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2020-12-31-accounts

1) SHAOLIN TEMPLE UK Report & Unaudited Financial Statements

China Cultural Fund

China Cultural Fund with the working name Shaolin Temple UK Contents

e Charity information: page 2

e Trustees’ annual report: page 3-4

o Structure, governance and management o Selection of Trustees o Responsibillties of the Trustees o Public benefit o Risk management o ~=©Review of Activities and Future plans

e Independent Examiner's report: Page 5

e Statement of financial activities: page 6

e Balance sheet: page 7

« Notes to the financial statements: page 8-12

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China Cultural Fund with the working name Shaolin Temple UK Charity information

Registered Charity No: 1057407

Principal address 207A Junction Road, London N19 5QA

Trustees

Mr. Yanzi Shi Chairman Mrs. Peixin Guan Mr. Milan Kapetan (appointed 01/10/2019) Mr, Zhenke Wang Mr. Yongjie Xu

Bankers Nat West Bank pic Wood Green 14 The Broadway London N22 6DS

Independent Accountant Peter Gordon Accountant 251 Lewisham Way London SE4 1XF

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China Cultural Fund with the working name Shaolin Temple UK Trustees’ annual report for the year ended 31 December 2020

The Trustees of China Cultural Fund with the working name Shaolin Temple UK present their report and unaudited financial statements for the year ended 31 December 2019,

Structure, governance and management

China Cultural Fund is a charity whose charity registration number is 1057407. The Charity has a board of Trustees, currently five (5) who are responsible for controlling the work, management and the administration of the charity for its beneficiaries.

Selection of Trustees

Any individual can become a trustee of China Cultural Fund, if prepared to offer their time free to attend board meetings and help in the management and controlling of the charity.

To be a trustee, that individual must be nominated by any current trustee and must show that they have some knowledge of management and or a skill that will benefit the charity. New Trustees are introduced at a General Meeting, and provided with the necessary background papers and briefings.

Responsibilities of the trustees

Charity 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 China Cultural Fund and of its income and expenditure for the financial year. In preparing financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of China Cultural Fund and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of China Cultural Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Public benefit

The Trustees have complied with their duty as per the Charities Act 2011 to have due regard to Public Benefit guidance publisned by the Charity Commission.

Tne Charity advances the Chinese culture of martial arts for the public benefit by serving London and elsewhere through the education in Chinese philosophy, religion, history, culture and by providing and assisting the provision of facilities for the recreation and leisure time occupation of the public.

Risk management

The Trustees have a risk management strategy which comprises:

The trustees aim to review a section of the Risk Register at each of its meetings.

Risk is considered under the following 8 headings:

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China Cuitural Fund with the working name Shaolin Temple UK Trustees’ annual report for the year ended 31 December 2020 (continued)

Review of activity and future plans

2020 can be characterised by continuing transition and consolidation.

Curing 2029 Ine cnarity has suffered decause of tne on-going pandernic. The charity struggles as retiected in the financial "gures snows thai # wouid not MGve been able to survive without the government loans and the bank loan. public.We contin.we to strive to build this community base charity. We will continue 'o offer the recreaiionai activities to the

Fulure piars, 70 contique to grow the mrembershio of the charity. To ouild iasting relationsnip and to hele Londoners To fulfl tneir corential in whatever they are doing. The Charity plans to look at other venues to promote rnartial arts, "he covid-?? oorcemic has made US Change our ofienty, The charity had to cose jis doors for more than & months, Sui Nas use Multmedia platforms to continue its programme of trai: ng. The trustee neve considered the impact of the pandemic and are monitoring its effect on the charity,

Signes on Reha of the board

oe x Yard Shi a Chairman 20" Seorernoe: 202]

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China Cultural Fund with the working name Shaolin Temple UK Independent Examiner's report fo the trustee of China Cultural Fund

Opinion

We have examined the financial statements of China Cultural Fund (the 'charity’) for the year ended 31 December 2020 which comprise of the statement of financial activities, the balance sheet, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements:

Basis for opinion

We conducted our examination in accordance with the applicable law. Our responsibilities under those standards are further described in the Examiner's responsibilities for the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our examination 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 examined evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are satisfied that the accounts of the charity are not required to be quadited under Part 16 of the 2006 Act and are eligible for independent examination. We report to the trustees in respect of our examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011. In carrying out our examination we have followed the directions given by the Charity Commission under section 145(5(6) of the 2011 Act.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the examination:

Responsibilities of Trustees

The trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Examiner's responsibilities

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 examiner's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an examination 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.

Signed:

Pekovbsecré nO Peter Gordon Accountant

Date: Dee -A.2o 2

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China Cultural Fund with the working name Shaolin Temple UK Statement of financial activities for the year ended 31 December 2020

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2020|2019| |Notes|Unrestricted|Restricted|Total|Total| |s|&|&|&| |Income| |Donations and|legacies|2|7,088|=|7,088|6.985| |Investment|income|:|=|=|"| |Other|income|3|69,079|i|69,079|76,858| |Total|Income|76,167|-|76,167|83,843| |Expenditure| |Cost|of|Raising|Funds|4|12,964|-|12,964|17,436| |Charitable|activities|5|70,811|.|70,811|66,285| |Total|Expenditure|83,775|-|83,775|82,720| |Operating|Surplus/(Deficit)|(7,608)|-|(7,608)|1,123| |Net|gains on|investments|=|-|-|-| |Net|income/{Expenditure)|(7,608)|(7,608)|1,123| |Net|Movement| |Reconciliation|of|Funds| |Total|funds|brought|forward|ie:|6,94)|1,875|8,816|7,693| |Total funds carried forward|13|(667)|1,875|13208|eutll|

----- End of picture text -----

The charity statement of financial activities includes all recognised gains or losses in the year

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China Cultural Fund withthewerkingnameShaolinTempleUK
Balance sheetat31 December2020
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Balance sheetat31 December2020
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Balance sheetat31 December2020
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Balance sheetat31 December2020
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Balance sheetat31 December2020
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Balance sheetat31 December2020
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Notes 2020 2019
Fixed assets £ £ £ £
Tangible fixed assets ry 17,497 4,022
nvesiments =
:
Current assets 17,497 4,022
Stock
Debtors		 8
9		 2.395
=		 3,255
.
Cashatsank & inhand 4,906 7,997
Creditors
-Amounts fallingdue afteroneyear		 10 7.301
(23.590)		 11,252
(6.458)
NetcurrentAssets (16,289) 4,794
Totalassets jesscurrent liabilities 1,208 8.814
Funds ==—= SS
Restricted 11 875 1,875
Unrestricted 12 {667} 6,94]
1,208 8,816

Approvec oy ine Trustees on 20th Seplamber 2021 ana signed on their behalf oy:

Trustee

China Cultural Fund with the working name Shaolin Temple UK Nofes fo the financial statements for the year ended 31 December 2020

1 China Cultural Fund is a charity registered with the charity commission (Charity No. 1057407). The registered address is 207A Junction Road, London N19 5QA

1.1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial Statement are as follows:

1.2 Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January, 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

China Cultural Fund meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

1.3. Going Concern

The trustee have prepared the financial statement on a going concern basis. The trustees have carefuily considered the budgets for the 12 months from the date of signing and believe that China Cultural Fund has sufficient funds to meet their liabilities as they fall due. Trustees have considered the impact of covid-19

1.4 Income

Income is recognised when the charity has entitlement to the funds and it is probable that the funds will be received and the amount can be measured and is not deferred. Interest receivable is dealt with on an accruals basis. Investment income is dealt with on an accruals basis.

1.5 Unrestricted funds

These are funds which can be used in accordance with the charity's objects at the discretion of the trustees.

1.6 Restricted funds

These are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions may arise when specified by the donor or when funds are raised for particular restricted purposes.

1.7. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, itis probable that settlement will be required and the amount of the obligation can be reliably measured. Cost of raising funds - This comprises all costs incurred in attracting voluntary income. Costs of charitable activities - This comprises all costs directly related to the objectives of China Cultural Fund.

1.8 Depreciation

Material individual fixed assets are capitalised at cost. Depreciation is calculated to write off the cost of fixed assets in use at the balance sheet date on the basis described in note 10.

Depreciation and surpluses or losses on the disposal of fixed assets used for charitable purposes are reflected in the Statement of Financial Activities before stating net income before transfers, The charity adopts a policy of revaluation for its properties. Further detail is provided in note 10.

1.9 Investments

Investments are stated at market value on the last day of business in the accounting period. Gains and losses on the disposal of investments together with unrealised gains or losses on the annual revaluation are disclosed in aggregate in the Statement of Financial Activities.

1.11 Operating leases

Rentals applicable to operating leases where all the benefits and risks of ownership remain substantially with the lessor are charged to the Statement of Financial Activities as incurred over the term of the lease.

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China Cultural Fund with the working name Shaolin Temple UK Notes to the financial statements for the year ended 31 December 2020 (Continued)

1 Accounting policies (continued)

1.12 Stock

Stock is included at the lower of the cost or net value. Donated items of stock are recognised at fair value.

1.13 Critical Accounting Judgements and Estimation Uncertainty

The directors evaluate estimates and judgements incorporated into the financial statements. Estimates are based on historical information, assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the charity:

1.14. Charitable Activity

The charitable activity are calculated by removing the costs which relates to the cost of raising funds (Note 4),

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2 Donations& legacies
Unrestricted Restricted 2020 2019
Total Total
& & S %
Donations 7,088 - 7,088 6,985
Legacies - - - -
7,088 - 7,088 6,985
3 Other Income
Unrestricted Restricted 2020 2019
Total Total
& 7 S %
Membership 53,407 - 53,407 75,658
Goods Sales 860 . 860 1,200
Government Grants 12,601 12,601 -
Others 2,210 - 2,210 -
69,078 - 69.078 76,858
4 Costs of raising funds
Unrestricted Restricted 2020 2019
Total Total
& £ & &
Funaraising Trading Costs 12,964 - 12,964 17,436
12,964 : 12,964 17,436

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China Cultural Fund with the working name Shaolin Temple UK Notes fo the financial statements for the year ended 31 December 2020 (Continued)

5 Charitable activities
Unrestricted Restricted 2020 2019
Total Total
& S S S
Employee Costs 24,262 - 24,262 24,109
Motor & Travel 519 - 519 1,947
Premises 15,110 - 15,110 31,467
General Admin 25,270 - 25,270 4,607
Legal & Professional 2,510 - 2,510 1,983
Depreciation 3,140 - 3,140 Vehd2
70,811 - 70,811 65,285
6 Staff costs
2020 2019
7 %
Salaries 24,240 24,000
Social security costs 22 109
24,262 24,109
No employee was paid ata rate of& 60,000 or above.
7 ‘Fixed assets
Freehold Furniture and
property equipment Total
Cost or valuation & $ $
At 1 January 2020 ) 40,404 - 140,404
Additions 16,616 - 16,616
At 31 December 2020 157,020 - 157,020
Depreciation
At 1 January 2020 136,382 - 136,382
Charge forthe year 3,140 - 3,140
At 31 December 2020 136,382 - 136,382
Net book value
At 31 December 2020 20,638 - 20,636
At 31 December 2019 4,022 - 4,022
8 Stock
2020 2019
Total Total
g &
Finished Goods 2,395 3255
2,395 3,255

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China Cultural Fund with the working name Shaolin Temple UK Notes to the financial statements for the year ended 31 December 2020 (continued)

9 Debtors
2020 2019
S &
Prepayments& Accrued income - .
Other debtors - -
10 Creditors
2020 2019
% S
Other Creditors(Bank Loan) 20,000 5,058
Accrued expenses 3,590 1,400
23,590 6,458
11 Restricted funds
2020 2019
S L
Funds at 1 January 1,875 1,875
Income - -
Expenditure - -
Loss on investment - -
Transfers between funds - -
Balance as at 31 December 1,875 1,875
12 Unrestricted funds
2020 2019
& &
Funds at 1 January 6,941 5,818
Income 76,167 83,843
Expenditure (83,775) (82,720)
Gain/(Loss) on investments - 5
Transfer between funds - -
Funds at 31 December (667) 6,941
13. Allocation of net assets between funds
Restricted Unrestricted 2020 2019
Total Total
& & S Li
Tangible fixed assets - 17,497 17,497 4,022
Investments - - - .
Net current assets ],875 (18,164) (16,289) 4,794
Totalfundsat31December 1,875 (667) 1,208 8,816

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China Cultural Fund with the working name Shaolin Temple UK Notes fo the financial statements for the year ended 31 December 2020 (continued)

14 Other Financial Commitments
2020 2019
& &
Operating leases
Expireswithin2-5years - -

15 Related Party Transactions

No Trustees and senior staff were Trustees of any other organisations who are associated with China Cultural Fund.

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