**Company registration number 02763177 (England and Wales) Charity registration number 1015621 (England and Wales)** ## **MING-AI ASSOCIATION** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025** ## **MING-AI ASSOCIATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Executive Committee Members**|Prof. Jonathan Tai Leck Liu| |---|---| ||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| |**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**|UY Accountants Ltd| ||78 York Street| ||London| ||W1H 1DP| |**Bankers**|HSBC Bank plc| ||Cross Road| ||897 Finchley Road| ||Golders Green| ||London| ||NW11 7NX| ## **MING-AI ASSOCIATION** ## **CONTENTS** ||**Page**| |---|---| |Directors' report|1 - 3| |Statement of directors' responsibilities|4| |Independent auditor's report|5 - 8| |Statement of financial activities|9| |Balance sheet|10| |Statement of cash flows|11| |Notes to the financial statements|12 - 20| ## **MING-AI ASSOCIATION** ## **DIRECTORS' REPORT** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ The Executive Committee Members present their annual report and financial statements for the year ended 30 September 2025. 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 people of Britain with people 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 2025 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 Master of Art (MA) Chinese Cultural Heritage Management programme, Middlesex University has terminated the partnership on 20 February 2024 due to the internal re-structuring of the university. Therefore, we taught-out and ran the final cohort for 2024/25 academic year. The study tour to Dunhuang (UNESCO site) and Hexi Corridor was carried out in March 2025 with 15 members joining. We applied to Pearson for approval in April 2025 as a centre to deliver Pearson programmes and received approval in August 2025 to deliver the new HND Business, Entrepreneurship and Small Business, a 2- year higher national diploma programme. Our first cohort launched in October 2025 with 29 students. We received funding from the Hong Kong Economic and Trade Office (London) in March 2025 to organise a concert in October 2025, at Bishopsgate Institute. This was well received and attended. The “Taste of Memory” project, funded by the British Academy and partnered with Middlesex University, the University of Nottingham, and the London Archives was successfully launched in October 2024. It was subsequently selected by the British Academy for inclusion in its 2025 summer showcase. The project was relaunched in September 2025 with a new sponsor, Lee Kum Kee Ltd., and continues independent of the previous university partnerships. The project is scheduled for completion in October 2026. - 1 - ## **MING-AI ASSOCIATION** ## **DIRECTORS' REPORT** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ ## **Financial review** The charity had total incoming resources, for the year of £269,719 (2024: £254,027) details of which are shown in the Statement of Financial Activities. Resources expended totalled £240,853 (2024: £284,871) resulting in a surplus for the year of £28,866 (2024: £30,844 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. 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 and reviewed by the Office for Students in October 2024 and subsequently received formal approval in July 2025. With this milestone achieved, we are now seeking new academic partners to collaborate on future additional programmes and courses, to enable Ming-Ai to broaden and strengthen its educational offerings. As Ming-Ai further develops and moves forward, the Committee has been focusing on planning strategically ahead. To this end the Committee has reviewed and improved 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. Ming-Ai will continue to offer the study tour programmes as it is welcome by the communities and an integral programme to foster stronger ties with Chinese culture and heritage. ## **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 (Deceased 28 January 2026) Prof. Jonathan Tai Leck Liu Mr Kah Fei Ho (Resigned 28 May 2025) Ms Grace Chung Mr Andrew Waha Kwok Prof. Ibrahim Sirkeci Prof. Wilson Ng - 2 - ## **MING-AI ASSOCIATION** ## **DIRECTORS' REPORT** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ 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. ## **Auditor** In accordance with the company's articles, a resolution proposing that UY Accountants Ltd 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: 28 April 2026 - 3 - ## **MING-AI ASSOCIATION** ## **STATEMENT OF DIRECTORS' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ 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. - 4 - ## **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 ‘charitable company’) for the year ended 30 September 2025 which comprise statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of 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 2025 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 trustees’ 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 entity'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 trustees 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 trustees 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. - 5 - ## **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 trustees’ report, which includes the directors’ report prepared for company law purposes, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report included within the trustees’ 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ 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 trustees’ 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 trustees’ report and from the requirement to prepare a strategic report. ## **Responsabilities of trustees** As explained more fully in the trustees’ responsibilities statement the trustees (who are also the directors of the charitable company for the purposes 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 trustees 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 trustees are responsible for assessing the charitable company’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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. - 6 - ## **MING-AI ASSOCIATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MING-AI ASSOCIATION** ## **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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and posting inappropriate journal entries to manipulate the fair value of the charitable company's assets. Our tests included agreeing the financial statement disclosures to underlying supporting documentation where relevant, review of trustees meeting minutes, enquiries with management as to the risks of noncompliance and any instances thereof, challenging assumptions and judgments made by management, and identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. Our audit procedures also focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less like we are to become aware of it. A further description of our responsibilities is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report. ## **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. - 7 - ## **MING-AI ASSOCIATION** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MING-AI ASSOCIATION** ## **Mr Usman Naseer FCA (Senior Statutory Auditor)** For and on behalf of UY Accountants Ltd Chartered Accountants and Statutory Auditors UY Accountants Ltd 78 York Street London W1H 1DP 28 April 2026 - 8 - ## **MING-AI ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ |**Unrestricte**
**d**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and
legacies
**2**
19,874
-
Charitable activities
**3**
92,093
156,339
Investments
**4**
1,413
-
**Total income**
113,380
156,339
**Expenditure on:**
Charitable activities
**5**
93,170
147,683
**Total expenditure**
93,170
147,683
**Net income/(expenditure)**
20,210
8,656
Transfers between
funds
8,656
(8,656)
**Net movement in**
**funds**
**6**
28,866
-
**Reconciliation of funds:**
Fund balances at 1 October
2024
(2,138)
-
**Fund balances at 30**
**September 2025**
26,728
-|**Total**
**Unrestricte**
**d**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
19,874
15,000
-
248,432
109,007
128,326
1,413
1,694
-
269,719
125,701
128,326
240,853
145,434
139,437
240,853
145,434
139,437
28,866
(19,733)
(11,111)
-
-
-
28,866
(19,733)
(11,111)
(2,138)
17,595
11,111
26,728
(2,138)
-|**Total**
**2024**
**£**
15,000
237,333
1,694
254,027
284,871
284,871
(30,844)
-
(30,844)
28,706
(2,138)| |---|---|---| 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. - 9 - ## **MING-AI ASSOCIATION** ## **BALANCE SHEET** ## _**AS AT 30 SEPTEMBER 2025**_ |**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/(liabilities)**
**Total assets less current liabilities**
**The funds of the charity**
Unrestricted funds
**16**|**2025**
**£**
3,368
65,675
69,043
(44,362)|**2024**
**£**
**£**
2,046
52,265
71,451
123,716
(127,583)
24,681
26,727
26,727
26,727|**£**
1,729
(3,867)
(2,138)
(2,138)
(2,138)| |---|---|---|---| The financial statements were approved by the Executive Committee Members on 28 April 2026 Prof. Jonathan Tai Leck Liu **Member of the Board of Trustees** - 10 - ## **MING-AI ASSOCIATION** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ |**Notes**
**Cash flows from operating activities**
Cash absorbed by operations
**17**
**Investing activities**
Purchase of tangible fixed assets
Investment income received
**Net cash generated from investing activities**
**Net cash generated from 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**|**2025**
**£**
(1,000)
1,413|**£**
(6,189)
413
-
(5,776)
71,451
65,675|**2024**
**£**
-
1,694|**£**
(2,658)
1,694
-
(964)
72,416
71,451| |---|---|---|---|---| - 11 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ ## **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 Basis of preparation** 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. ## **1.2 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 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. ## **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. - 12 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ ## **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. 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 ## **1.5 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 Fixtures, fittings & equipment 25% on reducing balance Computers 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. - 13 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ ## **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 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. ## **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. - 14 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ ## **2 Donations and legacies** |Donations and gifts
**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 2024**
Unrestricted funds
Restricted funds|**Courses**
**2025**
**£**
-
90,530
1,563
92,093
92,093
-
92,093
109,007
-
109,007|**Unrestricted**
**funds**
**2025**
**£**
19,874
**Funded**
**projects**
**Total**
**2025**
**2025**
**£**
**£**
156,339
156,339
-
90,530
-
1,563
156,339
248,432
-
92,093
156,339
156,339
156,339
248,432
-
128,326
128,326|Total
2024
£
15,000| |---|---|---|---| ||||**Total**
**2024**
**£**
128,326
106,442
2,565| ||||237,333| ||||109,007
128,326| ||||237,333| ||||109,007
128,326| ||||237,333| ## **3 Charitable activities** ## **4 Investments** ||**Unrestricted**|Total| |---|---|---| ||**funds**|| ||**2025**|2024| ||**£**|£| |Interest receivable|1,413|1,694| - 15 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ ## **5 Charitable activities** |**Courses**
**Funded**
**projects**
**2025**
**2025**
**£**
**£**
**Staff costs**
10,108
125,340
Depreciation and impairment
682
-
Activities undertaken directly
80,065
19,343
Support costs
-
-
Other charitable expenditure
(685)
-
90,170
144,683
Share of governance costs
3,000
3,000
93,170
147,683
**Analysis by fund**
Unrestricted funds
93,170
-
Restricted funds
-
147,683
93,170
147,683
**For the year ended 30 September 2024**
Unrestricted funds
145,434
-
Restricted funds
-
139,437
145,434
139,437
**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**
**2025**
**£**
135,448
682
99,408
-
(685)
234,853
6,000
240,853
93,170
147,683
240,853
**2025**
**£**
6,000
682|**Total**
**2024**
**£**
130,933
576
74,213
74,883
1,266| |---|---|---| |||281,871
3,000| |||284,871| |||145,434
139,437| |||284,871| |||145,434
139,437| |||284,871| |||**2024**
**£**
3,000
576| ## **7 Executive Committee Members** None of the Executive Committee Members (or any persons connected with them) received any remuneration during the year. - 16 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ ## **7 Executive Committee Members** ## **(Continued)** During the period ended 30 September 2025, Grace Chung, a trustee of the charity, received remuneration totaling £3,420 (2024: £3,000) for professional services as a lecturer and supervisor for the MA course. These payments are classified within Higher Education lecturers' expenses in the Statement of Financial Activities. These payments were made under the authority provided in the charity’s governing document and represent a market rate for the services provided. In accordance with the charity’s conflict of interest policy, Grace Chung was not involved in the decision-making process regarding her appointment or the setting of these fees. ## **8 Employees** The average monthly number of employees during the year was: ||**2025**|**2024**| |---|---|---| ||**Number**|**Number**| |Administrative|7|7| |**Employment costs**|**2025**|**2024**| ||**£**|**£**| |Wages and salaries|128,615|123,719| |Social security costs|5,516|5,420| |Other pension costs|1,318|1,794| ||135,449|130,933| 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:|| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Aggregate compensation|34,205|34,205| ## **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. - 17 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ |**10**
**Tangible fixed assets**
**Plant and**
**machinery**
**Fixtures,**
**fittings &**
**equipment**
**Computers**
**£**
**£**
**£**
**Cost**
At 1 October 2024
79,685
42,251
7,472
Additions
-
-
1,000
At 30 September 2025
79,685
42,251
8,472
**Depreciation and impairment**
At 1 October 2024
78,686
42,251
6,743
Depreciation charged in the year
250
-
432
At 30 September 2025
78,936
42,251
7,175
**Carrying amount**
At 30 September 2025
749
-
1,297
At 30 September 2024
1,000
-
729
**11**
**Debtors**
**2025**
**Amounts falling due within one year:**
**£**
Trade debtors
-
Prepayments and accrued income
3,368
3,368
**12**
**Creditors: amounts falling due within one year**
**2025**
**Notes**
**£**
Other taxation and social security
1,665
Deferred income
**13**
34,125
Trade creditors
3,172
Accruals
5,400
44,362
**13**
**Deferred income**
**2025**
**£**
Other deferred income
34,125|**Total**
**£**
129,408
1,000| |---|---| ||130,408| ||127,680
682| ||128,362| ||2,046| ||1,729| ||**2024**
**£**
49,099
3,166| ||52,265| ||**2024**
**£**
1,783
119,800
3,000
3,000| ||127,583| ||**2024**
**£**
119,800| - 18 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ |**13**
**Deferred income**
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 October 2024
Resources deferred in the year
Deferred income at 30 September 2025
**14**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**(Continued)**
**2025**
**2024**
**£**
**£**
34,125
119,800
119,800
36,000
(85,675)
83,800
34,125
119,800
**2025**
**2024**
**£**
**£**
1,318
1,794|**(Continued)**
**2025**
**2024**
**£**
**£**
34,125
119,800
119,800
36,000
(85,675)
83,800
34,125
119,800
**2025**
**2024**
**£**
**£**
1,318
1,794| |---|---|---| |||36,000
83,800| |||119,800| |||**2024**
**£**
1,794| 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**|**Transfers**|**At 30**| |---|---|---|---|---|---|---|---| ||||**2024**|**resources**|**expended**||**September**| ||||||||**2025**| ||||**£**|**£**|**£**|**£**|**£**| ||||-|156,339|(147,683)|(8,656)|-| |**Previous year:**|**At**|**1**|**October**|**Incoming**|**Resources**|**Transfers**|**At 30**| ||||**2023**|**resources**|**expended**||**September**| ||||||||**2024**| ||||**£**|**£**|**£**|**£**|**£**| ||||11,111|128,326|(139,437)|-|-| - 19 - ## **MING-AI ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_ ## **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**|**Incoming**|**Resources**|**Resources**|**Transfers**|**At 30**| |---|---|---|---|---|---|---|---|---|---| ||||**2024**|**resources**||**expended**|||**September**| ||||||||||**2025**| ||||**£**||**£**||**£**|**£**|**£**| ||General funds||(2,138)|113,380|||(93,170)|8,656|26,728| ||**Previous year:**|**At 1 October**||**Incoming**||**Resources**||**Transfers**|**At 30**| ||||**2023**|**resources**||**expended**|||**September**| ||||||||||**2024**| ||||**£**||**£**||**£**|**£**|**£**| ||General funds||17,595|125,701|||(145,434)|-|(2,138)| |**17**|**Cash absorbed by operations**|||||||**2025**|**2024**| |||||||||**£**|**£**| ||Surplus/(deficit) for the year|||||||28,866|(30,844)| ||**Adjustments for:**||||||||| ||Investment income recognised in statement of|||financial|activities|||(1,413)|(1,694)| ||Depreciation and impairment of tangible fixed|||assets||||682|576| ||**Movements in working capital:**||||||||| ||Decrease/(increase) in debtors|||||||48,897|(49,288)| ||Increase/(decrease) in creditors|||||||2,454|(5,208)| ||(Decrease)/increase in deferred|income||||||(85,675)|83,800| ||**Cash absorbed by operations**|||||||(6,189)|(2,658)| ## **18 Analysis of changes in net funds** The charity had no material debt during the year. - 20 -