NEW KOREA EDUCATION CENTRE CIC

Company limited by guarantee

Company Registration Number:
14819191 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 21 April 2023

End date: 30 April 2024

NEW KOREA EDUCATION CENTRE CIC

Contents of the Financial Statements

for the Period Ended 30 April 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Community Interest Report

NEW KOREA EDUCATION CENTRE CIC

Directors' report period ended 30 April 2024

The directors present their report with the financial statements of the company for the period ended 30 April 2024

Principal activities of the company

education of Korean Language



Directors

The directors shown below have held office during the whole of the period from
21 April 2023 to 30 April 2024

Hyangkue Lee
Rakgyun Shin
Bugyeong Jung
Kyung Hur


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
8 January 2025

And signed on behalf of the board by:
Name: Hyangkue Lee
Status: Director

NEW KOREA EDUCATION CENTRE CIC

Profit And Loss Account

for the Period Ended 30 April 2024

2024


£
Turnover: 42,287
Cost of sales: 0
Gross profit(or loss): 42,287
Distribution costs: 0
Administrative expenses: ( 25,024 )
Other operating income: 0
Operating profit(or loss): 17,263
Interest receivable and similar income: 0
Interest payable and similar charges: 0
Profit(or loss) before tax: 17,263
Tax: 0
Profit(or loss) for the financial year: 17,263

NEW KOREA EDUCATION CENTRE CIC

Balance sheet

As at 30 April 2024

Notes 2024


£
Fixed assets
Intangible assets:   0
Tangible assets:   0
Investments:   0
Total fixed assets: 0
Current assets
Stocks:   0
Debtors:   0
Cash at bank and in hand: 17,743
Total current assets: 17,743
Net current assets (liabilities): 17,743
Total assets less current liabilities: 17,743
Creditors: amounts falling due after more than one year:   0
Provision for liabilities: 0
Accruals and deferred income: ( 480 )
Total net assets (liabilities): 17,263
Members' funds
Profit and loss account: 17,263
Total members' funds: 17,263

The notes form part of these financial statements

NEW KOREA EDUCATION CENTRE CIC

Balance sheet statements

For the year ending 30 April 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 8 January 2025
and signed on behalf of the board by:

Name: Hyangkue Lee
Status: Director

The notes form part of these financial statements

NEW KOREA EDUCATION CENTRE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

NEW KOREA EDUCATION CENTRE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees

    2024
    Average number of employees during the period 14

COMMUNITY INTEREST ANNUAL REPORT

NEW KOREA EDUCATION CENTRE CIC

Company Number: 14819191 (England and Wales)

Year Ending: 30 April 2024

Company activities and impact

The company launched a Saturday Korean class, New Malden Korean School, for children of Korean immigrants in June 2023 and has continued to operate it since. The company has concentrated on supporting children of Korean heritage embrace their cultural identity while growing up in the UK, through learning their mother tongue. During the fiscal year 2023-2024, Over 50 students benefited from this initiative. Alongside the general Korean learning programme, the company has offered various extracurricular activities to enhance the effectiveness of education and maintain the children’s interest in learning. These extracurricular sessions include a drama class, which helps students practice speaking Korean and learn various colloquial expressions, as well as a singing class where children sing and dance to Korean nursery rhymes.

Consultation with stakeholders

The company’s stakeholders include parents and children who aim to preserve their Korean heritage or acquire knowledge of the Korean language and culture. The company holds regular termly meetings with parents to gather feedback and exchange ideas on school operations. Additionally, ad hoc meetings are conducted with teachers and Parent Committee members to discuss and consult on changes to school policies or operational plans. The company directors have maintained open communication with parents to support their children’s adaptation to the Korean school environment. During the fiscal year, the company collaborated with the Parent Committee to explore ways to enhance its financial sustainability of the Korean School. This led to several initiatives, including the ‘Penny Donation Project’, encouraging students to voluntarily donate coins weekly, and a plan to increase tuition fees by 10%. The plan was proposed by the Parent Committee, which the directors believe is a testament to the value created by the company for the local Korean community.

Directors' remuneration

The directors currently do not receive any remuneration unless they also serve as teachers and the headteacher. Two directors who take on teaching responsibilities, an agreed rate of £14 per hour is paid. The total teaching workload amounts to 4 hours per week. A director serving as the headteacher is paid £300 per month for full-time work.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
14 January 2025

And signed on behalf of the board by:
Name: Hyangkue Lee
Status: Director