R•gist•r•d number. 02601222 crffy numbors: 1053425 & SC 039513 TAOIST TAI CHI SOCIETY OF GREAT BRITAIN (A company Ilmrted by guarantee) UNAUDtfED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
TAOIST TAI CHI SOCIEfY OF GREAT BRrrA (A Gompany limit•d by guarnnt••) CONTENTS R•fernnce •nd admlnlstralfve detalls of th• ¢ompany. Its Tru¥t••s and advi¥•rn Trust. rnport Ind•p•nd•nt •xamln•f$ r•port Stat•mMI of flnanclal actMtI•• 10 Balanc• sho•t 11 Not•1 to th• flnanclal stst•mM 12.24
TAOIST TAI CHI SOCIEfY OF GREAT BRrrAIN IA company Ilmlt•d by guarnnts•) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Tru•tM• P J Jon88 C M Mitchal N Buslin P M Prgtseti S M891ers M P jaCkn (o>optgd 10 April 2020, appointed 8 Awusl 2020) K J MacLachlan (appointed 10 December 20211 Company r•glst•r•d numb•r 02601222 Charfty rngl•t•rnd numb•rd 1053425 8fKI SC 039513 R•glst•r•d offl¢• 80$t08 Road Coldlest Essex C02 ODE Larklry LLP Chartered Accountsnts 1 Claydcffi 8uslness Park Great Blakenham Ipsv•ich IP6 ONL B•nk•rn HSBC Bank p 99 Hwh Street Chelmsfotd Essex CM1 1EQ k of s¢oUar1 p 1(k18 KlThJ Elhwrd Slreet PH151 Page 1
TAOIST TAI CHI SOCIEfY OF GREAT BRrrAIN (A company 11m1t by guarant••) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Twstees presgnt their annual reF#)rt loggth8r w?th the flnancial stat8ments for the year gndgd 31 De¢embor 2021. The account5 have been prepared in c(Xanc8 the aOUntIng Fdlcles sol out in nolo 1 to tho accounts aTrJ compty V•ith the Taolst Tal Chi Sodety of Great Britaln's 9ovemlng document, the Companies A¢t 2Ci16, the Charities aj Trustee Investment (ScollaThJ) Ad 2C(15, the Charltl8s Act {Scotland) Regulabon$ 2CN)6 and the Statement of R8Mmended Practlce. 'Aco)unllng and Repcxtlng by Charities., effective from 1 January 2019. Structure• governance and manog•m•nt . CONSTITUTION The company is registered as a ctharftat4e rnpany Ilmlt8d by guarnntee InLx)rporated on 12 A4Yil 1991 and was set up by a Memorandum of Assochqtion. which was last updalod on 28 May 2021. Gov•rnlng Documents The Memorandum and Artides of Assodalion and Byelaws are under contlnuous revSew by the National Board. This is part of an orvjolng wocess to ensure that thes6 d0MentS glvo a wholly accurate and suitsbl8 descnplion of the Society to the varlous legislatlve bcllos. The Articlès arKI Byelaws were updated in line wth thanges in MpanY law. our wish to safeguard the teaCh1r of Mastsr Moy Shin future generations and our deveknping understanding of his lexhings. The Board are now revith4ing th8 aim8 and objective8 to better rewnI Ma8r Moy's teathings of th8 Tao. b. ORGANISATIONAL STRUCTURE AND DECISION MAKING Th8 members of the Natlonal Botrd (NB), WIK) are also thé dirocknrs for the purpo$6s of company18w, 8eNed durlrwJ tho yew V•r6: N Buslln P J Jon85 S Masterg C M Milcell P Pretsell M P Jackson K J MacLKhlan {COknOpt 10 1)ecember 2021) The Soclety Is run pre(Ic4nlnanUy by volunteorn as a way of tralnlng to dev8k>p semessness aThJ hamony thrOh ¥Ing together. The Society is m8nag&J by th6 Natlonal Boord {NB) vknose membtrs affj appolnted at the AGM. MemberB of the National Board are the Directors of the Cthnpany arbj Trustees of the Charity. Trustees are selected from loTrJ 8er¥lng members of th8 Soclety wtK) have a goLxl und8rstandirvJ of tho naluro of Taoist Tai Chini arts, and are o)mmitled to d8v8loping their training and the trainiThJ of others. In 2021 the Society organised inio thirteen iY8nches rermxtiry to the National Board tlwowh thr86 reglons,. Eastem region coordinating S Iya, Northem region ccthinating 3 branche6 and thè W8St8m region, c£*mprised of tho remainirwJ S brarthgs. The Thcs of GB benefits from the guidan and supwt of the FurwJ Loy Kok Institute of Taoism {FLKI and the Eurowan RegicThl CourKil (ERCI. as vnll as all the other (Kganisations around the Vrtd that follow slmlkr CeCts and rk in affiliation V4ith FLIL Page 2
TAOIST TAI CHI SOCIEfY OF GREAT BRtrAIN
(A Gompwry limil•d by guarants•)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
c. RISK MANAGEMENT
The Socrgty folloMF an annual accrwjltatlon procedure for lewJ5 In ttalnlvvj to ensurg that 811 members roceNe
8ppropri8tg opFortunitig¥ to improve themselves and help others.
The slety has substsntial insurance cover includlng public Ikqtxlty.
Tho NB continues to review polloes aThJ predureS on a regular basis. Support is also providgd via chartered
•#ountants Larking GOn, and consultants for health and saf8ty and employment, Natwesi Mentor.
Profeswonal legal advice is s(yJght fr(Kn 8dlcitor6 as and n8J8d.
The Trustoos continuo to a880SS Potentlal rlsk6 to the Sod8ty Is expoEed using Charities Commlsslon
guid¢6. A Risk Regi8tsr is kept to record arKI as8es6 the rlsk8 arxl the taken to minimlge them. V+h8re
appropriate.
The rapid r8spon8e to the pandemic taken mItarch 2020 by Clon9 dovm all activities that F¢ople
together in dose proximity was sustalr)gd. and membgrs re encouraged lo exercise and develop their so1f-
praGtico. Activities continued through online meetlngs, dlscuswons and chantiry 8es5ion$ via vldeo
conferencing other media to wpport this practise. The Souety policy continued to be one of 'not ono death
due lo our aGlivities.' lTrperyn activities Vre deemed to bg safe to restart in 2022.
Obl•cllvM and A¢llvttl••
•. POLICIES AND OBJECTNES
The objects of the Thcs of GB set In the Memorandum and Arti¢los ofAssoc4atlon are:
lal The prot8Ctlon and preservallon of gcAxI heath lhithln the c(nmunlty thr(gI)Ut Great Britsln and
bntematlonally through the prrxnotlon 8fMI praclke of all leve18 al Taolst Tal Chllm Intemal arts and mothods.
Ibl To athance educatlon and tralnlng In Taolst Phllo8orthy, Tradhlons and Arts 88 promoted by tho Sod•V$
found8r Master Moy Lln Shin.
b. ACTIVITIES FOR ACHEVING OBJECTIVES
The otye¢ts thve met th1$ year by offerlng opF
TAOIST TAI CHI SOCIEfY OF GREAT BRrrAIN (A Company Ilmit•d by guarantao) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 There have 8150 been and continue lo be, wkly intem8Uonal moellros vA)ore Pth W$ teathlngs ara 8hared by many who had direct ¢)Mtact wtth him ha VAS aliv8. This has made for a rich Tasource and glven all mernbers the opporiunlty to recelve Mr Moy's teachings from Int&malional leaders. As members couldn't phpcally practice toWh6r. opp)rtunitie$ to come tO9thr and practise chantsng. thich is ather of th8 T80iSt Tai ChlThl arts. offernd al both intwnationai and national level. Dwing summer Imrtdoor Sessic8 ra (98n1$8d f(Y a short peri(MJ vknen the vinB seemed to ba diminlshing. It soon atvarnrt that thb wa8 not the case and all outsTrde sesslon6 ceased Immediatdy. There were cd8bration8 of TaSt and Curfudan felvals throuty the yaar, OP to all membern. ¢. PUBLIC 8ENEFrr rhe Truslees have had due regard to the Chaiity C4mrnL8slon guldan¢8 on Pul1¢ 88T11 vthere relevant to their declsion rnaklng. By promoting th8 hoafth benofrts and maklng these arts available to all, in 2021. the Taoist Tal Chi Society of Gr881 Brltain oJmpll6d w7th the duty In s8don 1715) of t Chwities Act 2011 to h8V• due regard lo public benefil gimdancg published by th6 C(xnmis%on. Achl•v•m•nts and p•rfom)•nc• . REVIEW OF ACTIVITIES M•fflb•r•hlp No new members enrdled durlng 2021 <241 eryolled In 2020), and at the eNI of the yo8r total memtérshlp Stood at 1226 (compared to 3220 al the of 2020). 2094 membgrs18psed In 2021 {Cpared to 2089 In 2020). Thes6 flgures relate dlrKty to nol havlng Inyrnon activities. Adrnlnl•trallv• Stru¢lurn The Natlon81 Board dele98te roSp(S11Y1las lo th8 wb mmItte•S of Region81 CourKII and Branch Commltte¢ offering more peO¢ the OFWlIty to leam abcrtrt Taoism. balaft and hwmmy. by ¢'ng together for the a(knini8traUon. Instru¢tlon At the end of 2021 there ware 124 le&Jer8 in trainiTrJ compared to 158 In 2020. Al lfraders in training are volunteern and receivo no rnaterlal reward for thelr u)ntrlbulkn. Th8y partlclpate In corrtlnuing and regular tralning arKI are a¢crnliiod on an annu81 basls. There aro 10 members on tho Leadern Training Committee. The GB Board 8h to 6xte6s thanks to FLK Board of diroct¢xs and advisors, and members of the Eur¢)pean Regional Coun1 Ihair support. guidan and 1nsplratl through this diificult tlme, prlorfll*ro our safety and he81th above all else. Our Hom•s In Groat Brftaln The SoGiety in GB cwrenlly kyoperties located in Colchester and Maldon. Sale of the building in Edinburgh. 0ed by FLK. vrds completed on 13 September 2021. The building In Mabjon is al80 in the process of being sokl to help the Soci8ty flnanclally. through thls diffiGuli timg. Page 4
TAOIST TAI CHI SOCIEfY OF GREAT BRrrAIN (A company Ilmlted by guarante•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Employnnt During 2021= Wallace Gilbraith ¢xnlinu6d to be employed as a part-tim8 and ICT admIrstratOr Carol Danenb¢fg$ Gontinued to be employed as finance admlnLthlor Paul Davies continued to be employed as geTaI manager Barbara Harth¥ick continued lo be empw throw an agency as a bocth b. FUNDIIAI8ING Fundralsing continued through 2021, alt Mt face lo fa¢e. ThrOUg)ut the year a number of m8mbers have made Individual dcfiations to the Society lo help Supp the Taotst T81 ch communlty through th8 pandamlc. The Iru$te6s would like to offer heartfatt thanks to for thalr generosty and compassion and to all tho8a who continuè to m6mb8rn. sIMykniThJ a deop rthrd11vj and apweclallon of Master W's lexhings. All funds are raisod from among t m•mb8fS, ¥kn0 most b6rflt of 8UN)ortlng thè 8lm$ and obleclSves. ¢. FACTORS RELEVANT TO ACHIEVE OBJECTIVES Contrlbutlon of Volunt••rn vonIe8ngl9 Integral lo the splril ol the Society ond Ihe tralnlng that l¥ offered. Al led8rg aThJ administrators cary out thelr rolo8 LY) a voluntary b9 arKI all members are encouraged to taka advantage of volunteering cpportunltbe8. Volunteers havo ¢ontlnLl to vth dlllgently on imprnvlng the exlstlrwj administratlon and on w8p8rallon8 for 8 retum to In-person activlti68 somotlme In the future. Flnanclal r•vl•w RESERVES POLICY Usually, It Is consldered thot the annual Nming co8ts 411 bo more than met wt of annual sub8cription inMmo. However, the trustees endeavour to retain $h reserves to cover montNy costs Sn ca8e of unexpectod finanGlal allenges. Al other funds are m8d& availat4e to our International Projects Fund to meet OUT aim. of promoting and practising all levels of T801st Tai Ghi arts tAithin the L))mmunTty through)ul Great Brilaln and intsmationally, for tho protection and preserrfatkjn of g¢x)d health. To this ¢rKI, the rrcs GB aims to have an approximate mlnimum of £120,000 In free reserve, to cover three months op8rating ¢05ts. We have pfaced no limlt the amounl of reserves may hold and th8 level is kept under regular review to onsure that thgre are sufficient reserv&s to fulfll the runnlng of the Society in GB and to fully support our Intemational Prcyects. Al th8 balance ytheet tjats the charilys reserve. arnod to £328.850 (2020.. £387,584). Page 5
TAOIST TAI CHI SOCIETY OF GREAT BRITAIN (A company Ilmlt•d by guarani••) TRUSTEES. REpoirr (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 b. FINANCIAL REVIEW OF ACTNMES Membershlp subscriptions decreased from £634.386 ID 2IY20 to £239.758 in 2021. Total incoming resources decreased from £691.342 in 2020 to £252,387 in 2021. Dlrect thwltthe exp8Thlilure decreasgd frvm £201,601 to £120,321. Support costs decreased during the year from £140.175 in 2020 to £126,566 2021. Govèmance costs decreased from £9.¢XM) to £4.050. Grants to oveTseas Tai Chi Societies in¢rgas8d to £450,975 {2020'. £62.8931. induding £416.105 to Taoist Tai Chi &Kiety Nelherlands. Ovfrrall, net expenditure for tho year was £449.553 mpared to net income of £272.930 in 2020. M8mb8rshSp subscrlptlons have docaSed as w8 have been Nnnlffj online Se$6 rather than in wr¥on activities due lo the pandemic and (xjr wish not lo cause anyoné to rne to hami because of vthat ¥ do. Some membars are only interested in the in per adivitses arKI so they stopFd Ih8ir payments. Al80. have Stop all In fuThlraising xtivitias so there has been no IncL¥ne from thom eithor. EXPdIlure ha8 d8crea8ed as been able to stop our hourty rtal$ and have reded other costs from our charftat48 or fundraslng actfvmes as are not having any in per8(m. Havlry sold the buildlng In Edinbur9h, FLK reimbursed the monoy th81 had spent on refvrbishmenl. Th18 Put U8 In a VIt)nderfL position to surwt ow ster organisations in Swn Nolhwland8 With their loan& INVE8TMEKf8 POLICY It is not intènded that Ihe Society hotd money for k¥)9 perlcls of tlme. txrt rather to Use the money 10 8UPPOrt intemalional projects that fvrther the loaming. pracfjse ar promotlon of T8$t Tai •tts. Most Soclety funds for this reporting poriod hav• boen held In sIr$S aunts, one of whith Is an Interest bearlng aCcot. Pl•n• for th• lulur• . FUTURE DEVELOPMÉNTS The alms of the Sociely are to 0)ntin to 8dvaKe education arKi training in Taolst Phllogophy, Tradhlons and Art8 for the Fyolects'on and preservation of 9( health within the cOmmurty througxjI Great Brit8ln and intemationally. We set a goal of retuming lo Irpers(l aclivllles in May 2022 arKI have been able lo meet that goal. DI8CLO8URE OF INFORMATION TO AUDITORS Each of the persorts are Trustee$ at the tlme vknen thls Trustee¥ re1 1$ approved h86 conflmied that: so far as that Trustee is av•Bre. thwg is no rglovant alit infomation of tho charttable companys ditor5 are ur)awwe, Trustees have l*n all Ihe steps that ought to have b8en taken as 8 Trustee In order to b8 aware of any relevant atbYii information and to establish that the tharitable companvs auditors are aware of that Infomallon. Page 6
TAOIST TAI CHI SOCIEfY OF GREAT BRtrAIN (A compw Ilmlt•d by guarants•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 In preparfng report. th8 Tn*ta8s have takon tho (xffipanles exemptiom provld6d by secllon 415A of the Comp&th 2(th. Th1$ report was approved ty Iho TnJ81088 on 20 gust 2022 and 8lgned on thelr behaN ty. 8 Ma•t•r• CTrPresid8nt Dale: 20 Augu8t 2022 Page 7
TAOIST TAI CHI SOCIEfY OF GREAT BRITAIN (A company Ilmlt•d by guarant••) 14DEPENDEKf EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Independent •xamln•f8 r•port to th• Tru•tw of Taolst Tal Chl Soclety of Gr¢al Brttaln lhe company. I report to the charity TNstees on my examination of the 8Xts of the MPanY for the year ended 31 December 2021. Responslbllltkn and ba819 of r•port As the Trustee8 of company (ar#J its director8 for th8 wrposes of cThp8ny law) you respon8lble for the preparation of the acx7)unls in acccKdance with the requirements of the Charities and Trusta8 Invethent (Scoland) Act 2005 (ihe 2(X)5 ACV), the Charities ALwunts {ScoUand) Regulations 2CK)6 las amended) {'the 2006 Accounts Regulations.) and Ccffipani8s Act 2C#)6 he 2(KJ6 Acf). You are satlsfied that the accoun18 of the cx)mpany are not re(wired ty tharity or L7)mpany law to be audrt8d and have chosen Irtead to h8Vg an Indeperklent examination. HavirvJ satisfied mysell that the accounts of company are not requlred to bts 8u(Ited und&r Part 16 of the 2006 Act and are eligible for iThJependent examinatKfi, I rep)rt In reScl of my axamlnatlon of the c4)mpanYs accounts caffled oth uTrder sectM)n 44111{c) of the 2005 Act and Section 145 of tho Charltlag Act 2011 {'th8 2011 ACYI. In caryin9 Out my examination I have foll(yhd the requirement8 of Regulat1 11 of the 2CQ6 AccolS Regulations and the Directions glven by the Chwity Commission under 8ection 145(5Xbl of the 2011 Act. Indond•nt •Mfflln•e• •tst•m•nt Slnce tho company18 r6qulr8d by company law to prnwo It8 acccwnts (n an accnlS basls and Is rnglslered as a tharlty In sCoand your gxaminor Must be a mgmbw of a listed In Regulation 1112) of the 21)06 ¢ounl$ R•3ulation¥. l Can ¢>)nfirrn that l am qualifi to undortakfr the examinaOn because l am a registered memtr of thè In8tituto of Chart•rod Ac¢¢untsnts in EnglarMI aThJ Wal88. Is one of the Ilst6d bodio$. I havo 0)mplèt8d my •xamlnallon. l eonfirni that no matters have me to my attentlon In conno¢tlon with th• examinatlon glvlng me cau88 to believe: accoUnn9 records V•ef8 not kept In respect of the (W•pY 88 required by 386 of th8 2006 Act and Regulation 4 of the 201A Ac(yJunts Regulations. (x the accounts do not aCcd Véith Iho8e records and the accountlng rwulrwnents of Rewlatlon 8 of the 2006 Accounts Regulations: or the accounts not comply ryth the acc4xJnliry requirernents of secti¢)n 396 of the 2006 Act other than any requirement that the ac(4xJnts gNe a Irue and fairf view ttl¢h is not a matter nSIdered as Pwt of an independent examination: or the accounts hav8 not been prepared in accordance ilh the mo11$ and prln¢lples of the Statem8nt of Recommended Pradice ftt ac¢ountiThJ and r8portiDg by dtIeS lappll¢able to charities preparing their a¢¢ounts in a¢¢ordan¢e the FIn41 ReportlNJ Stsndard applleable In UK and Republ1¢ of IrelaThl (FRS 102)]. I have no corKems and have ccffne across no cAher rnatters in cA)nneCt with the examinatlon to bthlch attention should be dra%ffi in this leE in order to enable a prr understandin9 of the accounts to be rehed. Thls report Is made g)lely to the cc*npanYs Trustees. as a In accordance th Part 4 of the Charttles (Accounts Reports) Regulations 2CK)8 arkl Regulatlon 11 of the Charities ACC£nts IS(y)tland} Regulatlons . My vA)rk has been Underta that I might state to the (xKnpanYs Tnjstees ltrtr)8e matterg l am Pag8 8
TAOIST TAI CHI SOCIEfY OF GREAT BRrrAIN (A company Ilmllad by guaranto•) INDEPENDENT EXAMINEifs REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 requlred to state to them In an IndepeThJenl examlnees Tewt a1 fry no other wrp088. To the fullest 8Xtenl pemiltted by law. l th) not accept OT assume resbIl lo anyone other than Ihe company and the companvs Truslees as a Èrf)ty, for my w)rk or thls repcrfl. Signéd: Dated.. 8 September 2022 Giles Kerkham FCA DChA for and on behalf of Lathing LLP Charterad A¢¢ounlants 1pCh Page 9
TAOIST TM CHI SOCIETY OF GREAT BRrrAIN IA company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTivrriES IINCORPORATING INCOME AND EXPENDrruRE ACCOUN FOR THE YEAR ENDED 31 DECEMBER 2021 Unrmtrithd funds 2021 Total funds 2021 Total 202Q Incom• from: Donations and legades Charrtablè adivlties FuThJraising 285 241.140 10,962 6.012 678,337 6,993 241.140 10,982 Total In¢om• 2S2,387 2S2.387 691,342 Exp•ndltur• on: Ralslng fund8 Charltable activ1ti08 28 701,912 4, 143 413.669 701.912 Total •xp•ndlturn 701,940 701.940 418,412 N•t mov•m•nt In fund• (449.553 (449,$531 272,930 R•conclll•tlon of fvnd¥: Total funds bToughl f0Thrd Net movement in funds 1.485.874 (449,5531 1,485,874 (449,553) 1,212,944 2T2,930 Total funds c•Thl•d foTh•ard 1,038,321 1,036,321 1,485,874 The Statement of financial actlvilie8 indudfrs all gains and losses ¢ocowi8ed in the yow. The notes pages 12 to 24 form part of these finandal slalemgnts. Pty8 10
TAOIST TAI CTrI SOCIETY OF GREAT BRITAIN (A company Ilmlted by guaranto•) REGISTERED NUMBER: 02e01222 AS AT 31 DECEMBER 2021 2021 2020 Tanglbl& assats 12 707h71 1,232,236 13 14 &129 af67 a485 479.032 D8btrxs C•8h at bart and In h&rKI 380,875 490,354 CredIto arnOts laulng lthln on• 15 (ttOB4) f237,016) N•t ¢urr•nt ••••l• I Il•blllll 253.638 Tol•l n•t a•••ts 1.OA321 I.4874 Ch4rfty lund• UnreBlrIed fur#J8 1.036,321 1,485,874 Totsl fimd• 1,036,321 1,485,874 The f>)mpany wa8 •ntld•d to •x•M. from urKlw 477 01 Ih? cUnP0¥ 2(Kl6. The members have not tho c4xnp•ry to ctrtaln aL#¢ fc Iho yw In In ac£ordance wllh 8•¢Uon 476 of Cryni•$ A¢t 2(N. aOUntIng rordS prep8rgkn (rf flnwthl atat6m•nt& Th8 finartlal gtat8m•rts hw• boon prOFW in hith ts wovlskJn8 applleable to •ntit1•8 8(knJ"•¢X to tho companl and i8W8 ty th8 Tnnta88 and 8br•d on they by: Trusteg Tho ncts8 M pAg08 1210 24 ftym part of these firwwl Staleryts. Page 11
TAOIST TAI CHI 8OCIEfY OF GREAT BRrrAIN (A cornpany Ilmltod by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2tr21 G•nernl Infomi•Uon Taolst Tai Chl Society of Great Brilain is a company limited by guarantee incrxporaled in EnglaThJ Wab$. reted number 02601222. The registered offi¢x is European Centre, Bourfjtsad Road. Col¢he$ler. Ex. C02 ODE. A¢¢ountlnp polld 2.1 81 Of pr•p•rntlM of fln•n¢l•l •t•t•m•nts The financial statements have been prepared in accnCe wth the Chariti95 SORP IFRS 1021- A¢Unting and Reporting by Charities.. Statement of Rocommendgd Pra¢ti¢e appli¢able to ¢harrtie8 kYeparir¥J their accounts in acclanCe wryth tho Financial Reporting Stsndard applicable in the UK and Rowblic of Ireland IFRS 102) leffectivg 1 January 2019), the Fin8nci81 Reporting Slandard appli¢abl& in tho UK arKI Republic of IrelaThJ IFRS 1021 and the Comp8nies Act 2006. Taolst Tal Chl SoGloty of Great Britain meets lh8 definition of a public boneflt anllty under FRS 102. Assets and liabiliti are inrti811y recognised al histryical cost (Y transaction votyje unl8$9 oth6Th88 ated in the relevanl acawnling policy. The finend81 stalemerts are presented In slerflNJ rounded to nearest pound £. 22 Company status The c<Mnp8ny 18 a company Ilmlled by guarantee. The membern of the company ere the Tru8te88 nam1 on pag8 1. In the event of Ihe c(Mnpany belng ¥wund LV. the 118bllbty In respect of the guarantee Is Ilmbted to £1 per member of the company. 2.3 Golng ¢onc•m The Trustees hav8 rx)n85der8d the comp8ny'$ p081tlon at the tlme of slgning the flnandal 8tstements induding cath avallable. and proie(ons for the runnlng costs. Based thls. tho TnJsl6frs have Condj•d that Ihey h8ve 8 reasonable expe¢tstlon that the company 11 have adequate resources to o)ntinue in operalion•l 8xi$ten¢e for the fore8e8able future beiry no Iw than We months from Ihe dale of apFYovlng these aOuntS. They continue to adopt the going concern ba818 of actt)unllng In preparlng thg n81 statemer 2.4 Incom• All inmrne is recowised On the (xxnpany has entillemeni to the income. it is proba)le that the incom6 111 be received arKI the arnount of inrA)me recetvable can bg mgasured reliably. The recognltlon of in(x)m6 fromlogaoos 1$ d8poNl•)t on ostabli5hing ontitlemrt Ihe probabillty of recdpt and the ablNty to estlmate vthh suffldent accuracy amount recelvable. Evidence of entiuement lo a legacy exists the company has gjffldent eVIden that a gifl has be8n left lo th8m (through kThedge of the exlslence of a valkl bllll and the death of the benefactor) and the executor is satisfied that the prcwty in question ill Th)t be required to satisfy claims in the estsle. Re¢eipt of a legavi must b8 recoJnised *then il is prd)able that il wll be received and the falr value of the amount receivatrAe, vknich vill generally be the eXpd Gath amount to be dlstriblrted to the LpanY. can be reliabty mewred. Pag8 12
TAOIST TAI CHI 8OCIEfY OF GREAT BRITAIN (A company Ilmltod by guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021 A¢¢ountlng polldm (contlnu•d} 2.5 Exp•ndltur• Expendlture is reetsJnised once there is a legal or C£MtruCte obllgation lo transfer ecor(ffrtlc benefit to a third paty. it is pmbable Ihat a transfer of economic benefrts will b& requlred In s8tUement and the arnounl of the obluation can be measured reliabty. Expendilure 1$ dasslfled by activity. Tlw costs of eac adivity are made up of the total of direct costs and share(1 costs. induding [pt cos involved in uThJertaking each activity. Direct costs attrfbutable to a slngle activity arè alocated directly to that activity. Shared costs whKh LX)ntribute to more than one actlvlty and SUPFQrt costs vthich ar8 not attn'txrtable lo a ngle activity are aFWtloned bgtween th088 actlvitles on a basis consist8nl with the use of resourcs. Cenlrnl staff costs are allocated on the bas18 of tlmo 6penl, and delatK tharges allocated on the portion of thè a866t'8 u8fr. Expenditure on raising funds includ8s all exp8nditure incurred by the rx)mpany to r81s& funds for Its charitablè pury)oses arml indudes costs of all fundraising activities events and non4)arltsble tr8dlng. Expendltur6 on charitabFe activitles Is incuThed on directly unthrtaklng tho ac11v188 furthor Ihe npanvs obledlvos, 88 VKII 88 8ny associated support o)sts. Grants payable are carged In the year vA)on off6r Is m8do 6X¢ePt In those cases bthere the offer is condlllonal, such grants belrvJ recognlsed a8 expendlture when the ¢ondltii)n8 8ttachlng are lulllllgd. Grants offgred subject to condltlons 1¢h hav8 not mot at tho year end arn noted 88 a mMItMont, but not as 8xpgndlturo. l expendllura is incluslvo of irro¢overablo VAT. 2.6 Tanglbl• Ilx•d aM•t• and d•pr•cl•ll¢)n Tangl0 flx6d as89ts o)stlr¥J £NIL or moro arg capllallsod recognlwl v#hèn future aconomSc berfits are probable and (x)61 va0 of the as881 c8n be measured rellably. Tanglbla fixed assets are initially recrJni8ed at sL After recoonltk)n, Lmd?r lh• ¢oBt model, tsThJlble Ilxed assets are measured at cost less accumulated depreclallon and any accumulated impairment lossos. All cosls incwred to bring a tangible fixed asset into its Intered wt)rking ¢1¢10Th shouhj be induded in the rnea5uromerrt of c{. Depreclation Is chwged so as to allocate the cost of tarvJible fLxed assets18s9 their re&dual value over thelr estlmated useful Ilve$. Depreciation is provided on the fdlo4ing bases.. Freel¥Jld and other woperty Fixtures and fittings CornFKrtor tyuipmont - 2% straight I - 25% redu¢irvJ balanc - 25% straight lina 2.7 Inl•r•t r•c•ivabl• Interest on funds held on dep1 is induded then receivable and the amount can be measured reliabty by the c(Knp8ny' this is rK)mally y)n notrfication of the interest pald or payable by the bank. Page 13
TAOIST TAI CHI SOCIEfY OF GREAT BRrrAIN (A company Ilmlt•d by guarant••} NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 DECEM8ER 2021 Accounting policiu (continu•d) 2J Op•rating l•as•s Rentsls paid under operatirvj leases are tharged to Ihe Statement of financial activltles on a stralght line baS over Ihelgase term. 2J Stock• Stocks are valued at the lompr of c05t aryj nel reali58ble v8luo after maklng due allowance for obsdete arKI 8lownoving 8tccks. Cost includes all direct t>)sts 8rKI an 8Ffsroprfate proportbn of rixed and variable overheads. 2.1 O D•btor• Trade other debtors aro recognisod at th8 8ettlemont arnnt 8ft8r any trade dlsrx)unt off8r•d. Prep8yThents 8re valued at the amounl prepaKI net of any tr8de dlscounts du8. 2.11 Calh at bank and In harKI Cash at bank and in hand indud8s rAsh 8ThJ strth4em hlghly IIqLAd Investrnenls %•Ath a short malurlty of three months or less from th8 date of ao]uls1tk or openlng of th8 depOt or similar acLount. 2.12 Uabllltl•• and provl•lon• Ll8bllblle8 are recognlsed kn tPwe18 an obllgatlon at the Balance sheet dato as a rosull of a past evenL It Is [babIe that a transfer of economlc b8n8fft VAII b8 requlr•J in sfrtt16mont, and Ihe amount of the 8attl8manl Gqn be estimated rellatAy. Llabilitl88 are recognised at th8 aMTrI that the company anticipat8S it wll pay to seltle the debt or the amount It has received as advan(xd payments for Ihe goods or services it mu8t provlde. Provlslons are measured at the b8St estimate of the amounts retwlred to Settle the obligation. Where the effect of the time value of money is material, the provisi¢)n Is based on the present Value of those arnots, discounted at the pr&tax discount rnte that refl8cts the risks specific to the Ilability. The u1nding of ts discount is rocc#Jni56d in the Statement of financAal activiti88 as a rinance cosL 2.13 Flnan¢l•l In¥trum•nts The company only has financial assets financial liabilities of a klnd that quallfy a8 basic financial instruments. Basic financial inthments are initially rocognlsed at transactlon value and subsequenty measured at Iheir settlemgnt vabJg with the exceptlon of bank knans V•hich 8r6 subs•wonty m•asu at amortised ¢4xi ugng the effectlve Interest method. Page 14
TAOIST TAI CHI SOCIEfY OF GREAT BRtrAIN (A ¢omyny Ilmitod by guarnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollclo• (contlnuad) 2.14 Forolgn CUTrnncl08 Monetwy assets aThJ lIalI11¢S denornlnated Sn forel5m ajrrendes arn Iran8lat6d Into slorflng at rates of ex¢hange ruling at Ihe rewting dats. Transa¢1$ In fcrf8lgn rrenc18$ 8 trlated Into 8t8rllng at th8 rate rullng on tha dats of th& transa¢llon. Ex¢harwJo galn5 and 10588s are rec(¥Jnl8ed In the Statement of flnanclal actlvlll85 IncorporatlrKJ Incomo and expenditure 8ccounL 2.15 P•n•lon• The ¢crfnpany op8rates a dofined c(KrtrlbLrflon pSk scheme and the p8nsion charg8 reprogants the amounts by the company to the fund in respect of the year. 2.16 Fund a¢Gounllng General lunds are unrestricted funds thiGh are available for uso at the discrotion of the Trustees In furtheran¢o of the g8n8ral oty'ectives of the company and thich have nol been d8signated for other purp09es. Page 15
TAOIST CHI SOCIETY OF GREAT BRrrAIN IA company limlt•d by guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Ineom• from donallon8 and hgael•• Unrn•trict0d funds 2021 Total funds 2021 Tolal funds 2020 Donatlons 285 285 6,012 285 285 6.012 Tot812020 6.012 6.012 InMm• from ¢harltablg *¢llvltl UnMtrld•d fund• 2021 Totsl funds 2021 Tolal fvnds 2020 Momb8r $8Nle06 Wortslws Bed & breakfast Banqugts and 8odal ovor Local authority Covid-19 ¥upwt grwts 239,758 239,758 634,386 15,879 2.672 400 25.C 1,362 1.362 241,140 241,140 678.337 Total 2020 678,337 678,337 Pagg 18
TAOIST TAI CHI SOCIEfY OF GREAT BRrrAIN IA company Ilmltad by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Fundrnlslng Income Income from fundralslng ev•nts Unr••trict•d furKIs 2021 Tt)tsl fund¥ 2021 Tot funds 2020 Sala of gooth Intemational furrflTal$ng 3,298 3,298 7,664 1,845 5,148 10,962 10,962 6,993 Tot812020 6,993 6,993 Exp•ndllur• on rnlslng fund• Vnr•¥trlct•d lunth 2021 Tot•1 fundj 2021 Total fund8 2020 Costs of raiwng funds 28 28 4,743 Total 2020 4, 743 4, 743 PJe 17
TAOIST TAI CHI SOCIEfY OF GREAT BRrrAIN IA ¢t)mpany Ilmlt•d by guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anatysis of exp•nditur• by activiti•s Acuvltlos Grant undertak•n fundlng of dlrectty actlvhles 2021 2021 Support costs 2021 Tothl fund8 2021 Member seNII Workshops Bed & brnakfast 117.940 (128) 450.975 130,616 699.531 1128) 1509 120.321 450.975 130.616 701,912 Grnnl undfrrt8kon fvndry ol dillY 2020 Support costs 2020 Total lunds 2020 2020 Mèmbèr servi( Workshops Bed & breakfast Banquets and soc181 avents 195.191 3,190 2.867 353 82.893 149. 175 407,259 3,190 2.867 353 201,601 62,893 149. 175 413,669 Page 18
TAOIST TAI CHI SOCIETY OF GREAT BRrrN (A company limit•d by guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Anatysis of •xp•ndilur• by activit (continued) Anal18 of dlr•ct co•t• Total funds 2021 Total funds 2020 Deproclallon Ront Rates Insurance Llght and hoat Repairs arKI nsuMa8 Work81y costs Bawuets and 80cial event costs Bed 8fKI breakfast $ts 19,964 (14) 44,080 13,661 17.738 22,511 (128) 20,448 77,950 39,036 15,010 22,574 20,173 3,190 353 2.867 2,509 120,321 201,601 Analy•l8 ol Support co•ts Total fund8 2021 Tol81 funds 2020 Staff ¢osts Agency stsff Telephono Hire of equipment Travelling expenses Prlntlng, postage & stallonery L8gal and profess1al Computer expenge8 Sundry expenses Bank charges Profit on foreign oxdlange 92,033 8.982 8,070 1,966 162 1,321 10,256 2.980 858 94,140 1&319 6. T83 1.967 1,985 1,46T 10,152 f.804 - j i 3,899 39 4,050 5,623 (2,065) 130,616 149,175 Pag• 19
TAOIST TAI CHI SOCIEfY OF GREAT BRITAIN (A company Ilmlt•d by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Charltable actlvltl•s . grnnts p*ld 2021 2020 Ov8rsea8 donations 450,975 62,893 Induded thIn oversaas donat10 are amounts donated to Ihe follon9 organlsalo £NIL T80i¥t Tai Chl Soclety USA (2020- £413) £34,870 Taoist Tai Chi Soclety Spaln {2020- £60.030J £416,105 Taoist Tal Chi So¢i8ty Ngthedants (2020- £2.450) Ind•p•nd•nt •x•mlnorfs r•mun•rnllon 2021 2020 Fee$ Payab to the o)mwls indeper¥Jenl examiner for the irependent examination of the companls anNal accounts 3,420 Audltors. remuneration All other 8ep4lces nol inthded akne 9,000 630 10. Staff 2021 2020 Wag6s and salarlos Social security costs COntriEOn to defined contrilmrtion pernifm 9ch&mes 85,738 4277 2,018 87,607 4,469 2,064 92,033 94, 140 The av8r4e number of persons empbyed by thg o)mpany during the year w88 as follows: 2020 PwJe 20
TAOIST TAI CHI SOCIEff OF GREAT BRrrAIN (A Gompany Ilmlted by guarant•o) NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 DECEMBER 2021 10. Staff costs (continued) No employee received rnmuneration amunting to more £60.000 In either yoar. Total key managgment Pgr¥onng1 Compensati( fry the year was £50,180 (2020 - £50. 180), plus th8 related National Insur8n¢• arnoLWrting to £5,706 (2020- £5,718). 11. Trust•••' l•mun•r19D and •xp•n¥ During the year. Trustses TOC8P4ed any rgmungration or other benofrts (2020- £NIU. During the year end 31 December 2021. no TN8tee exp¥08 have begn incurred (2020. £1461, Pty8 21
TA018T TAI CHI 80CIEfY OF GREAT BRrrAIN company Ilmll•d by gu•r•nt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12. Tanglbl• fix•d as8•ts Fr••hold Oth•r FIX •nd Computer pr¢p•rty prop•rty Ilttlng$ •qulwMnt Total Cost or valuallon At 1 January 2021 Dlsposa 1.143.710 137.703 20,493 1,881,788 1579.8821 (579,8821 At 31 Decemtr 2021 1,143.710 137,703 20,493 1,301,906 Dopr•clatlon At 1 janu 2021 Charge for Iho yoar On disposals 423,723 17.637 75.081 131.366 2,112 19,382 215 649,552 19,964 (75.0811 (15,081) At 31 Decernber 2021 441,3eo 133.478 19,597 594,435 N•t book v•lu• At 31 December 2021 702,350 4225 707,471 At 31 De¢embw 2020 719,987 504,801 6,337 1.lql 1,232,236 Indudod in fraohold propwty Is larNI cosllrvJ £165.iThJO (2020- £165,1) thlch18 not deFYeciated. '(Xher propertf of woperty improvements at Marionville Road in Edinburgh. The Sorty occupled this property by virtue of an agreement Imth the propervs owners. Fung Loy Kok I'FLK'I. daled 1 October 2011. undw 1¢h it provl¢Jes Ils ¢aritabl• soryi¢es at the prc)ety. The servlce 8greement Uld be temilnated by eltPr paty vAth 60 days. r4Xl¢e. The Trustees consSdered that the tharity, in pjjbstance. controlled access to the erts of the Improvements that bt had made lo the property and ttw8fore Inc4uded them 7ththin the balance sheeL The Soclety also recelved assurance from FLK that they MY)uld o)mpensate Sod8ty for ts book value of prop8ty Improv8ments at the time of 5al8. FLK has no•Y sold tho property at Marionvil Rogd, compktlng in September 2021. The o)mpensation payable from FLK 0nt¢d to £504.801 and this has ken applied to pay dovm tha tha FLK loan 1£133,948} and to fund gMt payments lo rrcs N¢Vwlands {£370.8551. Slnce the year end th& woperty in Maldon has been Eokl. completiry on 26th Juty 2022. Proceeds of £547,596 rd¥ed In respect of tho propety at 31 De¢ember 2021 a net br value of £246,713. Page 22
TAOIST TAI CHI SOCIETY OF GREAT BRrrAIN IA ¢ompany Ilmlt•d by gu•r•nto91 NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2021 13. Stoeks 2021 2020 Finishwj goods and goods for resale 3,129 3,157 14, Dobtor• 2021 2020 Duo wlthln on• y•ar Prepayments and 8ccrued inc(Yne ¢900 8,465 6,9110 8.465 1& Crndltor4: Amounts falllng du• wlthln on• y••r 2021 2020 (Xhor loans Trade ¢rodito Other taxation and social 66curity Other creditors Acc¥uds and deferred IrKxYne 133,946 2,278 1,789 459 98,544 2,052 969 57,482 62,054 237,016 2021 2020 Deferred intome at 1 January 2021 Rowurces deferred duriw tho yar ArnOts released from previous peri(xJs 75,699 161.513 52.575 75,699 ris,699) (161.513) 52.575 75,699 Deferred Income as al 31 De(mber 2021 comprlsed membershlp fee8 received in athance 8nd advance recelpts for the sale of t-thlrts. Page 23
TAOIST TAI CHI SOCIETY OF GREAT BRrrAIN IA Company Ilmltod by gu•ranto0 NOTES TO THE FINANCIAL STATEMEKf8 FOR THE YEAR ENDED 31 DECEMBER 2021 16. Ponthn comm5tm•nts The company operates a defined ¢ontribubon$ perffjion $che. The assets of the schgmo are held separately from those of the company in an indgrendenwy adminislered fuThl. The pension cost ¢harge rowesents ¢onthbuti0rn8 payable by the r))mpany to the fund and amounted lo £2,018 (2020 - £2,064). Contributions totalling £459 (2020- £459) V•re pay8bl8 to tho fur at the balance sheet date and are Induded in creditors. 17. Op•rnllng l•as• ¢ommltm•nts Al 31 Dacemtr 2021 the company had MMItMents to mak8 fuluro mlnlmum 19888 payments under non-cancellable oporatlng18ases as fdkms.. 2021 2020 Wlthin 1 year Betswi 1 arKI 5 year8 1,966 2,972 4.938 5,460 18. R•lal•d party transartlon• Although there is no fomial control arrarmant Fung Loy Kok In8titule of Taoism, FLK 18 considar&d to be a rdatad paty by vlrtue of the mutual relationships bae&n the organlsatloro. The loan balancA8 of £133,946 owing to FurKJ Loy Kok IrtUte of T8olsm was pald durlng the year. There is no108n balar at the year erwj (2020- £133.9461. Included vlthln tsnglble fixed assets wffjs 'other property Athi¢h relate$ to prOpty Improv&monts at Marionville Road in Edinburgh. The SIety oo%pied this rOty by virtue of an agr09mgnt wth Fung Loy Kok Insvtute of Taol8m, propwty Thls was sold the year. So9 note 13 for further d8talls. There no further related paty trarnadons in the year. 19. Post balan¢• sheot •vents As described in note 12, the FXOprtY in Makkn) Essex has been sold by th8 Society Sir tha and. Pag8 24