2022-03-31-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 2022

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 2022 The management committee presents its annual report and financial statements for the year ended 31 March 2022

Reference and administration information

Name of Charity : Overseas Chinese Association (South West)

Registered Charity Number : 1068751

Address : 15 Lower Ashley Road, St Agnes, Bristol BS2 9QA

Management Committee : Officers on the management committee (as from 28 November 2021)

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 2021.

Coronavirus and our operations

The Coronavirus epidemic has affected us adversely in many ways in the last two years. We continue to take a safe stance over the matter. As all official restrictions have been lifted we are now looking forward to having the opportunity of restoring normality in the coming months.

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.

The Association has contracted to carry out some substantial renovation works to the premises in late summer last year and such works have been concluded satisfactorily.

-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;

• o 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 2023 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 2022

		Unrestricted	Unrestricted	Endowment
			funds	funds		2022	2021
	Notes		£	£		£	£
Income resources
Income resources from generating funds
- Activities for generating funds
Gross takings from events	3		-			-	930
Advertisement receipts			-			-	-
Donations received			959			959	1,629
Sundry Insurance claims			-	85,663		85,663	1
- Investment income: bank interest			2			2	8
Incoming resources from charitable resources
- Subscription & fees		-	60		-	60	-
- Rental income				18,961		18,961	19,242
- Grants				5,548		5,548	19,954
Total incoming resources			901	110,172		111,073	41,764
Resources expended	4-8
Cost of generating funds
- Fundraising costs
Payments for events			-			-	-
Other projects & events			-			-	-
Telephone, advertising & promotions			483			483	582
Sundry expenses			2,307			2,307	7,412
- Investment costs: bank charges			-			-	-
Charitable activities (school operations)
Premises expenses				7,098		7,098	3,363
Repairs & renewals				-		-	112
Member services & travelling			700			700	136
Printing, postage & stationery			140			140	274
Donations, books & prizes			-			-	-
Wages & subscriptions			13,770			13,770	13,107
Insurance				3,032		3,032	3,866
Depreciation				8,878		8,878	7,891
Legal & professionals			7,028			7,028	5,664
Governance costs			-			-	-
Total resources expended			24,428	19,008		43,436	42,407
Net movement in funds			(23,527)	91,164		67,637	(643)
Total funds brought forward			197,358	20,834		218,192	225,769
Transfers	15		(107,909)	107,909		-	-
Total funds carried forward			65,922	219,907		285,829	225,126

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 2022

	Unrestricted	Endowment
	funds	funds		2022		2021
Notes	£	£		£		£
Income resources
Income resources from generating funds
- Activities for generating funds
Gross takings from events	-			-		930
Advertisement receipts	-			-		-
Donations received	820			820		1,490
Sundry Insurance claims	-	85,663		85,663		1
- Investment income: bank interest	-			-		-
Incoming resources from charitable resources
- Subscription & fees	-			-		-
- Rental income		18,961		18,961		19,242
- Grants		5,548		5,548		19,954
Total incoming resources	820	110,172		110,992		41,617
Resources expended
Cost of generating funds
- Fundraising costs
Payments for events	-			-		-
Other projects & events	-			-		-
Telephone, advertising & promotions	483			483		582
Sundry expenses	2,235			2,235		7,412
- Investment costs: bank charges	-			-		-
Charitable activities (school operations)
Premises expenses		7,046		7,046		3,363
Repairs & renewals		-		-		112
Member services & travelling	700			700		-
Printing, postage & stationery	140			140		141
Donations, books & prizes	-			-		-
Wages & subscriptions	13,770			13,770		13,107
Insurance		3,032		3,032		3,866
Depreciation		8,566		8,566		7,521
Legal & professionals	7,028			7,028		5,664
Governance costs	-			-		-
Total resources expended	24,356	18,644		43,000		41,768
Net movement in funds	(23,536)	91,528		67,992		(151)
Total funds brought forward	168,565	54,948		223,513		230,834
Transfers	(92,327)	92,327	-	113	-	113
Total funds carried forward	52,702	238,803		291,392		230,569

-6 -

Overseas Chinese Association (South West)

Statement of Financial Activities - OCA Chinese School For the Year Ended 31 March 2022

	Unrestricted	Unrestricted	Endowment
		funds	funds		2022	2021
Notes		£	£		£	£
Income resources
Income resources from generating funds
- Activities for generating funds
Gross takings from events		-			-	-
Advertisement receipts		-			-	-
Donations received		-			-	-
Sundry income		-			-	-
- Investment income: bank interest		-			-	-
Incoming resources from charitable resources
- Subscription & fees	-	60		-	60	-
- Rental income & grants			-		-	-
- Other projects & events		-			-	-
Total incoming resources	-	60	-	-	60	-
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			-		-	-
Repairs & renewals			-		-	-
Member services & travelling		-			-	-
Printing, postage & stationery		-			-	-
Donations, books & prizes		-			-	-
Wages & subscriptions		-			-	-
Insurance			-		-	-
Depreciation			-		-	-
Legal & professionals		-			-	-
Governance costs		-			-	-
Total resources expended		-	-		-	-
Net movement in funds	-	60	0	-	60	0
Total funds brought forward		4,546	(14,201)		(9,655)	(9,768)
Transfers		1,742	(1,742)		113	113
Total funds carried forward		6,228	(15,943)		(9,602)	(9,655)

-7 -

Overseas Chinese Association (South West)

Statement of Financial Activities - Elderly People's Club For the Year Ended 31 March 2022

	Unrestricted	Endowment	Endowment
	funds		funds	2022	2021
Notes	£		£	£	£
Income resources
Income resources from generating funds
- Activities for generating funds
Gross takings from events	-			-		-
Advertisement receipts	-			-		-
Donations received	139			139		139
Sundry income	-			-		-
- Investment income: bank interest	2			2		8
Incoming resources from charitable resources
- Subscription & fees	-			-		-
- Rental income & grants			-	-		-
- Other projects & events	-			-		-
Total incoming resources	141		-	141		147
Resources expended
Cost of generating funds
- Fundraising costs
Payments for events	-			-		-
Other projects & events	-			-		-
Telephone, advertising & promotions	-			-		-
Sundry expenses	72			72		-
- Investment costs: bank charges	-			-		-
Charitable activities (school operations)
Premises expenses			52	52		-
Repairs & renewals			-	-		-
Member services & travelling	-			-		136
Printing, postage & stationery	-			-		133
Donations, books & prizes	-			-		-
Wages & subscriptions	-			-		-
Insurance			-	-		-
Depreciation			312	312		370
Legal & professionals	-			-		-
Governance costs	-			-		-
Total resources expended	72		364	436		639
Net movement in funds	69	-	364	(295)	(492)
Total funds brought forward	24,247		(19,913)	4,334	4,704
Transfers	(1,381)		1,381	-		-
Total funds carried forward	22,935		(18,896)	4,039	4,212

-8 -

Overseas Chinese Association (South West)

Overall Balance Sheet For the Year Ended 31 March 2022

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 2022 2021 £ £ £ £ - 131,876 131,876 137,524 - 108,707 108,707 59,037
	- 240,583 240,583 196,561
	7,396 - 7,396 - 114 82,045 82,045 55,775
	74,649 - 74,649 55,889
	8,728 - 8,728 6,535
	65,921 240,583 306,504 245,915
	- - 0 0
	65,921 240,583 306,504 245,915
	197,358 20,834 218,192 225,769 901 110,172 111,073 41,764 (24,428) (19,008) (43,436) (42,407) (107,910) 107,910 - -
	65,921 219,908 285,829 225,126 20,676 20,676 20,676
	65,921 240,584 306,505 245,802

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

Approved by the trustees on 31 January 2023 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 2022

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 2022 2021 £ £ £ £ - 130,096 130,096 135,432 - 108,707 108,707 59,037
	- 238,803 238,803 194,469
	8,434 8,434 15,943 52,196 52,196 26,005
	60,630 - 60,630 41,948
	7,928 - 7,928 5,735
	52,702 238,803 291,505 230,682
	- - - -
	52,702 238,803 291,505 230,682
	168,565 54,948 223,513 230,834 820 110,172 110,992 41,617 (24,356) (18,644) (43,000) (41,768) (92,327) 92,327 - -
	52,702 238,803 291,505 230,682 - -
	52,702 238,803 291,505 230,682

• 10 -

Overseas Chinese Association (South West)

Balance Sheet - OCA Chinese School For the Year Ended 31 March 2022

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 2022 2021 £ £ £ £ - - - - - - - -
	- - - -
	- - - 6,228 6,228 6,288
	6,228 - 6,228 6,288
	- - - -
	6,228 - 6,228 6,288
	- 15,943 15,943 15,943
	6,228 (15,943) (9,715) (9,655)
	4,546 (14,201) (9,655) (9,768) 60 - - 60 - - 0 0 0 0 1,742 (1,742) - -
	6,228 (15,943) (9,715) 230,682 - -
	6,228 (15,943) (9,715) (9,768)

• 11 -

Overseas Chinese Association (South West)

Balance Sheet - Elderly People's Club For the Year Ended 31 March 2022

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 2022 2021 £ £ £ £ - 1,780 1,780 2,092 - - - -
	- 1,780 1,780 2,092
	114 114 114 23,621 23,621 23,482
	23,735 - 23,735 23,596
	800 - 800 800
	22,935 1,780 24,715 24,888
	- - - -
	22,935 1,780 24,715 24,888
	24,247 (19,913) 4,334 4,704 141 - 141 147 (72) (364) (436) (639) (1,381) 1,381 - -
	22,935 (18,896) 4,039 4,212 20,676 20,676 20,676
	22,935 1,780 24,715 24,888

• 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	2022 2021 £ £ - - - -
	- -
	2022 2021 £ £ - - - -
	- -

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.

1. 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	-	-	-
Balance carried forward	249,041	50,485	299,526
(b) Freehold investment:
	Freehold
	Investment		Total
	£		£
Balance brought forward	113,521		113,521
Additions	53,000		53,000
Balance carried forward	166,521		166,521
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	115,141	46,961	162,102
Depreciation charge for year	4,981	567	5,548
Balance carried forward	120,122	47,528	167,650

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 £ £ 54,484 54,484 3,330 3,330 57,814 57,814

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
	128,919 2,957 131,876
	Freehold Investment Total £ £ 59,037 59,037 108,707 108,707

• (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 (2021: £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 (2021: £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	2022 2021 £ £ 8,728 6,535
	8,728 6,535

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 2022, 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 2023 Liu’s Accountancy 4 Saxon Road Walton on Thames Surrey KT12 3HD

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