Company registration number: 06778302 Charity registration number.. 1136725 Pan-Asia Community Housing (A company limited by guaraniee) Annual Report and Finan¢ial Stslements for the Year Ended 31 Mar¢h 2024 'ADAH41XL* 2810W2024 COMPANIES HOUSE
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David T)ixie F C. A Dixie Associates 167 Black Haynes Road Selly Oak Birmingham B29 4RE
Pan-Asia Community Housing Contents Reference and Administrative Details Trustees, Report 2to3 Statement of Trust¢¢s' Responsibilities Independent Examinevs Report Statement of Financial Activities Balance Sheet Notes to the Financial StatemeDts 8t0 14
Pan-Asia Community Housing Reference and Administrative Details Trustees ',C T Bourne,'Chair E J Bourne J Miller-Demirovska JROY Seeretsry ' 'K A H jones Other Ol¢erS R Barker, Treasurer Prineipal Office 9 Herbert Road '.Bearwoodl ' Sandivéll.. B67 5DD Regi5tered:oifice 9 Herberl Road:. Beat%vOOd.. B67 SDD The Charity is incorporated in United Kingdom. 06778302 Company Regi$trRtion Number Charity Registration Number 1136725 Bankers CAF Bank Ltd 25 Kings Hill Avenue .Kings Hill West Malling Kent ME19 4JQ David Dixie F C A .P,ixie Associates 167 Black Hayne5 Roa(1 Selly Oak Birniingham Independent Examiner Page I
Pan-Asia Community Housing Trustees, Report The trustees, who are directors for the purpose5 of company law, present the annual report together with the financial sL*ements of the charitable MpanY for the y¢ar ended 31 March 2024. Objeetives and actlVRties Publlc benef The trustees CODfimi that they bave complied with the requirements of sertion 4 of the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Commission for England and W;alFs, Objeets The Objects for which Pan-Asia Community Housing is establish¢d are:. To assist in the provision of affordable accornmodation and 0sIng management services, primarily but not exclusively, for person$ of South East Asian origin living inithe. Midlands who are in conditions of need, poverty or distress. To advance edLtcation and trdining and r¢lieve financial h'ardsh'ip.,. prirnarily bul Dot exclusively,:'amohgS't persons of South East Asian origin living in the Midlands who'ar¢'.in"conditions of nced, poverty or distress, particularly by the provision of support services to advance them in'life and assist them adapt within a new cornmunity Referrals In support of our objects, referrals were made by the following organisations during the year: Letting Agents Church Groups and Cornrnunity organisations Other Charitable organisations Volunteers Volunteers wntinue to render valuable service and we deploy.ed four duh'ng the year. Aebievem¢nts For the year covered by this report we have been able to demonstra.te a Strong record of effective outcome delivery. During the twelve months we have cared for and supported 15 adults in 10 properties. Ten adults were from black minority ethnic backgrounds and a fiher five of mainland Europe origin. Our approach to bousing procurement is non-routine and non-standard in that we ty to introduce properties to our housing stock which have never before been availabl¢ on the rental market. Often properties are in a derelict or poor condition and we project manage their refurbishrnent back to a good habitable standard. We believe that this slightly different approach for bringing new rental properties to the market can increase the amount of social housing stock available and offer something new for other organisations in the Charilable housing s¢¢tor to replicate. Two properties w¢re repossessed by landlords during the year, one for rnajor refurbislllnenL the other for possible sale. A tenant died during the year. fortunately a few weeks before his family arranged 'off-site' care. Pag¢ 2
Pan-Asia Comn)unity Housing Trustees, Report Financial rtvitw Careful attention has been given to our financial management. Th¢ accounts show that our expenditure exceedéd our income by £456 for th¢ financial year. Fund-. raiJiDg... .. No active fwid'raising ttjok place'during the year. Non-Financi81 Support Once again we express our thanks to all those people who have'worl(eii' faitlifiilly 'behind the 5cenes'supporting us with small disbursements of money, their time and .practical.services,. most without public'recognition or reward. Such people create and maintain the very.'soul' of our organisation. The next twelve months For ,8ixteen years the organisatioll ha5 b¢¢n rwi by an '411-volunteer'.staff. DurinR. those sixte¢n years we have proved the need for our servir¢5 and identified new services that we should provide. All funds used by the o'rganisatson have b'een self-genèrated. DIlg 2024125 it, is expected.the assets. ot Pl-A51a Community Aousing will be merged with th'e assets of Big House TfrIt to fonn'a Jleiv:organisation - Spring. Board Housing Tntst. We will also continue to seek further property owners who are willing to parther us and increase our housing stock accordingly. Fin8n¢i21 instruments Credil rLsk The charity's principal financial Sets are bank balances and cash, tTade and other receivables, and investments. The charity's credit risk is primarily attributable to Its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impainnent is made where there is an id¢ntified loss event which, based on previous experience, is ¢vidence of a reduction in the re¢ov¢rability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparti¢s are banks with high credit-ratings assigned by international credit-rdting agencies. The charity has one significant concentration of credit risk in that five of our properties have the same landlord. Thereafter exposur¢ is spread over a number of counterparties and cu5torners. The annual report w&s approved by the Intee3 of the charity on ..... . . and signed on its behalf by: C T Bourne Trustee Page 3
Pan-Asia Community Housing Statement of Trustees, Responsibilities The trustees (who are also the directors of Pan-Asia Community Housing for the purposes of company law) are responsible for preparing th¢ trustees, report and the financial statements in aOrdanCe with the United Kingdom Arxounting Standards (United Kingdom Generdlly Accepted Accounting Practice) and applicable law and.regulations. Company law requires the trus*es to prepare fancial statements for each financial year. Under company law the trustees must not approve the financial slatements unless they are satisfied that they give a true and fair view of the state of affairs of the Chilable company and of its incoming resources and application o'f resources. including its income and ¢xpenditur¢, for that period. In PT¢paring these financial statements. the trustees are required to.. select suitable a¢¢ounting policies and apply them ¢onsistently: observe the methods and principles in tbe Charities SORP: make judgements and.estirnates that are reasonable and prudent" state whether applicable UK AOUntIng Standards have been follow subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern b&8is unless it is inappropriat¢ to presume that the charitsble company will c4)ntinue in business.. The trust¢¢$ are responsible for keeping adequate arxounting rordS that are sufficiént to show and explain the charitable company's trdnsactions #nd disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardin8 the assets of the charitable company and hence for taking reasonabl¢ steps for the prevention and detection of fraud and other irregularities. Approved by the trustees of the charity on ..... .... ...... . and signed OD its behalf by: C T Bowne Trust¢¢ Page 4
Pan-Asia Community Housing .IridependeDt Exaininer's'Report to the,trustees of,Pan"'Asia.Community'.Housittg:. I report on the accounts of the charity for the year ended 31 March 2024 which are set out QD pages 6 to 14 . Respective responsibilities ot t'rustees and examiner The trustees (who are also the directors of the company for the PUTP05es of company law) are responsible for the preparation of the accounts. The trustees consid¢r that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 201 l Act) and that an independent examination is need¢d. Having sat15fi¢d myself that the charity is Dot subject to audit under company law and is eligible.for indFpendeDt elamination. it is my responsibility to- examine the accounts under section 145 of the 2011 Act: to follow the procedures laid down in the general DirectioDS given by the Charity Cornmission under section 145(5)(b) of th¢ 101 l Act; and to stste whether particular matters have Come to my attention. Basls of Independent examiner's report My. ¢xamination was carrled out in a¢cordanc¢ with the generdl Directions given by the Charity,, Commission. An examination includes a review of the a¢¢ounting records kept by th¢ charity and a comparison of the accotmts. pres¢nt¢d'.with those rKoTds. It also in¢lude5 consideration of any unusual items or disclosures in the q¢counts, and seeking. explanations from you as trustees concerning any such matters. ,The piocedures und¢rtak¢n do not provide all the evidcn¢e that would be required in an audit and ¢oDs¢quently no opinion is given as to whether the accounts presenl a 'true and fair view, and the report is limited to those matters. set out in the stat¢ment b¢low. . Indep.¢ndent examiner's stalement 'In connection with niy exa.mwation, no matter has come to my attention., (l ) whi¢h'.give5 me reasohab'le cause to believe that in any material respect the requir¢ments: to keep accounting records in accordance with section 386 of the Companies A¢t 2006; and • to prepar¢ account$. which accord with the accounting records, Comply Nvith th'e accounting r¢quirèmeiiss 'of section 396 of the Companies Act 2006 and with the methods and principles of th'e Statement of RernMended Practice: Accounting and Reporting by Charities have.not been met: or. (2) to. whicb,.iD my opinion, attentson should be drawn in order to enable a proper understanding of the accounts to be reached. D,RDixie FC A Dixie Associates 167 Black Haynes Road Selly Oak Birniingham B29 4RE Date.. Page 5
Pan-Asia Community Housing Statement of Financial Activities for the Year Ended 31 Marcb 2024 ncluding IDeoJne and Expenditure Account..and Statement'of Total Reeognised Gains nd Losses) .Unrestricted Total. .. 2024 IYo.te Income and Endowments from: Donationg and légacies" Charitable activities Investment in¢ome 8,171 Total Income Expenditure oft: Charitable activities (33,382) (33,382 Total Expenditure (33,382 4$6 Net expenditure Net movement in fimds Reconciliation of funds Total funds brought forward Total funds ¢arried forward 2',049 Unrestrleled unds 2,049 ',Tothl' 2023 Income and Endowments from: Donations and legacies Charirable activities Investm¢Dt income ,3,8.03 .3,803 Tota! Income Expenditure on: Charitsble activities 28,558 28,S58 32.736 32,736 Total Expenditure Net expenditur¢ Net movement in frjnds 32,736) 32,736 4,178) (4,178) {4.178) '{4,1'78) Reconeillatlon of funds Total funds brought forward 2,586 ,586 Total fimds ¢affied forward (1,592} (1,592) All of the charity's activities derive from continuing operntions during the above two periods. The funds breakdown for 2023 is Shown in note I l. Page 6
Pan-Asia Community Housing (Registration number: 06778302) Balance Sheet as at 31 March 2024 2024 2023 Current assets Debtors C&sh at bank and in hand 22 1,602 2,097 Creditors: Amounts fAlling due within one year ID 3,651, -.(3.689) (2,049) ]592) Net liabilities Funds of the charity: Unrestricted incorne'funds, Unrestricted funds Total funds For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of th¢ Compani¢s A¢t 2006 relating to small companies. Diréctors, resp'ollsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and The directors acknowledge their responsibilities.for complying with th¢ requirements of the Act with rt$pe¢t to accoiintin8 record'aTid tilé preparation of ac¢ounts: These accounts hav¢ been prepared in aordanCe with the provisions applicable to companies subject to the small companies regtme. cial statements on pages 6 to 14 were approved by the.trustees, and.,authorised. for. issue on 4 and signed on th¢ir b¢balf by: C T Bourne Truse Page 7
Pan-Asia Community Housing Notes to the Financial Statements for the Year Ended 31 Marcb 2024 J Charity ststus The charity is a charity limited by guarantee and CODsequenlly does not have share capitsl. Each of the trustees is liable to contribute an amouDt not exceeding £1 towards the assets of the charity in the event of liquidation. 2 Accounting polScie$ Summary ofsignificant accounting policies and key accounting estimates The..principal accounting. policies applied in the preparationtof these finan¢iat statements. are'set out bèlow. Th¢s¢ policies hav¢ been consistently applied lo all th¢ years presented, wiless othetwkse ststed. Stalement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by.Charities' ststement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial ReportiDg Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP. (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and th¢ Companies Act 2006. Basis of prepgratlOD Pan-Asia Community Housing meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated ID th¢ relevant accounting policy notes. Going concern The trustees consider that there are UnceintieS abo'ut tile charity's ability to continue as a going concern. It has been d¢cided that the long-tem] future of the organisation is best secured by the merger with another charity. This merger is planned to take place in the nexi financial year. Exemption from preparing a cash flow ststemeDt The charity Opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow ststement.in these financial statements. Ineome gnd tndowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donaled services andfaCil1£S Where services or facilities ar¢ provided to the charity as a donation that would nomally be purchL8ed from our suppliers, this contribution is included in the financial ststements at an estimate based on the value of the contribution to the charity where this can be quantified. InVlMen1 income Dividends are recognised once the dividend has been declared and notification has been Texeived of the dividend due. Page 8
Pan-Asia Community Housing Notes to the Financial StatemeDts for the Year Ended 31 Marcb 2024 Expenditure All expenditiu'e is retogni$ed: once. there is a. legal 'or Construrtive obligation to that expenditure, it is probable settlement is required and the amount can be m¢asured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot b¢ directly attributed to particular headings they hav¢ been allocated on a b15 consistent with the use of T¢sourrxs, with centrdl staff costs allocated on the basis of tirne spenL and depreciation charg¢s allocated on th¢ portion .0!. the asset's use. Other support Costs are allocated b&se<l'ori the spread of staff costs. Char114th1e acliviliLf Charitable expenditure comprises those costs incUed by the charity in the delivery of its activities'and $ervi¢es for its beneficiaries. It includes both costs thal can b¢ allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance eo$ts These.include the'.costs.attributable to the charity'.s compliance with. ¢onstitutional and statutory. requirements, including audi¢ strategic management and trustees, meetings and reimbursed expenses. Tgxatlon The charity. Is. coolid'ered to pass the tests set out. in Pardgraph I Schedule 6 Of th¢ ÈinaDce'Aci 2010. and therefore it meets the'definition of a charitable company for UK corporatson t&x' purposes. Accordingly, the charity is i)otentially exempt from t&kation in respect of incothe or tapitsl gains received. within categorie& covered by Chap'ier 3 P'art ! l of the Corporntion Tax Acl 2010 or Section 256 of the Taxation of Chargeabl¢ Gains Act 1992. t()'¢he extent that such ihcome or Èains are applied ey(clusively to charitsble Purposes. Depreeiatlon ind 4mortlsatlon. Depreciation is. provid¢d on tanÈible fixed assets so as to, write off.the cost or va'luation less any estimaied residual value, over their expected useful econoiiiio life:as follows: Asset class.. Office equipment Furnitiwe'and fittings. Depretialion.me¢hod.and rate 250/0 straight line basis I/9 straight line basis Resear¢h #nd.developm¢pl Research and dev¢lopment expenditure is written off as in¢uTréd. Trade debtors Trade debtors.'are' amowits du¢ from customers for merchkndise sold.OT services perfornied.. in the ordinary course of busine5S.. Trade debtors are recognised. initially'at the tran$8ctibn prite. They are subsequently rneasured at arnortised cost using the effective interest" rneth. less proiiision for,'inlPainnent'. A. provision for the "impairn)ent of trade debtors is establishd when there is objective evidence that the Charity will not be able to collKt all amounts due according to the original tern of the rerxivables. Page 9
Pan-Asia Community Housing Notes to the Finaneial Statements for the Year Ended 31 March 2024 Cash and cash equivalents Cash and c&sh equivalents comprise on hand and ¢all deposits, and other short-tenn high.ly liqui¢ investments that are readily convertible to a known amount pf cash and are subject to an insignificant risk of change in value. Fund structure, Unrestricted incorne funds are genéral funds that'are available for use at the trustees, discretion in fith'èrance of the objectives of the charity. Financial Instruments Classlfleatlon Financial Sets and fman¢ial liabilities are recogDised when the charity becomes a party to tbe contractual provisions of the instrument. Financial liabilities and equity instruments are Classified according to the substance of. the'.¢ontractual arrangetn¢nts entered into. An equity instrumenl is aDy, wntrdct that evidences a residual interest. in, the assets of the charity after deducting all of its liabilities. Recognlllon andmeasuremenl All financial assets and liabilities are inilially measured at transaction pri¢¢ (including tranwtion costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured ai fair value (which is Donnally the transaction pric¢ excluding tran5actson costs), unless the arrangement constitutes a financing transaction. If an mngemenl constitutes a financing transaction, the financial asset or,financial liability is measured at the present value of the fytiir¢ payments discounted at. a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when...and..only, when.there exists a legally enforceable right to sel off the reColSed amounts and th¢ charity, iptends either to settle on a net basis, or to realise the &sset and settle the liability simultaneously., . Financial assets are. derecognised.when and only when a) the contractual rights to the cash flows ,from the financial asset expire or ar.e settled. b).the charity transfers to another party subsL2ntially 811 .of the risks and rewards of 0ership of the fmancial asse¢ or c) the charity, despite having retained some, but noi pll, significant risks and rewards of ownership* h&8 transferred control of the asset to another party. Financial liabilities are derecognlsed only when the obligation specified in the contract'i$'discharged, cancelled or expires. Falr value measuremenl The best evidence of fair value is a quoted price for an. identiral asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical &sset provides evidence of fair value as long as there has not b¢¢n a significaDt change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent tTansactions of an identical asset on.their OWTt are nol a good estimate of fair. v#luc, the fair value is estijnated by using a valuation techniqu¢. Page 10
Pan-Asia Community Housing Notes to the Financial Statements for the Year Ended 31 March 2024 3 Jncome from doDations and legaeies Unrestricted funds Total 2024 Total 2023 . General Donated services and faciltties 24,750 24,750 24,750 4 Jneome from charitsble activities Ullrestrieted funds Total 2024 Total 2023 GenerAI Property management 8,171 8,171 3,803 Property management fees were earned on rental income of £81,689 (2023 - £84.163)' the associated rent paid was £73,518 (2023 - £80,360). Pagell
Pan-Asia Community Housing Notes to the Financial Statements for the Year Ended 31 March 2024 S Expenditure on eharitable aetlvities Unrestricted funds Total 2024 Total 2023 General OITice rent, light and heat.: Tel¢phoDe, comput¢T: software, w!$t and: . ststionery Management. charges- Travel and subsistence Bank charges Governance costs 6,020 6.020 6.116 1,397 24,000 650 1,397 24,000 650 675 24,000 600 1,253 33,382 1,253 33,382 1,271 32,736 6 An4lysi$ ofgovernanee and support eosts Govern#nee Costs Unrestricted funds Total 2024 Total 2023 General Independent examiner fees Examination of the financial ststements Legal fees 600 653 600 653 600 671 1,253 1,253 ,271 Page 12
Pan-Asia Community Housing Notes to the Financial Statements for the Year Ended 31 March 2024 7: . Truitfes remuoFra¢ion and expenses,,. During.the'*ear the ch'arity inade the folloiviiig transactions ivith'"trustees.' C T Bourne £6.000 (2023: £6,000) of expenses were reimbursed to C T Bourne during the year for Tent of,'offi'cé.premises: No trustees; nor any persons connected'w.ith them, have'r¢ctived any remunerntion frorn the charity during,the No trustees.have receivedianyrother benefits.from the charity during'.the year. The amount éxpenses waived'by the trustées d'uring the yedr, ttitalled £24,750 (2023 - £24,750). 8 Independent examiner's remuneration 2024 Examination of the financial statements 600 600 9 Taxatlon The charity is a registered ¢'harity and is therefore exempt from taxation. JO .Creditors: amounts. lalling due withia one year 2024 2023 . Other loans Other creditors Accruals I" 3,501 3,499 150 3,651 3,689 Page 13
Pan-Asia Community Housing Notes to the FiDaDcial Statements for the Year Ended 31 March 2024 11 Funds Balgnce at I April 2023 ID¢omiDg' Resourt¢a' bl expeDded .BAlanee gt 31 Mar¢h 2024; Unrestrieted fundi Gtnernl 1.593 2,049 Balance at l. April 2022 IDcoming resourees, Resource$. . ¢xpend¢d Balance at 31 March 2023, Unreslrieted funds General 2,586 1,592 J2 'Analysis of net 8wts: behveén funds Unre5trieted funds General Total funds Current assets Current liabilities 1,602 .(3,651 5.1 Total nèt'.assets 2,049 2,049 13 Analysls of nel funds At 31 March,. 2024 At J Aprll 2023 Cash flow Cash at bank and in hand 2.097 (517) 1,580 Net debt 2,097 (517) I,S80 Page 14