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 inf0m￿tiOn of which the L*aritable 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 appliCa￿e 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 prInci￿e5 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£Jnr*m 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 AC￿pted 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 Inf0m￿tIon ¢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$lon thereon. In ¢onnecllon vAth our audit of the financial statements, our responsibility Is
to read the other rnformation and, in doing so. consider whether the other informats.on is materially inconsistent with
the financial statements or our knowledge obtained in the audit or othe￿1$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 9￿rdanCe 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 a￿y$ 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 rela￿onshIpS 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 Pu￿0$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 re￿IVed. 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 a￿￿e￿n9 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 v￿th 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