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← Shaolin Temple UK China Cultural Funds

2024-12-31-accounts

Report & Unaudited Financial

Statements

For the year ended 31 December 2024

Shaolin Temple UK China Cultural Fund

Charity Registration No. 1057407

Shaolin Temple UK China Cultural Fund Contents

Shaolin Temple UK China Cultural Fund 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
Mr. Akindele Akinsiku
Bankers Nat West Bank Plc
Wood Green
14 The Broadway
London
N22 6DS
Independent Accountant Man & Co
Chartered Accountants
114 Hamlet Court Road
Westcliff-on-sea
Essex
SS0 7LP

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Shaolin Temple UK China Cultural Fund Trustees' annual report for the year ended 31 December 2024

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 2024.

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 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.

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Trustees' annual report for the year ended 31 December 2024 (continued)

Shaolin Temple UK China Cultural Fund

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:

Review of activity and future plans

2024 can be characterised by continuing transition and consolidation.

The challenges in 2024 for the charity was;

Following years of disruption, the key challenge was to continue to build and expand our membership of the charity to enable its survival. The ongoing cost-of-living crisis continues to affect our charity and community. Providing cultural and recreational programmes while maintaining community engagement remains a priority.

We continue to strive to build this community base charity. We will continue to offer the recreational activities to the public.

In the coming years, we aim to further grow our membership and reach new audiences across London.

We are also exploring additional venues to support the delivery of our cultural and recreational programmes,and to further to promote martial arts.

Building long-term relationships remains a key goal, as we seek to empower individuals and foster appreciation of Chinese culture through inclusive, community-based activities.

Signed on behalf of the board

Yanzi Shi Chairman 24th September 2025

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’) for the year ended 31 December 2024 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 these 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 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 as carried out under section 145 of the Charites Act 2011. In carrying out our examination we have followed the directions given by the Charity Commission under section 145(5)(b) 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 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 unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Independent Examiner’s report to the trustee of China Cultural Fund (continued)

Shaolin Temple UK China Cultural Fund

Examiners 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:

Victor Man FCA Man & Co Chartered Accountants 114 Hamlet Court Road Westcliff on Sea Essex SS0 7LP Date: 24.09.2025

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Shaolin Temple UK China Cultural Fund

Statement of financial activities for the year ended 31 December 2024

Notes
Income
Donations and legacies
2
Investment Income
Other Income
3
Total Income
Expenditure
Cost of Raising Funds
4
Charitable activities
5
Total Expenditure
Operating Surplus/(Deficit)
Net gains on investments
Net Income/(Expenditure)
Net Movement
Reconciliation of Funds
Total funds brought forward
11,12
Total funds carried forward
13		 Unrestricted
£
32,684
64,504
97,188
12,337
87,188
99,525
(2,337)
(2,337)
21,247
18,910
==========		 Restricted
£
==========		 2024
Total
£
32,684
64,504
97,188
12,337
87,188
99,525
(2,337)
(2,337)
21,247
18,910
==========		 2023
Total
£
19,161
-
90,031
109,192
6,791
93,922
100,713
8,479
-
8,479
12,768
21,247
==========

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

Page 7

Shaolin Temple UK China Cultural Fund Balance sheet at 31 December 2024

Notes
Fixed assets
Tangible fixed assets
7
Investments
Current assets
Stock
8
Debtors
9
Cash at bank & in hand
Creditors - Amounts failing due after one year
10
Net current Assets
Total assets less current liabilities
Funds
Restricted
11
Unrestricted
12		 £
£
4,934
-
4,934
4,382
0
17,132
21,514
(7,538)
13,976
18,910
1,875
17,035
18,910
2024		 £
£
9,648
-
9,648
3,882
0
21,570
25,452
(13,853)
11,599
21,247
1,875
19,372
21,247
2023

Approved by the Trustees on 24th September 2025 and signed on their behalf by:

Y Shi Trustee

Page 8

Shaolin Temple UK China Cultural Fund Notes to the financial statements

for the year ended 31 December 2024

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 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 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. 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.

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Shaolin Temple UK China Cultural Fund Notes to the financial statements

for the year ended 31 December 2024 (Continued)

1 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 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 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 costs which relates to the cost of raising funds (Note 4).

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Shaolin Temple UK China Cultural Fund

Notes to the financial statements

for the year ended 31 December 2024 (Continued)

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----- Start of picture text -----
2 Donations & legacies
Unrestricted Restricted 2024 2023
Total Total
£ £ £ £
Donations 32,684 - 32,684 19,161
- - - -
Legacies
-
32,684 32,684 19,161
3 Other Income
Unrestricted Restricted 2024 2023
Total Total
£ £ £ £
-
Membership 57,769 57,769 79,832
Goods Sales 6,735 - 6,735 10,199
Government Grants - - - -
Others - - - -
-
64,504 64,504 90,031
4 Costs of raising funds
Unrestricted Restricted 2024 2023
Total Total
£ £ £ £
-
Fundraising Trading Costs 12,337 12,337 6,791
-
12,337 12,337 6,791
5 Charitable activities
Unrestricted Restricted 2024 2023
Total Total
£ £ £ £
-
Employee Costs 16,707 16,707 28,463
Motor & Travel 3,173 3,173 4,302
Premises 35,405 35,405 32,985
General Admin 24,844 24,844 20,700
Legal & Professional 2,345 2,345 2,758
-
Depreciation 4,714 4,714 4,714
-
87,188 87,188 93,922
----- End of picture text -----

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Shaolin Temple UK China Cultural Fund

Notes to the financial statements

for the year ended 31 December 2024 (Continued)

6
Staff costs
Salaries
Social security costs
No employee was paid at a rate of £ 60,000 or above.		 2024
Total
£
16,550
285
16,835		 2023
Total
£
26,437
2,026
28,463
Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
8
Stocks
Finished Goods		 Furniture and
equipment
£
23,569
-
23,569
13,921
4,714
18,635
4,934
9,648
2024
Total
£
4,382
4,382		 Total
£
23,569
-
23,569
13,921
4,714
18,635
4,934
9,648
2023
Total
£
3,882
3,882

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Shaolin Temple UK China Cultural Fund Notes to the financial statements

for the year ended 31 December 2024 (Continued)

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----- Start of picture text -----
9 Debtors
2024 2023
Total Total
£ £
- -
Prepayments & Accrued income
Other debtors - -
- -
10 Creditors
2024 2023
Total Total
£ £
Other Creditors(Bank Loan) 6,249 10,709
Net Wages Payables 1,289 3,144
7,538 13,853
11 Restricted funds
2024 2023
Total Total
£ £
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
2024 2023
Total Total
£ £
Funds at 1 January 19,372 10,893
Income 97,188 148,042
Expenditure (99,525) (139,563)
Loss on investment - -
Transfers between funds - -
Balance as at 31 December 17,035 19,372
----- End of picture text -----

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Shaolin Temple UK China Cultural Fund

Notes to the financial statements

for the year ended 31 December 2024 (Continued)

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----- Start of picture text -----
13 Allocation of net assets between funds
Unrestricied Restricied 2024 2023
Total Total
£ £ £ £
Tangible fixed assets 4,934 9,648
Investments - -
Net current assets (13,976) (11,599)
Total funds at 31 December 18,910 21,247
14 Other Financial Commitments
2024 2023
Total Total
£ £
- -
Operating Leases
- -
Expires within 2-5 years
- -
----- End of picture text -----

15 Related Party Transactions

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

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