MING TAK CHINESE SCHOOL
GOVERNORS’ AND TRUSTEES’ REPORT
AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
1
MING TAK CHINESE SCHOOL
Contents of the Financial Statements
For the year ended on 31 JULY 2021
| Page | |
|---|---|
| Legal and administrative Information | 3 |
| Report of the governors | 4-5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the financial statements | 8-9 |
2
MING TAK CHINESE SCHOOL
Legal and administrative Information For the year ended on 31 JULY 2021
| Head teacher: | M Mai |
|---|---|
| Directors and Trustees: | W F Cheung |
| P Nam | |
| Secretary: | W F Cheung |
| Registered office: | 61 Burdon Lane |
| Sutton | |
| Surrey | |
| SM2 7BY | |
| Principal place of business: | Glenthorne High School |
| 270 Sutton Common Road | |
| Sutton | |
| Surrey | |
| SM3 9PS | |
| Company number: | 03007829 (England & Wales) |
Charity registration number: 1043703
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MING TAK CHINESE SCHOOL
Report of the Governors for the year Ended 31 JULY 2021
The governors, who are also directors for the purposes of the Companies Act and trustees of the charity, present their annual report and the financial statements for the year ended 31 JULY 2021
The accounts comply with the current statutory requirements, the requirements of the charity’s governing documents and the requirements of the Statement of Recommended Practice (SORP).
Objective of the school, Principal activities and organisation of our work
Ming Tak Chinese School, incorporated on 9 January 1995, is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of association. It became a registered charity on 30 January 1995 and hence complies with charity regulations.
The school’s object and its principal activities continue to be that of providing Chinese language education and promoting Chinese culture to children and adults from both Chinese and other ethnic communities.
The school operates on Saturdays only during the normal school terms. The head teacher is responsible for the daily running of the school and the governors meet regularly to discuss and determine the main issues and policies.
Review of the School’s performance and policies
The school operated successfully during the year under review and this success is expected to continue.
In the calendar year to 31 JULY 2021, the school had 248 (2020 – 312) students. Besides the normal language classes, some students also learned Kung Fu and Chinese dance which they performed in the school during the Chinese New Year celebrations. Future activities are expected to be similar to those undertaken in the year under review.
The school continued its policy of criminal records check of all teachers and administrative staff members.
Financial results
The School’s performance and financial position were stated in the financial statements on pages 6 to 9. They show an income of £72,634 for the year. Expenditure for the year was £53,069 which led to a profit for the year of £21,719. The major expenditure items were teaching staff wages of £20,742 and the renting of premises of £13,219.
All donations received were spent on the purchase of school teaching equipment, library books and other school expenses.
4
Reserves
The charity holds only a prudent amount of funds in order to cater for unforeseen events and aims to approximately match income and expenditure on an ongoing basis. The governors consider the financial position of the school to be satisfactory.
MING TAK CHINESE SCHOOL
Report of the governors for the year ended 31 JULY 2021
Directors and trustees
The directors of the company during the year were:
W F Cheung
P Nam
The trustees of the School during the year were:-
WF Cheung, P Nam, Helen Keng, Pedro Chim and Sam Pun
The directors are also the governors and the trustees of the school. They have no beneficial interests in the company. They work for the school on an entirely voluntary basis.
The governors and trustees are normally appointed at the Annual General Meeting. There are no other trustees other than those whose names are listed on page 3. The Board has the power to appoint additional trustees if it considers fit to do so.
This report has been prepared in accordance with the special provisions Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD AND TRUSTEES
W F Cheung - Director
Date: 13 March 2021
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MING TAK CHINESE SCHOOL INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021
| 2021 | 2020 | ||
|---|---|---|---|
| INCOME | Activities in further of the charity's | ||
| objectives | £ | £ | |
| Fees | 72,634 | 57,659 | |
| Donations Received | 80 | 2,820 | |
| Bank Interest Received | 14 | 245 | |
| Book and Stationery Sales | 1650 | 971 | |
| CNY | 410 | 528 | |
| TOTAL INCOME | 74,788 | 62,223 | |
| RESOURCES | Activities in further of the charity's | ||
| EXPENDED | objectives | ||
| Teaching Staff Wages | 20,742 | 17,952 | |
| CNY Costs/loss | 0 | 325 | |
| Text Books | 8,785 | 3,677 | |
| Rent and Rates | 13,219 | 23,500 | |
| Travelling and Subsistence | 808 | 1,581 | |
| Printing | 266 | 0 | |
| Office Stationery | 127 | 186 | |
| Professional Fees | 420 | 390 | |
| Bank Charges | -618 | 314 | |
| Depreciation | 0 | 0 | |
| Training | 0 | 80 | |
| Insurance | 1,710 | 1,889 | |
| Repairs and Maintenance | 2,214 | 0 | |
| Sundry Expenses | 3,646 | 2,530 | |
| Charitable Donations | 1,750 | 1,500 | |
| TOTAL RESOURCES EXPENDED | 53,069 | 53,924 | |
| NET INCOME FOR THE YEAR | 21,719 | 8,299 | |
| Accumulated fund carried/brought forward | 161,705 | 139,986 |
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MING TAK CHINESE SCHOOL BALANCE SHEET AS AT 31 JULY 2021
| FIXED ASSETS Tangible Assets CURRENT ASSETS Stocks Prepayments Cash at bank and in hand CREDITORS Deferred Income Other Creditors Accruals NET CURRENT ASSETS Total Assets less Current Liabilities PROVISIONS FOR LIABILITIES NET ASSETS Accumulated Funds |
31.7.2021 £ 0 4,800 23,500 168,918 170,375 30,000 11,200 390 35,515 139,985 161,705 161,705 |
31.7.2020 £ 0 |
|---|---|---|
| 0 47,600 122,775 |
||
| 170,375 | ||
| 30,000 0 390 |
||
| 30,390 | ||
| 139,985 139,985 |
||
| 139,985 |
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies' subject to the small companies’ regime.
On Behalf of the Board
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W F Cheung
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Director, Governor and trustee Date: 13 March 2021
MING TAK CHINESE SCHOOL
Notes to the Financial Statements for the year ended 31 JULY 2021
1 Accounting policies
Accounting conventions
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Incoming resources
Incomes represent fees from students and incomes from donation and other charity events. They are included in the year to which it relates.
Resources expended
Expenditure is included in the statement of financial activities in the year to which it relates, inclusive of VAT which can not be recovered.
Tangible fixed assets
Depreciation is provided at the following rate in order to write off each asset over its estimated useful life. Fixture, fittings and equipment: 25% on reducing balance
2 Tangible fixed assets
| Fixtures, fittings | ||
|---|---|---|
| And equipment - Lion Head | ||
| £ | ||
| Cost | ||
| Balance brought forward at 1 August 2020 | 615 | |
| Additions | 0 | |
| Disposal | 0 | |
| Balance carried forward at 31 JULY 2021 | 615 | |
| Depreciation | ||
| Balance brought forward at 1 August 2020 | 615 | |
| Charge for the year | 0 | |
| Disposal | 0 | |
| Balance carried forward at 31 JULY 2021 | 615 | |
| Net book value | As at 31 July 2020 | 0 |
| Net book value | As at 31 July 2021 | 0 |
| === |
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MING TAK CHINESE SCHOOL
Notes to the financial statement for the year ended 31 JULY 2021 (continued)
3 Governors
No governor received any remuneration as governors during the year and any of the previous years.
4 Taxation
There is no corporation tax liability as the school is a non-profit making organisation.
5 Company status
The school was incorporated as a company limited by guarantee. The guarantee is limited to £10 each on the governors who are in office at the time of any liquidation.
The company is a registered charity.
The governors are also trustees of the registered charity.
- 6 Employee Numbers
The average number of employees for the year was 22 ( 2020 was 20).
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INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MING TAK CHINESE SCHOOL
I report to the trustees on my examination of the financial statements of Ming Tak Chinese School for the year ended 31 July 2021
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Kam Trigg Newvoiceuk Ltd 1 The Frenches Redhill RH1 2HF
Dated: 23 January 2023