Buddhist Compassion Relief Tzu-Chi Foundation Limited Annual report and financial statements for the year ended 31[st] December 2021
Contents
Pages :
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1 Directors’ & Trustees’ Report
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2 Statement of Trustees’ Responsibilities
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3-4 Accountant’s Report
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5 Profit & Loss Accounts 6 Balance Sheet 7-9 Notes forming part of the Accounts
Directors & Trustees :
CL Chu FYF Lie YC Wang ( resigned 4 July 2022 ) P Liu ( appointed 20 July 2022 )
Company Secretary & Registered Office
JLP Lie 23a Craven Terrace London W2 3QH
Company Number : 2990368
Charity Registration Number : 1050821
Accountant :
Arthur Han Associates Ltd Chartered Certified Accountant 23a Craven Terrace London W2 3QH
Buddhist Compassion Relief Tzu-Chi Foundation Limited Annual report and financial statements for the year ended 31[st] December 2021
Directors’ & Trustees’ Report
The directors present their report together with the financial statements for the year ended 31[st] December 2021.
Principal activities
The main activities of the Company during the financial period have been the provision of Chinese culture, the teaching of Buddhism and to help elderly persons and the poor.
Objectives of the Charity
The objectives of the Buddhist Compassion Relief Tzu-Chi Foundation are to promote the teaching of Chinese language, culture and Buddhism to children and adults. To help old and sick people, disabled and displaced people and assist in disaster relief.
Activities and Review during the year
During the year various fund raising activities were undertaken to provide relief and support to homeless, old people and disaster relief.
Directors and Trustees
The Directors and Trustees of the Company during the period were :
CL Chu FYF Lie YC Wang Resigned 4 July 2022 P Liu Appointed 20 July 2022
Small Company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on ………….….. 2022 and signed on its behalf
CL Chu
Director
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Buddhist Compassion Relief Tzu-Chi Foundation Limited Annual report and financial statements for the year ended 31[st] December 2021
Statement of Trustees’ responsibilities for the accounts.
The purpose of this statement is to distinguish the trustees’ responsibilities for the accounts from those of the accountants as stated in their report.
The Charities Act 2011 requires the trustees to ensure that accounting records are kept in respect of all charity’s transactions, and to prepare a statement of accounts for each accounting period consisting of a statement of income and expenditure account and a balance sheet. The trustees are also responsible for safeguarding the charity’s assets, and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.
In preparing the accounts the trustees are expected to :
1) Select suitable accounting policies and apply them consistently, making judgements and estimates that are reasonable and prudent.
2) Follow the recommendations of the Charity Commission and of the accounting profession with regard to from and content of the accounts, or to disclose and explain any departures therefrom: and
- 3) Prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will be able to continue to meet its objectives.
On behalf of the Board of Trustees
………….………. 2022
Trustee
2
Independent Examiner’s Report
To the Directors and Trustees on the unaudited accounts of Buddhist Compassion Relief Tzu-Chi Foundation Limited
We report on the accounts of the Buddhist Compassion Relief Tzu-Chi Foundation Limited for the year ended 31[st] December 2021, which are set out on pages 5-9.
Respective responsibilities of Trustees and Examiner
The charity’s trustees and directors are responsible for the preparation of the accounts. The trustees and directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and has requested that an independent examination is undertaken even though the charity gross income is less than £250,000.
I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants.
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 :
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examine the accounts ( under section 145 of the 2011 Act )
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follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried our in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any 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 accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention :
1) which gives me reasonable cause to believe that in any material aspects the requirements.
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to keep accounting records in accordance with section 386 of the Companies Act 2006 and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
3
Independent Examiner’s Report
have not been met or
2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
September 2022
Arthur Han Associates Ltd Chartered Certified Accountants 23a Craven Terrace London W2 3QH
4
Buddhist Compassion Relief Tzu-Chi Foundation Limited Profit and Loss Accounts for the year ended 31[st] December 2021
Income Resources Used Bank Interest Received Surplus/(Deficit) for the year Reserves Brought Forward Reserves Carried Forward |
Notes 1 2 |
2021 £ 93,882 ( 73,327 ) 17 20,572 221,429 242,001 |
2020 £ 66,412 ( 88,005 ) 376 ( 21,217 ) 242,646 221,429 |
|---|---|---|---|
The Company has no recognised gains or losses other than those included in the net surplus above and therefore no separate statement of total recognised gains and losses has been presented.
There is no difference between the net surplus for the year before taxation and the income for the year stated above and the historical cost equivalents and therefore no separate note of historical cost profits and losses has been presented.
5
Buddhist Compassion Relief Tzu-Chi Foundation Limited Balance Sheet as at 31[st] December 2021
| Notes Current Assets Debtors Cash in Hand & at Bank Creditors : Amount falling due within one year Net Current Assets Total Net Assets Represented : Reserve Funds : Unrestricted Funds : 6 Restricted Funds 7 |
2021 £ £ 550 252,904 253,454 11,453 242,001 242,001 135,958 106,043 242,001 |
2020 £ £ 524 232,638 233,162 11,733 221,429 221,429 146,720 74,709 221,429 |
2020 £ £ 524 232,638 233,162 11,733 221,429 221,429 146,720 74,709 221,429 |
|---|---|---|---|
| 221,429 | |||
| 146,720 74,709 221,429 |
The Company is entitled to exemption from an audit under Section 477 of the Companies Act 2006 for the year ended 31[st] December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31[st] December 2021 in accordance with Section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for ensuring that the Company keeps accounting records which comply with section 386 & 387 of the Companies Act 2006 and for preparing accounts which give a true and fair view of the state of the affairs of the Company as at 31[st] December 2021 and of its profit for the period then ended in accordance with the requirements of section 394 & 395, which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements, so far as applicable to the company.
The accounts have prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard 105.
……….…………….. 2022
CL Chu Director
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Buddhist Compassion Relief Tzu-Chi Foundation Limited Notes forming part of the accounts for the year ended 31[st] December 2021
1 ) Accounting Policies
The financial statements have been prepared under the historical cost convention using the following accounting policies.
a) Income
Details School Fees Donations & Gifts |
Unrestricted Funds 2021 £ - 38,897 38,897 |
Restricted Funds 2021 £ 18,903 36,082 54,985 |
Total 2021 £ 18,903 74,979 |
Unrestricted Funds 2020 £ - 38,987 38,987 |
Restricted Funds 2020 £ 27,094 331 27,425 |
Total 2020 £ 27,094 39,318 |
|---|---|---|---|---|---|---|
| 93,882 | 66,412 |
b) Depreciation
Depreciation is provided to write off the cost less estimated residual value of all fixed assets over their useful lives at the following rates :
Equipment & Fittings & Fixtures : 25% per annum on straight line basis
c) Cash Flow Statement
The Company has adopted FRS1 and has taken advantage of the exemption provided under that Standard, not to prepare a cash flow statement.
2 ) Resources Expended
| Unrestricted Funds 2021 Details Notes £ Direct Donations4 38,631 School Expenses5 - Support to homeless and elderly people 3,106 Administration3 7,939 Total Expenses 49,676 3 ) Direct and Indirect Expenses Details Sundries Phone Volunteer Uniform Repairs & Maintenance Bank Charges Rent & Storage Total Expenses |
RestrictedUnrestricted Funds Total Funds 2021 2021 2020 £ £ £ - 38,631 43,209 23,651 23,651 - - 3,106 6,740 - 7,939 8,439 23,651 73,327 58,388 Administration 2021 £ 582 - - - 75 7,282 7,939 |
Restricted Funds Total 2020 2020 £ £ - 43,209 29,617 29,617 - 6,740 - 8,439 29,617 88,005 Administration 2020 £ 491 97 1,118 625 12 6,096 8,439 |
|---|---|---|
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Buddhist Compassion Relief Tzu-Chi Foundation Limited Notes forming part of the accounts for the year ended 31[st] December 2021
| 4 ) Direct Charitable Donations Miscellaneous Emergency Relief Total Donations 5 ) School Expenses £ School Fees Expenses Rent 3,480 Teachers Wages 14,685 Insurance 560 Payroll Cost 1,245 Books /Stationery etc 1,823 Software 158 Advertising 1,700 Net (Deficit) |
2021 £ 26,432 12,199 38,631 2021 2020 £ £ 18,903 4,481 17,377 560 1,070 3,737 203 2,189 (23,651) (4,748) |
2020 |
2020 £ 19,008 24,201 43,209 £ 27,094 (29,617) (2,523) |
2020 £ 19,008 24,201 |
|---|---|---|---|---|
43,209 |
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( |
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6 ) Reserve Funds Details Opening Balance Income/Donation Bank Interest Resources Expended Closing Balance |
Unrestricted | Unrestricted | Restricted Funds 2021 £ 74,709 54,985 - (23,651) 106,043 |
Total 2021 £ 221,429 93,882 17 (73,327) 242,001 |
Unrestricted Funds 2020 £ 165,745 38,987 17 (58,388) 146,720 |
Restricted Funds 2020 £ 76,901 27,425 - (29,617) 74,709 |
Total 2020 £ 242,646 66,412 376 (88,005) |
|---|---|---|---|---|---|---|---|
| Funds 2021 £ 146,720 38,897 17 (49,676) 135,958 |
|||||||
| 221,429 |
8
Buddhist Compassion Relief Tzu-Chi Foundation Limited Notes forming part of the accounts for the year ended 31[st] December 2021
7 ) Restricted Funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and gifts held on trusts to be applied for specific purposes.
| Balance at 1.1.21 Income Expenditure Balance at 31.12.21 |
Relief - 36,082 - 36,082 |
Education £ 74.709 18,903 (23,651) 69,961 |
Total £ 74,709 54,985 (23,651) |
|
|---|---|---|---|---|
| 106,043 |
8 ) Share Capital
The Company is limited by guarantee and has no share capital. The liability of the members under guarantee is limited to £1 each .
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Charity No: 1050821 Company No : 2990368
Buddhist Compassion Relief Tzu Chi Foundation Limited Financial Statements For the year ended 31[st] December 2021
Arthur Han Associates Ltd Chartered Certified Accountant
23a Craven Terrace London W2 3QH