Report & Unaudited Financial Statements For the year ended 31 December 20?3 Shaolin Temple UK China Cultural Fund Charity Registration No. 1057407
Shaolin Temple UK China Cultural Fund Contents Charity Information: Page 2 Trustees, annual report: Page 3-4 Structure, governance and management Selection of Trustees Responsiblities of the Trustees Public benefit Risk management Review of Activities and Future plans Independent Examiner's report-. Page 5-6 Statement of financial activities-. Page 7 Balance sheet- Page 8 Notes to the financial statements: Page 9-14
Shaolin Temple UK China Cultural Fund Charity Information Registered Charity No: 1057407 Principal address 207A Junction Road London N19 5QA Trustees Mr. Yan21 Shi Mrs. Peixin Guan Mr. Milan Kapetan Mr. Akindele Akinsiku Chairman Bankers Nat West Bank PIC Wood Green 14 The Broadwav London N22 6DS Independent Accountant Man&Co Chartered Accountants 114 Hamlet Court Road Westcliff-on-sea Essex SSO 7LP Page 2
Shaolin Temple UK China Cultural Fund Trustees. annual report for the year ended 31 December 2023 The Trustees of China Cultural Fund with the working name 5haolin Temple UK present their report and unaudited financial statements for the year ended 31 December 2023. Structurei governance and management China Cultural Fund is a charity whose charity registration number is 1057407. The Charity has a board of Trustees, currently five151 who are responsible for controlling the work, management and the administration of the charity for its beneficiaries. Selection of Trustees Any individual ca n 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-. select suitable accounting policies and then apply them con5iStently- observe the principles and methods of the Charities SORP- make judgments and estimates that are reasonable and prudent- prepare the financial statements on a going concern basic unless it is inappropriate to assume that the charity will continue in operation- state whether applicable accounting standards and statements of recommended practice has been followed. subject to any departures disclosed and explained in the accounts. 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 published by the Charity Commission. The 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 of leisure time occupation of the public. Page 3
Shaolin Temple UK China Cultural Fund Trustees. annual report for the year ended 31 December 2023 (continued) Risk management The Trustees have a risk management strategy which comprises: An annual review of the risks China Cultural Funds may face- The establishment of systems and procedures to mitigate those risk identified in a risk register; The irnplementation of procedures designed to minimise any potential impart on China Cultural Fund should these risks materialise. The trustees aim to review a section of the Risk Register at each of its meetings. Risk is considered under the following 8 headings= 11 Governance risks, associated with the lack of strategic direction of distinctive ethos. 21 External risks 3) Personnel risks 4) Personnel risks 5} Financial risks 6) Operational risks Review of activity and future plans 2023 can be characterised by continuing transition and consolidation. The challenges in 2023 for the charity was- The other was to continue to build on the membership of the charity to enable its survival. Following the pandemic. the cost-of-living crisi5 has hit the charity hard. Worship and meditation has become paramount in the eyes of the community. We continue to strive to build this community base charity. We will continue to offer the recreational activities to the public. Future plans. to continue to grow the membership of the charity. To build lasting relationship and to help Londoner5 to fulfil their potential in whatever they are doing. The charity plans to look at other venue5 to promote martial arts. The covid-19 pandemic has made us change our priority. The charity had to close its doors for more than 6 months, but has use multimedia platforms to continue its programme of training. The trustee have considered the impact of the pandemic and are monitoring its effect on the charitv. signed on behalf of the board Yanzi Shi Chairman 1st October 2024 Page 4
Shaolin Temple UK China Cultural Fund Independent Examiner's report to the trustee of China Cultural Fund Opinion We have examined the financial statements of China Cultural Fund (the 'charity'l for the year ended 31 December 2023 which comprise of the statement of financial activities. the balance sheet, and notes to the financial statements. Including a summary of significant accountin8 policies. In our opinion, the financial statements.. give a true and fair view of the state of the charity'5 affairs as at 31 December 2023 and of 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 examination in accordance with the applicable law. Our responsibilities under these standards are further described in the Examiner's responsibilities for the fir)ancial 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 audited 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 a5 carried out under section 145 of the Chafltes Act 2011. In carrying out our examination we have followed the directions given by the Charity Commission under section 145{5llbl of the 2011 Act. Opinions on other matters prescribed by the Companies Act 2006 IrTr our opinion, based on the work undertaken in the course of the examination= the information given in the Trustees, Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial 5tatements- and the Trustee's Report has been prepared in accordance with applicable legal requirement5. 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 trustee 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 unles5 the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 5
Shaolin Temple UK China Cultural Fund Independent Examiner's report to the trustee of Chlna Cultural Fund (continued) Examiners responsibilities Our objectives are to obtain reasonable assurance about whether the f inancial 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 IUKI 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: Jvil[ Viclor Man FCA Man&Co Chartered Accountants 114 Hamlet Court Road Westcliff on Sea Essex SSO 7LP Date: 01.10.2024 Page 6
Shaolin Temple UK China Cultural Fund statement of financial activities for the year ended 31 December 2023 2023 Total 2022 Tota I Notes Unrestricted Restricted Income Donations and legacies Investment Income Other Income 19,161 19,161 5,957 90,031 90,031 125,531 Total Income 109.192 109,192 131,488 Expendtture Cost of Raising Funds Charitable activities 6.791 93,922 6,791 93,922 10,985 131,916 Total Expenditure 100.713 11)0.713 142,901 Operating Surplus/lDeficitl Net gains on investments 8,479 8,479 {11.4131 Net Income/lExpenditurel 8.479 8.479 111.4131 Net Movement Reconciliation of Funds Total funds brought forward 11,12 12,768 12,768 24.181 Total funds carried forward 13 21,247 21,247 12,768 The Charity statement of financial activitie5 include5 all recognised gains or105ses in the year Page 7
Shaolin Temple UK China Cultural Fund Balance sheet at 31 December 2023 Notes 2023 2022 Fixed assets Tangible fixed assets 9,648 14,362 Investments 9.648 14.362 Current assets Stock Debtors Cash at bank & in hand 3.882 3,582 21.570 10.566 25.452 14,148 Creditors - Amounts failing due after one year io 113,8531 {15,7421 Net current Assets 11,599 11.5941 Total assets less current liabilities 21.247 12,768 Funds Restricted li 1,875 1.875 Unrestricted 12 19,372 10.893 21,247 12,768 Approved by the Trustee5 on 1st October 2024 and signed on their behalf bv: Yshi Trustee Page 8
Shaolin Temple UK China Cultural Fund Notes to the financial statements for the year ended 31 December 2023 China Cultural Fund is a charity registered with the charity commission (Charity No. 10574071. The registered address is 207A Junction Road, London N19 5QA. 1.1 Accounting policies The principal accounting policies adopted, judgement5 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 (FR51021 leffective l January, 20151- (Charities SORP IFR51021, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 and the Companies Act 2006. China Cultural Fund meets the definition of a public benefit entity under FR5102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accou nting policy note. 1.3 Going Concern The trustee have prepared the financial statement on a going concern basis. The trustees have carefully considered the budget 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. 1.4 Income Income is recognised when the charity has entitlement to the funds and it is probable that the fu nds 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 fund5 which can be used in accordance with the charitws object5 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 fund5 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. It is 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. Page 9
Shaolin Temple UK China Cultural Fund Notes to the financial statements for the year ended 31 December 2023 (Continued) Accounting policies (continued) 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 transfefs. 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 losse5 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 are 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. 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 cost5 which relates to the cost of raising funds (Note 41. Page 10
Shaolin Temple UK China Cultural Fund Notes to the financial statements for the year ended 31 December 2023 (Continued) Donations & legacies Unrestricted Restricted 2023 Total 2022 Total Donations Legacies 19,161 19,161 5.957 19,161 19,161 5.957 Other Income Unrestricted Restricted 2023 Total 2022 Total Membership Goods Sales Government Grants Others 79,832 10,199 79,832 10,199 117.029 8.502 90,031 90,031 125,531 Costs of raising funds Unrestricted Restricted 2023 Total 2022 Total Fundra ising Trading Costs 6,791 6.791 6.791 6.791 10,985 10.985 Charitable artivitie5 Unrestricted Restricted 2023 Total 2022 Total Ernployee Costs Motor & Travel Premises General Admin Legal & Professional Depreciation 28,463 4,302 32,985 20,700 2.758 4.714 93,922 28,463 4,302 32,985 20,700 2,758 4,714 93,922 30.759 1,820 32,090 40,931 21.602 4,714 131.916 Page 11
Shaolin Temple UK China Cultural Fund Notes to the financial statements for the year ended 31 December 2023 (Continued) Staff costs 2023 Total 2022 Total Salaries Social security costs 26.437 2,026 28,463 30,228 531 30,759 No employee was paid at a rate of £ 60,000 or above. Fixed assets Furniture and equipment Total Cost or valuation At l January 2023 Additions 23.569 23.569 23.569 At 31 December 2023 23,569 47,138 Depreciation At l Jariuary 2023 Charge for the year 9,207 4,714 9,207 4.714 At 31 December 2023 13.921 13,921 Net book value At 31 December 2023 9.648 9,648 At 31 December 2022 14.362 14,362 Stocks 2023 Total 2022 Total Finished Goods 3,882 3,882 3,582 3,582 Page 12
Shaolin Temple UK China Cultural Fund Notes to the financial statements for the year ended 31 December 2023 (Continued) Debtors 2023 Total 2022 Total Prepayments & Accrued income Other debtors 10 Creditors 2023 Total 2022 Total Other CreditorslBank Loan} Net Wages Payables 10.709 3.144 13.853 15.742 15,742 11 Restricted funds 2023 Total 2022 Total Funds at ljanuary Income 1,875 1,875 Expenditure Loss on investment Transfers between funds Balance as at 31 December 1.875 1.875 12 Unrestricted funds 2023 Total 2022 Total Funds at l January Income Expenditure Loss on investment Transfers between funds 10,893 148,042 (139,5631 22.306 131,488 1142,9011 Balance as at 31 December 19,372 10,893 Page 13
Shaolin Temple UK China Cultural Fund Notes to the financial statements for the year ended 31 December 2023 (Continued) 13 Allocation of net assets between funds Unrestricied Restricied 2023 Total 2022 Total Tangible fixed assets Investments Net current assets 9,648 14.362 111,5991 1,594 Total funds at 31 December 21,247 12.768 14 Other Financial Commitments 2023 Total 2022 Total Operating Leases Expires within 2-5 years 15 Related Party Transactions No Trustee5 and senior staff were Trustees of any other organisacions who are a550ciated with China Cultural. Page 14