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2021-06-30-accounts

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Charity Registration No. 1015621

Company Registration No. 02763177 (England and Wales)

MING-AI ASSOCIATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

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MING-AI ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Executive Committee Members Mr Holland Kwok
Prof. Jonathan Tai Leck Liu
Mr Kah Fei Ho
Ms Grace Chung
Mr Andrew Waha Kwok
Mrs Hanifah Law
Honorary President Cardinal Vincent Nichols
Chairman Prof Jonathan Tai Leck Liu
Dean Ms Chung Wen Li
Secretary Mr Kah Fei Ho
Charity number 1015621
Company number 02763177
Principal address 1 Cline Road
Off Bounds Green Road
London
N11 2LX
Registered office 1 Cline Road
Off Bounds Green Road
London
N11 2LX
Independent examiner Jon Saw FCCA
45 Chase Court Gardens
Enfield
Middlesex
EN2 8DJ
Bankers HSBC Bank plc
Cross Road
897 Finchley Road
Golders Green
London
NW11 7NX

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MING-AI ASSOCIATION

CONTENTS

Page
Directors' report 1 - 3
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 15

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MING-AI ASSOCIATION

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2021

The Executive Committee Members present their annual report and financial statements for the year ended 30 June 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The original principal activity of Ming-Ai was focused on organising adult educational courses, and promoting educational seminars and exchanges with the People's Republic of China in London. Over the years the activities of the charity has broadened and deepened to include Chinese people from all over the world and support the development of a better understanding of the Chinese Culture and its heritage. The main objectives for the year were:

The objectives are pursued by the staff of Ming-Ai under the direction of the Dean and are regularly reviewed by the Board of Trustees. The activities carried out in the year ended 30 June 2021 shown in the financial statements where the various sources of income, including donations received are noted is a true reflection of the activities of the charity.

The Executive Committee Members have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

2020/21 was still an unprecedented year for Ming-Ai because of the continued coronavirus pandemic and national lockdowns. We ran our programmes online, and had developed a digital platform via the educational Microsoft Teams. We continue servicing our funded projects, offering opportunities to engage and learn about Chinese Culture, and offering the MA in Chinese Culture Heritage Management programme in collaboration with the Middlesex University. A new British Chinese Heritage Centre website has also been developed.

For the MA Chinese Cultural Heritage Management programme, we went through the revalidation process with Middlesex University between May and July 2021 and had been successfully revalidated. We used this opportunity to restructure the programme by providing nine teaching modules instead of five teaching modules. Also, we have created extra two entry levels, namely: PGCert and PGDip; and a new PGCert Heritage Skills for Community. The new strategy allows us to explore different education markets.

The Fun :) Healthy Chinese Cuisine Ambassador Project is in its sixth year during academic year 2020/21, however, due to the long lockdowns and pandemic guidance from the schools and government, the project team was not able to visit any schools or provide in-person workshop. The project team has spent time in developing online cooking demonstration video, digital platform for schoolteachers, and had arranged an online competition for schools' food teachers.

The project commissioned by a private Hong Kong funder on the former Hong Kong Governors’ yacht – The Lady Maurine, the funder has decided to postpone the book publishing date because of the pandemic and political issues in Hong Kong.

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MING-AI ASSOCIATION

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Despite the difficulties of being locked down and not able to deliver face-to-face workshops and classes, Ming-Ai applied for and was awarded the Heritage Emergency Fund to equip the COVID precaution measures for the building and office. Also an oral history project “Life in the Time of Corona”, in partnership with the British Library for remote interviewing to produce 50 interviews documenting the testimonials among the Chinese communities in the UK during the pandemic.

Financial review

The charity had total incoming resources, for the year of £330,743 (2020: £223,635 ) details of which are shown in the Statement of Financial Activities. Resources expended totalled £216,106 (2020: £205,444) resulting in a surplus for the year of £114,637 (2020: £18,191).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Executive Committee Members consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Executive Committee Members have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for the future

We are working on our submission to the Office for Students in order to become an independent provider of education.

We will focus on the new cultural heritage projects offered by National Lottery Heritage Fund which has released new grant schemes. We applied and have been awarded for “The COVID We Remember” project, to produce a documentary and 50 short videos using the materials we collected for the “Life in the Time of Corona” project. It allows us to explore collaboration opportunities with other educational institutions.

We are finalising the sale agreement of the Institute’s property with the Bishop in Hong Kong and Fung Shan Foundation in the UK. At the end of this sale settlement, Ming-Ai will own one quarter of the building (existing premises). This legacy will allow us to have a higher degree of independence and autonomy.

As Ming-Ai matures and moves forward, the Board of Trustees has been focusing on planning strategically ahead. To this end the Board has held workshops to shape its strategic outlook to strengthen the resilience of Ming-Ai. This would in the long run allow Ming-Ai to be more streamlined with its objectives and aims as well as enhancing the legacy of its founder, Dr Theresa Shak.

Structure, governance and management

The Ming-Ai Association was formed as a charitable company in 1992. It is a company limited by guarantee, was incorporated on 9 November 1992 and registered as a charity on 7 December 1992. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

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MING-AI ASSOCIATION

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

The Executive Committee Members, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Holland Kwok Prof. Jonathan Tai Leck Liu Mr Kah Fei Ho Ms Grace Chung Mr Andrew Waha Kwok Mrs Hanifah Law

The Directors are appointed by the members of the Association. To be eligible for appointment they must be a member. The Directors meet 4 or 5 times a year and are responsible for the management of the Association.

One of the Directors shall retire from office at every Annual General Meeting.

A retiring Director shall be eligible for re-election for a further term. After retirement from the Executive Committee he or she shall be eligible for election to the Committee at the Annual General Meeting at which he or she retired or any subsequent Annual General Meeting.

No Director has an interest in the company, which is limited by guarantee.

Directors are appointed at the Annual General Meeting of the charity although they can be appointed by the Committee in the interim.

The majority of the Members on the Executive Committee are Christians and already have a good understanding of the Association's work. New Members receive an induction including an explanation of the aims, objectives and financial results of the Association.

Prof. Jonathan Tai Leck Liu Member of the Board of Trustees Dated: 26 October 2021

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MING-AI ASSOCIATION

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2021

The Executive Committee Members, who are also the directors of Ming-Ai Association for the purpose of company law, are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Executive Committee Members to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Executive Committee Members are required to:

The Executive Committee Members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

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MING-AI ASSOCIATION

DIRECTORS' DECLARATION ON UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

In relation to the financial statements which comprise the statement of financial activities, the balance sheet and the related notes:

On behalf of the board

Prof. Jonathan Tai Leck Liu

Director

26 October 2021

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MING-AI ASSOCIATION

INDEPENDENT EXAMINER'S REPORT

TO THE EXECUTIVE COMMITTEE MEMBERS OF MING-AI ASSOCIATION

I report to the Executive Committee Members on my examination of the financial statements of Ming-Ai Association (the charity) for the year ended 30 June 2021.

Responsibilities and basis of report

As the Executive Committee Members of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants (ACCA), which is one of the listed bodies.

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:

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 financial statements to be reached.

Jon Saw FCCA

45 Chase Court Gardens Enfield Middlesex EN2 8DJ

Dated: 26 October 2021

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MING-AI ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2021

Unrestricted Restricted
funds
funds
2021
2021
Notes
£
£
Income and endowments from:
Donations and legacies
2
346
-
Charitable activities
3
91,689
205,760
Investments
4
17
-
Other income
5
32,931
-
Total income
124,983
205,760
Expenditure on:
Charitable activities
6
113,769
102,337
Net incoming resources before transfers
11,214
103,423
Gross transfers between funds
103,423
(103,423)
Net income for the year/
Net movement in funds
114,637
-
Fund balances at 1 July 2020
37,529
-
Fund balances at 30 June 2021
152,166
-		 Total
2021
£
346
297,449
17
32,931
330,743
216,106
114,637
-
114,637
37,529
152,166		 Total
2020
£
9,154
206,641
86
7,754
223,635
205,444
18,191
-
18,191
19,338
37,529

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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MING-AI ASSOCIATION

BALANCE SHEET

AS AT 30 JUNE 2021

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due
within one year
12
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
153
180,713
180,866
(33,169)		 £
4,469
147,697
152,166
152,166
152,166		 2020
£
215
46,722
46,937
(10,961)		 £
1,553
35,976
37,529
37,529
37,529

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Executive Committee Members on 26 October 2021

Prof. Jonathan Tai Leck Liu Mr Andrew Waha Kwok
Trustee Trustee

Company Registration No. 02763177

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MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

Charity information

Ming-Ai Association is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Cline Road, Off Bounds Green Road, London, N11 2LX.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Executive Committee Members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Executive Committee Members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Executive Committee Members in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

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.

Voluntary income is received by way of donations and is included in full in the Statement of Financial Activities in the year in which they are receivable.

Income resulting from the charitable activities is recognised in full in the Statement of Financial Activities in the year in which it is receivable.

Investment income is recognised on a receivable basis.

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MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

In accordance with the Statement of Recommended Practice grants received in advance and specified by donor as relating to specific accounting periods or alternatively which are subject to conditions which are still to be met, and which are outside the control of the charity or where it is uncertain whether the conditions can or will be met, are deferred on an accruals basis to the period to which they relate. Such deferrals are shown in the notes to the accounts and the sums involved are shown as creditors in the accounts.

1.5 Expenditure

Expenditure is recognised on an accruals basis when a liability is incurred. Contractual arrangements are recognised as services are supplied.

Costs of generating funds are those costs incurred in attracting voluntary income.

Charitable activities include expenditure associated with the organisation of the course fees and programme income.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of a resource. Costs relating to a particular activity are allocated directly.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

2 Donations and legacies

Unrestricted Total
funds
2021 2020
£ £
Donations and gifts 346 9,154

3 Charitable activities

Sales within charitable activities
Services provided under contract
Less: deferred income
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 30 June 2020
Unrestricted funds
Restricted funds		 Courses
2021
£
-
91,689
-
91,689
91,689
-
91,689
98,619
-
98,619		 Funded
projects
Rental income
2021
2021
£
£
234,185
-
-
-
(28,425)
-
205,760
-
-
-
205,760
-
205,760
-
-
100
107,922
-
107,922
100		 Total
2021
£
234,185
91,689
(28,425)
297,449
91,689
205,760
297,449		 Total
2020
£
107,922
98,719
-
206,641
98,719
107,922
206,641
98,719
107,922
206,641

4 Investments

Unrestricted Total
funds
2021 2020
£ £
Interest receivable 17 86

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MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

5 Other income

Unrestricte Unrestricted
d
funds
funds
2021
2020
£
£
Other income 32,931
7,754
Charitable activities
Courses Funded
Total
Total
projects
2021
2020
2021 2021
£ £
£
£
Staff costs 47,758 78,857
126,615
111,685
Depreciation and impairment 1,556 -
1,556
517
Activities undertaken directly 38,773 2,073
40,846
18,882
Support costs - 21,407
21,407
42,183
Other charitable expenditure 25,682 -
25,682
32,177
113,769 102,337
216,106
205,444
113,769 102,337
216,106
205,444
Analysis by fund
Unrestricted funds 113,769 -
113,769
97,522
Restricted funds - 102,337
102,337
107,922
113,769 102,337
216,106
205,444
For the year ended 30 June 2020
Unrestricted funds 97,522 - 97,522
Restricted funds - 107,922 107,922
97,522 107,922 205,444

6 Charitable activities

7 Executive Committee Members

During the year, Ms Grace Chung was engaged as a lecturer under standard terms of the charity and was remunerated in the total sum of £5,440. None of the other Executive Committee Members (or any persons connected with them) received any remuneration during the year.

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MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

8 Employees

Number of employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Administrative 3 3
Internship 5 3
8 6
Employment costs 2021 2020
£ £
Wages and salaries 120,723 106,043
Social security costs 4,033 5,642
Other pension costs 1,859 -
126,615 111,685

There were no employees whose annual remuneration was £60,000 or more.

9 Taxation

The Ming-Ai Association is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

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MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

10
Tangible fixed assets
Cost
At 1 July 2020
Additions
At 30 June 2021
Depreciation and impairment
At 1 July 2020
Depreciation charged in the year
At 30 June 2021
Carrying amount
At 30 June 2021
At 30 June 2020
11
Debtors
Amounts falling due within one year:
Trade debtors
12
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
13
Other creditors
Accruals and deferred income
13
Deferred income
Other deferred income		 Plant and machinery
£
124,935
4,473
129,408
123,449
1,490
124,939
4,469
1,553
2021
2020
£
£
153
215
2021
2020
£
£
2,091
1,188
28,425
-
2,053
9,173
600
600
33,169
10,961
2021
2020
£
£
28,425
-