Islington Chinese Association
Annual Report and Accounts for the vear ended 31 March 2025
Registered Charity Number Registered Company Number
1042435
02663906
ISLINGTON CHINESE ASSOCIATION
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2025
Forward together For the betterment of our community
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Islington Chinese Association
Annual Report and Accounts for the vear ended 31 March 2025
| Table ofContents | |
|---|---|
| Legaland Administrative Information | 3 |
| Trustees’ Report | 4 |
| Statement of Directors’ and Trustees’ Responsibilities | 9 |
| Independent Examiner’s Report | 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet as at 31 March 2025 | 13 |
| NotestotheAccountsfortheYearEnded31March2025 | 15 |
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Islington Chinese Association
Annual Report and Accounts for the vear ended 31 March 2025
Legal and Administrative information
The full name of the charity is ISLINGTON CHINESE ASSOCIATION, (hereafter called ICA).
Its legal registration details are:
Date of incorporation 13 November 1991 Company Registration Number 02663906 Registered Office 21 Hatchard Road, London N19 4NG Charity Registration Number 1042435 Telephone number 020 7263 5986
Bankers Lloyds TSB, Highbury Corner Branch, 31 Holloway Road, London N7 8JU Solicitors Ms Wei Ling Choi LLB (Hons)
Kamberley Solicitors 39 Gower’s Walk, London E1 8BS
Centre Director
Mr Tszho Au Yeung Appointed 19 January 2025
Management Committee officers and members who served on the Board of Directors during the year up to the date of signature of the financial statements were:
CHAIRMAN Ms Man Yim Cheng ( to 15 September 2024)
Mr Wyman Wong ( from 15 September 2024 to 24 April 2025} Mr lan Tang {( from 24 April 2025 to 23 May 2025 } VICE CHAIRMAN Ms Florence Au ( to 15 September 2024) Ms Man Yim Cheng ( from 15 September 2024 to 23 May 2025 ) Mr Eddie Chan ( from 24 April 2025 to 23 May 2025 ) TREASURER Ms Yin Wah Landy Chung ( from 15 September 2024 to 23 May 2025 ) Mr Wyman Wong ( from 12 June 2025) SECRETARY Mr Joseph Long ( to 15 September 2024) Mr lan Tang ( from 15 September 2024 to 24 April 2025 ) Mr Siu Hung Perry Fung ({ from 12 June 2025 )
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Islington Chinese Association
Annual Report and Accounts for the vear ended 31 March 2025
Ms Florence Au continued to be a Trustee after stepping down as Vice Chairman.
MC MEMBERS
Ms Man Yim Cheng { resigned 23 May 2025 }
Ms Florence Au
Mr Wyman Wong
Mr Joseph Long{ resigned 15 September 2024 )}
Dr Stephen Ng MBE
Mr Eddie Chan ( resigned 23 May 2025 )
Ms Ng Lai Tuen Monica ( resigned 15 September 2024)
Mr Siu Hung Perry Fung
Ms Yin Wah Landy Chung ( Co-opted May 2024; resigned 23 May 2025)
Dr Mou Fung Chan ( Co-opted 15 March 2025 to 23 May 2025 )
Mr lan Tang ( from 15 September 2024 to 23 May 2025 )
Trustees’ report
Objectives and activities of the Charity
The Islington Chinese Association (ICA ) is a register charity (1042435) working to advancing the welfare and wellbeing of Chinese people in London and beyond, whilst actively fostering a vibrant and integrated community. Our mission is straightforward to promote diversity through integration, challenge limitations and drive social change.
ICA is dedicated to building a fair and just society whereby Chinese individuals can fully assimilate into the wider community and enjoy life in the UK while celebrating our shared values. We provide essential social services, advocate for Chinese traditions and cultural heritage, and serve as a vital link between Chinese immigrants and mainstream society, all while championing British -Chinese interests and engaging in a broad range of charitable activities.
MAIN ACTIVITIES
Our primary activities include :-
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Islington Chinese Association
Annual Report and Accounts for the vear ended 31 March 2025
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Luncheon Club — this esteemed service for locals and pensioners has been partially funded by Islington Council since 1991. We deliver diverse, nutritious meals crafted by talented chefs and dedicated volunteers, all at community rates. Our quarterly birthday parties are incredibly popular and consistently oversubscribed.
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Health and Wellbeing Promotion- we focus on enhancing wellbeing through sports, social gatherings, cultural program and arts initiatives. ICA offers outreach and befriending services, creates volunteer opportunities, and provides a hub for youth meetings.
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Support for the Vulnerable -we proudly support St Gabriel’s Catholic Church in providing free breakfasts to the homeless and vulnerable throughout the year, and we previously ran a winter shelter program which is currently on pause due to the pandemic.
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Indoor Sports Hubour facilities provide a dynamic venue for indoor community sports activities, and we rent our spaces to community groups at equitable rates.
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Regular services — in addition to the Luncheon Club, we provide a wide range of classes for all ages. including:
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English classes —-tailored to accommodate various levels from elementary to advanced
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Fitness and Arts programs — our offerings include Tai Chi Sword dance, 24- form Tai Chi Chuan, easy fitness classes, Wing Chun, lion dance, and drumming- helping members to engage in leisure and gentle physical exercise
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Cultural Activities — we host Chinese Calligraphy classes, knitting classes, singing technique training, Cantonese operatic classes, and educational programs for children like the Little Art Explorer Group
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Social Activities- among our diverse offerings are table tennis, badminton, Mahjong Fun Day, haircutting, wine tasting, bingo and more. We also conduct impactful talks and seminars on vital health topics, including dental health, prostate awareness, mental health, life planning, and important practical matters tike wills, power of attorney, pension information and home maintenance
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Esteemed Groups- our collaboration with the Cantonese Operatic Singing Group has thrived for nearly three decades, offering weekly practice sessions that are open to the public. The group has adapted and welcomed new members while remaining devoted to Cantonese music. Special events such as the Appreciation of Tik Sang TONG’s work on July 20, 2024, and the Charity Concert on May 31, 2025 were both sold out, demonstrating our community’s strong support.
The Table Tennis Club enjoys enthusiastic participation from members of all ages and abilities, with practice sessions being fully booked five days a week in the Upper Hall. The 6" Annual Table Tennis Competition, held on June 19, 2025, was a resounding success.
Karaoke sessions, which run five days a week, provide our members with a great avenue for selfexpression. These culminated in a sold-out Gala Concert on July 6, 2025, in partnership with the TTT-GX Group. Our day trips and overnight tours are in high demand among both new and longstanding members.
We orchestrate safe, meticulously planned, and cost effective tours. Our past trips have included visits to Guildford, the Foundling Museum, the British Museum, King’s Cross Urban
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Islington Chinese Association
Annual Report and Accounts for the vear ended 31 March 2025
Regeneration, Ireland, North Devon, and the Sky Garden, as well as overnight excursions to Spain, France, the New Forest, ireland, North Devon, and North Wales- all of which filled up rapidly.
THRIVING BEATS SURVIVING ( TBS ) PROJECT
Thanks to the substantial grant of £248,900 from the City Bridge Foundation, the Thriving Beats Surviving ( TBS ) project is now confidently entering its fifth year, set to conclude in March 2026. This initiative is committed to empowering seniors over the age of 55. In addition to our current programs, TBS is actively enhancing its impact through community engagement and outreach. The voluntary Over 55 Lion Dance and Drumming performances have been incredibly invigorating and uplifting, generating a contagious energy among all participants. Beyond performing at major ICA events, the Lion’s Troupe is consistently invited to showcase their talents at a variety of venues, including day care centres, elderly homes, hospices, primary schools, weddings, and business openings. These performances allow us to spread joy and demonstrate that our seniors are cherished and valued members of the community. A stand out moment for the troupe occurred when they were invited to perform at No 10 Downing Street during the Lunar New Year of the Snake Reception for the Chinese community on February 10, 2025, where the TBS Coordinator took on the role of Master of Ceremonies.
On June 20, 2024, the SKH Kei Fook Primary School from Hong Kong visited the Association as part of their cultural tour. Approximately 40 students guided by their teachers, engaged with and learned about the vibrant Chinese communities in the United Kingdom. These educational and cultural exchanges take place regularly, thanks to the dedication and expertise of our invaluable volunteers.
The Dementia Awareness Day, organised by the UCL Dementia Institute on June 28,2025 was an essential event that united clinical doctors, professors, postdoctoral researchers, and supporting agencies at the Association. This occasion provided a vita! platform for our members and the public to stay informed about the latest advancements in dementia research, presented in English. Cantonese, and Putonghua. Our Oral History team is diligently coordinating interviews, materials and archives for the commemoration of the Association’s 40'° Anniversary. The visionary contributions of our volunteers have been crucial to the success of this initiative. We are determined to secure additional funding to ensure the continued success of the TBS project, reinforcing our commitment to meaningful and transformative work in the community.
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Islington Chinese Association
Annual Report and Accounts for the year ended 31 March 2025
FESTIVALS
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The Lunar New Year Festival is the most recognized calendar event that has taken place in recent years at the premises open to all. The Honourable Mayor of Islington, the Parish Priest of St Gabriel’s Catholic Church, The Constituency Member of Parliament, and many distinguished guests and friends are invited to share in the joy and festivities. The event features cultural decorations, exhibitions, performances, food stalls, souvenirs, and riddles, al} showcasing Eastern heritages in the West. A highlight of the celebrations is the exhilarating Lion Dance performed by Elderly Volunteers. Additionally, Meitheal Cheoil, which performs traditional Irish music and tap dancing, offers a delightful experience for all, as this long-standing Irish Cultural Group has been active at the premises even before the Islington Chinese Association took over its management.
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Christmas is recognized as the most peaceful festival, often celebrated with family gatherings. It coincides with the Winter Solstice in the Lunar calendar and sumptuous banquets are arranged to mark the end of the year. The Moon Festival, also known as the Mid-Autumn Festival, celebrates the roundest and brightest moon. Mooncakes, sticky rice cakes, and turnip cakes, along with lanterns of various shapes and colours, add to the festival’s allure, inspired by the legend of the fairy who consumeda stolen elixir and became trapped in solitude on the moon.
LOOKING FORWARD - by the end of 2024/25 financial year, our membership numbered 809. However the Welcome Hong Kong and Impact Grant, along with the Mayor of London grant expired after 2024, leaving us with a deficit of £36,643 for the 2024/25 financial year. We will need a concerted effort to explore new funding sources, grants, and revenue-generating activities to stabilize our finances moving forward.
On 23 May 2025, four trustees and one co-opted trustee resigned. We hope that with the election and addition of new Trustee members at the AGM, the incoming Board will guide the Islington Chinese Association into a new era. We are grateful for the unwavering support from Islington Council, the Mayors and Councillors throughout our journey, the Constituency Member of Parliament, and the Parish Priests of St Gabriel’s Catholic Church who have guided and enlightened the management of the Islington Chinese Association. We also appreciate our Patrons, Honorary Legal Advisor, Trustees through thick and thin, past and present staff teams, and all of our unforgettable members. Last but not least, we extend our gratitude to the unsung heros- all volunteers who have dedicated their time, energy, and passion. Without their support the Association could not have come this far
The Islington Chinese Association will continue to serve the Chinese and wider communities fairly, respectfully and tirelessly.
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Islington Chinese Association
Annual Report and Accounts for the vear ended 31 March 2025
Financial review
The Financial statements for the 2024/25 year are set out on pages 12 to 21.
During the accounting year 2024/25 Total income amounted to £305,078 ( 2024 £381,749).
For the year ended 31 March 2025, ICA has a deficit of £36,643 ( 2024 Surplus £48,111), due to a big drop in grant income and an increase in costs. As at 31 March 2025 the total unrestricted reserves of the charity amounted to £322,262 compared to £358,905 as at 31 March 2024.
Reserves Policy
Reserves are the backbone of any charitable operation. ensuring continuity even in challenging financial times. ICA’s reserves policy mandates that reserves should cover a minimum of 3-6 months of running expenditure. Given the annual expenditure which is in the region of £342,000 in 2024/25, the total reserves of £322,262 at 31 March 2025 far exceed the minimum set by the trustees.
Investment Policy
The trustees manage funds held by ICA. No investment advisors have been appointed.
Risk Management
The trustees conduct an annual review of the major risks to which the charity is exposed with a particular focus this year on the challenges posed by inflation. Internal control systems have been established to mitigate the risks the charity faces, and these are periodically reviewed to ensure their effectiveness. The significant financial risks presented by inflation have prompted the development of a strategic plan This plan emphasises the diversification of funding sources and activities to ensure the charity's resilience against the eroding effects of inflation on purchasing power and operational costs . The trustees review these risks annually, ensuring that the charity remains prepared and proactive.
This report was approved by the Board and signed on its behalf by
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Siu Hung Perry Fung
Secretary and Trustee Date 2 August 2025
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Islington Chinese Association
Annual Report and Accounts for the vear ended 31 March 2025
Statement of Directors’ and Trustees' Responsibilities
Charity law requires the directors who are trustees of the charity to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditures for the financial year. In preparing, these financial statements, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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° Observe the methods and principles in the applicable Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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¢ State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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— Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Islington Chinese Association
Independent Examiner’s Report
for the year ended 31 March 2025
| report on the financial statements of Islington Chinese Association for the year ended 31 March 2025, which are set out on pages 12 to 21.
Respective responsibilities of the trustees and examiner
As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2)) of the Charities Act 2011(the 2011 Act ) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
a) Examine the accounts under section 145 of the 2011 Act
b) Follow the procedures laid down in the General Direction given by the Charity Commission under section 145(5}(b) of the 2011 Act; and
c) State whether any particular matters have come to my attention
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes the review of the accounting records kept by the Charity and a comparison of the financial statements with those records. It includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements showa ‘true and fair’ view and the report is limited to those matters set out on the statement below.
Independent examiner’s Statement
In accordance with my statement, no matter has come to my attention:
1) Which gives me reasonable cause to believe that in any material respect the requirements
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Islington Chinese Association
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(i) To keep proper records in accordance with section 386 of the Companies Act 2006; and
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(ii) To prepare financial statements which accord with the accounting records and comply with the accounting Requirements of section 396 of the companies act 2006 and with the other methods and principles of the Statement of Recommended Practice: Accounting and reporting for Charities have been met; or
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2) To which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.
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a St ™
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Mei Sim Lai OBE DL FCA FCCA
LaiPeters & Co. Chartered Accountants
Suite A, 6 Honduras Street
London EC1Y OTH
Date 2 August 2025
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Islington Chinese Association
Statement of Financial Activities
(Including Income and Expenditure Accounts)
For the year ended 31 March 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total funds | |||
| funds | funds | funds | ||||
| Incoming resources | ||||||
| Voluntary Income | 3,894 | - | 3,894 | 4,724 | ||
| Activities forgenerating funds | 268,883 | - | 265,856 | 240,510 | ||
| Investment Income ( Note | S } | 7,676 | - | 7,676 | 5,890 | |
| Grant income | 24,625 | 24,625 | 130,625 | |||
| Total incoming resources | ( Note 12 ) | 280,453 | 24,625 | 305,078 | 381,749 | |
| Costs ofcharitableactivities ( Note 4) | 317,096 | 24,625 | 341,721 | 333,638 | ||
| Total resources expended | 314,069 | - | 314,069 | 333,638 | ||
| Net (outgoing}/incoming resources | (36.643) | ( 36,643) | 48,111 | |||
| Netmovementinfunds | ( 36,643) | : ~ (36,643) | 48,111 | |||
| Reconciliation offunds | ||||||
| Totalfundsbroughtforward | 358,905 | - | 358,905 | 310,794 | ||
| Total funds carried forward | ~~ | -322,622 | - | 322,622 | 358,905 |
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Islington Chinese Association
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|||||||||
|---|---|---|---|---|---|---|---|
|Balance|Sheet|as|at|31|March|2025|
|Note|2025|2024|
|£|£|
|Fixed|assets|
|Property,|plant &|equipment|8|9,117|10,723|
|Current|assets|
|Debtors|]|1,817|1,454|
|Cash|at|bank|and|in|hand|327,841|370,055|
|Total current assets|329,658|371,509|
|Creditors|
|Amounts due|within|one|year|10|(16,508)|(23,327)|
|Net current|assets|313,150|348,182|
|Net assets|322,622|358,905|
|RESERVES|
|Unrestricted|income|funds|
|Unrestricted|revenue|accumulated|11|297,262|333,905|
|funds|
|Designated|revenue|funds|11|25,000|25,000|
|;|
|Total|unrestricted funds|322,622|358,905|
|Restricted|funds|-|-|
|Total|charity funds|12|322,622|358,905|
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Islington Chinese Association
The directors/trustees are satisfied that for the year in question the charitable company was entitled to exemption from the requirement to obtain anaudit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, an Independent Examiner whose report appears on page 10 has examined the accounts.
The directors/trustees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved by the Board and signed on its behalf by:
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Y-
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Treasurer and Trustee
Date 2 August 2025
Registered Company number: 02663906
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Islington Chinese Association
Notes to the Accounts for the year ended 31 March 2025
1 Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year . They have been consistently applied within the e accounts.
Basis of preparation of the accounts
The financial statements have been prepared in accordance under the historical cost convention and comply with the Companies Act 2006 and in accordance with the Charity SORP. “Accounting and Reporting by Charities”: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 “| The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland”. They are prepared in sterling, which is the functional currency of the company.
Accounting convention
The charity is dependent on continuing grant aid and as a consequence the going concern basis is also dependent on continuing grant aid. The directors/trustees have considered future cash flows and the going concern position of the charity . They are satisfied that the charity has adequate resources to continue in business for the next 12 months and foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Incoming resources
Incoming resources are accounted for when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary income is received by way of grants, donations and gifts and is included in the year in which they are received, unless they relate to a specific period when they will be recognized over the period to which they relate.
Deferred income
In accordance with the SORP, grants received in advance and specified by the 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 accrual 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.
Resources expended
Liabilities are recognized on the accrual basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the SORP. All costs are allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis.
Charitable activities
All costs directly related to the meeting of the objectives of the charity including that of active fundraising are included in this heading.
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Islington Chinese Association
Notes to the accounts for the year ended 31 March 2025
Fixed assets and depreciation
All tangible fixed assets are stated at cost less accumulated depreciation and has been provided at the following rates in order to write off the assets (less their expected residual value) over their estimated useful economic lives.
Renovations & lease improvements over remaining period of current lease
| Office furniture& fittings | 3 years |
|---|---|
| Equipment | 3 years |
| Plantandmachinery | 3years |
The period of write off was changed to 3 years in the year ended 31 March 2021.
Capital grants
The board of trustees considers that, in order to comply with the SORP, gifts of tangible fixed assets or grants of a capital nature given for specific purposes and fully utilized in the furtherance of the objectives of the charity should be credited to the relevant fixed asset fund after the sums have been properly expended on the restricted purpose. The related asset is shown in the balance sheet at the full cost of acquisition or subsequent revaluation.
If the related assets are subject to restrictions by the grant making organization on their use and disposal, then these restrictions are noted in the fixed asset section of these accounts.
Taxation
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities
Funds structure policy
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of trustees in furtherance of the objectives of the charity. Such funds may be held in order to finance both working capital and capital investment.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
2 Winding up or dissolution of the charity
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objectives to the charity.
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Islington Chinese Association
Notes to the accounts for the year ended 31 March 2025
The charity is incorporated under the Companies Acts and is limited by guarantee, each member having undertaken to contribute such amounts not exceeding £1 as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter.
There were 809 members as at 31 March 2025 ( 2024 -804).
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Islington Chinese Association
| Notes tothe accounts forthe yearended 31 March 2025 | Notes tothe accounts forthe yearended 31 March 2025 | ||
|---|---|---|---|
| 3 = (Deficit)/Surplus forthe financial year | 2025 | 2024 | |
| £ | £ | ||
| This is stated after charging: | |||
| Depreciation ofowned fixed assets | 4,099 | 4,248 | |
| Rentals underoperating leases | 15,000 | 10,328 | |
| Independent examiner'sfee | 2,000 | 2,000 | |
| 4. | Costs of charitable activities | 2025 | 2024 |
| £ | £ | ||
| Salaries& Staff costs | 104,662 | 103,415 | |
| Administrative expenses | 47,364 | 10,030 | |
| Premisesand related costs | 55.910 | 40,187 | |
| Professional fees | 1,200 | 6,332 | |
| Activities costs | 128,486 | 171,931 | |
| Depreciation & Losson disposal of Fixed assets | 4,099 | 4.248 | |
| 341721 | 333,638 | ||
| 5 ___Investment Income | 2025 | 2024 | |
| £ | £ | ||
| Bank deposit interest receivable | 7,691 | 5,890 | |
| 6 | Staff Costs and Emoluments | 2025 | 2024 |
| £ | £ | ||
| Gross Salaries & Employer's NIC t | 103,405 | 101,690 | |
| StaffPensionsCosts | 1,772 | 1,192 |
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Islington Chinese Association
Notes to the accounts for the year ended 31 March 2025
Numbers of employees
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|||||||||
|---|---|---|---|---|---|---|---|
|The|average|monthly number of employees|during|the|year was|a|8|
|engaged|on|charitable|activities|
|Engaged|on|management|and|administration|a17|
|99|
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Trustees expenses and related parties
During the year, no trustees claimed any travel or meeting expenses from the charity (2024 Nil .)
There were no employees with emoluments in excess of £60,000 per annum.
7 ~~ “Pensions
Existing employees of the charity were enrolled in the Workplace Pension Scheme with NEST, which is funded by contributions from employee and employer. The company does not operate any other defined contribution scheme for the benefit of its employees. Contributions payable are recognized in Statement of Financial Activities when due.
8 Tangible Fixed Assets
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|---|---|---|---|---|---|---|---|---|
|Renovations|Office|Plant &|Restricted|
|equipment,|Machinery|Fund|assets|
|Furniture|and|
|Fittings|
|£|£|£|£|
|Asset|cost,|valuation|or|revalued|amount|
|At|1|April|2024|54,392|21,423|34,181|1,435|
|Additions|at|cost|2,488|
|At|31|March|2025|54,392«=|23,911si(itiHB]tt:t«i|DS|
|Accumulated|Depreciation|
|At|1|April|2024|51,344|14,963|32,966|1,435|
|Charge|for|the year|871|2,013|1,215|:|
|At|31|March 2025|$2,215|16,976|34,181|1,435|
|Net|Book Value|at 31|March|2025|2,177|6,935|e|.|
|Net|Book Value|at 31|March|2024|3,048|6,460|1,215|:|
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The total net book value of tangible fixed assets at 31 March 2025 amounted to £9,112 (2024 £10,722 ).
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islington Chinese Association
Notes to the accounts for the year ended 31 March 2025
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||||||||
|---|---|---|---|---|---|---|
|9|_— Debtors|2025|2024|
|£|£|
|Debtors &|prepayments|1,817|1,454|
|10|=|Creditors:|amounts|due within one year|2025|2024|
|£|£|
|Trade|Creditors|1,535|788|
|Deferred|income|6,225|13.877|
|Accruals|8,748|8,662|
|16,508|23,327|
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As at 31 March 2025, there was deferred restricted income of £6,225 relating to the “Thriving Beats Surviving” project.
Refer to note 12 for Analysis of movement in unrestricted general funds and restricted funds.
11. -Particulars of Individual Funds and analysis of assets and liabilities representing funds
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|||||||
|---|---|---|---|---|---|
|Unrestricted|Designated|Restricted|Total|
|funds|funds|funds|funds|
|£|£|£|£|
|As|at|31|March|2025|
|Tangible|fixed|assets|9,112|9,112|
|Current|assets|304,658|25,000|329,658|
|Current|liabilities|(16,508)|-|:|(16,508}|
|297,262|25,000|;|322,262|
|Designated|funds|relate|to|
|Improvement|to|premises|15,000|
|Staff costs|contingency|10,000|
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Islington Chinese Association
| As at 31 March 2024 | ||||
|---|---|---|---|---|
| Tangible fixed assets | 10,723 | - | - | 10,723 |
| Current assets | 346,509 | 25,000 | - | 371,509 |
| Current liabilities | (23,327) | (23,327) | ||
| 333,905 | 25,000 | 358,905 | ||
| Incoming | Outgoing | Movement | ||
| resources | resources | in funds | ||
| 12. Unrestricted general funds | £ | £ | £ | |
| Donations | 3,894 | |||
| Luncheon club | 29,887 | |||
| Other activities and fundraising | 215,132 | |||
| Bank interest income | 7,675 | |||
| Hall and facilities hire | 23,865 | |||
| 280,453 | {317,096) | 36,643 | ||
| Restricted funds | ||||
| LB Islington Luncheon Club | 20,000 | |||
| Thriving Beats Surviving Project | 4,625 | - | ||
| Sub-total | 24,625 | (24,625) | . | |
| Total | 305,078 | (341,721) | (36,643) |
The Incoming resources above include deferred income brought forward from the previous year and exclude deferred income carried forward as at 31 March 2025.
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