**Charity registration number 1051778 (England and Wales) Company registration number 2575177**
## **HARINGEY CHINESE CENTRE**
# **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **HARINGEY CHINESE CENTRE**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Management Committee**|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 Hoi Yat Tsoi|
|**Secretary**|Ms Winnie Li|
|**Charity number**|1051778|
|**Company number**|2575177|
|**Registered office**|211 Langham Road|
||London|
||N15 3LH|
|**Auditor**|Bacha & Bacha (Audit) Limited|
|**Bankers**|Co-Operative Bank Plc|
||195 High Road|
||Wood Green|
||London|
||N22 6DP|
## **HARINGEY CHINESE CENTRE**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Statement of trustees' responsibilities|5|
|Independent auditor's report|6 - 9|
|Statement of financial activities|10 - 11|
|Balance sheet|12|
|Notes to the financial statements|13 - 26|
## **HARINGEY CHINESE CENTRE**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's memorandum of association, the Companies Act 2006 and "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 2019)".
## **Objectives and activities**
The charitable company is dedicated to advancing the well-being of the residents of Haringey and its surrounding neighbourhoods, with a particular focus on the Chinese community. Our objectives include fostering cooperation among local authorities, voluntary organisations, and residents to enhance education and provide facilities for social welfare, recreation, and leisure activities. The overarching goal is to elevate the quality of life for individuals, irrespective of gender, political affiliations, religious beliefs, or other opinions.
To achieve these objectives, we aim to establish a community centre and collaborate with local statutory authorities for its maintenance and management. Additionally, we strive to cultivate positive relationships in Haringey and its environs by combating discrimination based on race, promoting equality of opportunity, and addressing poverty within the Chinese community through the provision of advice, aid, and assistance.
Our commitment extends to facilitating the integration of the Chinese community into mainstream society, fostering community involvement, and promoting cohesion. The policies implemented to fulfil these objectives encompass the provision of information, advice, advocacy, and training. We support vulnerable members by offering appropriate care, providing advice on healthy living, and facilitating referrals to health services. Furthermore, we address social isolation by organising cultural and social activities, along with joint events in collaboration with Haringey Council and other local community organisations to combat exclusion.
In alignment with guidance from the Charity Commission, the trustees have carefully considered the activities undertaken by the charitable company. Our centre remains steadfast in delivering a diverse range of services to meet the evolving needs of the Chinese community in Haringey and the surrounding boroughs.
- 1 -
## **HARINGEY CHINESE CENTRE**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Achievements and performance**
Services and activities provisions carried out during the year were:
1) Support advice service – We continued to provide the advice and support services for the local Chinese residents to access different housing related services including various welfare and benefits claims, education, health services, utilities, social and living, interpretation and telephone enquiries.
2) Saturday Chinese School - We continued to offer two-hour Chinese language and culture lessons on Saturdays at our centre for students from Year 1 (age 5) to Year 8 IGCSE (age 12). This year, 110 learners were registered across levels 1 to 8. To accommodate them, we organised eight classes: four classes were held in the morning from 9:30 to 11:30, and four classes were held in the afternoon from 12:00 and 14:00. Parents expressed satisfaction with this arrangement.
3) Outing – A five-days, four-night trip to Black Forest in Germany was originally scheduled for October 2024. However, the trip was postponed to July 2025, as most of our older members preferred to travel during the summer.
4) Pharmacy Collection Service - we continued to work with local chemists who collected the prescriptions from GPs on behalf of our service users and packed their medications into a blister box system. This ensured that our clients took their daily medications punctually, correctly and safely.
5) Acupuncture services - We continued to work with the professional acupuncturist, Mr. Sam Ma, who rents our premises to operate his acupuncture practice three days a week, from Monday to Wednesday, for client treatments. On occasion, he also works on other days at the request of his patients.
6) Health Talks/Health Exercises - Mr. Ma, as an experienced “Qigong” master, continued to provide ‘Tai Chi’ “Qigong” exercise classes 3 times a week from Monday to Wednesday, teaching his learners in the evening from 17:30 to 19:30. He also arranged health talks for our members to promote self-practice well-being during the year.
7) After School Club - Some students came to attend the “Tai Chi” heath exercise classes on weekdays after school. Mr. Ma also offered a summer “Qigong” & “Tai Chi” training course in July and August for our students.
The effectiveness of our services and activities were measured by the outcomes and the feedbacks from our service users. Opinions, comments and suggestions were collected from our members for future initiatives and consideration of project provisions in order to meet the changing needs of the community.
## **Financial review**
The charity's total reserves as at the balance sheet date was £700,083 (2024: £744,246). Of this £8,521 (2024: £8,521) was restricted and £189,736 (2024: £189,736) was designated funds. Other reserves, representing gains from revaluing the investment properties, were £269,287 (2024: £289,287). The Charity's free reserves, not invested in fixed assets or designated for other purposes stood at £nil (2024: £14,891).
## **Reserves policy**
It is the policy of the charitable company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s unrestricted expenditure, which the trustees estimate to be around £50,000. The trustees considers that reserves 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 current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The charity received total unrestricted income of £82,642 during the year (2024: £80,434). Of this, £30,303 (2024: £31,210) is from the Chinese School and rental income of £24,755 (2024: £24,656).
- 2 -
## **HARINGEY CHINESE CENTRE**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
The charity expended £109,726 (2024: £115.340) on its charitable activities. The costs of running the Centre from which the majority of services are provided were £34,273 (2024: £36,088), none of which is covered by restricted income. The costs of running the school amounted to £52,777 (2024: £61,257).
## Governance costs were £7,365 (2024: £6,752).
Net deficit for the year, before revaluation of investment properties and transfers between funds amounted to £24,163 (2024: (£26,866)).
The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for future periods**
Although our centre’s financial income has reduced in the past months, it did not prevent us from delivering our planned services. Our operating surplus and reserves in the past years have financially secured our sustainability to provide quality services and activities to meet the needs of our members. We will continue to provide valuable services and activities for our members. We will exploit more funding opportunities to develop more project provisions. We will work together with Haringey Council, other statutory and non-statutory organisations to promote networking, partnerships, community involvement and cohesion.
## **Structure, governance and management**
The charitable company is a company limited by guarantee, incorporated on 19 January 1991 and registered as Haringey Chinese Centre on 11 December 1995. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
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 Hoi Yat Tsoi
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Centre has a Management Committee of up to 8 members who meet approximately every 3 months and are responsible for the strategic direction and policy of the charity. Day to day responsibility for the services provisions is run by the Centre Manager and supported by other staff and the Management Committee. All members of the Management Committee give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the notes to the accounts
All members of the Management Committee give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the notes to the accounts.
## **Auditor**
Bacha & Bacha (Audit) Limited were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.
- 3 -
HARINGEY CHINESE CENTRE
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Dlsclosuro of Informatlon to audltor
Each of the trustees has confirm8d that there Is no InfonnatlDn ol which they are aware which Is relevant lo the
audit, but of which the auditor Is unawara. They have further confimèd that they have taken approprlat• staps to
Identlfy such relevant Information and to establlsh that the audFtor is aware of such Informatlon.
The trustees, report was approved by the Board of Truste.
Mr Gavln Fu
29 January 2026
## **HARINGEY CHINESE CENTRE**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees, who are also the directors of Haringey Chinese Centre for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- There is no relevant audit information of which the charitable company's auditors are unaware; and
- The trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 5 -
## **HARINGEY CHINESE CENTRE**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARINGEY CHINESE CENTRE**
## **Opinion**
We have audited the financial statements of Haringey Chinese Centre (the ‘charitable company’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe 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 concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, including the trustees' report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 6 -
## **HARINGEY CHINESE CENTRE**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HARINGEY CHINESE CENTRE**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
- the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- 7 -
## **HARINGEY CHINESE CENTRE**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF HARINGEY CHINESE CENTRE**
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company,
- we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
- 8 -
HARINGEY CHINESE CENTRE
INDEPENDENT AUDITOR'S REPORT {CONTINUED)
TO THE MEMBERS OF HARINGEY CHINESE CENTRE
Use Of our report
This r8port is made Solely to the charitable company'8 members, as a body, in accordanc8 Wlth Chapter 3 of Part 1fj
ofthe Companle8 Act 2006. Our audlt work has been undertaken $0 Ihat we mlghl state to the charitable companV$
members thtr¥e matters we are requlred lo slate to Ihem an audilors, report gnd for no other PUTpo$e. To Iho
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the tharitable
company and the charftsble companls member8 as g body, for our audit worl for this report, or for thè oplnlons
we havg fomied.
Yoyèndrana
for and on
BA
P FCA (Senlor Statutory Audltor)
f Ba¢ha & Baoha (AudFII Llmlted
alf
29 January 2028
Chartored Accountsnts
statutory Audltor
## **HARINGEY CHINESE CENTRE**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
||||**Unrestricted**|**Restricted **|**All restricted**|**Unrestricted**|**Restricted**|**All restricted**|
|---|---|---|---|---|---|---|---|---|
||||**funds**|**funds**|**and**|**funds**|**funds**|**and**|
||||||**unrestricted**|||**unrestricted**|
||||||**funds**|||**funds**|
||||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||**Notes**||**£**|**£**|**£**|**£**|**£**|**£**|
|**Income and endowments from:**|||||||||
|Donations and|||||||||
|legacies||**2**|2,371|1,000|3,371|3,654|-|3,654|
|Charitable|||||||||
|activities||**3**|30,303|2,921|33,224|31,210|8,040|39,250|
|Rental income||**4**|24,755|-|24,755|24,656|-|24,656|
|Investments||**5**|1,587|-|1,587|1,378|-|1,378|
|Other income||**6**|22,626|-|22,626|19,536|-|19,536|
|**Total income**|||81,642|3,921|85,563|80,434|8,040|88,474|
|**Expenditure on:**|||||||||
|Charitable|||||||||
|activities||**7**|87,050|6,656|93,706|97,345|9,765|107,110|
|Rental|||||||||
|expenditure||**11**|13,971|-|13,971|4,377|-|4,377|
|Tax on rental|||||||||
|activities||**13**|2,049||2,049|3,853||3,853|
|**Total expenditure**|||103,070|6,656|109,726|105,575|9,765|115,340|
|Net gains/(losses)|||||||||
|on investments||**12**|(20,000)|-|(20,000)|-|-|-|
|**Net outgoing**|||||||||
|**resources before**|||||||||
|**transfers**|||(41,428)|(2,735)|(44,163)|(25,141)|(1,725)|(26,866)|
|Gross transfers|||||||||
|between funds|||(2,735)|2,735|-|-|-|-|
|**Net (expenditure)/**|||||||||
|**income for the year**|||||||||
|**Net movement in**|**funds**||(44,163)|-|(44,163)|(25,141)|(1,725)|(26,866)|
|Fund balances at 1||April|||||||
|2024|||735,725|8,521|744,246|760,866|10,246|771,112|
|**Fund balances at**|**31**||||||||
|**March 2025**|||691,562|8,521|700,083|735,725|8,521|744,246|
- 10 -
## **HARINGEY CHINESE CENTRE**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 11 -
HARINGEY CHINESE CENTRE
BALANCE SHEET
AS Af31 MARCH 2025
2025
2024
Noto$
Flxttd a$sets
Tanglble assals
Inve81ment properties
14
10
241,414
390,000
241,811
410,000
631,414
651,811
Current assets
Debtors
Cash at bank and In hand
18
6,568
80,902
7,133
103,555
87,470
110,688
Credltor8', amounts falllng duo wlthln
ono year
17
(18,801)
(18,253)
Net current asséts
68,669
92,435
Total assets less current Ilabllltle5
700,083
744,246
InGome funds
R8Stricted funds
19
8,521
8,521
Design8tod funds
other reseNes
General unrestricted funds
20
21
189,738
269,287
232,539
189,736
289,287
256,702
Unrestrlcted funds
691,562
735,725
891,582
735,725
700,083
744,246
The financlal statem•nt$ wore approved by the Trustèes on 29 January 2026
Mr Gavln Fung
Tte0
Company Regl
atfon No. 25
12-
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
Haringey Chinese Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is 211 Langham Road, London, N15 3LH.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.
The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that 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 conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is 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 will be received and the amount can be measured reliably and is not deferred.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
- 13 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure on charitable activities includes the costs of running the school, running the centre and the services it provides, the cost of working within the wider community and other activities undertaken to further the purposes of the charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's artistic programmes and activities. These costs have been allocated between expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings not depreciated Plant and equipment 25% reducing balance
Freehold land is not depreciated. Freehold property is not depreciated due to high residual value of the property.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Investment properties**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 14 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 Financial instruments**
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Derecognition of financial assets**_
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charitable company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
## **1.11 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. The charity's rental income is not part of the charity's primary purpose. If the rental income is within the small trading tax exemption, the whole rental income will not be taxable but if the rental income is higher that the exemption limits then tax will be payable of the profit of that trade.
- 15 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.12 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Donations and legacies**
|Donations and gifts
**Charitable activities**
Sale of goods
Other income
Analysis by fund
Unrestricted funds -
general
Restricted funds|**School**
**2025**
**£**
30,303
-
30,303
30,303
-
30,303|**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2025**
**2025**
**£**
**£**
2,371
1,000
**Outings**
**Total**
**2025**
**School**
**2025**
**2024**
**£**
**£**
**£**
-
30,303
31,210
2,921
2,921
-
2,921
33,224
31,210
-
30,303
31,210
2,921
2,921
-
2,921
33,224
31,210|**Total Unrestricted**
**funds**
**general**
**2025**
**2024**
**£**
**£**
3,371
3,654
**Outings**
**Total**
**2024**
**2024**
**£**
**£**
-
31,210
8,040
8,040
8,040
39,250
-
31,210
8,040
8,040
8,040
39,250|**Total Unrestricted**
**funds**
**general**
**2025**
**2024**
**£**
**£**
3,371
3,654
**Outings**
**Total**
**2024**
**2024**
**£**
**£**
-
31,210
8,040
8,040
8,040
39,250
-
31,210
8,040
8,040
8,040
39,250|
|---|---|---|---|---|
|||||**Total**
**2024**
**£**
31,210
8,040|
|||||39,250|
|||||31,210
8,040|
|||||39,250|
## **3 Charitable activities**
## **4 Income from other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Non-charitable trading activities|24,755|24,656|
- 16 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **5 Investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2025**|**2024**|
||**£**|**£**|
|Interest receivable|1,587|1,378|
|**Other income**|||
||**Unrestricted **|**Unrestricted**|
||**funds**|**funds**|
||**general**|**general**|
||**2025**|**2024**|
||**£**|**£**|
|Accupuncture|22,626|19,536|
## **6 Other income**
- 17 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **7 Charitable activities**
|Staff costs
Depreciation and impairment
Outings expenses
School expenses
Share of support costs (see note 8)
Share of governance costs (see note 8)
**Analysis by fund**
Unrestricted funds - general
Restricted funds|**School**
**2025**
**£**
43,364
-
-
1,135
44,499
4,284
3,994
52,777
52,777
-
52,777|**Outings**
**Centre**
**activities**
**2025**
**2025**
**£**
**£**
3,053
26,889
-
398
3,603
-
-
-
6,656
27,287
-
3,615
-
3,371
6,656
34,273
-
34,273
6,656
-
6,656
34,273|**Total**
**2025**
**£**
73,306
398
3,603
1,135
78,442
7,899
7,365
93,706
87,050
6,656
93,706|**School**
**2024**
**£**
47,348
-
-
2,287
49,635
7,748
3,874
61,257
61,257
-
61,257|**Outings**
**Centre**
**activities**
**2024**
**2024**
**£**
**£**
2,076
26,923
-
530
7,689
-
-
-
9,765
27,453
-
5,757
-
2,878
9,765
36,088
-
36,088
9,765
-
9,765
36,088|**Total**
**2024**
**£**
76,347
530
7,689
2,287|
|---|---|---|---|---|---|---|
|||||||86,853
13,505
6,752|
|||||||107,110|
|||||||97,345
9,765|
|||||||107,110|
- 18 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**8**
**Support costs**
**Support**
**costs**
**Governance costs**
**£**
**£**
Premises costs
3,610
-
Insurance
724
-
Printing, postage and stationery
206
-
Repairs and maintenance
224
-
Telephone
2,524
-
Computer and website
218
-
Professional fees and subscriptions
237
-
Bank charges
156
-
Audit fees
-
7,365
7,899
7,365
Analysed between
Charitable activities
7,899
7,365|**2025**
**Support costs**
**Governance costs**
**£**
**£**
**£**
3,610
5,300
-
724
1,173
-
206
562
-
224
454
-
2,524
5,080
-
218
184
-
237
596
-
156
156
-
7,365
-
6,752
15,264
13,505
6,752
15,264
13,505
6,752|**2024**
**£**
5,300
1,173
562
454
5,080
184
596
156
6,752|
|---|---|---|
|||20,257|
|||20,257|
Governance costs includes payments to the auditors of £7,365 (2024 - £6,752) for audit fees.
- 19 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
## **10 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
|**Number of employees**
The average monthly number of employees during the year was:|||
|---|---|---|
||**2025**|**2024**|
||**Number**|**Number**|
|Full time staff working in the management of the centre|2|2|
|Part-time teachers|5|6|
||7|8|
|**Employment costs**|**2025**|**2024**|
||**£**|**£**|
|Wages and salaries|71,331|74,116|
|Social security costs|1,277|1,557|
|Other pension costs|698|674|
||73,306|76,347|
There were no employees whose annual remuneration was £60,000 or more.
## **11 Rental expenditure**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2025**|**2024**|
||**£**|**£**|
|Repairs and maintenance|8,400|175|
|Property insurance|1,399|937|
|Staff wages|3,854|2,703|
|Accountancy fees|318|382|
|General costs|-|180|
||13,971|4,377|
This year, the company's rental income is subject to corporation tax as it has exceeded the small trading exemption. The expenses relating to the rental activities are now shown separately.
- 20 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **12 Net gains/(losses) on investments**
||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|
||**funds**|||
||**Other**|||
||**reserves**|||
||**2025**|**2025**|**2024**|
||**£**|**£**|**£**|
|Revaluation of investment properties|(20,000)|(20,000)|-|
## **13 Taxation**
This year, the charity's rental income is not exempt from tax within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 as it represents more than 25% of the total income.
|UK corporation tax on profits for the current period
Total tax charge|2025
£
2,049
2,049|2024
£
3,853|
|---|---|---|
|||3,853|
The charge for the year can be reconciled to the profit per the profit and loss account as follows:
||2025|
|---|---|
||**£**|
|Rental income|24,755|
|Less rental expenditure|(13,971)|
|Profit before taxation|10,784|
|Expected tax charge based on the standard rate of corporation tax in the UK||
|of 19%|2,049|
|Taxation charge in the financial statements|2,049|
- 21 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **14 Tangible fixed assets**
|**Cost**
At 1 April 2024
At 31 March 2025
**Depreciation and impairment**
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024|**Land and**
**buildings**
**Plant and**
**equipment**
**£**
**£**
240,223
98,788
240,223
98,788
-
97,200
-
397
-
97,597
240,223
1,191
240,223
1,588|**Total**
**£**
339,011|
|---|---|---|
|||339,011|
|||97,200
397|
|||97,597|
|||241,414|
|||241,811|
The asset under the heading of land and buildings is the property at 211 Langham Road which is shown at cost. It has an estimated market value of £635,000.
## **15 Investment property**
|**Fair value**
At 1 April 2024
Net gains/(loss) through fair value adjustments
At 31 March 2025|**2025**
**£**
410,000
(20,000|
|---|---|
||390,000|
Investment property comprises two ground floor retail units in Langham Parade and Langham Road, London. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Capital Homes, who are not connected with the charitable company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in October 2025.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been £120,713.
## **16 Debtors**
|**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2025**
**£**
3,250
929
2,389
6,568|**2024**
**£**
4,406
731
1,996|
|---|---|---|
|||7,133|
- 22 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **17 Creditors: amounts falling due within one year**
|Corporation tax payable
Other taxation and social security
Other creditors
Accruals and deferred income
**18**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2025**
**£**
2,049
6,898
2,538
7,316
18,801
**2025**
**£**
698|**2024**
**£**
3,853
7,548
-
6,852|
|---|---|---|
|||18,253|
|||**2024**
**£**
674|
The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.
## **19 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|
|||**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
||**1**|**April 2024**|**resources**|**expended**||**31 March 2025**|
|||**£**|**£**|**£**|**£**|**£**|
|Centre|||||||
|development|||||||
|fund||8,394|-|-|-|8,394|
|Outing||-|3,921|(6,656)|2,735|-|
|Computer||127|-|-|-|127|
|||8,521|3,921|(6,656)|2,735|8,521|
Centre development fund is money given for the development of the centre. This year, there was a transfer from the unrestricted funds to restricted funds to cover for the shortage of funds for the Chinese New Year festival event.
- 23 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **20 Designated funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|||**Movement in**||
|---|---|---|---|
|||**funds**||
||**Balance at**|**Incoming**|**Balance at**|
||**1 April 2024**|**resources**|**31 March 2025**|
||**£**|**£**|**£**|
|Dilapidations|35,000|-|35,000|
|Centre development fund|154,736|-|154,736|
||189,736|-|189,736|
The dilapidation fund is fund designated for the maintenance of the centre's two investment properties.
Centre development fund is fund designated for the development of the centre.
## **21 Unrestricted funds - Other reserves**
The income funds of the charity include other reserves which are gains arising from fair value adjustments of the investment properties
|||**Balance at**|**Gains and**|**Balance at**|
|---|---|---|---|---|
||**1**|**April 2024**|**losses**|**31 March 2025**|
|||**£**|**£**|**£**|
|Other reserves||289,287|(20,000)|269,287|
- 24 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**22**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Other**
**reserves**
**2025**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**£**
Fund balances at 31
March 2025 are
represented by:
Tangible assets
241,414
-
-
-
Investment properties
-
120,713
-
269,287
Current assets/(liabilities)
(8,875)
69,023
8,521
-
232,539
189,736
8,521
269,287|**Total Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**Other**
**reserves**
**2025**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
**£**
241,414
241,811
-
-
-
390,000
-
120,713
-
289,287
68,669
14,891
69,023
8,521
-
700,083
256,702
189,736
8,521
289,287|**Total**
**2024**
**£**
241,811
410,000
92,435|
|---|---|---|
|||744,246|
- 25 -
## **HARINGEY CHINESE CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **23 Operating lease commitments**
At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Within one year|-|1,022|
## **Lessor**
The operating leases represent leases of retail premises to third parties. The leases are negotiated over terms of 3-5 years and rentals are fixed for the term of the lease.
At the reporting end date the charitable company had contracted with tenants for the following minimum lease payments:
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Within one year|20,083|23,000|
|Between two and five years|-|20,083|
## **24 Related party transactions**
There were no disclosable related party transactions during the year (2024 - none).
- 26 -