounts**
## **7 Independent Examiner Fees**
|**Examiner Fees**|||
|---|---|---|
||**This year**
**£**|**Last year**
**£**|
|**Independent examiner’s fees**|375|-|
## **8. Employees**
Koreo Foundation had no employees in the period (2023: 0)
## **9. Analysis of Creditors**
|**reditors**|||
|---|---|---|
||**This year**
**£**|**Last year**
**£**|
|**Trade Creditors**|375|-|
## **10. Analysis of Cash**
|**Cash**|||
|---|---|---|
||**This year**
**£**|**Last year**
**£**|
|**Cash at bank and on hand**|47,893|-|
## **11. Analysis of Fund Balances**
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Fund Fund
balance Gains balance
Expenditur Transfer
s Income and s
Fund names Type brought e s losses carried
forward forward
£ £ £ £ £ £
- - -
National Lottery Restricted 48,650 (25,598) 23,052
- - - -
James Thornton Restricted 20,000 20,000
General Funds Unrestricted - 5,042 (576) - - 4,466
- - -
Total 53,692 (26,174) 27,518
**----- End of picture text -----**
## **12. Trustees and Related Parties**
There were no transactions with trustees or related parties during the period (2023: none)
## Independent examiner’s report to the Trustees of Koreo Foundation
I report to the trustees on the accounts for the year ended 31 August 2024 that are set out on the attached pages.
## Respective responsibilities of the Trustee’s and the examiner
The charity’s trustees consider that 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 needed.
It is my responsibility to
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the general directions given by the Charity Commissioners section 145(5)(b) of the 2011Act; and
- state whether particular matters have come to my attention.
## Basis of Independent Examiner’s Statement
My examination was carried out in accordance with the General Directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you, as trustees, concerning such matters. The procedures undertaken do not provide all the 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 in the statement below.
## Independent examiner’s statement
In connection with my examination no matter has come to my attention:
1. which gives me 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 comply with the requirements of the 2011 Act and Regulations 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.
Signed Dated
Paul Voltzenlogel
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