Charity registration number 1051778 Company reglstratlon number 2675177 {England and Wales) HARINGEY CHINESE CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 HARINGEY CHINESE CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Management Commlttee Mr Chan Keung Ho Mr Gavin Fung Mrs Men Lin Chen Ms Winnie Li Mr Khoi Lai Tang Ms Denise Ng Ms Helena Ng Mr H01 Yat Tsol Secretary Ms Wlnnie Li Charity number 1051778 Company number 2575177 Registered olfice 211 Langham Road London N15 3LH Auditor Bacha & Bacha (Audit) Llmlted Bankers C&Opéralive Bank PIC 195 High Road Wood Green London N22 SDP HARINGEY CHINESE CENTRE CONTENTS Page Trustees, report Statement of trustees, responsibilitie5 Indap8ndent auditor's report Statement of financial activilies Balance sheet Notes lo the financial statements 12-25 HARINGEY CHINESE CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT} FOR THE YEAR ENDED 31 MARCH 2024 The trustees present Ihelr annual report and financial staternenls for the year ended 31 March 2024. The financlal staternenls have been prepared In accordance wlth the a¢¢ounllng polldes sel out In note 1 to the financial staternenls and comply wlth the charitable company's memorandum of as5ociallon, the Gompanies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pr&paring their accounts in accordano with the Flnandal Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102} (effective 1 January 2019) Objectives and activities The charitable company is dedicated lo advancing the well-being of the r8sidents of Haringey and its surroundlng nelghborhoods, wilh a partlcular focus on the Chinese Gommunily. Our objectives indude fostering cooperation among local aulhorllles, voluntary organisatlons, and residents lo enhance education and provide facilities for social welfare, recrealion, and leisure activities. The overarching goal is to 818vale the quality of life for individuals, irrespective of gender, political affiliations, r81igious beliefs, or other opinions. To athieve Ihese obleetlves, we alm lo establish a community centre and collaborate with local slalutory authorities for ils maintenance and management. Additionally, we strive lo cults'vat8 positive relationships in Haringey and its 8nvirons by combating discrimination based on rac6. promoting equality ol opportunity, and addressing povety withln the Chlnese communlty through the provlsion of advloe, ald, and assistance. Our commitment extends to facilitating Ihe integration of the Chinese community into mainstréam society, fostering community involvemeDI, and promoting cohesion. The policles implemented to fulfil th8se objectiv@s encompass tha provlslon of Information, advlce, advocacy, and tralnlng. We support vulnerable member5 by offerlng appropriate are, provldiny advice on heallhy Ilvlng, and facllltaling referrals lo health seNioes. Furthermore, we addre5S social isolation by organising cultural and social aclivilies, along with joint evenls in collaboralion with Haringey Council and other lorxl CDmmunity Drganisalions lo 1￿mbat exclusion. In allgnment with guidance from the Charity Commlssion, the trustees have carefully consldered the activities undertaken by the charitable company. Our centre rernains steadfast in delivering a diverse range of services lo meet the evolving needs of the Chinese community in Haringey and the surrounding boroughs. HARINGEY CHINESE CENTRE TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance Services and activitles provisions ¢arried out during Ihe year were.. 1) Support advic8 service - We continued to provide the advice and support serviGes for the l¢)cal Chinese rèsidents to access drfferent housing r8lated services Including prevention of homelessness, housirig repalrs, rent arrears, lax credits, unlversal credits, variou8 W8lfare and benefrts claims, educallon, health seNices, utilities, social and living, Inlérpretalion and telephone enqulries, 21 Saturday Chinese School - We continued to offer 2 hours, Chines8 language and culture leachlng lo our sludants on Saturday moming between 9..30 a.m. to 14.'00 p,m from Year 110 Year 8 IGCSE classes at our cenlre. 31 Outing - We organised a 4 days13 nights trfp to Belgium, visiting the Flanders Coast, Ostend and th8 beaullful Bruges from 6th to 9th October 2023. We had 22 members attending this trip. Th8y were all satlsfied and happlly enjoyed Ihis arrangement. 41 Pharmacy CDllection Service We contlnued to work with local chemists who colleded all the prescriplions from GPS on behalf of our service us8rs and packed their medications into a blister box system lo ensure our clients were taking their daily medications safely, punctually and correctly, 5) A¢upuncture servic&s- We contlnued to work wlth the acupuncturist, Mr Sam Ma, who rents our prèmises lo run the acupuncture tréalments 3 limes a week from Monday to Wednesday for his clients, He also provided 'Qigong' classes for our members tts promote self-practice well being, 6) Heallh TalkslH8alth Exercises - The AcupunGturlsl, Mr Sam Ma continued to provide 'Tal Chi, exer¢lsè dasses 3 times a week from Monday lo Wednesday. Onllne teaching Is held in th8 morning batween 9 a.rn. to 10 a.m. The physical face-lo-face teaching is held in the evening be￿eern 6 p,m, lo 7 p.m. 7} Afler School Club - Some students came to attend th8 'Tai Chi" health exercise dasses on weekdays afler school, not to mention that Mr Sam Ma also offered a summer 'Qigong' and 'Tai Chi, training course In Juty and August for our students. The effe¢tiV8ness of Dur services and actlvilies were measured by the outcomes and the feedbacks from our Se￿ice users. Oplnions, comments and suggestions were collected from our members for future initiatlves and nsideration of projed provislons in order to meet the changing needs of the community. Flnancial review The charity's total re88rves as al the balance sheet dale was £744,246 {2023 £771,112). Of this £8,521 (2023 £10,246) was restricted and £189,736 (2023 £189,736) was designated funds. Other reserves, representing galns from r8valuing the Inveslment propertiès, were £289,287 (2023 £289,287). The Charity's frae r8serves, not invested in fixed assets or designated for other purposes stood al £14,891 (2023 £39,503). Reserves policy 11 is the policy of the charitable company thal unr8slricted funds whSch have not been designated for a specific use shoukl be maintained al a level equivalent to be￿8@n three and six month's unrestricted expenditure, which the Irustees estimate to be around £50,000. The trustees considers that re8eN8s at this level will ensure that, in the event of a significant drop in funding, they will be able to Continue the charitable company's currenl activities while nsideralion is given lo ways in whl¢h additional funds may be raised. This level of reservés has been m2intain8d throughout the year. Th6 charity recelved total unrestrlctad incomé of £80,434 during the year (2023 £79,845). Of this, £31,21012023 £28.394) is from the Chinese School and renlal income of £24,656 (2023 £24,777), HARINGEY CHINESE CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The charity expended £115,340 (2023 £103.335) Dn ils charilable actlvities. The costs of running the Centre from which the majority of s8rvicas are provlded were £36,08812023 £42,442), none of which is covered by reslricted Income. The costs of running the school amounted lo £61,25712023 £53,56QI. Govemance ¢osts were £6,752 (2023 £6,360). Net deficit for the year, before revaluation of investment propertles and transfers be￿een funds amounl8d to £26,866 {2023 {£22,490)). Th8 tnJst88s have assèssed the major risks to which the charitable companyls exposed, and are satlsfied that sysl8ms are in place to rniligate exposure lo the major risks, Plans for future periods Although our cenlre's financial income has reduced In the pasl Months, It dld not prevent us from delivering our planned servlces. Our operating surplus and reseNe5 In the pas1 years have financially secured our suslainabilify to provlde quality Serv4￿5 and activities lo meet the needs of our rnembers. We will exploil mor8 funding opportunitles to develop more project provisions. We will work together with Haringey Councll, other statutory and non-slatutory organisalions to promot8 ne￿Orking, partnershlp$, ¢ommunlty involvement and eoheslon, Structure. governance and management The charitable company is a company limited by guarante8, incorporated on 19 January 1991 and registered as Haringey Chinese Centre on 11 December 1995. The company was eslabllshed under a Memorandum of Association which established the objects and powers of the charflable company and is govemed under ils Articles of Assoclation, The trustees, who are also th8 directors for the purpose of oompany law, and who served during the year and up to the date of slgnalure of the financial statements were., Mr Chan Keung Ho Mr Gavin Fung Mrs Man Lin Chen Ms Winnie Ll Mr Khoi Lai Tang Ms Denis8 Ng Ms Helena Ng Mr Hoi Yat Tsoi None of the trustees has any beneficial interest in the company, All of the Iru5tees are members of the Company and guarantee to ¢ontrfbute £1 in the event of a winding up. The Centre has a Managam8nt Committeè of up to 8 members who meet approximately every 2 or 3 months and are responsible for Ihe strategic direclion and policy of the charity. Day to day responsibillty for the services provisions is run by the Centre Manager and supported by other staff and the Manag8menl Committèe. All members of the Management Committee give their time voluntarily and re¢eivÉ no benefits from the charity. Any éXP8nses redaim8d from th8 charity are set out in the notes to th& accounts All members of the Management Committee glve theli time voluntarily and receive no b8n8ffls from thé charlty. Any expenses reclaimed from the charity are sel out in Iha notes to the accounts. Auditor Bacha & Bacha (Audit) Limi18d w8re gppoinled a$ audltor to the company and a resolutlon proposlng that they be re-appointed will be pul at a General Meeting. HARINGEY CHINESE CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Disclosure of infonnatlon to audltor Each of the trustees has confirmed that there 1$ no informalion of whlch they are aware whlch is relevant to Ihe audll, bul of which the auditor is unaware. They have further confirmed Ihal they have taken appropriate steps to identify such rèlevant infomiation and lo eslablish that the auditor is aware of such informalion, The trust888' report was approved by Ihe Board of Trustaes. MrGa 18 December 2024 HARINGEY CHINESE CENTRE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who are also the directors of Haringey Chinesa Centre for the purpose of company law, are responslble for preparing the Truslees, Report and the financial statements In accordance with applicable law and Unlted Kingdom Accountlng Standards including Financial Reporting Standard 102.. The Financial Reporting Standard appllcable in the UK and Republic of Ireland (United Kingdom Generally Acceplod Accounting Practioe), Company Law requlres the Irusle&s to prepare financial statements for each financial year which give 8 true and fair vlew of the state of affalrs of the charitable company and of the incoming resources and application of resources, including the income and expendllure, of the tharilabl8 company for that year. In preparfng these financial slatem8nls, thè trustees are required to.. select sultable accounting pollcles and then apply them consisténtly., observè thè methods and prlnciples in the Charttles SORP. make judgerrenls and estimates that are reasonable and prudenl,. and prepare the flnancial statements on the golng concern basis unless il 1$ Inappropriate to presume that the charitable company will conllnue in operation. The trustees are responsible for maintaining proper accounting rocords that dlsclose wlth reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure Ihal the financial stalemenls comply with the Companies A¢1 2006. They are also responslble for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection Df fraud and oth8r irr8gularfties. In so far as the trustees are aware.. There is no relevant audit informatlon of which the charitable CoMpan￿S auditors are unaware., and The truslees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit infomialion and to establish that the auditors are aware of thal information, The trustees are responsible for the maintenance and integrity of the corporate and financlal information included on th8 charitable company's website. legislation in the United lfjngdom governing the preparation and dlssemination of financial statements may diff8r from legislation in other jurisdictions. HARINGEY CHINESE CENTRE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARINGEY CHINESE CENTRE Oplnion We have audited the financial statements of Haringey Chlnese Centre (the 'charitable ¢ompanVI for the year ended 31 March 2024 which comprise the slalemenl of financial activities, the balance sheet and the notes to the financial slalements, Includlng a summary of signlficanl accounting poliaes. Thè financial reporting framework that has been applled In thèir preparation is applicable law and Uniled Kingdom Accounllng Standards, including Financial Reportlng Standard 102 The Financial Reporting Standard applicable In the UK and RÉ*public of I￿land (Unlted Kingdom Generally Accepted Accounting Practice), In our opinion, the financial statements,, give a true and fair view of the State of the Gharilable company's affairs as at 31 March 2024 and of its Incoming resourcas and application of resources, including its income and expenditure, for the year then ended,, have been properly prepared in accordance with United Kingdom Generally Acceptéd Accounling Practice., and have been prepared In accordan¢e with thè requirements oflhe Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ wilh Inlernational Standards on Auditing (UK) IISAS (UK)) and appllcable law. Our responsibilities und8r those standards are further described in the Audiforfs Trsponsibilitigs for the audil of the financial statements section of our report. We are Independènt of the ¢haritable company in accordance with the ethical requirements thal are relevant lo our audlt of the financlal statements in the UK, including the FRC'S Ethical Standard, and w8 have fulfilled our other elhiGal responsibilities in accordance with these requirements. We belleve 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 Gon￿rn basis of ac¢ountlng in the preparation of the financial stal8ments is appropriate. Based on the work we have performed, we have not Idenllfied any materlal un¢ertalnties relating to events or conditions that, individually or collectively, may cast significant doubt an the charitable company's ability to continue as a golng ¢on¢ern for 2 perlod of at least twelve months from when th8 fsnancial statements are authorised for ssue. Our resF)onsibilities arsd the responsibilities of the trustees with respect to going concern are described in the relevant sectlons of thls report. Other information The other information comprises thè information included in th@ annual r8POrt, including the trustees, report, other Ihan the flnanclal slalements and our auditols report thereon. The truslees are responsible for the olhei Informallon contained wilhin the annual report. Our opinion on the financial statements does not cover the other Informatlon and, 8xc8pl lo the extent otherwise explicitly slated in our report, we do not express any form of as$uran¢e concluslon Ihereon. Our responsibility Is lo rèad thé othar infomation and, in doing so, consider whether the other informallon Is materially Inconsistent with the financial stal8ments or our knowledge obtalned In the ¢our8e of the audit, or otherwlse appears to be materially misstated. If we identify such rnaterial incon51$ten¢Jes or apparent mal8rial misstatements, we are required to determine whether this gives rise to a material misslatemenl In the financial statements Ihemselves. If, based on the work we have perform&d, we conclude Ihal Ihere is a material misslatemenl of this other Infomallon, we are requlred to report that fact, We havé nothing lo r8POrt in this regard. HARINGEY CHINESE CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HARINGEYCHINESE CENTRE Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on Ihe work undertaken in the course of our audit,, the informallon glven In the Iruslees, report for the finan¢lal year for whlch the financial slatemenls are prepared, whl¢h Includes the d1￿ctOrs, report prepared for the purposes of Company law, Is conslstenl with the financial slatements,, and the directors, r8POrt includ8d wtthin th8 trust8es' report has b@en pr8pared in accordance with applicable leg81 requirem8nts. Matters on which we are required to report by exception In the light tsf thé knowledge and understanding of thè charity and ils environment obtalned In the course of the audlt, we have not identified malarlal misstatements in the Trusteès, Annual Report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report lo you if, in our opinion., adèquate accounting records have not been kept or returns adequate for our audlt have nol baen recelved from branches not visited by us. or the financial slatemenls are not in agreement with the accounting records and returns and returns., or the trustees W8re not 8nlilled to prepare the financial statements in accordance with the small companies regime and take advantage of the Small oompanies, exemptions in preparin9 the trustees, report and from the requlrement lo prepare a straleglc report, wa have not obtsin8d all the information and explanations necessary for the purpos8s of our audit,. or the trustees wgre not 8nti118d to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustee6' report and from the requirement lo prepare a strategic report. Responslbllltles of trustees A5 explained more fvlty in the statement of trustees, responsibilities, Ihe trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial slalements and for being satisfied that th8y give a true and fair view, and for such internal cantrol as the trustees delerrnine is necessary lo enable the preparalion of financial statemenls that are fr88 from material misstatem8nt, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concem basis of accounting unless the trus18es 81ther intend to liquidate the charitable company or to Cease operations, or have no realistic all8rnativa but to do so. AUdit0￿S responsibilities for the audlt of the financlal stslemenls Our obj8CtiV8s are to obtain reasonable assurance about whether the financAal statements as a whole are free from material mlsslatemenl, whether due to fraud or error, and to issue an auditorts report that includes our oplnion. Reasonable assurance Is a high level of assuran¢e but is nol a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misslatemenl when il exists, Misstatements can arise from fraud or error and ar8 considered material rf, individually or in the aggregale, they could reasonably be expected lo influence Ihe economic decisions of users taken on Ihe basis of these finan￿al statements. The exlent to which our procedures are capable of detecting irregularities, induding fraud, is detailed below. HARINGEY CHINESE CENTRE INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF HARINGEY CHINESE CENTRE Our approach to idenllfying and assessing the risks of material misslalement In respect of Iiregularltles, Includlng fraud and non-compliance wilh laws and regulations, was as follows.. the engagement partner 8nsured that the engagement team coll8Ctively had th8 appropriate Cornpelence, ¢apabilities and skills to idenlfy or recognise non-compliance with applicable laws and regulations, we Identified the laws and régulations applicable lo the company through discussions with directors and other management, and from our commercial knowledgé and experience,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or thè op8ralions of the company, we assessed the extent cf compllance wlth the laws and regulallons identified through making enquiries of managemenl and inspecting legal corre8pondence,' and identlfled laws and regulatlons were ¢ommunlcaled wlthln the audrt team regularly and the team ramained alerl to instances of non-compliance Ihroughoul the audll. W8 assessed the susceplibilty of the company's financial Statements lo material misslalement, including obtaining an underslandlng of how fraud mlghl oc¢ui, by,, making enquiries of management as to where they considered Ihere was susceptibility to fraud, Iheir knowledge of actual, suspected and alleged fraud. considerlng the Internal Controls In place lo mltlgale rfsks of fraud and non-compllance w5th laws and regulatlons, To address the risk of fraud through management bias and override of contro18, we.. perfomied analyli¢al procedures to identify any unusual or unexpeded relalionshlps., tested joumal entries to identify unusual tran8action8', assessed whether Judgements and assumptlons made In determlnlng a¢counling estlmates were indicatlve of potential bias., investigated the rationale behlnd slgnificanl or unusual IransaGtlon$. In response lo the rlsk of irregularitie3 and non-wmpllance wlth laws and regulalions, we deslgned procedures which included, but were not limited lo., agreeing financial statement disclosure5 to underlying supporting documentation, readlng the minutes of meatings of Ihose charged with govarnance., enquirlng of management as to actual and potential litigation and claims., reviewing coffe$ponden¢e wllh HMRC. There are inherent limitations in our audit procedures described above. The more removed Ihal laws and regulations are from financial Iransaclions, the less likely it is that we would become aware of non-complianc&. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the dlredors and other management and the Inspe¢tlon of regulatory and legal correspondence, If any. Material misstatements that aris8 du8 to fraud can b8 hard8r to d8tecl than those that aris8 from 8rror as Ih8y may involvé delib&rate conc8alm8nt or collusion. A further desuiplion of our r83ponsibilities is availabl8 on the Financial Reporting Council's w8bsile al.. https'.11 .fro.org.uklauditorsr8sponsibili118s. This description fomis part of our auditor's r8POrt. ## **HARINGEY CHINESE CENTRE** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HARINGEY CHINESE CENTRE** ## **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 auditors' 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. > **Yogendranath Bacha BA (Hons) BFP FCA (Senior Statutory Auditor)** yor Zool, **for and on behalf of Bacha & Bacha (Audit) Limited** 17 December 2024 **Chartered Accountants Statutory Auditor** - 9 - HARINGEY CHINESE CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrlcted All restrfcted funds funds and unrestricted funds 2024 Unrestricted Restrfcted All restr]cted funds funds and unrèstrfeted fund$ 2023 2024 2024 2023 2023 Notes Income and endowmonts from: Donations and legaGies Charitable acfivities Rental Income Investments other incorne 3,654 3,654 7,250 1,000 8,250 31,210 24,656 1,378 19,536 8,040 39,250 24,656 1,378 19,536 28,394 24,777 175 19,249 28,394 24,777 175 19,249 Total Income 80,434 8,040 88,474 79,845 1,000 80,845 ondiluro on: Charitable aCtI￿tieS 97,345 9,785 107,110 96,002 432 96,434 Rental expenditure Tax on rental activrties 11 4,377 4,377 2,708 2,708 12 3,853 3,853 4,193 4,193 Total expendlture 105,575 9,765 115,340 102,903 432 103,335 N8t gainsloosses) on investments 13 (412,755) (412,755) Gross transfers between funds Net lexpendlture)I Income for the year Net movement in funds 873 (8731 (25,141) {1,7251 (28,866) (434,9401 (3051 (435,245) Fund balances at 1 April 2023 760,866 10,246 771,112 1,195,806 10,551 1,206,357 Fund balances at 31 March 2024 735,725 8,521 744,246 760,866 10,246 771,112 The Statement of f1nanclal actlvities In¢ludes all galns and losses recognised in the year, All income and 8xpendilure d8rive from continuing activities, The statement of financial actlvllles also ¢omplie5 With the requirements for an income and 6xp8nditure account under the Companies AGt 2006. 10- HARINGEY CHINESE CENTRE BALANCE SHEET ASAT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible asse15 Investment properties 14 15 241,811 410,L)00 242,340 410,000 651,811 652,340 Currgnt assets Debtors Cash al bank and In hand 16 7,133 103,555 5,777 126,114 110,888 131,891 Creditors: amounts falllng due wllhln one year 17 {18,253) (13,119) Nel current assets 92,435 118,772 Totsl assets less current liabilities 744,246 771,112 Income funds R8slricted funds 18 8,521 10,246 Unrestrl¢led funds Designated funds othar reserves General unrestricted fvnds 19 20 189,736 289,287 256,702 189,736 289,287 281,843 Unrastricled funds 735,725 760,866 735,725 760,866 744,246 771,112 Tha financial statements were approved by the Truslees on 16 December 2Q24 MrG Trus ny Regl$tratlon No. 2575177 11 HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infonnation Haringey Chlnesé Centre Is a prfvate company limited by guarantee incorporated in England and Wales. The reglslered office is 211 Langham Road, London, N15 3LH. 1.1 Accoun￿ng Conven￿on The financial slat8ments have b88n prgpar8d in accordance wlth the charitable company's goveming document, the Companies Act 2006, FRS 102 'The Flnancial Reportlng Standard applicable In the UK and Republic of Ireland. ('FRS 102.} and the Charities SORP "Accounting and ReportSng by Charllies.. Slalement of Recomm8nded PractlC8 applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Rgpublic of Ir8land (FRS 102)" (effective 1 January 2019). The ¢harilable company is a Public Benefit Entity as defined by FRS 102. The Charitab￿ cornpany has taken advantage of tha provisions in th8 SORP for charities not lo preparé a Statemént of Cash Flows. The financial statements are prepared in sterting, which is the functional currency of the charitable company. Monetary amounts in these financial slatemenls are rounded lo the nearest £, The financial statements have been prepared under the hlslorical cost convenllon, modlfied to Include the revaluation of fre8hold properties and lo include inv851tnent propetties and certain financial instruments al fair value. The principal accounting polic18s adopted ar8 set out below. 1.2 Going concern Al the lime of approving the financial stalem8nts, the trusl8es have a reasonable expectation that the charitable company has adequate rèsourc6s lo continue in operational exist6nce for the forese8ab18 futura. Thus the trustees continue to adopt the going concem basis of accounting In preparing the financial statements. 1.3 Charftable funds Unr8Stricted funds are available for use al the discretion of the Iruslees in furtherance of Iheir charitable objectives. Designated fvnds comprise funds which have been Set aside al the discrellon of the trustees for specific purposes. Th8 purpos8s and us@s of the designated funds ar8 set out in Ihe notes to the financial slalements. Restricted funds are subject to Specific conditions by donors as lo how they may be used. The purposes and use$ of the restricted funds are sel out in th& notes to the financial stal8ments. 1.4 Incorne Income Is recognised when the charitable company is légally entitled lo il after any pertomiance condilions have been mel, the amounls ¢an be measured rellably, and it Is probable thal income will be received, Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance condttlons requlre deferral of the amount. Income tax recoverable in relation to donations received under Glft Ald or deeds of Covenant is recognised at the tlme of the donation. Incom8 from govemment and other grants, whether 'capilal' grants or 'revenue' grants, 18 recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income wlll be received and the amount can be measured rellably and is not defeiied. Interest on funds held on deposit is includ8d when r8ceivablg and the amount can be m8asur8d reliably by the charity. this is normally upon notification of the Inleresl paid or payable by the bank. 12- HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting poli¢les (Continued 1.5 Expenditure Expenditur& is recognised onc8 Ihere is a lègal or constructive obligation lo make a payment to a third party, it Is probable Ihat settlement will be required and the amount of the obllgatlon can be measured r81iably, Expenditure on charitabla activities includes the costs of running the school, running the centre and the sèrvlces it provides, the cost of working within tha wider communlty and othar activitigs und@rtaken to further the purposes of the charity and their associated support costs. IfrÉ¢ov2rable VAT is charged as a cost against the activity for which tha expenditure was incurred. Support costs are those functions that assist the work of the charity but do not directly undertake tharitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charily's artistic programmes and activities. Thes8 costs have been allocated b@￿een expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured al cosl and subsequenlly measured at cost or valuation, net of d8pr8ciation and any irnpairmenl108ses. D8preciation is recognised so as to wrile off the cost or valuation of assets less their residual values over their useful lives on the following bases,. Land and buildings Plant and equipmenl not depreciated 250/0 reducing balance Freehold land is not depreciated. Freehold property is not depreciated due to high residual value of the prop8ty. The gain or loss arising on the disposal of an asset is determined as the difference be￿een the sale proce8ds and the carrying value of the asset, and is recognised in the 8tat8ment of financial activities, 1.7 Investment propertlos Investment Property, which is property held to earn rentals andlor for capital appreciation, is initially recognised al cost, whl¢h Includes the purchase cosl and any dirèctty attribulablé Èxpanditur6, Subsequently tt is measured at falr value at the reportlng end date, The surplus or deficit on revaluation is recognisad In profit or loss, 1.8 ImpalM￿nt of fixed a55ets Al each reporting end dale, the charitable company reviews the cafrying amounts of Ils tanglble assets to determine whether th&re is any indication that those assets hav8 suffered an Impaimient Ioss. If any such indlcallon exists, the recoverable amount of Ihe asset is eslimaled in order to delgrmine the extent of Ihe impalmient loss (if any). 1.9 Cash and ¢ash equlvalents Cash and cash equivalents Include cash In hand, deposlts held at call with banks, other short-term liquid Investments with original maluritl8s of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabililies. 13- HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poliGies Icontinuedl 1.10 Financial instruments The charitablé company has elected to apply Ihe provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 10210 all of ils financial instruments. Financial instruments are recognised in Ihe charitable company's balance sheel when thè charitable company becomas paty to the contraclual provisions of the inslrumenl. FinanGial assets and liabilitie5 are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognlsed amounts and there is an Intentlon lo settle on a nel basis or to realise the asset and settle the liabilily simullaneously. Basic financial assets Basic finania81 ass81s, which include debtors and cash and bank balances, are initially measured at transaction price including transactiorb c081s and are subsequ8ntly caffied at amortised cost uslng the effective interest method unless the arrangément conslitutes a financing transaction, where th8 transaction is measured at the present value of the future re￿iptS discounted at a market rate of interèst. Financial assets classified as receivable wilhin one year are not amortised. Derecognltlon of financial assets Financial assets are derecognised only when Ihe ¢onlractual rights to the cash flows from the asset éxpire or are s8tt1ed, or when th8 charitable company transfers the financial asset and subslanllally all the risks and rewards of ownership to another 8ntily, or if some significanl risks and rewards of ownership are retained but control of the asset has transfe￿ed lo another paty that is able lo sell the ass81 in ils entirely to an unrelated third party. Baslc financial liabilities Basic financial Ilablllties, includlng creditors and bank loans are Inltlally re¢ognised al transaction price unless the arrangemenl constitutes a financing transaction, where the debt Instrument is measured at the present value of the future payments discounted al a rnark8t rate of interest. Financial liabilities classlfied as payable withln one year are not amortiséd. Debt inslrum8nts are subsequently carried at amortised cost, using the effedlve Interest rala method. Trade ¢redttors are obligations to pay for goods or seNices that hav8 been acquired in th8 ordinary cours8 of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, th8y are presented as non-Cu￿enI liabilities. Trade credltors are recognised initially at transaction p￿ce and subsequ8ntly measured al amortised cost using the effective interest melhod, Derecognition of financlal Ilabllltles Flnancial liabilities are derecognised when the charitable companls contractual obligations expSre or are dis¢harged or cancelled. 1.11 Taxation The Charity IS 8xempl from tax on income and gains falling wilhin section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Galns Act 1992 to tho exl8nt that these are applied lo its charitable objects. The charity's rental income is not part of the charity's primary purpose. If the rental In¢ome is wlthin the small trading lax exefflption, Ihe whole rental income will not be taxable but if the rental income is higher that the exemptlon limits than tax will be payablg of the profit of that Irade. 14- HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting poli¢ies (Continuedl 1.12 Employee benefits The cost of any unused holiday enlltlement 1$ rècognised In the period in which the employee's Services are re¢eived. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed lo temiinate the employment of an employee or to providg termination benefits, Donatlons and legacles Llnrestricied Unrestricted Restrlcted funds funds funds general generdl 2024 2023 Totsl 2023 2023 Donations and gifts 3,654 7,250 1,QOQ 8,250 Charitsble actlvltles School Outlngs Total 2024 School 2024 2024 2023 Sales within charitable activities other income 31,210 31,210 8,040 28,394 8.040 31,210 8,040 39,250 28,394 Analy513 by fund Unréstricted funds general Restricted funds 31,21C 31,210 8,040 28,394 8,040 31,210 8,040 39,250 28,394 Rental in¢ome Unrestrlctsd Unrestrf¢tod funds funds general genernl 2024 2023 Rental income 24,656 24,777 15 HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestricted Unrestrtcted funds funds general general 2024 2023 Interést réeaivable 1,378 175 Other Income Unrestricted UnrestriGted funds funds genernl general 2024 2023 Accupuncturé 19.536 19,249 16- HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIIDED 31 MARCH 2Q24 Charl￿bIt ¥tlvltles Sehool OU￿ng$ Cèntro actlvltle$ 2024 Totil 2024 School Ou*Jng% Cgntro actlvloes 2028 Total 2028 2024 2024 2023 2023 Staff c0516 Dèprethll¢rt and ImpaIrmenl Oullngs expens?8 Sehool expenses Chorttatylè Qrlivllles expenses 47,348 2,076 ,923 $30 76,347 S30 7.689 2,287 42,680 30,32ts 843 73,003 843 432 1.784 2,887 7,689 2,287 1,784 2,867 49,685 8,785 27,453 6,853 44,464 432 33,633 7&.528 Sham ￿ JUPPDrt co¥1$ Isea nolo 81 Share of govenance costs l$ee ngle 81 7,748 9,874 5,7ST 2,878 13,505 6,752 5,865 3,231 5.680 3,129 11,545 6,360 61,267 9,766 3fj,08B 107,110 53,$80 42,442 98.434 Anafy$15 by fund funds- general Reslrkt•J funds 61,267 3e,088 97,345 9,765 53,5eo 42,442 96,OPZ 432 9,765 432 61,287 9,765 36,088 107,110 53,S80 ￿2 42,442 96,434 HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDEO 31 MARCH 2024 Support eo¥ts Support G¢¥•m•nG• £￿ts asts 2024 Support ¢¢$ts Gov•mane• co¥ts 2023 Prenlses costs Ing￿r￿J￿ Pdnling, PD5tag• and Stationery Rapats and malnienan¢o T*phone Ccrtnpul¢r and ￿b5tte Profossbnal tee$ ond subscrfpUon8 Sundry expen$8S Bank ehorges 5,300 1,In 562 454 5.080 3,987 1,171 281 605 4,877 3,987 1,173 562 281 505 4,677 534 160 73 158 6.080 184 160 73 156 156 Audm fe8s 6,782 6.762 8,380 e,3eO 13,606 8,762 20,267 11.544 17, Charl8ble a¢#1¥￿￿9 13,505 6,752 20,257 11,544 8,360 17,904 Governanc4 costs in￿deS payft*nls to the audttor$ ¢f£6,75212023-£6,%0I fvr4udYLlee$, HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tru$teos None of th@ Iruslees lor any persons connected with th8m) reeelved any remuneralion or benefrts from the charilable company during the year. 10 Employees Number of omployees The average monthly number of employees during the yearwas.. 2024 Numbor 2023 Number Full lime staff worklng In Ihe management of the centre Part-time teachers 11 Employment costs 2024 2023 Wages and salaries Soclal se¢urlty costs other pension costs 74,116 1,557 674 71.201 1,214 588 76,347 73,003 There wer8 no employees whose anntJ21 remuneratlDn was £60,000 or more. 11 Rentsl expendlture Unrestrleted Unrestrlcted funds fvnds general ggneral 2024 2023 Property insurance staff wages Accountan¢y fees Financing costs 937 2,703 382 355 1,25e 1,198 254 4,377 2,708 Thls ygar, the companls rentsl incom9 is sublact lo corporatlon lax as 11 has exceeded the small trading exemption. The expenses relating to the rental activities are now shown separately. 19- HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Taxation This year, the charity's rental income is not exempt from tax withln seolion 505 of the Taxes Ad 1988 or section 252 of the Taxatlonof Chargeable Gains Act 1992 as it represents more than 25¢/o of Ihe total Income. 2024 2023 UK corporation tax on profits for the current period 3,853 4,193 Total lax charge 3,8S3 4,193 The charge for the year can b8 reconclled lo Ihe profit per the profft and loss account as follows.. 2024 Renlal income Less rental expenditure 24,656 (4,377) Profit before taxation 20,279 Expactéd tax charge based on the standard rate of corporation tax in Ihe UK of19/0 3,853 Taxatlon charg8 in th8 financial statemen15 3,853 13 Net galnsl(lo$ses) on investments Unrestrictsd Unrestricted funds funds Other Other reserrfes reseries 2023 2024 Revaluation of Investment properties (412,755) -20- HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tangible fixed assets Land and buildings Plant and aquipmènt Totsl Cost At 1 Aprll 2023 240,223 98,788 339,011 At 31 March 2024 240,223 98,788 339,011 Depre¢lation and impainnent At 1 April 2023 DepreclaJon charged in Ihe year 96,670 530 96,670 530 Al 31 March 2024 97,200 97,200 Carrying amount At 31 March 2024 240,223 1,588 241,811 Al 31 Mar¢h 2023 240,223 2,117 242,340 The asset under the heading of land and buildings is the property at 211 Langham Road whl¢h Is shown at cost. It has an esllmaled market value of £650,000, 15 Investment property 2024 Fair value At 1 April 2023 410,000 Al 1 April 2023 and 31 March 2024 410,QlOO Investment property comprises two ground floor retail units in Langham Parad8 and Langham Road, London. The fair value of Ihg investment property has been arrived al on th8 basis of a valuation carri8d out by Capital Homes, who are not connèctéd with the charltable company. The valuation was made on an open market value basis by reference lo market evldence of transaction prices for similar properties in April 2023. If investment properties wer8 slat8d on an historical cost basis rather than a fair value basis, the amount$ would have been £120,713. 18 Debtors 2024 2023 Amounts falllng due wlthln one year. Trad& debtors Other debtors Prepayments and accrued income 4,406 731 1,996 1,750 2,219 1,808 7,133 5,777 21 HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Credltors: amounts falllng due wlthln one year 2024 2023 Corporation tax payable Other laxallon and so¢lal security Accruals and deferred income 3,853 7,548 8,852 4,193 8,482 18,253 13,119 18 Restrlcted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants h8ld on trust for specific purp08es: Movement In funds Incomlng Resourcos resources &xpended Batanco at 1 Aprfl 2023 Balanco al 31 March 2024 Centre development fund Outing Compuler 10,551 1,725 127 10,551 8,040 (9,765) 127 10,246 8,040 (9,765) 8,521 Centre development fund is money given for the d8velopm8nt of th8 cenlr8. This year, restricted funds were used lo purchas8 computer equipm8nl and furnitur8 for the school, This prompted a transfer from Ihe restricted fijnds to unrestricted funds as the assets will be used for a general purpose. 19 Designated funds The Income funds of Ihe ¢harfty In¢lude the following designaled funds which hava been sel aside out of unre3tri¢ted funds by the trustees for specifi¢ purposes.. Movgmgnt In funds Balance at l Aprll 2023 Incomin9 resources Balancg al 31 Maich 2024 Dilapidalions Centre development fund 35,000 154,736 35,000 154,738 189,736 189,736 The dllapldatlon fund Is fund deslgnated for the malntenan¢e Of the cenlro's fv40 Investment properties. Cantr8 d8V8lopm8nl fund is fund d8Signat8d for tha dev8lopm8nl of th8 c8nlr8. -22- HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Unrestricted funds- Other reserves The Income funds of the chailty Indude other reserves whlch are galns arfslng from falr value adluslments of the Inveslrnenl properties Balanc• at Rèvaluatlons, l April 2023 galn$ and losse5 Balanca at 31 Iblar¢h 2024 other reserves 289,287 289,287 -23- HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS ICONTSNUEDI FOR THE YEAR ENDED 31 MARCH 2024 21 Analy$ls ol Dat Assets ￿t￿Se￿ funds Unmstrf¢t•d D¢slgnatod Restdcl*d funds funds lunds 2Q24 2024 2024 oth•r re8or¥•s 2024 Total Unr•slrt¢ted De81gnat•d Re$trf¢t2d nknds funds funds 2122 2023 2023 Olher ftsèrve 2023 Tot4 2024 2D2ts Fund balan￿5 at 31 March 2024 arg r6presenfe¢t ty.. Tamglbl8 a88ets Investrr*nl pTup8rt186 Current 9558tsflllabfiiti&sl 241,B11 241,811 410,OC 92,435 242,340 242,340 410,(X)Q 118,772 120,713 89,023 2B9,287 120,713 9,023 289,287 14,891 8,52 39,503 10,246 258,702 189,73e 8,521 28a,287 744,246 281,843 189,736 10,246 289,287 rii,112 HARINGEY CHINESE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 opera￿ng lease commilments At the reportlng end date the charitable company had oulslanding commitments for fulure minimum lease payments under no￿￿c8￿cellab1e operating leases, which fall due as follows.. 2024 2023 Within one yaar Between two and five years 1,022 1,022 1,022 3,066 Lessor The operatlng leases repr8sent leases of retail premlses to third parties. The leases are negotiat8d over temis of 3-5 years and rentals are fixed for the term of the lease. At the reporting end date the charitable company had contracted wlth tenants for the following minimurll lease paym8nls= 2024 2023 Wthin one year Behveen two and five years 23,000 20,083 23,000 43,083 23 Related party transactions Thère were no dlsclosable related party transactions during th8 year {2023 - non8). 25-