Charity number: 1011647 Wah Kwong Chinese Association Report of the Trustees and Unaudited Financial Statements For the year ended 31 December 2023 Wah Kwong Chinese Association Contents Page For the year ended 31 December 2023 |Report of the Trustees|1 to 2| |---|---| |Independent Examiner's Report to the Trustees|3| |Statement of Financial Activities|4| |Statement of Financial Position|5| |Notes to the Financial Statements|6 to 10| Wah Kwong Chinese Association Report of the Trustees For the year ended 31 December 2023 The Trustees have pleasure in presenting their report and the financial statements for the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of 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 the Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** The principal objectives of the Association continue to be those of promoting through charitable activities for the benefit of the inhabitants of the city of Leeds and its surrounding regions, particularly those of Chinese origin, the advancement of education, the relief of poverty, sickness, distress and the provision of recreational facilities aim to improve the conditions and well beings of life of such inhabitants. ## **Objectives and aims** The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. ## **ACHIEVEMENTS AND PERFORMANCE** The trustees only organised one event this year,however the trustees and standing committee are looking forward to the future events being organised with increase anticipation. ## **FINANCIAL REVIEW** Results are as shown on the statement of financial activities. A small deficit has arisen due the donations given. ## **REFERENCE AND ADMINISTRATIVE INFORMATION** **Name of Charity** Wah Kwong Chinese Association **Charity registration number** 1011647 **Principal address** 2nd Floor 84-86 North Street Leeds LS2 7PN ## **Trustees** The trustees and officers serving during the year and since the year end were as follows: Ms S. L.Tai Mr Y. W. Sung Mr K. C. Pang Mr J. Y. P. Lee **Secretary** Mr J. Y. P. Lee Mr T. W. Kong **Independent examiners** S H Yik & Co (Chartered Certified Accountant) 29 Barthorpe Crescent Leeds West Yorkshire LS17 5PE 1 of 10 Wah Kwong Chinese Association Report of the Trustees Continued For the year ended 31 December 2023 Approved by the Board of Trustees and signed on its behalf by 05 February 2024 ............................................................................. Ms S. L.Tai 2 of 10 Wah Kwong Chinese Association Independent Examiners Report to the Trustees For the year ended 31 December 2023 I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 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 examiners statement** I have completed my examination. I confirm that no 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 2011 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. S H Yik & Co (Chartered Certified Accountant) 29 Barthorpe Crescent Leeds West Yorkshire LS17 5PE 05 February 2024 3 of 10 ## Wah Kwong Chinese Association Statement of Financial Activities For the year ended 31 December 2023 ||**Notes**|**Unrestricted**|**2022**| |---|---|---|---| |||**funds**|| |||**£**|**£**| |**Income and endowments from:**|||| |Donations and legacies|2|726|250| |Other trading activites|3|48,369|1,559| |Investments|4|7,741|16,685| |**Total**||**56,836**|**18,494**| |**Expenditure on:**|||| |Raising funds|5/6|(48,740)|(3,898)| |Charitable activities||(5,208)|(4,103)| |**Total**||**(53,948)**|**(8,001)**| |**Net income**||**2,888**|**10,493**| |**Reconciliation of funds**|||| |Total funds brought forward||323,377|312,883| |**Total funds carried forward**||**326,265**|**323,376**| 4 of 10 ## Wah Kwong Chinese Association Statement of Financial Position As at 31 December 2023 |**Notes**
**Fixed assets**
Tangible assets
11
**Current assets**
12
Debtors
Cash at bank and in hand
**Creditors: amounts falling due within one year**
13
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**The funds of the charity**
Unrestricted income funds
**Total funds**|**£**
**2023**
212,318
**212,318**
1,608
114,829
**116,437**
(2,490)
**113,947**
**326,265**
**326,265**
326,265
**326,265**|**£**
**2022**
212,536| |---|---|---| |||**212,536**| |||897
112,433| |||**113,330**| |||(2,490)
**110,840**| |||**323,376**| |||**323,376**| |||323,376| |||**323,376**| The financial statements were approved and authorised for issue by the Board and signed on its behalf by: Ms S. L.Tai Trustee 05 February 2024 5 of 10 Wah Kwong Chinese Association Notes to the Financial Statements For the year ended 31 December 2023 ## **1. Accounting Policies** ## **Basis of accounting** 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 2019)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011. Wah Kwong Chinese Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). ## **Funds** Funds are accounted for on a receipts basis. ## **Incoming resources** All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: ## **Donated services and facilities** Donations are accounted for on a receipts basis, where made. ## **Resources expended** Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure: ## **Costs of generating funds** Expenditures are accounted for on a payment basis, where made. ## **Charitable activites** Expenditures are accounted for on a payment basis, where made. ## **Tangible fixed assets** Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Motor vehicles 20% Reducing balance 6 of 10 Wah Kwong Chinese Association Notes to the Financial Statements Continued For the year ended 31 December 2023 ## **2. Income from donations and legacies** |**ncome from donations and legacies**||| |---|---|---| |**Unrestricted funds**
Donations received
Subscriptions received
**ncome earned from other activities**
**Unrestricted funds**
Fund raising events
**nvestment income**
**Unrestricted funds**
Income from investment
properties
Bank interest receivable
**xpenditure on generating donations and legacies**
**Unrestricted funds**
Donations|**2023**
**£**
102
624
**726**
**2023**
**£**
48,369
**48,369**
**2023**
**£**
7,713
28
**7,741**
**2023**
**£**
5,606
**5,606**|**2022**
**£**
250
-| |||**250**| |||**2022**
**£**
1,559| |||**1,559**| |||**2022**
**£**
16,685
-| |||**16,685**| |||**2022**
**£**
478| |||**478**| ## **3. Income earned from other activities** ## **4. Investment income** ## **5. Expenditure on generating donations and legacies** 7 of 10 Wah Kwong Chinese Association Notes to the Financial Statements Continued For the year ended 31 December 2023 ## **6. Expenditure on other trading activities** |**6. Expenditure on other trading activities**||| |---|---|---| ||**2023**|**2022**| ||**£**|**£**| |**Unrestricted funds**||| |Fund raising events|43,134|3,420| ||**43,134**|**3,420**| |**7. Analysis of support costs**||| ||**2023**|**2022**| ||**£**|**£**| |Governance costs|5,208|4,103| |**8. Net income/(expenditure) for the year**||| |This is stated after charging/(crediting):||| ||**2023**|**2022**| ||**£**|**£**| |Depreciation of owned fixed assets|218|272| |Accountancy fees|480|480| |**9. Particulars of employees**||| ||**2023**|**2022**| |there is no paid employee, all volunteers only.|0|0| ||**0**|**0**| ## **10. Comparative for the Statement of Financial Activities** The comparative year values on the Statement of Financial Activites are for unrestricted funds. 8 of 10 Wah Kwong Chinese Association Notes to the Financial Statements Continued For the year ended 31 December 2023 ## **11. Tangible fixed assets** |**Cost or valuation**
At 01 January 2023
At 31 December
2023
**Depreciation**
At 01 January 2023
Charge for year
At 31 December
2023
**Net book values**
At 31 December
2023
At 31 December
2022
**Debtors**
**Amounts due within one year:**
Prepayments and accrued income
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income|**Land and**
**buildings**
**£**
211,446
**211,446**
-
-
**-**
**211,446**
**211,446**|**Fixtures and**
**fittings**
**£**
8,216
**8,216**
7,126
218
**7,344**
**872**
**1,090**
**2023**
**£**
1,608
**1,608**
**2023**
**£**
2,010
480
**2,490**|**Total**
**£**
219,662| |---|---|---|---| ||||**219,662**| ||||7,126
218| ||||**7,344**| ||||**212,318**| ||||**212,536**| ||||**2022**
**£**
897| ||||**897**| ||||**2022**
**£**
2,010
480| ||||**2,490**| ## **12. Debtors** ## **13. Creditors: amounts falling due within one year** 9 of 10 Wah Kwong Chinese Association Notes to the Financial Statements Continued For the year ended 31 December 2023 ## **15. Analysis of net assets between funds** |**Analysis of net assets between funds**|||| |---|---|---|---| ||**Tangible**|**Net current**|**Net Assets**| ||**fixed assets**|**assets /**|| |||**(liabilities)**|| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |_General_|||| |General|212,318|113,947|326,265| ||**212,318**|**113,947**|**326,265**| |**Previous year**|||| ||**Tangible**|**Net current**|**Net Assets**| ||**fixed assets**|**assets /**|| |||**(liabilities)**|| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |_General_|||| |General|212,536|110,840|323,376| ||**212,536**|**110,840**|**323,376**| 10 of 10