Charity registration number 1106728
Company registration number 04893671 (England and Wales)
TEES VALLEY CHINESE COMMUNITY CENTRE LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
TEES VALLEY CHINESE COMMUNITY CENTRE LTD
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr J T Cheung |
|---|---|
| Mr E Wong | |
| Mrs S Chan | |
| Mr P Wong | |
| Mr T Ha | |
| Mr J Chow | |
| Ms E Chow | |
| Mr Danny Chau | |
| Mrs Lai Ho | |
| Mr Stephen Ho | |
| Mr Lai Leung | |
| Mrs Kew Lim | |
| Mrs Choon Neoh | |
| Mr Paul Wong | |
| Charity number | 1106728 |
| Company number | 04893671 |
| Principal address | Harmony House |
| 61A North Ormesby Road | |
| Middlesbrough | |
| TS4 2AF | |
| Registered office | Swan House |
| Westpoint Road | |
| Teesdale Business Park | |
| Stockton - on - Tees | |
| Cleveland | |
| TS17 6BP | |
| Independent examiner | Davies Tracey |
| Swan House | |
| Westpoint Road | |
| Teesdale Business Park | |
| Stockton on Tees | |
| TS17 6BP |
TEES VALLEY CHINESE COMMUNITY CENTRE LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
TEES VALLEY CHINESE COMMUNITY CENTRE LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees present their annual report and financial statements for the year ended 30 September 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The charity's objectives are:
1) To promote the benefit of inhabitants of Middlesbrough, Stockton, Hartlepool, Redcar, Cleveland and Darlington, in particular but not exclusively the Chinese community without distinction of sex, sexual orientation, race or of political, religious or other opinions, by association together the said inhabitants and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and other leisure time occupations with the objects of improving the conditions of life of the said inhabitants.
2) To establish or secure the establishment of a community centre (hereinafter called 'The Centre') and to maintain and manage the same whether alone or in co-operation with any local authority or person or body in furtherance of these objects.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Significant activities
The charity undertakes the following activities:-
1) Education and training
- 2) Overseas aid & famine relief
3) Activities relating to arts, culture, heritage & science
4) Amateur sport
5) Activities relating to the environment, conservation and heritage.
Achievements and performance
Charitable activities
The trustees consider that during the year the charity has met its objectives. Details of the charity's financial performance are included on pages 4 to 11.
Financial review
Reserves policy
The charity's reserves are maintained to cover at least 2 months expenditure.
Structure, governance and management
Trustees are elected every year in the charity's Annual General Meeting.
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr J T Cheung Mr E Wong Mrs S Chan Mr P Wong Mr T Ha Mr J Chow Ms E Chow Mr Danny Chau Mrs Lai Ho Mr Stephen Ho Mr Lai Leung Mrs Kew Lim Mrs Choon Neoh Mr Paul Wong
The trustees' report was approved by the Board of Trustees.
Mrs S Chan Trustee
26 June 2024
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF TEES VALLEY CHINESE COMMUNITY CENTRE LTD
I report to the trustees on my examination of the financial statements of Tees Valley Chinese Community Centre Ltd (the charity) for the year ended 30 September 2023.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Davies Tracey
Swan House Westpoint Road Teesdale Business Park Stockton on Tees TS17 6BP
Dated: 26 June 2024
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 2 27,170 - Other trading activities 3 305 - Total income 27,475 - Expenditure on: Charitable activities 4 44,820 113 Net expenditure for the year/ Net movement in funds (17,345) (113) Fund balances at 1 October 2022 690,868 11,908 Fund balances at 30 September 2023 673,523 11,795 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 27,170 15,980 - 305 400 - 27,475 16,380 - 44,933 30,153 133 (17,458) (13,773) (133) 702,776 704,641 12,041 685,318 690,868 11,908 |
Total 2022 £ 15,980 400 16,380 30,286 (13,906) 716,682 702,776 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
| Notes Fixed assets Tangible assets 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year Other creditors 9 Net current assets Total assets less current liabilities Income funds Restricted funds 10 Unrestricted funds |
2023 £ 3,382 908 |
£ 682,844 2,474 685,318 11,795 673,523 685,318 |
2022 £ 6,170 980 |
£ 697,586 5,190 |
|---|---|---|---|---|
| 702,776 | ||||
| 11,908 690,868 |
||||
| 702,776 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 26 June 2024
Mrs S Chan Trustee
Company registration number 04893671
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
Charity information
Tees Valley Chinese Community Centre Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Swan House, Westpoint Road, Teesdale Business Park, Stockton - on - Tees, Cleveland, TS17 6BP.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The ability of the company to continue its operations is largely dependent upon being able to secure grants and other funding in advance and during the course of project being undertaken.
The company has obtained funding to secure its short term future. However the company's long term future is dependent upon contracts for similar funding being secured.
The director's believe that the company's objective places it in a strong position to obtain such funding.
Therefore the financial statements have been prepared on a going concern basis on the grounds that the company will be able to secure adequate funding in order to carry out the proposed project.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% on reducing balance Plant and equipment 15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Donations and legacies
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 25,805 | 14,375 |
| Membership fees | 1,365 | 1,605 |
3 Other trading activities
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Shop income | 305 | 400 |
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
4 Charitable activities
| Charitable Expenditure Charitable Expenditure 2023 2022 £ £ Depreciation and impairment 14,742 15,185 Other charitable expenditure 30,191 15,101 44,933 30,286 44,933 30,286 Analysis by fund Unrestricted funds 44,820 30,153 Restricted funds 113 133 44,933 30,286 |
Charitable Expenditure Charitable Expenditure 2023 2022 £ £ Depreciation and impairment 14,742 15,185 Other charitable expenditure 30,191 15,101 44,933 30,286 44,933 30,286 Analysis by fund Unrestricted funds 44,820 30,153 Restricted funds 113 133 44,933 30,286 |
Charitable Expenditure Charitable Expenditure 2023 2022 £ £ Depreciation and impairment 14,742 15,185 Other charitable expenditure 30,191 15,101 44,933 30,286 44,933 30,286 Analysis by fund Unrestricted funds 44,820 30,153 Restricted funds 113 133 44,933 30,286 |
|---|---|---|
| 2023 £ 14,742 30,191 44,933 44,933 44,820 113 44,933 |
2022 £ 15,185 15,101 |
|
| 30,286 | ||
| 30,286 | ||
| 30,153 133 |
||
| 30,286 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
None of the trustees (or any persons connected with them) received any expenses from the charity during the year.
6 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
7 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 8 Tangible fixed assets Freehold land and buildings Plant and equipment £ £ Cost At 1 October 2022 954,296 31,133 At 30 September 2023 954,296 31,133 Depreciation and impairment At 1 October 2022 262,788 25,055 Depreciation charged in the year 13,830 912 At 30 September 2023 276,618 25,967 Carrying amount At 30 September 2023 677,678 5,166 At 30 September 2022 691,508 6,078 9 Other creditors falling due within one year 2023 £ Accruals and deferred income 908 |
Total £ 985,429 |
|---|---|
| 985,429 | |
| 287,843 14,742 |
|
| 302,585 | |
| 682,844 | |
| 697,586 | |
| 2022 £ 980 |
10 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at | Resources | Balance at | Resources | Balance at | |||
|---|---|---|---|---|---|---|---|
| 1 | October 2021 | expended | 1 | October 2022 | expended | 30 September | |
| 2023 | |||||||
| £ | £ | £ | £ | £ | |||
| Restricted | 5,541 | (133) | 5,408 | (113) | 5,295 | ||
| Middlesbrough Council Grant | 6,500 | - | 6,500 | - | 6,500 | ||
| 12,041 | (133) | 11,908 | (113) | 11,795 |
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TEES VALLEY CHINESE COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 11 Analysis of net assets between funds Unrestricted funds Restricted funds 2023 2023 £ £ Fund balances at 30 September 2023 are represented by: Tangible assets 682,844 - Current assets/(liabilities) 2,474 - 685,318 - |
Total Unrestricted funds Restricted funds 2023 2022 2022 £ £ £ 682,844 696,832 754 2,474 5,190 - 685,318 702,022 754 |
Total 2022 £ 697,586 5,190 |
|---|---|---|
| 702,776 |
12 Financial commitments, guarantees and contingent liabilities
Capital grants received in previous years of £926,000 may be repayable if certain conditions are not met.
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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