The New Zealand Korea Veterans' Memorial Trust was established on 30 September 1988 to provide continuing bursaries to Kap Yong Buk Middle School in the Republic of Korea and to contribute to the education of young Koreans. Kap Yong Buk Middle School is in a part of South Korea which served as a base of operations for Kayforce during the Korean War. The Trust also provides scholarships to young Koreans living on the island of Paengnyeong-do, which was a regular port of call for frigates of the Royal New Zealand Navy during the war.
The Trust is now a lasting memorial to the New Zealand Veterans who served in the Korean War and who originally established the Trust to provide support for the education of young Koreans. The current trustees, appointed by the Korean War veterans trustees on 11 December 2017, are Colonel (Retd) Harry Cockburn, Commander Chris Griggs, RNZNR, and Lieutenant Commander Michael Stephens, RNZNVR (Retd).
The Trust is grateful to the Embassy of the Republic of Korea in Wellington for its on-going support.