REGISTERED CHARITY NUMBER: 1205941
Report of the Trustees and Unaudited Financial Statements for The Period Ended 31 May 2024 for
NORTH LONDON KOREAN SCHOOL
FURUCHOI & CO
CHARTERED ACCOUNTANTS
69 Station Road, Hampton Greater London TW12 2BT
NORTH LONDON KOREAN SCHOOL
Contents of the Financial Statements for the Period Ended 31 May 2024
| Page | |
|---|---|
| Report of the Trustees | 1 - 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 - 7 |
| Detailed Statement of Financial Activities | 8 |
NORTH LONDON KOREAN SCHOOL
Report of the Trustees for the Period Ended 31 May 2024
The trustees present their annual report and financial statements of the charity for the year ended 31 January 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 published on 16 July 2014.
Registered Charity Number
1205941
Principal address
St. James' Catholic High School, Great Strand, London NW9 5PE
Trustees
Mrs Hee Yeon LEE Mr Jung Pil MOON Mrs Bo Kyung PARK Mrs Soo-Yeun DENHAM
Independent examiner
FURUICHOI & CO Chartered Accountants 69 Station Road Hampton TW12 2BT
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated Charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Page 1
NORTH LONDON KOREAN SCHOOL
Report of the Trustees
for the Period Ended 31 May 2024
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the CIO for the public benefit are the advancement of education through The operation of a supplementary school in North London where regionally based individuals may obtain an education in the Korean language and/or Korean culture, tradition and heritage.
Activities
NORTH LONDON KOREAN SCHOOL CARRIES ON THE EDUCATIONAL ACTIVITIES FOR THE KOREAN CHILDREN AGED 6 TO 15 YEARS OLD PROVIDING SATURDAY CLASSES IN PARTICULAR TO FURTHER THEIR KNOWLEDGE OF KOREAN CULTURE AND KOREAN LANGUAGE IN ACCORDANCE WITH KOREAN CURRICULUM.
Approved by order of the board of trustees on 31 March 2025 and signed on its behalf by:
………………………………………………………. Trustee Mrs Hee Yeon LEE
Page 2
Independent Examiner's Report to the Trustees of NORTH LONDON KOREAN SCHOOL
I report on the accounts for the period ended 31 May 2024 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
-
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 consideration of any 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.
FURUICHOI & CO Chartered Accountants 69 Station Road, Hampton Greater London TW12 2BT
31-Mar-25
Page 3
NORTH LONDON KOREAN SCHOOL
Statement of Financial Activities for the Period Ended 31 May 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| fund | fund | ||
| £ | £ | ||
| Notes | |||
| INCOMING RESOURCES | 2024 | 2023 | |
| Incoming resources from generated funds | |||
| Voluntary income | 40,967 | - | |
| Investment income | 2 | - | - |
| Total incoming resources | 40,967 | - | |
| RESOURCES EXPENDED | |||
| Costs of generating funds | |||
| Costs of generating voluntary income | 6,162 | - | |
| Charitable activities | |||
| Costs of generating voluntary income | 45,642 | - | |
| Governance costs | 779 | - | |
| Total resources expended | 52,583 | - | |
| NET INCOMING RESOURCES | (11,616) | - | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 66,270 | - | |
| TOTAL FUNDS CARRIED FORWARD | 54,654 | 66,270 |
Page 4
NORTH LONDON KOREAN SCHOOL
Balance Sheet
As at 31 May 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| fund | fund | ||
| £ | £ | ||
| Notes | 2024 | 2023 | |
| FIXED ASSETS | |||
| Computers & equipments | 8 | ||
| CURRENT ASSETS | |||
| Debtors | 5 | - | - |
| Cash at bank | 54,654 | - | |
| CREDITORS | 54,654 | - | |
| Amount falling due within one year | 6 | - | - |
| NET CURRENT ASSETS | 54,654 | - | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 54,654 | - | |
| NET ASSETS | 54,654 | - | |
| FUNDS | |||
| Unrestricted funds | 7 | 54,654 | - |
| TOTAL FUNDS | 54,654 | - | |
The financial statements were approved by the Board of Trustees on 31 March 2025 and were signed on its behalf by:
………………………………………………………… Trustee Mrs Hee Yeon LEE
Page 5
Notes to the Financial Statements for the Period Ended 31 May 2024
NORTH LONDON KOREAN SCHOOL
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 2015)’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
Incoming resources
All incoming resources are included on Statement of Financial Activities when the charity is legally entitled to the income and amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate 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.
Taxation
The charity is exempt from tax on its charitable activities.
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 praticular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. Investment Income
| Deposit account interest | 2024 £ - |
2023 £ - |
|---|---|---|
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 March 2024 .
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 March 2024 .
Page 6
NORTH LONDON KOREAN SCHOOL
Notes to the Financial Statements - continued for the Period Ended 31 May 2024
| 4. STAFF COSTS 2024 £ Wages and salaries 24,955 The average monthly number of employees during the year was as follows: 2024 Employees 13 No employees received emoluments in excess of £60,000. 5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Other debtors - 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Accrual - 7. MOVEMENT IN FUNDS Net movement At 31.05.23 in funds £ £ Unrestricted funds General fund 66,270 (11,616) TOTAL FUNDS 66,270 (11,616) Net movement in funds, in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 40,967 (52,583) TOTAL FUNDS 40,967 (52,583) 8. FIXED ASSETS 2024 £ Computers & Equipments - |
2023 £ - 2023 4 2023 £ - 2023 £ - At 31.05.24 £ 54,654 54,654 Movement in funds £ (11,616) (11,616) 2023 £ - |
|---|---|
Page 7
NORTH LONDON KOREAN SCHOOL
Detailed Statement of Financial Activities for the Period Ended 31 May 2024
INCOMING RESOURCES
| 2024 £ Voluntary Income Donations 40,967 Investment Income Unaudited Financial Statements for The Period Ended 31 - Total incoming resources 40,967 RESOURCES EXPENDED Costs of generating voluntary income Insurance 536 Postage and Stationary 825 Travel 5 Donations 200 Projects/Events 1,732 Consultancy & subscriptions 1,500 Website 113 Teachers welfare 2,813 Cleaning 48 Teaching materials 4,430 Legal Cost 779 12,981 Charitable activities Wages 25,670 Governance costs Accountancy - Support costs Management Rent Payable 13,932 Total resources expended 52,583 Net Income (11,616) |
2023 £ - - - - - - - - - - - - - - - - - - - - |
|---|---|
Page 8