2024-09-30-accounts

Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

Charity registration number 1015621 (England and Wales) Company registration number 02763177

MING-AI ASSOCIATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

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
	Prof. Ibrahim Sirkeci
	Prof. Wilson Ng
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
Auditor	George Arthur Limited
	Suite 6b, Wentworth Lodge
	Great North Road
	Welwyn Garden City
	Herts
	AL8 7SR
Bankers	HSBC Bank plc
	Cross Road
	897 Finchley Road
	Golders Green
	London
	NW11 7NX

Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

CONTENTS

	Page
Directors' report	1 - 3
Statement of directors' responsibilities	4
Independent auditor's report	5 - 7
Statement of financial activities	8
Balance sheet	9
Statement of cash flows	10
Notes to the financial statements	11 - 21

Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Executive Committee Members present their annual report and financial statements for the year ended 30 September 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".

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. In addition, the charity has extended its coverage to include people from widening participation areas. The main objectives for the year were:

• To promote social, cultural heritage, educational and economic exchanges among the peoples of Britian with peoples from Hong Kong, China, and other parts of the world, without distinction of colour or creed.

• To serve all people, irrespective of colour or creed for the advancement of Christian beliefs, the advancement of education, the relief of poverty and the general benefit of the public in such manner as may be charitable.

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 period ended 30 September 2023 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

For the MA Chinese Cultural Heritage Management programme, Middlesex University has terminated the partnership on 20 Feb 2024 due to internal re-structuring. Therefore, we teach-out and run the final cohort for 2024/25 academic year. The study tour to Dunhuang (UNESCO site) was resumed in Mar 2024 after the pandemic with over 30 members joining.

We received funding from the Hong Kong Economic and Trade Office (London) to organise a concert to celebrate the Chinese New Year of the Dragon in Feb 2024, at St Martin-in-the-Field Hall.

The “Taste of Memory” project, funded by the British Academy and partnered with Middlesex University, the University of Nottingham, and the London Archives has been successfully launched in Oct 2024. The project is also selected by the British Academy as one of their 2025 summer showcase.

Financial review

The charity had total incoming resources, for the year of £254,027(2023: £187,480) details of which are shown in the Statement of Financial Activities. Resources expended totalled £284,871 (2023: £253,205) resulting in a deficit for the year of £30,844 (2023: £65,725 deficit).

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.

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 were inspected by the Office for Students in Oct 2024 after almost 3 years of preparation, and is now waiting for the outcome. We will look for new academic partners for our new programmes or courses to expand the education scope.

As Ming-Ai matures and moves forward, the Board of Trustees has been focusing on planning strategically ahead. To this end the Board has reviewed governance and academic policies to shape its strategic outlook and strengthening 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.

We will continue to work on the study tour programmes as it is welcome by the communities.

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.

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 (Resigned 31 May 2024) Prof. Ibrahim Sirkeci Prof. Wilson Ng

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.

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Auditor

In accordance with the company's articles, a resolution proposing that George Arthur Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Executive Committee Members has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

• Further details of the charity may be found at its website: https://www.ming ai.org.uk

Prof. Jonathan Tai Leck Liu

Member of the Board of Trustees Dated: 31 July 2025

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2024

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the charitable company’s auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MING-AI ASSOCIATION

Opinion

We have audited the financial statements of Ming-Ai Association (the ‘charity’) for the year ended 30 September 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Executive Committee Members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Executive Committee Members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MING-AI ASSOCIATION

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the directors' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

• the directors' report included within the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Executive Committee Members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of Executive Committee Members

As explained more fully in the statement of directors' responsibilities, the Executive Committee Members, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Executive Committee Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Executive Committee Members are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Executive Committee Members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MING-AI ASSOCIATION

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

07879F27FA094E7...

Jane A Rook (Senior Statutory Auditor)

For and on behalf of George Arthur Limited

31 July 2025

Chartered Accountants Statutory Auditor

Suite 6b, Wentworth Lodge Great North Road Welwyn Garden City Herts AL8 7SR

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024

Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 2 15,000 - Charitable activities 3 109,007 128,326 Investments 4 1,694 - Total income 125,701 128,326 Expenditure on: Charitable activities 5 145,434 139,437 Net expenditure for the year/ Net movement in funds (19,733) (11,111) Fund balances at 1 October 2023 17,595 11,111 Fund balances at 30 September 2024 (2,138) -	Total 2024 £ 15,000 237,333 1,694 254,027 284,871 (30,844) 28,706 (2,138)	Total 2023 £ 9,979 176,283 1,218 187,480 253,205 (65,725) 94,431 28,706

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

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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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

BALANCE SHEET

AS AT 30 SEPTEMBER 2024

		2024		2023
	Notes	£	£	£	£
Fixed assets
Tangible assets	10		1,729		2,304
Current assets
Debtors	11	52,265		2,977
Cash at bank and in hand		71,451		72,416
		123,716		75,393
Creditors: amounts falling due within	12
one year		(127,583)		(48,991)
Net current (liabilities)/assets			(3,867)		26,402
Total assets less current liabilities			(2,138)		28,706
Net assets excluding pension liability			(2,138)		28,706
The funds of the charity
Restricted income funds	15		-		11,111
Unrestricted funds			(2,138)		17,595
			(2,138)		28,706

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 September 2024.

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 31 July 2025

A95114A91D2E4D5... Prof. Jonathan Tai Leck Liu

Member of the Board of Trustees

Company registration number 02763177 (England and Wales)

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Notes Cash flows from operating activities Cash absorbed by operations 18 Investing activities Investment income received Net cash generated from investing activities Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2024 £ 1,694	£ (2,658) 1,694 - (964) 72,416 71,451	2023 £ 1,218	£ (47,012) 1,218 - (45,794) 118,209 72,416

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 Reporting period

The accounting policies of the company were amended to align the financial year-end with the academic calendar of Master’s courses. Consequently, the conclusion of the financial year was extended from its original date of 30th June 2023 to a new date of 30th September 2023. This extension of the financial year has an implication on the comparative figures, rendering them not directly comparable due to the difference in the length of the financial periods.

1.2 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" 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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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.

1.3 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.

1.4 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 or grantors 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.

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 Accounting policies

(Continued)

1.5 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.

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.

Government grants which relate to revenue are accounted for under the accrual model and therefore recognised as income in the period in which the entity recognises the related costs for which the grant is intended to compensate. Government grants with conditions attached are recognised within Charitable Activities and those without conditions attached are recognised in Donations and Legacies

1.6 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.

1.7 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 Fixtures, fittings & equipment 25% on reducing balance Computers 25% on reducing balance

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 Accounting policies

(Continued)

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.

1.8 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).

1.9 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.

1.10 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 payments 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.

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

1 Accounting policies

(Continued)

1.11 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.

1.12 Retirement benefits

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

2 Donations and legacies

Unrestricted funds 2024 £ Donations and gifts 15,000 Government grants income - 15,000 Grants receivable for core activities Kick Start Scheme - -	Total 2023 £ 6,723 3,256
	9,979
	3,256
	3,256

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

3 Charitable activities

Sales within charitable activities Services provided under contract Other income Analysis by fund Unrestricted funds Restricted funds For the year ended 30 September 2023 Unrestricted funds Restricted funds	Courses 2024 £ - 106,442 2,565 109,007 109,007 - 109,007 39,998 - 39,998	Funded projects 2024 £ 128,326 - - 128,326 - 128,326 128,326 - 136,285 136,285	Total 2024 £ 128,326 106,442 2,565 237,333 109,007 128,326 237,333	Total 2023 £ 136,285 39,998 -
				176,283
				39,998 136,285
				176,283
				39,998 136,285
				176,283

4 Investments

	Unrestricted	Total
	funds
	2024	2023
	£	£
Interest receivable	1,694	1,218

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2024

5 Charitable activities

Courses Funded projects 2024 2024 £ £ Staff costs 10,461 120,472 Depreciation and impairment 576 - Activities undertaken directly 56,880 17,333 Support costs 74,751 132 Other charitable expenditure 1,266 - 143,934 137,937 Share of governance costs 1,500 1,500 145,434 139,437 Analysis by fund Unrestricted funds 145,434 - Restricted funds - 139,437 145,434 139,437 For the year ended 30 September 2023 Unrestricted funds 113,082 - Restricted funds - 140,123 113,082 140,123 6 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets	Total 2024 £ 130,933 576 74,213 74,883 1,266 281,871 3,000 284,871 145,434 139,437 284,871 2024 £ 3,000 576	Total 2023 £ 141,752 1,047 69,417 32,373 5,616
		250,205 3,000
		253,205
		113,082 140,123
		253,205
		113,082 140,123
		253,205
		2023 £ 3,000 1,048

7 Executive Committee Members

None of the Executive Committee Members (or any persons connected with them) received any remuneration during the year.

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

8 Employees

The average monthly number of employees during the year was:

	2024	2023
	Number	Number
Administrative	7	5
Internship	-	4
Total	7	9
Employment costs	2024	2023
	£	£
Wages and salaries	123,719	135,321
Social security costs	5,420	3,806
Other pension costs	1,794	2,625
	130,933	141,752

During the period ended 30 September 2023, Prof. Jonathan Tai Leck Liu was reimbursed a total of £130.50 for his travel-related expenses.

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

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

Remuneration of key management personnel The remuneration of key management personnel was	as follows:
	2024	2023
	£	£
Aggregate compensation	34,205	40,856

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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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

10 Tangible fixed assets Plant and machinery Fixtures, fittings & equipment Computers £ £ £ Cost At 1 October 2023 79,685 42,251 7,472 At 30 September 2024 79,685 42,251 7,472 Depreciation and impairment At 1 October 2023 78,352 42,251 6,500 Depreciation charged in the year 333 - 243 At 30 September 2024 78,685 42,251 6,743 Carrying amount At 30 September 2024 1,000 - 729 At 30 September 2023 1,332 - 972 11 Debtors 2024 Amounts falling due within one year: £ Trade debtors 49,099 Prepayments and accrued income 3,166 52,265 12 Creditors: amounts falling due within one year 2024 Notes £ Other taxation and social security 1,783 Deferred income 13 119,800 Accruals 6,000 127,583 13 Deferred income 2024 £ Other deferred income 119,800	Total £ 129,408
	129,408
	127,103 576
	127,679
	1,729
	2,304
	2023 £ 194 2,783
	2,977
	2023 £ 1,375 36,000 11,616
	48,991
	2023 £ 36,000

Deferred income is included in the financial statements as follows:

• 18 -

Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

13 Deferred income Deferred income is included within: Current liabilities Movements in the year: Deferred income at 1 October 2023 Resources deferred in the year Deferred income at 30 September 2024 14 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes	(Continued) 2024 2023 £ £ 119,800 36,000 36,000 - 83,800 36,000 119,800 36,000 2024 2023 £ £ 1,794 2,625	(Continued) 2024 2023 £ £ 119,800 36,000 36,000 - 83,800 36,000 119,800 36,000 2024 2023 £ £ 1,794 2,625
		- 36,000
		36,000
		2023 £ 2,625

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At	1	October	Incoming	Resources	At 30
			2023	resources	expended	September
						2024
			£	£	£	£
			11,111	128,326	(139,437)	-
Previous Period:	At	1	October	Incoming	Resources	At 30
			2022	resources	expended	September
						2023
			£	£	£	£
			14,949	136,285	(140,123)	11,111

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 October	At 1 October	Incoming	Resources	At 30
		2023	resources	expended	September
					2024
		£	£	£	£
General funds		17,595	125,701	(145,434)	(2,138)
Previous Period:	At 1 October		Incoming	Resources	At 30
		2022	resources	expended	September
					2023
		£	£	£	£
General funds		79,482	51,195	(113,082)	17,595
Analysis of net assets between funds
			Unrestricted	Restricted	Total
			funds	funds
			2024	2024	2024
			£	£	£
At 30 September 2024:
Tangible assets			1,729	-	1,729
Current assets/(liabilities)			(3,867)	-	(3,867)
			(2,138)	-	(2,138)
			Unrestricted	Restricted	Total
			funds	funds
			2023	2023	2023
			£	£	£
At 30 September 2023:
Tangible assets			2,304	-	2,304
Current assets/(liabilities)			15,291	11,111	26,402
			17,595	11,111	28,706

17 Analysis of net assets between funds

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Docusign Envelope ID: 3D6EE855-C827-4FBE-96A4-E2F4E6FC2066

MING-AI ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

18	Cash absorbed by operations	2024	2023
		£	£
	Deficit for the year	(30,844)	(65,725)
	Adjustments for:
	Investment income recognised in statement of financial activities	(1,694)	(1,218)
	Depreciation and impairment of tangible fixed assets	576	1,047
	Movements in working capital:
	(Increase)/decrease in debtors	(49,288)	634
	(Decrease) in creditors	(5,208)	(17,750)
	Increase in deferred income	83,800	36,000
	Cash absorbed by operations	(2,658)	(47,012)

19 Analysis of changes in net funds

The charity had no material debt during the year.

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