Charity registration numbar. 1015620 FUNG SHAN FOUNDATION STRATEGIC REPORT. TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Sloane & Co. LLP Chartered Certified Accountants & Business Advisors Office 015 30 Great Guildford Street Borough, London SE1 OHS
Fung Shan Foundation Contents Page Trustees. Report Independent Auditorfs Report Stslement of Financial Activibes stst8ment of Finandal Posttion Stslement of Cash Flows 10 Notes to the Statem8nt of Cash Flov 11 Not8S to the Financial Statements 12-15
Fung Shan Foundatlon Trustees. Report For The Y•ar Endèd 31 MarGh 2024 The trustees present their report and the finanaal sLqtements for the year erKled 31 March 2024. Objoctives and Actlvliles Alms and Objectlves Under the terms of the trust deed the trustees are empowered to apply fvnds of the charity and any income therèof to or for such charity or charities or for such charitable purpose or purpws In such proportions or in such manner in all respects as in their absolute discretion they think fit. In planning the objectives for the year the trustees have kept in mind the Chaiity Commisslon guidan¢e on public benefit at the trustee meets'ngs. Public Benefft The trustees confimi that they have ¢omplied wtth the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefft. Flnancial Rèvlgw Flnan¢ial Posltlon Details of the Foundation's accounts are (#)ntained on pages 8 to 11 of this report. R8s8rvos Policy The trustees review the level of its free reserves regularty to ensure that the charity woukl be able to continue the current activities in the event of a significant drop in ftinding. Prlnclpal Rlsk and Uncertalnties The trustees have examined the major strategic and operational risks which the chartty faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Structure, Governance and Managgm8nt Governing Document Fung Shan Foundation is constituted by a Deed of Trust dated 22 October 1992. Charlty status The Foundation is registered with the Charity Commission. number 1015620. Pa9e 1
Fung Shan Foundatlon Trustees. Report {¢ontlnuodl For Thé Yèar Ended 31 March 2024 Referonce and Admlnlstrattve Dotails Trustees Mr Joseph Ho {appointed 1010112024) Mr Ming Chi Kwok- Ch8imian Mr Lawr8nce Lee Mr Shucai Liang - (Appointed 2710612024) Rev Ka Leung Shin - Secretary (Appointed 2710612024) Mr Edward Tsui - Treasurer Rev Fr Tirnothy Dean (resigned 2710612024) Rev Fr Eddie Woo (resigned 2710612024) Mr Alan Worsfold (resigned 1010112024) Charlty Number 1015620 Accountants Sloane & Co. LLP Chartered Certified Accountants & Busines8 Advlsors Office 015 30 Great Guildford Street Borough. London SE1 OHS Audltors Accounting Tang Limited 8 Farm Avenue London SW16 2TU Page 2
Fung Shan Foundatlon Trustaas. Report {¢ontinuedl For The Year Ended 31 March 2024 other Infomiatton statemant as to dlsclosurg of information to auditors In so far as the trustees are aware: - there is no relevant audit inf0mtiOn of which the Laritable jurisdiclion's auditors are unaware: and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomialion and to establish that auditors a aware of that information. Statement of Trustees. Responsibililios The trustees are responsible for preparing the Trustees. Report and the financial statements in acwrdance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting Prathce). The law appliCae to charities in England and Wales requires the trustees to prepare financial ststements for eaGh financial year whlch give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of th6 charity for that period. In preparing the financial statements the trustees are requSred select suitable accounting policies and then appty them consistenly: observe the mett70ds and prIncie5 in the Charity SORP: make judgments and accounting estimales that are reasonable and pmdenL state whether applicable accounting standards have been followed" subject to any departures disclosed and explained in the financial statements.. and prepare the financial statemants on the going f£Jnrm basis unless it is inappropriate to prèsume that th8 charity will continue in business. The trustegs are responsible for keeping adequate accounting records vthich disdose with reasonable accuracy at anytime the financial posrt]"on of the chanty and to enable them to ensure that the accounts comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and tha provisions of the Injst deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and Integrlty of the corporate and financlal Infomiatton Induded on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial ststements may differ from legislation in other jurisdictions. Audltors Accounting Tang Ltd has been appointed as auditor of th8 Foundation The trustees. report was approved by the board of trustees and signed on tts behalf by: Mr Ming Chi Kwok Trustee Date Page 3
Independent Audltovs Report to the Mambars of Fung Shan Foundatlon Opinion We have audited the financial ststernents of Fung Shan Foundation (the "chariv) for the year ended 31 Marth 2024 which comprise the Statement of Financial Actiwties {induding Income and Expenditure Account), statemenl of Financial Position. Statement of Cash Flows and the related notes. induding a summary of signfficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards (United Kingdom Generally ACpted Accounting Practice}, including FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland". In our opinion th8 financial statements". give a tru8 and fair view of the stste of the charitys affairs as at 31 Marth 2024 and of its incoming resources and application of r8sourc8s. for the yaar then anded. have b8@n property prepared in atxordance with United Kingdom Generally Accepted Accounting Practlce; and have been prepared in acccKdance with the requirements of the Charities Act 2011. Basis for Oplnlon We conducted our audit in accordance Intemational Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those stsndards ar8 further described in th8 Audf(orfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the 8thical requlremants that are relevant to our audit of the financial statements in the UK, induding the FRC'S EthiGal Stsndard, and we have fuffilled our other ethical spOnSibl11tieS in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appfopriate to provide a basis for our opinton. Concluslons Relating to Going Concern In auditing the financial statements, we have conduded that the trustee¥. use of the going concem basis of accounling in the preparation of the financial statements is appropriaie. Based on the work we have performed. we have not identtfied any Tnaterial uncertainties relating to events or conditions that. indiwdually or collectively, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibiltties of the trustees wtlh respect to going nCern are described in the relevant sections of this report. Other Infomiatlon The other Inf0mtIon ¢omprlaes the Information Included in the annual report. other than the finanGral statementa and our auditorfs r8POrt ther8on. The tnjstees aro SPonSible for the other information contained within the annual report. Our opinlon on the financial statements does not cover the other infomation and we do not express any fomi of assuran¢e conclu$lon thereon. In ¢onnecllon vAth our audit of the financial statements, our responsibility Is to read the other rnformation and, in doing so. consider whether the other informats.on is materially inconsistent with the financial statements or our knowledge obtained in the audit or othe1$e appears to be materially misstatod. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themsefves. If. based on the work we have porformed, we condude that thfire is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard. Page 4
Indepandent Audftorfs Report (continued) to tho Mambars of Fung Shan Foundatlon Matt•rs on Which Wè kn Required to Report by ExGeption We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 2008 require us to report to you rf. in our opinion: Ihe information given In the Trustees, Report is inconsistent In any materlal respect wlth the financlal stslements.. or sufficient accounting records have not been kept.. or the financial statemenls are not in agreement wilh Ihe accx)unting records or rgtums: or we have not received all th8 infomiation and explanations we require for our audit. Responsibllltles of Truste•8 As explalned more fully in the Trustees. Responsibiltbes Ststement sel out on page 3. the trustees are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair view, and for such inlemal control as the Irustees detemiine is necessary to enable the preparation of financi81 statements that are free from material misststement. whether due to fraud or error. In preparing the finane481 statements, the trust88s are responsible for assessing the charity's ability to continue as going concern. disdosing, as applicable. matters related to gcmng concern and using the going concem basis of accounting unless the trustees either intend io liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 5
Independent Audltorfs Report Icontinued) to the Members of Fung Shan Foundation Auditorfs Responslbllitle8 for tho Audit of the Flnanclal Statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in 9rdanCe with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the finan¢lal ststements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will ay$ detect a material misstaternent when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregale, they could feasonably be expected to influence the economiG decislons of users taken on the basis of these financTr statements. Th8 extent to whlch our procedures are capable of detecaing irregularities. induding fraud is detailed below: IrreguSaritles. Including fraud. are instances of nonwcompllance with laws and regulations. We desSgn our audit procedures so as to identify Tnaterial misstatements in respect of non-compliance wilh laws and regulations, having gar(l to the nature of the charity. its control envlronment, and the industy in which it operates. In identifying and assesslng rfsks of material misstatement in resped of irregularities. Includlng fraud. wè consldered the followlng: The charity's operations and gov6mance structure. The control environment established by management and trustees. The results of our enqulrfes of management and trustees regarding their own identification and assessment of rlsks of irregularities. Matters communicated to th• audit and risk committee or board regarding compliance and fraud rlsk. Audit procedures to respond to Sdentified risks induded: We 8nqulred of the Trustees and rewewed c£rfrespondence and Trustee meeting minutes for evidence of non- compliance with relevant laws and regulations. Testing joumal entrfes and other adjustrnents made in preparing the financial statements. Reviewing accounting estimates for evidence of management bia Evaluating the overall presentation of the financial statements for compliance with Charities SORP (FRS 102) and applicable law. We performed analytical procedures to identify any unusual or unexpected relaonshIpS that might indicate risk of matersal mlsslatement due to fraud. Use Of Our Rep¢)rt Th report is made solely to the charitV8 trustees. as a body. in accordance with Part 4 of the Charities {Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters that we are required to state to them in an auditorfs report and for no other Pu0$8. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our 8udit vth, for this report. or for the opinions we have formed. Page 6
Independent Audltorfs Report (continued) to the Members of Fung Shan Foundation Accounting Tang Limf(ed Date i . I AcGounting Tang Limited 8 Fami Avenue London SW16 2TU Accounting Tang Limited is eligible for appointment as auditor of th8 charity by virtue of its eligibility for appointment as auditor of a cornpany under section 1212 of the Companies Act 2006. Page 7
Fung Shan Foundation Statement of Financial Activities For The Year Ended 31 March 2024 2024 2023 UnrestriGted Unrestrictod funds funds INCOME AND ENDOWMENTS FROM: Donations and legacies Investments 1.599.712 26,218 1.625.930 EXPENDITURE ON: Raising funds NET INCOME (11,200) 1.614.730 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS.. Total funds brought forward 1,614.730 TOTAL FUNDS CARRIED FORWARD 11 1.614.731 The note5 on pages 11 to 15 fomi part of these financial statements. Page 8
Fung Shan Foundation statement of Financial Positlon As At 31 March 2024 2024 2023 Unrè$tri¢tod Total funds funds Notss FIXED ASSErs Investment Properties 525.000 525,000 CURRENT ASSETS Cash at bank and In hand 1.090.931 1.090.931 Credltors: Amounts Falllng Due Wtthln One Y•ar 10 (1.200) NET CURRENT ASSETS (UABILMES) 1,089.731 TOTAL ASSETS LESS CURRENT LIABILMES 1,614.731 NET ASSETS 1,614,731 FUNDS OF THE CHARtrY Unrestricted Funds 1.614.731 TOTAL FUNDS 11 1,614,731 On behalf of the board Mr Ming Chi Kwok Trustee Date The notes on pages 11 to 15 form part of these financial statements. Page 9
Fung Shan Foundation Staternont of Cash Flows For The Year Ended 31 March 2024 2024 2023 Not03 Cash flows from op•ratlng actfvitles Net cash generated from operations Net cash generated from operating activtbes 1.589,712 1,589,712 Cash flows from invosting activities Purchase of tsnglble assets Interest received {525,000) 26,218 Not cash used in investing activities (498,782) Increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and Cash equivalents at end of year 1,090,930 1,090,931 Page 10
Fung Shan Foundation Not•s to thé Statement of Cash Flo For The Year Ended 31 Mar¢h 2024 Ro¢onGiliatlon of Income to cash generated from operatlons 2024 2023 Net Income Adjustments for Intergst income Movemgnts in wofvng c8pit81.' In¢rease in trade and other creditors 1.614.730 {26,218) 1.200 Net cash generated from operats.ons 1,589,712 2. Cash and cash equlvalents Cash and cash equivalents. as stated in the Statement of Cash Flows. relates to the following items in the Balance Sheet: 2024 2023 Cash at bank and in hand 1,090,931 3. Analysls of changes In net funds As at 1 Aprtl Cash flows 2023 Asat31 March 2024 Cash at bank and in hand 1.090.930 1.090.931 Page 11
Fung Shan Foundation Notès to thè Financial Statements For The Year Ended 31 March 2024 General Infomiatlon Fung Shan Foundatlon Is an unincorporated charity reglstered with the Charity Commisslon. reglstered charrty number 1015620. The principal address Is. 2. Accountlng Pollcles 2.1. Basis of Preparatlon of Flnan¢lal Stat•ments The financial ststements have been prepared in accordance with the Charities SORP IFRS 102) "Accounting and Reporting by Charities: Statement of Recornmended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019)" Flnanclai Reporung Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland- and the Charities Act 2011. The charity is a Pub5ic Benefft Entity as defined by FRS 102. 2.2. Golng Concern Disclosure The trustees have not idendfied any material uncertaintles relatèd to events or condttions that may cast signlficant doubt about the charity's ability to continue as a going concem. 2.3. Incomlng Resources Income is rocognised in the Statement of Financial Activities (SOFA) when the charity bewmes legal entitled to the income, it is probable thal Ihe income will be reIVed. and the amount can be measured reliat4y. Donations and Legacles Donations are recognised when recEived or when the charity has been nolified in writing of entitlement, provided that the amount can be measured reliably. Invèstmont InGome Investment income is recognised on an accruals basis when receivable. 2.4. Resources Expended Expenditure is reo)gnised in the SOFA on an accruals basis when there is a legal or constructive obligation to make a payment. tt is probable that settlement V&ryll be required. and the amount can be measured reliably. Charttable Activities ExpendilU In¢urre(J direcuy In aen9 me Cnarty's oDJects, Inuuuing staff costs. matellats. proJect delivery expenses. and directy attribuiable support and govemance (#)sts. Fundraislng C¢ists Costs incurred In ralslng voluntsry Inoime, Indudlng staff costs, publlctty, and event expenses. re¢ognlsed when incurred. Governance Costs Those include audit fees and other expenses associated vth compliance and statutory oblÉgations. 2.5. Investment Propertles All investrment propertles are carrted at fair value deterniined annually and derived from the current market rents and investment property yields for comparable real estste, adjusted If necessary for any difference in the nature. location or cOndi.0n of th8 spectfic asseL No depreaation is provided for. Changes in fair value are recognised in the statement of financial activities. Page 12
Fung Shan Foundation Notss to the Financial Statements {contlnued) For The Year Ended 31 March 2024 2.6. Cash and Cash Equlvalerbts Cash and cash equlvalents are baslc flnancial assets and include cash In hand and deposits held at call wlth banks. other short-lerm highly liquid investments that mature in no more than thrae months from the date of acquisition and are readily converuble to a known amount of cash wlth Inslgnlficant risk of change in value, and bank overdrafts. 3. Income from Donations and Logacies 2024 2023 Unrestrlcted Unrestricted funds funds Donations and gifts 1.599.712 4. Investment Income 2024 2023 Unrestrlcted Unrestrlcted funds funds Bank interest receivable 26.218 S. Anatysis of Expenditure 2024 Support costs (see note 61 Raising funds 11,200 6. Support Costs 20Z4 Ralslng funds General administration 11.200 Page 13
Fung Shan Foundation Notes to tha Financial Ststaments {contlnued) For The Year Endad 31 March 2024 7. Audltorfs Remunerntlon Remuneradon received by the charFVs auditors and thelr assooates durlng the year was as follows: 2024 2023 Audit Sarvlces Audit of the company's financial statements 1.200 8. Avora98 Numbor of Employees Average number of employe8s dunng the year was: NIL (2023: NIL) 9. Investment Property 2024 Falr Valuè As at 1 April 2023 Additions 525.000 As at 31 March 2024 525.000 10. Credltors: Amounts Falling Due Wrthin One Year 2024 2023 Accruals and deferred ineA)me 1,200 11. Movement in Funds As at 1 Aprll 2023 Asat31 Expendiiure March 2024 Income UnTaStrletad fund• General: General unrestricted fvnd 1.625.930 (11.200) 1.614.731 Total funds 1.625,930 111.200) 1.614,731 Page 14
Fung Shan Foundation Not•s to the Flnancial Statsments (continuod) For Thè Year Ended 31 March 2024 As at 1 April As at 31 2022 March 2023 Unrestrlctsd fund$ General- General unrestiicted fund Total funds 12. Transactlons wlth Trustees None of thg trustees recewed any remuneration or any other benefits from an empk)yment with the charity or a related entity during the current or previous year. No trustee expenses have been incurred. 13. R•lated Party Dlsclosur6s There have been no related party transactlons in the reportlng perFod that require disclosure. Pag8 15