Isllngton Chinese Assooation Annual Report and Accounts for the year ended 31 Marth 2024 Reg15tered CharityNumber Reglstered Company Number 1042435 02663906 ISLINGTON CHINESE ASSOCIATION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Forward together For the betterment of our community Islin8ton Chinese Assodatlon Annual Report and Accounts lor the year ended 31 March 2024 Table of Contents Legal and Adminlstrative Informatlon TNstees' Report ststement of Dlrectors, and Trustees. Responsibllities Independent Examinerfs Report Statement of Financlal Activltles Balance Sheet as at 31 Marth 2024 10 Notes to the Accounts for the Year Ended 31 March 2024 13 Jslln8ton Chinese A5sociatlon Annual Report and Accounts forthe year ended 31 March 2024 Legal and Admlnistrative information The full name of the charity15 ISUNGTON CHINESE ASSOCIATION. (hereafter called ICA). Its legal re￿$tratIOn detslls are: Date of Incorporation Company Re8iStratlon Number R￿IStered Offl Charlty Re8iStration Number Telephone number 13 November 1991 02663906 21 Hatchard Road. London N19 4NG 1042435 020 7263 5986 Bankers Solicitors Uoyd5 TSB. Hlghbury Comer Branth. 31 Holloway Road, London N7 8JU Ms Wel Un8 Choi LLB (Hons) Kamberley Solidtors l(N)A Chase Side, London N14 SPH Chief Executlve Officer Vacant Management Commlttee officers and members WI￿ served on the Board of Dlrectors durln8 the year up to the date of sknature of the financlal statements were: CHAIRMAN VICE CHAIRMAN TREASURER SECREfARY Ms Man Yim Cheng Ms Floreno Au Mr Wym3n Wong Mr Joseph Long MCMEMBERS Ms Man rim Cheng Ms Florence Au Mr Wyrnan Wong Mrjoseph Long Ms suk Wai Cheung fildlz ( reslgned 4 October 2023) Drstephen Ng MBE Mr Eddie Chan Ms Ng Lai Tuen Monica Mrsiu Hung Perry Fung Ms Yln Wah Landy Chung { tsopted May 2024) Islington Chlnese Assodatlon Annual Report and Accounts for theyear ended 31 Marth 2024 Trustees. report Objectlves and actlvltles of the amrfty The Isllngton Chinese Assoclatton ( ICA ) Is a reg￿ter tharity (1042435) worklng to advance the welfare of Chlnese people In London and beyond. buildlng a vlbrant and integrated communlty. Its afm is to promote diversity through Integration. thallenge limitstions and fdcilitate social change. IC4's focus 15 to work toward5 a fair and just society whereby Chlnese people can assimilate Into the wider sodety and enjoy IlvTng In the UK ￿lebratIng its shared values. ICA provldes social Serv1￿$. promotes Chlnese traditi￿5 and cuttural herftage, serves as a brldge between Chlnese Immlgrants and malnstream groups• pmmotes British/(hinese interests and engages In other charitsble activiknes. The charivs activities indude.. running a Luncheon aub for locals and pensioner5. promoting wellbelng and health through sports. sodal, cultural and arts programmes. outreach and befriendlngi enabling volunteer participatfon. faalitatin£ a hub for youth meetin8s provldlng SUPPOrt to the provision of free breakfasts to the homeless through0￿ the year and monthly vegetsrfan lunthes as well as wlnter shelter between January and March (suspended sln pandemic in 2020). ICA Is a hub for community Indoor sports activtues and hires out its rented premises for community groups and functions at community rate& Message from the Chalr 2024 2023-2024 has been a dynarnic and frutttul period for the ICL By August. our membershlp remained strong at an Impres51ve 830+. maintslning a diverse and vlbrant cornmunity that continues to flourish. Our Journey ha5 been made possible by the unwavering 5UPPOrt of our remarkable funders, includlng Isllngton Councll. the Department for Levelllng Up, Housing and Communities, city Bridge Trust and the Mayor of London Their generous contributions have driven our ability to plan and dellver engaglng and meaningful activlttes. Regular Senrfces Fo(Kl Is often called the universal language of love, and our kitchen has certainly been fluent in itl We have contlnued to seNe three ldatIon Annual Report and Accounts for the par ended 31 March 2024 On the admlnlstratlon front, we are embraclng dO￿tal transformatlon. Mernbership records are belng digitlsed, and automated registration is gaining popularity among our members. It wlll enable us to streamline our servi￿. offering qulcker online registratlon and expandlng sales to support our dalty operatlon& Future Plan5 After 38 years of dedlcated sefvlce. the ICA Is taklng the opportunlty to re-evaluate our vision and rnission. In July, we held a retreat attended by m05t of our trustee5 and staff. It served as an excellent opportunlty ft)r a thorough health theck and dlagnosis of the ICA, utilisin8 an analysEs to assess our strengths, weaknesse¥ opportunities and threats. The board Is workin8 to define our future direction. focusing on sustalnable revenue, human re50urce5. and rnore efficient SOPS ( Standard Operatin8 Procedures ). Th15 year, we wlll have our boards re-elec. I hope they will contlnue to build our legacy wlth visionary leadership ernbracing Innovatlve Ideas and adaptln8 to emergin8 trend5 to keep the ICA relevant and reSpon￿Ve to evolvlng needs of our community. By Setting ambitious goals and fostering a forward-thlnking culture. the new team would drlve the organisation to a new helght and ensure Its contlnued success. Chalrwo anofl 2023-2024} Financial revlew The Flnanclal statements for the 2023n4 year are set out on page5 9 to 16. Durlng the accounting year 2023124 grant funding played a pivotal role In ICA'S flnanclal heatth. as It contrlbuted £130,625 (2023 £132.661) to total income. For the year ended 31 March 2024. ICA reported a surplus of £48.111, an increase from the prevlou5 yearfs 5urplu5 of £16.810. The trustees remain optimistk about the financlal posltlon goin8 forward. With a renewed focus on artivities for the elderly and other members, and ontinued efforts in fundtalsing applications. the charity w511 continue to make 51gnlflcant strides In communlty bettement In the comlng year. The Statement of Financial Activities hlghlighted an increase In Incomlng resources of £42,731 to t¢Jtsl income of £381,749 agalnst £339,018 for the 2022123 Flnancial year. As at 31 March 2024 the total restricted and unrestricted reserves of the charity amounted to £358.9Q5 compared to £310.794 as at 31 Marth 2023. Reserves Policy Reserves are the backl)one of any charitable operation. ensuring continuity even in challenglng Isllngton Chlnese Associat Annual Report and Accounts for the year end￿ 31 Marth 2024 financlal times. ICA'S reserves policy mandates that reserves should cover a minimum of 3-6 months of running expendI￿re. Given the annual expenditure whith 15 in the region of £333.638 In 2023f24, the total reseNes of £358,905 3t 31 March 2024 far exceed the mlnlmum set by the trustees. This robust financial position assures the trustees of the charivs reslllence 28alnst any future slgnfflcant fundlnE reductlons. Investmert Pollcy The trustees manw fvnds held by ICA No Investment advisors have been appolnted. Rlsk Management The trustees conduct an annual review of the major rlsks to whlch the charlty Is exposed wlth a particular focus thls year on the challen8es posed by Inflatlon. Intemal control systems have been established to mltigate the rlsk5 the tharity faces, and these are periodically reviewed to ensure their effettfveness. The slgnlficant flnanclal rlsks presented by Inflatlon have promyted the development of a strategic plan This plan emphasises the diversification of funding sources and actlvltles to ensure the charitys reslllence agalnst the eroding effetts of infiation on purchasing power and operatlonal ce￿ts . The trustees revlew these rfsks annually. ensurlng that the charlty remains prepared and proactive. This re was approved by the Board and signed on fts behalf by ong rer Trustee Trea Date 151ington Chinese Associatlon Annual Report and Accounts for the year ended 31 Marth 2024 Statement of Dlrectors. and Trustees, Responslbllltles Charlty law requfres the directors who are tntstees of the charity to prepare financlal statemerts for each finanrial year. whlch glve a true and falr vlew of the state of affalrs of the charitable company as at the balance sheet date and of Its In¢omin8 resources and appllcatlon of resources, indu(fing income and expendibjres for the financlal year. In preparin8, these financial statements. the trustees are required to: Select suitsble accounting poficie5 and then apply them conslstently; Observe the methods and principles In the applicable Charltles SORP; Make judgements and estimates that are reasonable and prudent: State whether appllcable accountlng standards have been followed. subject to any materlal departures that must be disclosed and explained In the flnandal statements; Prepare the financi315taternents on the golng concern basls unless It Is Inappropriate to presume that the charltywill continue In business. The trustees are responslble for keeping proper accountlng records that disclose with reasonable accuracy at any tlme the financial position of the charity and to enable them to ensure that the finanaal ststements comply wlth the Charitles Att 2011. They are a150 responsible for safeguardlng the assets of the charity and taking reasonable steps for the prevention and detertlon of fraud and other irregularltles. Isllngton Chinese AssocRtion Independent Examinerfs Report forthe year ended 31 Marth 2024 I report on the financial statements of Islington Chinese Association for the year ended 31 March 2024. whlch are set out on pa8es 9 to 17. Rospoctlve responslbllltles of the tntstees and examlner As the charity trustees (and also the dirertors cf the company for the purposes of company law) you are responslble for the P￿paratIon of the finanaal statements. The trustees conslder that an audit is not requlred for thls year under section 144(2)) of the tharitles Act 2011(the 2011 Act ) and that an independent examination is needed. Haw'ng satisfied myself that the charlty is not subject to audlt under company law, and Is eligible for Independent examinatior¥ It 15 my resporLsibllrty to: a) Examlne the accounts under section 145 of the 2011 Art b) Follow the procedure5 laid down in the General Direction glven by the Charity Commisslon under section 145(5)(b) of the 2011 Acl. and c) State whether any partlcular matters have come to my attention Basls of Independent examlTherfs report My examination VRS carried o(rt in accordance with the General Dlrections Biven by the Charity Commission. An examlnation indudes the review of the accounting records kept by the Charlty and a comparison of the financial statements with those records. It Includes consideratlon of any unusual ttems or disclosure5 In the financial Statements. and seeking explanations from the trustees concernlng such matters. The procedures undertaken do not provide all the eviden that would be required in an audit and consequently no opinlon ts glven as to whether the finandal statements sh¢)w a 'true and fairf view and the report is limited to those matters set out on the statement below. Independent examlnerfs Statement In accordance with my statemenL no matter has come to my attentlon: l} Whlch glves me reasonable cau* to believe that in any material respect the requirements (l) To keep proper records In accordan￿ wlth 5ertion 386 of the Companles Act 2006: and (11) To prepare financial statements whlth accord with the accountlng records and comply wlth the accounting Requirements of settion 396 of the cornpanies act 2006 and with the other methods and prinaples of the Statement of Recommended Prdrtlce: Accounting and reporting for Charities have been meL' or 2) To whlch, In my oplnlon. attentlon should be drawn to enable a proper understsnding of the accounts to be reached. Mel Slm Lal OBE DL FCA FCCA LaiPeter5 & Co. Chartered Accountants Suite A 6 Hondurds Street London ECIY OTH Date If / 10 lsllngton Chlnese Assoclatlon Statement of Financial Activities Ilncluding Incorne and Expenditure Accounts) For the year ended 31 March 2024 2024 Unrestricted Restrirted funds funds 2023 Total Total fund5 funds Incomlng resources Voluntary Income AGtlvitfes for generatlng funds Investment Income Grant income 4.724 240510 4.724 240.510 7.045 198,209 1.103 132,661 130.625 130,625 Totsl incomin£ resources 25L124 130.625 381.749 339,018 Costs oAchan"table uctlvjtt 202.760 130.878 333,638 322,208 Total resources expended 201760 130.878 333,638 322 208 Net Incomlng resources before tranrfers between fvnds 48.364 (253) 48,111 16.810 Transfers between funds Net movement In funds 48.364 {253} 48,111 16.810 Recondllatlon of funds Totolfvnds broughtfvrward Total fvnd5 carried forward 310.541 358,905 253 310.794 358,905 293,984 310,794 li Isllngton Chinese Assoclatlon Balance Sheet as at 31 Marth 2024 hlote 2023 Propertyi plart & equlpmeTrt Current assets Debtors Cash at bank and in hand Total wrrent Q55ets 10.n3 14,203 5,270 349,858 355.128 370.055 371509 Credltors Amounts due withln one year Net current assets 10 (23327) (58,537) 296.591 358.￿5 310.794 RESERVES Unrestrlrted income funds Unr&(rlcted revenue accumulated funds Designated revenue funds Total unre5trictedfunds 333.905 285,541 11 25.0(MJ 25,000 358.905 310,541 Restrictsd funds Revenue accumulated property fund Other restricred funds Totsl restrkted fun(Ls 253 253 Totsi chath fund5 358.905 310,794 12 Islin8ton Chlnese Assodatlon The directors/trustees are satisfied that for the year In questlon the charltable company was entitled to exemption from the requiremerrt to obtsin an audlt under section 477 of the Companies Act 2006 and that no mernber or member5 have required the company to obtaln an audit of its accounts for the year in question in accordance with section 476 of the Act. However. in accordan￿ with section 145 of the Charities Act 2011, an Independent Examiner whose report appears on page 8 has exarnlnd the accounts. The directors/trustees ad(nowledge thelr responslblllty for comptying with the requirements of the Companies Act 2(K16 with respert to accountlng records and the preparation of zccounts. These accounts have been prepared In accordano the provlsions applicable to companles subject to the small companie< regime. Approved by the Board and signed on its behalf by: ong rer & TTUStee Treas Date IS(9 [ )Y Registered Company number: 02663906 13 Isllngton Chlnese Assodatlon Notes to the Accounts forthe y￿r ￿ded 31 March 2024 l Ac￿￿At1￿ polldes The principal accaunting pomaes adopted in the preparatlon Df the Ilnancia statéments are Set out below and have remalnal unthan8ed fram the prernyear. Th¢yhave ¢oNSter￿yapP1led *rythin the e a(count& of prtpatatlon ofthe •ccounts The flnandal ststements have been prepared In accord•￿ under the hlstorlcal cort convention and o)mply with the Companle5 kt 2006 and In a¢eordance with tr* LlbarltySORP. "ALxtyJntlng and Reportlng by char￿le￿. Statemert of Rec4mmended Practlca apptscablets Charfues pfEp3TbTrgthefr attounts th ac£ordance wtth FRS 102 . The Hnanclal Reporting Standard aP￿rable in the United Kingdorn and the Republic of Irelarf. ?re prepared In sterftn& vhnth ts the functlorrdl ojrrencyofthe company. The tharity 15 enllrety dependent on (￿tInUIng grant akl and as a Consequen￿ the golng concern basLg Is also depaKlgnt on continuin8 srant atd. The director5/tr￿￿ have con51deTEd future cash Ilows and the going oncern p95ition of the d￿lIty . Thvrf are 5atlsfbEd that the tharity has adequate resour￿ to wntlnue In buslrsess for the next 12 montlts and foreseeable fubjre. Nuordlngty. the financial statements h4ve JRen prepared on a golng corKern baslL Inc£)mlng resources are accounted fijr when the ch¥lty Is entitjed to the Income and the amoum can be quantlfied vAth reasonable accuracy. Volurtary Incorr* Is recelved by way of grants. donaUon5 and gffts and Is Induded In the year In *thich thty are recelved. urdess ftkte to a speclfic p•rlod vthen they wlll be reco8nized ￿erthe perlod to whlchthLry relate. Defwred In accordance with the SORP. grants recelved In ad¥an¢e and Sperff￿ by the donor as relatlng to speclR a¢covniing perfods or alternth￿ whith are to conrfrtions ¥thith are still to be meL and whith are outside the control of the charity orthre It Is unceTtsin thetherthe ￿ndItionS orwlll be mel are deferred n an a¢¢￿al basls to the period towhlth they relats. Suth deferrab are shown In the notes tr) the accounts and the sums Involved are 5hoYffl as¢redltor5 in the accounts. R05aurcesexpended Uabilittes are re£wi￿d on the acfflwl basi5 In accorda￿ with normal accountlng prlnclpl4 ffl¢xlifi8d where necessary In accordance vAth the 8uldance 8fven In the SORP. All Cl￿￿3 8re 8llocAted between the expendlture cate£orles on a basts deslgned to reftect the use of thé rescrfjrce. Co#s rdatlng to a partlcular attPAty are aUo¢ated dlrectly. others are app¢xtioned on zn approprote b*. Chathable artivhkj AU costs dirertly Telated to meeting of the Objecti￿ of the charTty Indudlng that of actfve fvndraislft8 are Induded In thls l*adln& 14 Islln8ton Chinese Assodatlon I taDOble tlxed assrfs are ststed at cost less dewclatlon and has been pro￿ed at the followin£ rates In order to wrlte off the assets (less thelr expected resldualvalue) overthelr estlmated useful eeonomlc Ilves. ovatlons & lease Improvements OftIcE furnlture &ffttlngs Eqwpment Plart and mathlnery 0￿r remalnln8 Perlodofcurr￿t lease 3 years 3 ￿arS The period of wrlte off VAS th?n8ed to 3 years ITr theyw ended 31 Marth 202L Caw grants The board ef trustees considers thaL In order to COM￿ wlth the SORP, gifts of tan￿￿e flxed assets or 8rants of a capltsl nature glven for specific purpose5 and fvlly utllized in the furtherance of the obl8ctfr08s of the th3rlty should be uedited to the relevantfved asset fund after the sums havE been propertyexpended on the restricted purpo The rekted as5et155h￿￿ In the balance sheet at the fill tostof acqulsition or 5ub5equertrwdlualion. Ifthe rel￿ed assets are ￿ble￿t0 tE5tri￿n5 the 8rant maklngorgantsalkn on thelr use and d15P05al. then thue restrtcttons are noted In the fixed asset section of the* accounts. Taxatlon As a fwtered tharlty. the company Is exempt from In￿rne and COTporatlon tax to the ertent that Tts Income and galns are applTcable to charitsble purpose5 only. Value Added Tax Is not recoverable by the company, and 15 therèfore Included In the releyarrt costs in the Staternent of ffnandal Actithles The tharlty rnalntalns a ynerd unre5trkted fund whlth represerts funds *thkh are expendable at the dis(xetlon of trustees in furtherance of the objactlves of the charity. Such funds may be held in order to finance both worklng capital and capltsl IAvesbnent. Restrlcted fvnds have been provlded to the tharity for particular purpos4 and it 55 the poliry of the board of trustee5 to carefully mcnltor the appllotlon of those furAdsln accordance with the T￿trIdIonS pkced uponthem. 2 Wlndlng up or dLssolutlon of the ¢harfty If upon wlndln8 up or dlssolutlon of the chartty there remaln ary atsety after the gtlsfactlon of all debts ?nd liabmftles. the assets reprE5erted by the accumLrfated furKI shall be transfwred to sume other charltablè bDdy or bo¢fies havlngslmllaroblerttves to the tharity. The charky Is Inco• Under the Companles and b Ilfflited by 8uarantK eadb member having undertaken to contrlbute such amounts not e#￿edIr¥ £1 as fflay be requlred In the event of the company belng vMund up vthllst he orshe ts stlll a member or wlthln Me y&r thereafter. There were ￿ rnernbe￿ as at 31 Marth 202412023 6201. Is Isllrwton Chinese Assodatlon 3 Surplu8 lorthe finandal year 2023 Depreclatlon of ¢Y￿￿f￿1 assets 4248 6.742 Rentsls underoperdtlng leases 328 ILS00 dep￿dert tAamlnef$fee 2023 Salarles & Stsff co 103,415 135.529 14,472 34.770 5,945 124.750 Premlses and related costs ProfessTonalfees 37M2 6k32 171331 Depreclatlan & Los5 an disp03al of Fixed as Unrestrlcted Restrlcted 201760 189.322 lrniestment Incom• 8¥nk deposlt Intprnt re￿l￿ble 1103 Staff Costs and EmokThu 1023 Gross Salats & Employerfs NIC bthre fvhlouehgrant sL￿penSIOns Costs 101.690 192 124,192 1138 Wvmber5 of employees The avera8e monthty number ofemptoyees dUrI￿the ye¥was Engaged on tharftsble athft1È5 En8a8ed on rn•nag•mertand admlnlstratkjn I￿rIng the year, no trustw dairrnd any travel or expen5e5 from the d￿fity 12023 Nll.) There were no employees￿ enKAuments in exw of£60mJ perannu Penslons Extstlng employtt5 of the rharlty were enrolled In the Worwace Pen5ign Stheme wlth NEST, which . funded by contributlons from ernpluyee and employer. The company does not oper4te any other defined contrlbutlon stherne for the beneht of its employee% Contrfbutlons payable we recognlzed In Statement ot F￿￿nCIal *Ai¥itswhen du 16 1slln8ton Chlnese Assodatlon Tan￿ble F￿ed Assets Offlce equlpmen Furntturo and Plant & Rettrlcted M4¢hlMry ￿nrf assets At l Aprll 2023 Adthion 54392 34.1 760 At 31 Marth 2024 54. 392 2L423 34.￿1 1.435 Accumulated Dewedallon At l Aprfl 2023 Charye for the year 50.473 11216 L747 31,597 77 IL82 253 Ai 31 March 2024 IV63 3L597 L435 N•t Bopk Value at 31 Marth 2024 Net Bookvalue at 31 Marth 2WI3 7.447 253 totsl rjet boDkwdlue of tsngible fLYed assets at 31 M•th 2024 ajnounted to £W.722 {2023 £14203). Debtsrs 2024 2023 Debtors 5,270 10 Creditors: amounts due wlthln one year 20Z3 Trade & Operatlng Credlto Deferred income Accruals 23.967 30.457 13 327 As at 31 Marth 2024. there deferred re5trtcted income of £4￿25 relating to the *hrivlng Beats Survlvlrf proJect and nettour recelpts of £18354 for a taur taklng Pl￿ after the year end. fteferto note 12 forAnatysls of moment In unre5trlcted ueneral fund5and restricted fund& 17 1511n8ton Chlnese Assouation 11 Partkutars of Indmdual and analysbof and fRbiltties reprESentin8funds Unrtstrfcted Deslgnated Ratrirt funds funds funts Total As at 31 Marth 2024 Tan8ible ftxed assets Current assets Current liabi1ft1es iQll3 10,723 371.509 3,3271 358.905 IU327) Desl8nated fuThds rekn to Imwovement to prem15es Stsff costs contlngency Purchase of Perr[￿￿ert premises As at 31 March 2023 Tangibletsed assets Current assets I3￿50 33￿￿8 253 14.203 355.128 Current Ilabllltles (54537) 158537) 310.794 253 IZ Analysls of movanent In furbds as shown In the table abov• Incornfn8 ou1801￿ Movement resources resources In funds Unrestrtcted Eenttal funds Donatlons Luncheon club Other actlvStles and fvndraising Bank interest income Hall and faclltties hlre 4.724 30.0 188.61 22368 25L124 (202.760) a64 Restrkted fun LB I￿rnEtOn Luncheon aub Thrfvlng Beats Survivlng Project 51775 Welcome Hon8kongers & Impart Grant sU￿tOtal (130A781 1253) Totsl 38¥749 1331638) 48.111 The Incoming rest)urce5 above Include deferrEd In(x>me brought forward from the prevlous year and exclude deferred Income as at 31 March 202