2021-03-31-accounts

Overseas Chinese Association (South West Region)

11-13 Lower Ashley Road, St Agnes, Bristol BS2 9QA

Annual Report and Financial Statements

For the Year Ended 31 March 2021

Copies of financial statements available at: www.ocasw.org.uk www.charity-commission.gov.uk

Registered Charity Number: 1068751

Overseas Chinese Association (South West)

Contents

		Pages
Annual Report of the management committee	.........................	1 - 4
Income and expenditure account - Overall	.........................	5
Income and expenditure account - The Association	.........................	6
Income and expenditure account - School	.........................	7
Income and expenditure account - Elderly People's	Club ...................	8
Balance Sheet - Overall	.........................	9
Balance Sheet - The Association	.........................	10
Balance Sheet - School	.........................	11
Balance Sheet - Elderly People's Club	.........................	12
Notes to Financial Statements	.........................	13 - 18
Independent Examiner's Report	.........................	19

Overseas Chinese Association (South West)

Annual Report of the Management Committee for the Year Ended 31 March 2021 The management committee presents its annual report and financial statements for the year ended 31 March 2021.

Reference and administration information

Name of Charity : Overseas Chinese Association (South West)

Registered Charity Number : 1068751

Address : 11-13 Lower Ashley Road, St Agnes, Bristol BS2 9QA

Management Committee : Officers on the management committee

Chairman - Raymond Wong Vice Chair - Amelia Leung Convenor - Kuen Sin Treasurer - Clive Wong Secretary - Amelia Leung

Bankers : National Westminster Bank plc PO Box 238, 32 Corn Street, Bristol BS99 7UG

Independent Examiner : Sunny Liu BA FCCA Liu’s Accountancy 4 Saxon Road Walton on Thames Surrey KT12 3HD

Structure, governance and management

Overseas Chinese Association (South West Region) (‘OCA’) is an unincorporated charitable association, governed by a written constitution adopted in August 1997. Members of the OCA management committee are elected at the AGM on a two-year term of office. Additional committee members may be co-opted to the management committee during the year. The committee meets regularly at approximately 6-8 week intervals during the year.

Principal objectives and activities

The association is established to provide facilities for the promotion of the well-being of the people of Chinese origin and their family members in the Bristol and South West area and, in particular, for solving the difficulties caused by language, social and cultural barriers and for the social integration of the people in the Chinese community.

The main objectives for next year are to:

• 1) Continue monitoring rent payments by the tenants.

• 2) Reduce the deficit of the Sunday Chinese Language School as well as to find additional funding for the School.

• 3) Increase membership numbers.

• 4) Recruit additional volunteers.

• 5) Extend the range of services.

• 6) Attract external funding.

-1 -

Members

Membership is open to people of Chinese origins living in the Bristol or South West area who subscribe to our aims and objectives. Membership fee is payable annually and is due on 1 January. At present membership fee is set at £10 per annum. We hope to attract more members particularly from new migrants into the area and from the younger generation. Membership details are kept in a register which is regularly updated by our administrative staff.

Management committee (trustee board)

The OCA is governed by the management committee, also known as the trustee board, the members of which are elected once every two years at the Annual General Meeting.

Trustees

The association owns the freehold property at 9-15 Lower Ashley Road, St Agnes, Bristol BS2 9QA and 4 & 6 Conduit Place, Bristol BS2 9RL. The property is held on behalf of the association in the name of the following trustees:

• Wan Loi Wong

• Wah Kwan Wong

• Ameila Leung

• Kam Chuen Lee

Staff

We have two part-time administrative staff. They work approximately 20 hours per week on a paid job-share basis. They provide operational support for the association and the school. We hope that we would be able to increase our staff working hours to commensurate with the anticipated increase of our future activities.

Annual General Meeting and general elections of the Association

The bi-annual elections of the management committee members took place on 3 November 2019.

Coronavirus and our operations

The Coronavirus epidemic has affected us adversely in many ways in the last year. We continue to take a safe stance over the matter. We looking forward to having the opportunity of restoring normality soon in the near future.

The Association has been functioning at its minimum level whereas the operations and activities of our Chinese School and Elderly People’s Club continue to be suspended during the year. We however expect activities be resumed gradually over the next months, eventually restoring to its full normality.

We hope to build on the success of the past and expand into new areas to serve the members of the community again soon in the near future

-2 -

Financial review

Detailed and relevant financial reviews will be resumed and provided as we restore normality from the fore-mentioned epidemic.

• Reserves and investment policies

During the year the management committee has continued using the banking facilities with National Westminster Bank.

As the association’s reserves are limited and all funds held by the association earn interest tied to the bank’s base rate, the management committee does not have an investment policy at present. It will review both this and the reserves policy when the association’s reserves increase. The free reserves as at the year-end are available cash funds net of short term liabilities.

The committee has decided that the association should maintain reserves of at least £10,000 at any one time as part of the association’s contingency management. The amount will be subject to regular reviews according to any material changes in the circumstances affecting the association.

• Risk assessment

The management committee does not believe the association is subject to any substantial risks beyond the liabilities disclosed in the financial statements. The association owns the freehold property at 9-15 Lower Ashley Road. It holds building and contents insurance policies as well as trustee indemnity insurance policy and employers’ liability insurance.

A Child Protection Policy has been adopted in line with the requirements of funders where activities involve children and/or vulnerable young adults. The committee wishes to formalise the recruitment process of volunteer teachers of the Chinese classes at the school and to continue the adoption of Criminal Records Bureau checks for all volunteers who would work with children at our school on a regular basis.

Accounting and reporting responsibilities

In addition to the monthly income and expenditure statements prepared by our administrative staff and the Treasurer, the management committee is responsible for preparing financial statements for each financial year, which gives a true and fair view of the association’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the management committee should follow best practice and:

• select suitable accounting policies and then apply them consistently;

• make judgement and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the association will continue in operation.

The management committee is responsible for:

• keeping accounting records which disclose with reasonable accuracy at any time the financial position of the association and enable the management committee to ensure that the annual financial statements comply with the Charities Acts; and

• safeguarding the association assets and for taking reasonable steps for prevention and detection of fraud and other irregularities.

-3 -

Trustees’ declaration

The report was approved by the trustees on 31 January 2022 and signed on their behalf by:

R Wong Chairman

C Wong Treasurer

-4 -

Overseas Chinese Association (South West)

Overall Statement of Financial Activities For the Year Ended 31 March 2021

		Unrestricted	Endowment
		funds	funds	2021	2020
	Notes	£	£	£	£
Income resources
Income resources from generating funds
- Activities for generating funds
Gross takings from events	3	930		930	155
Advertisement receipts		-		-	-
Donations received		1,629		1,629	19,516
Sundry income		1		1	466
- Investment income: bank interest		8		8	41
Incoming resources from charitable resources
- Subscription & fees		-		-	7,850
- Rental income & grants			19,242	19,242	31,721
- Other projects & events		19,954		19,954	-
Total incoming resources		22,522	19,242	41,764	59,749
Resources expended	4-8
Cost of generating funds
- Fundraising costs
Payments for events		-		-	-
Other projects & events		-		-	-
Telephone, advertising & promotions		582		582	-
Sundry expenses		7,299		7,299	13,548
- Investment costs: bank charges		-		-	-
Charitable activities (school operations)
Premises expenses			3,363	3,363	7,720
Repairs & renewals			112	112	-
Member services & travelling		136		136	6,659
Printing, postage & stationery		274		274	689
Donations, books & prizes		-		-	367
Wages & subscriptions		13,107		13,107	16,150
Insurance			3,866	3,866	3,626
Depreciation			7,891	7,891	8,024
Legal & professionals		5,664		5,664	3,028
Governance costs		-		-	-
Total resources expended		27,062	15,232	42,294	59,811
Net movement in funds		(4,540)	4,010	(530)	(62)
Total funds brought forward		197,358	28,411	225,769	245,410
Transfers	15	(143,464)	143,464	-	-
Total funds carried forward		49,354	175,885	225,239	245,348

The notes on pages 13 to 18 form part of these financial statements.

-5 -

Overseas Chinese Association (South West)

Statement of Financial Activities - The Association For the Year Ended 31 March 2021

	Unrestricted	Endowment
	funds	funds		2021	2020
Notes	£	£		£	£
Income resources
Income resources from generating funds
- Activities for generating funds
Gross takings from events	930			930	155
Advertisement receipts	-			-	-
Donations received	1,490			1,490	15,578
Sundry income	1			1	6
- Investment income: bank interest	-			-	-
Incoming resources from charitable resources
- Subscription & fees	-			-	20
- Rental income & grants		19,242		19,242	20,546
- Other projects & events	19,954			19,954	-
Total incoming resources	22,375	19,242		41,617	36,305
Resources expended
Cost of generating funds
- Fundraising costs
Payments for events	-			-	-
Other projects & events	-			-	-
Telephone, advertising & promotions	582			582	-
Sundry expenses	7,299			7,299	13,354
- Investment costs: bank charges	-			-	-
Charitable activities (school operations)
Premises expenses		3,363		3,363	3,938
Repairs & renewals		112		112	-
Member services & travelling	-			-	-
Printing, postage & stationery	141			141	685
Donations, books & prizes	-			-	-
Wages & subscriptions	13,107			13,107	15,636
Insurance		3,866		3,866	3,626
Depreciation		7,521		7,521	7,551
Legal & professionals	5,664			5,664	3,028
Governance costs	-			-	-
Total resources expended	26,793	14,862		41,655	47,818
Net movement in funds	(4,418)	4,380		(38)	(11,513)
Total funds brought forward	168,565	62,269		230,834	251,101
Transfers	(127,934)	127,934	-	113	-
Total funds carried forward	36,213	194,582		230,682	239,589

-6 -

Overseas Chinese Association (South West)

Statement of Financial Activities - OCA Chinese School For the Year Ended 31 March 2021

	Unrestricted	Endowment
	funds	funds	2021	2020
Notes	£	£	£	£
Income resources
Income resources from generating funds
- Activities for generating funds
Gross takings from events	-		-	-
Advertisement receipts	-		-	-
Donations received	-		-	2,890
Sundry income	-		-	-
- Investment income: bank interest	-		-	-
Incoming resources from charitable resources
- Subscription & fees	-		-	7,150
- Rental income & grants		-	-	-
- Other projects & events	-		-	-
Total incoming resources	-	-	-	10,040
Resources expended
Cost of generating funds
- Fundraising costs
Payments for events	-		-	-
Other projects & events	-		-	-
Telephone, advertising & promotions	-		-	-
Sundry expenses	-		-	-
- Investment costs: bank charges	-		-	-
Charitable activities (school operations)
Premises expenses		-	-	2,532
Repairs & renewals		-	-	-
Member services & travelling	-		-	4,845
Printing, postage & stationery	-		-	-
Donations, books & prizes	-		-	367
Wages & subscriptions	-		-	-
Insurance		-	-	-
Depreciation		-	-	-
Legal & professionals	-		-	-
Governance costs	-		-	-
Total resources expended	-	-	-	7,744
Net movement in funds	-	0	-	2,296
Total funds brought forward	4,546	(14,314)	(9,768)	(12,064)
Transfers	1,742	(1,742)	113	-
Total funds carried forward	6,288	(16,056)	(9,655)	(9,768)

-7 -

Overseas Chinese Association (South West)

Statement of Financial Activities - Elderly People's Club For the Year Ended 31 March 2021

	Unrestricted	Endowment	Endowment
	funds		funds	2021	2020
Notes	£		£	£	£
Income resources
Income resources from generating funds
- Activities for generating funds
Gross takings from events	-			-		-
Advertisement receipts	-			-		-
Donations received	139			139	1,048
Sundry income	-			-		460
- Investment income: bank interest	8			8		41
Incoming resources from charitable resources
- Subscription & fees	-			-		680
- Rental income & grants			-	-	10,845
- Other projects & events	-			-		-
Total incoming resources	147		-	147	13,074
Resources expended
Cost of generating funds
- Fundraising costs
Payments for events	-			-		-
Other projects & events	-			-		-
Telephone, advertising & promotions	-			-		-
Sundry expenses	-			-		194
- Investment costs: bank charges	-			-		-
Charitable activities (school operations)
Premises expenses			-	-		920
Repairs & renewals			-	-		-
Member services & travelling	136			136	1,814
Printing, postage & stationery	133			133		4
Donations, books & prizes	-			-		-
Wages & subscriptions	-			-		514
Insurance			-	-		-
Depreciation			370	370		473
Legal & professionals	-			-		-
Governance costs	-			-		-
Total resources expended	269		370	639	3,919
Net movement in funds	(122)	-	370	(492)	9,155
Total funds brought forward	24,247		(19,543)	4,704	6,373
Transfers	(1,329)		1,329	-		-
Total funds carried forward	22,796		(18,584)	4,212	15,528

-8 -

Overseas Chinese Association (South West)

Overall Balance Sheet For the Year Ended 31 March 2021

Notes Fixed assets Tangible fixed assets 9 Investments 9/10 Total fixed assets Current assets Debtors 11 Cash at bank and in hand Total current assets Creditors: Amounts falling due within one year 12 Total assets less current liabilities Creditors: amounts falling due after one year Net assets Funds of the charity 13 Fund balance brought forward Incoming resources Outgoing resources Transfers/consolidation adjustments 15 Grant reserves - equipment Fund balance carried forward	Unrestricted funds Endowment funds 2021 2020 £ £ £ £ - 137,524 137,524 143,754 - 59,037 59,037 61,307
	- 196,561 196,561 205,061
	114 114 1,414 - 55,775 55,775 67,596
	55,889 - 55,889 66,182
	6,535 - 6,535 5,219
	49,354 196,561 245,915 266,024
	- - 0 0
	49,354 196,561 245,915 266,024
	197,358 28,411 225,769 245,410 22,522 19,242 41,764 59,749 (27,062) (15,232) (42,294) (59,811) (143,464) 143,464 - -
	49,354 175,885 225,239 245,348 20,676 20,676 20,676
	49,354 196,561 245,915 266,024

The notes on pages 13 to 18 form part of these financial statements.

Approved by the trustees on 31 January 2022 and signed on their behalf by:

R Wong Chairman

C Wong Treasurer

-9 -

Overseas Chinese Association (South West)

Balance Sheet - The Association For the Year Ended 31 March 2021

Notes Fixed assets Tangible fixed assets 9 Investments 9/10 Total fixed assets Current assets Debtors 11 Cash at bank and in hand Total current assets Creditors: Amounts falling due within one year 12 Total assets less current liabilities Creditors: amounts falling due after one year Net assets Funds of the charity 13 Fund balance brought forward Incoming resources Outgoing resources Transfers/consolidation adjustments 15 Grant reserves - equipment Fund balance carried forward	Unrestricted funds Endowment funds 2021 2020 £ £ £ £ - 135,432 135,432 140,583 - 59,037 59,037 61,307
	- 194,469 194,469 201,890
	15,943 15,943 16,824 26,005 26,005 25,973
	41,948 - 41,948 42,798
	5,735 - 5,735 5,099
	36,213 194,469 230,682 239,589
	- - - -
	36,213 194,469 230,682 239,589
	168,565 62,269 230,834 251,101 22,375 19,242 41,617 36,305 (26,793) (14,862) (41,655) (47,818) (127,934) 127,934 - -
	36,213 194,582 230,795 239,589 - -
	36,213 194,582 230,795 239,589

• 10 -

Overseas Chinese Association (South West)

Balance Sheet - OCA Chinese School For the Year Ended 31 March 2021

Notes Fixed assets Tangible fixed assets 9 Investments 9/10 Total fixed assets Current assets Debtors 11 Cash at bank and in hand Total current assets Creditors: Amounts falling due within one year 12 Total assets less current liabilities Creditors: amounts falling due after one year Net assets Funds of the charity 13 Fund balance brought forward Incoming resources Outgoing resources Transfers/consolidation adjustments 15 Grant reserves - equipment Fund balance carried forward	Unrestricted funds Endowment funds 2021 2020 £ £ £ £ - - - - - - - -
	- - - -
	- - 2,409 - 6,288 6,288 8,584
	6,288 - 6,288 6,175
	- - - -
	6,288 - 6,288 6,175
	- 15,943 15,943 15,943
	6,288 (15,943) (9,655) (9,768)
	4,546 (14,314) (9,768) (12,064) - - - 10,040 0 0 0 (7,744) 1,742 (1,742) - -
	6,288 (16,056) (9,768) 239,589 - -
	6,288 (16,056) (9,768) (9,768)

• 11 -

Overseas Chinese Association (South West)

Balance Sheet - Elderly People's Club For the Year Ended 31 March 2021

Notes Fixed assets Tangible fixed assets 9 Investments 9/10 Total fixed assets Current assets Debtors 11 Cash at bank and in hand Total current assets Creditors: Amounts falling due within one year 12 Total assets less current liabilities Creditors: amounts falling due after one year Net assets Funds of the charity 13 Fund balance brought forward Incoming resources Outgoing resources Transfers/consolidation adjustments 15 Grant reserves - equipment Fund balance carried forward	Unrestricted funds Endowment funds 2021 2020 £ £ £ £ - 2,092 2,092 3,171 - - - -
	- 2,092 2,092 3,171
	114 114 114 23,482 23,482 33,039
	23,596 - 23,596 33,153
	800 - 800 120
	22,796 2,092 24,888 36,204
	- - - -
	22,796 2,092 24,888 36,204
	24,247 (19,543) 4,704 6,373 147 - 147 13,074 (269) (370) (639) (3,919) (1,329) 1,329 - -
	22,796 (18,584) 4,212 15,528 20,676 20,676 20,676
	22,796 2,092 24,888 36,204

• 12 -

Note 1 Basis of preparation

1. Basis of accounting

These financial statements have been prepared on the basis of historic cost in accordance with:

• Accounting and Reporting by Charities – Statement of Recommended Practice (issued in March 2007) and applicable accounting standards;

• Financial Standards for Smaller Enterprises; and

• The Charities Acts and related regulations.

In particular the Statement of Financial Activities shows resources classified to properly reflect the activities of the association. The financial statements have been prepared on a deferred income and accruals basis.

1. Basis of accounting

Fixed assets are to be depreciated over their useful economic life as follow:

• Freehold properties and freehold investments – straight-line basis over 50 years;

• o Fixtures & fittings - reducing balance method at 15% per annum.

Note 2 Accounting policies

Incoming resources

1. Recognition of incoming resources

These are included in the financial statements when:

• the association becomes entitled to the resources;

• the trustees are virtually certain they will receive the resources; and

• the monetary value can be measured with sufficient reliability.

• Incoming resources with related expenditures

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in financial statements.

3. Grants and donations

Grants and donations are only included in the financial statements when the association has unconditional entitlement to the resources.

1. Subscription income and school fees

Subscriptions from members cover a 12 month period and are renewable annually, depending on when the association received the initial subscription. School fees cover a 12 month academic year that runs from 1 September to the following 31 August. Fees are payable at the start of each academic year on enrolment or re-enrolment of students.

1. Tax reclaims on donations and gifts

Incoming resources from tax reclaims are included in the financial statements at the same time as the gift to which they relate.

6. Contractual income and performance related grants

This is only included in the financial statements once the related goods or services have been delivered.

• 13 -

7. Gifts in kind

Gifts in kind are accounted for at a reasonable estimate of their value to the association or the amount actually realised.

Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the association.

Gifts in kind for use by the association are included in the financial statements as incoming resources when receivable.

8. Donated services and facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the association is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the association of the services or facility received.

1. Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

10. Investment income

This is included in the accounts when receivable.

1. Investment gains and losses

This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Expenditure and liabilities

1. Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the association to pay out resources.

13. Governance costs

Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on the leases of the property, governance or constitutional matters.

14. Grants with performance conditions

Where the association gives a grant with conditions for its payment being a specific level of services or output to be provided, such grants are only recognised in the financial statements once the recipient of the grant has provided the specified service or output.

1. Grants payable without performance conditions

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grants which remain in the control of the association.

16. Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

• 14 -

Assets

1. Tangible fixed assets for use by the association

These are capitalised if they can be used for more than one year, and cost at least £100. They are valued at cost or, if gifted, at the value to the association on receipt.

1. Investments

Investments quoted on a recognised stick exchange are valued at market value at the year end. Other investment assets are included at trustees’ best estimate of market value.

1. Stocks and work in progress

These are valued at the lower of cost or market value.

Note 3 Analysis of incoming resources Note 3:

Gross takings from events Annual dinner & New Year celebrations Mid-autumn festival Total takings from events Note 4 Analysis of resources expended Note 4: Payments for events Annual dinner & New Year celebrations Mid-autumn festival Total payments for events	2021 2020 £ £ - - - -
	- -
	2021 2020 £ £ - - - -
	- -

Note 5 Support costs

The association has not analysed its support costs using activity categories.

Note 6 Details of certain items of expenditure

1. Board members expenses

Expenses were paid to the Chair or board members for expenses incurred in carrying out their duties during the year.

1. Fees for examination of the accounts

No fees were paid for any external statutory scrutiny of accounts or other services provided by the independent examiner.

Note 7 Paid employees

The association employ two paid part-time administrative staff working approximately 20 hours per week on a job-share basis during the year.

• 15 -

Note 8 Grantmaking

1. Total value of grants

The association has not made a donation during the year.

2. Grantmaking costs

The association does not identify and/or allocate support costs associated with grantmaking.

3. Grant made to institutions

The association has made donations that are not considered material in the context of its grantmaking.

Note 9 Tangible fixed assets

1. Cost or valuation

2. (a) Fixed assets:

		Fixtures,
	Freehold	fittings &
	Property equipment		Total
	£	£	£
Balance brought forward	249,041	50,485	299,526
Additions	-	100	100
Balance carried forward	249,041	50,585	299,626
(b) Freehold investment:
	Freehold
	Investment		Total
	£		£
Balance brought forward	113,521		113,521
Balance carried forward	113,521		113,521
Accumulated depreciation and impairment provisions
		Fixtures,
	Freehold	fittings &
	Property equipment		Total
	£	£	£
(a) Fixed assets:
Basis	Straight-line	Reducing Bal
Rate	50 years	15%
Balance brought forward	110,160	46,321	156,481
Depreciation charge for year	4,981	640	5,621
Balance carried forward	115,141	46,961	162,102

1. Accumulated depreciation and impairment provisions

2. 16 -

3. (b) Freehold investment:

Basis Rate Balance brought forward Depreciation charge for year Balance carried forward	Straight-line 50 years Total £ £ 52,214 52,214 2,270 2,270 54,484 54,484

1. Net book value

2. (a) Fixed assets:

Total net book value brought forward Total net book value carried forward (b) Freehold investment: Total net book value brought forward Total net book value carried forward	Fixtures, Freehold fittings & Property equipment Total £ £ £ 173,748 - 173,748
	133,900 3,624 137,524
	Freehold Investment Total £ £ 61,307 61,307 59,037 59,037

• (b) Freehold investment:

• Revaluation

The fixed assets have not been revalued during the year.

Note 10 Investment assets

The association treats one of its freehold properties as an investment asset that generates market rental income.

Note 11 Debtors and prepayments

The association has an intra-balance of £15,943 debtors (2020: £15,943) with its Chinese school; the balance cancels out on consolidation – also see Note 12.

Note 12 Creditors and accruals

The Chinese school has an intra-balance of £15,943 creditors (2020: £15,943) with the association; the balance cancels out on consolidation – also see Note 11.

The association also has an intra-balance of £nil (2020: £nil) creditors with Elderly People's Club.

1. Analysis of creditors: amounts falling due within one year

2. 17 -

Accruals and deferred income Total	2021 2020 £ £ 6,535 5,219
	6,535 5,219

1. Security over assets

There is no loan, overdraft or other creditor that holds a charge or other security over any assets of the association.

Note 13 Endowment and restricted income funds

The association holds an expendable endowment fund in respect of its freehold property at 9- 15 Lower Ashley Road, St Agnes, Bristol.

Note 14 Transactions with related parties

There have been no related parties transactions during the year.

Note 15 Transfers between funds

Property-related expenditures including the depreciation charge on tangible fixed assets, building insurance, repairs and maintenance costs have been allocated against the endowment funds. The association receives rental income from the properties. The transfer between unrestricted and endowment funds at the balance sheet date comprises of the above net expenditure movements during the year and is notional in relation to the non-cash depreciation charge on assets.

• 18 -

Overseas Chinese Association (South West)

Independent Examiner’s Report to the Trustees of Overseas Chinese Association (South West)

I report on the financial statements of Overseas Chinese Association (South West) for the year ended 31 March 2021, which are set out on pages 5 to 18.

This report is made solely to the association’s trustees, as a body, in accordance with Section 43(3) of the Charities Act 1993 (the Act). My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the association and the association’s trustees as a body for my examination, for this report or for the opinion I have formed.

Respective responsibilities of trustees and examiner

The association’s trustees are responsible for the preparation of the financial statements and accompanying notes. The trustees consider that the audit requirement of Section 43(2) of the Act does not apply and that an independent examination is needed. It is my responsibility to:

• examine the financial statements in accordance with Section 43(3)(a) of the Act;

• • follow the procedures laid down in the General Directions given by the Charity Commission under Section 43(7)(b) of the Act; and

• state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the association and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

• which gives me reasonable cause to believe that, in any material respect, the requirements to:

• keep proper accounting records in accordance with Section 41 of the Act; and

• o prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the Act

• have not been met; or

• to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Sunny Liu BA FCCA 31 January 2022 Liu’s Accountancy 4 Saxon Road Walton on Thames Surrey KT12 3HD

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