2024-12-31-accounts

Registered charity no. 1143741

The Yen Ming Deh Charitable Foundation Trustees’ report and financial statements for the year ended 31 December 2024

The Yen Ming Deh Charitable Foundation

Contents

	Page
Legal and administrative information	1
Reportof the trustees	2
Independent examiner’s report	4
Statement offinancial activities	5
Balance sheet	6
Notestothefinancialstatements	7

The Yen Ming Deh Charitable Foundation

Legal and administrative information

Trustees	DrAdelineYenMah
	David Reed
	Sybil Kretzmer
	John Eatwell
	Anthony McClellan
	JackReed
	Kenneth Shu Fa Lee
Bankers	Royal BankofScotland
	67 High Street
	Slough
	SL1 1BZ
Solicitors	JuritLLP
	No. 1 Royal Exchange
	London
	EC3V 3DG
Independentexaminer	Cara Turtington FCADChA
	Saffery LLP
	71 Queen Victoria Street
	London
	EC4V4BE
Registered address	JuritLLP
	No. 1 Royal Exchange
	London
	EC3V3DG

Page 1

The Yen Ming Deh Charitable Foundation

Report of the trustees

For the year ended 31 December 2024

The trustees are pleased to present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 and comply with the Charities Act 2011 and the second edition of the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP FRS 102).

The Trust was established by a Trust Deed dated 23 August 2011 and registered with the Charity Commission in England and Wales on 9 September 2011.

Objects of the Foundation

The principal objects of the foundation are to:

• e Promote the advancement and furthering of education;

• e To advance the education of the public in language, art and culture;

• e To educate the public concerning the culture of China; its language, history, heritage, art, music, performing arts and traditions;

• e To promote the protection and preservation of health and the advancement of health and related sciences in all or any of their branches and the diffusion of knowledge relating thereto;

• e Pursue any other purpose which is charitable under the law of England and Wales.

Organisation

Trustees meet as necessary to discuss matters of a strategic and administrative nature.

The power to appoint new trustees is vested in the existing trustees of the Foundation. There is an informal interview and induction process for any new Trustees. Continuing training for Trustees is undertaken through regular meetings and discussions with individuals and organisations in the areas supported by the Foundation.

Review of activities and future plans

A small number of grants were made to charities where the Founders have an interest as set out in note 4.

In addition, the Trustees have signed a commitment to endowa Fellowship in Computer Science at Queens’ College, Cambridge. They will endow the fund in future years and intend to monitor the performance and impact of their funding over the long term.

The Trustees are actively engaged in looking for projects where their funding can have the most impact, particularly in the fields of education and public health. The Trustees continue to look for long-term partnerships with other charities.

The Trustees confirm that they are aware of the Charity Commission’s guidance on public benefit and will consider this when considering the charity’s future plans.

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity. Following the establishment of an expendable endowment fund to support the future financial health of the charity, the Trustees have concluded that there is only need for a minimal balance of free reserves.

Page 2

The Yen Ming Deh Charitable Foundation

Report of the trustees

For the year ended 31 December 2024

At 31 December 2024 free reserves (defined as unrestricted funds less fixed asset investments) held by the charity were £nil (31 December 2023: Enil).

Financial review

Incoming Resources

Total income for the year amounted to £25,020 (31 December 2023: £13,773).

Grants made

Grants committed during the year amounted to £2,000 (31 December 2023: £916,000).

Risk Management

The Trustees are responsible for establishing and monitoring internal control systems within the Foundation. The major risks which may impact its activities have been reviewed during the period and the Trustees are satisfied that the system of internal controls currently in place is adequate, whilst recognising that they are designed to manage rather than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day-to-day risk management process within the Foundation.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• e — select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP; e make judgements and estimates that are reasonable and prudent; e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on Filly 3 tA Wand signed on its behalf by:

Dr Adeline Mah

Page 3

The Yen Ming Deh Charitable Foundation

Independent examiner’s report For the year ended 31 December 2024

I report to the trustees on my examination of the accounts of The Yen Ming Deh Charitable Foundation (the Trust) for the year ended 31 December 2024.

Respective responsibilities of trustees and examiner

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

| report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, 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 no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

| have completed my examination. | confirm that no material 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 Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

| 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 accounts to be reached.

Cara Turtington FCA DChA Saffery LLP

2025

71 Queen Victoria Street London EC4V 4BE

Page 4

The Yen Ming Deh Charitable Foundation

Statement of financial activities

For the year ended 31 December 2024

			Unrestricted	Expendable	Total	Total
			Funds	endowment	funds	funds
				Fund	yearended	yearended
					2024	2023
			£	£	£	£
Income and endowmentsfrom:
Donations and legacies		2	650	-	650	716
Investments			24,370	-	24,370	13,057
Total			25,020	-	25,020	13,773
Expenditure on:
Raising funds		3	-	61,744	61,744	46,688
Charitable activities		4	13,142	-	13,142	927,283
Total			13,142	61,744	74,886	973,971
Netgains on investments		5	56,005	-	56,005	31,725
Gain on the disposal	of
investmentproperty		6	-	37,663	37,663	1,842,579
Netincome/(expenditure)			67,883	(24,081)	43,802	914,106
Transfers between funds		9	(11,878)	11,878	:	-
Netmovement infunds			56,005	(12,203)	43,802	914,106
Balances brought forward			876,323	3,077,005	3,953,328	3,039,222
Balances carried forward at
31December2024		9	932,328	3,064,802	3,997,130	3,953,328

The Statement of Financial Activities includes all gains and losses recognised in the period.

All incoming resources and resources expended derive from continuing activities.

The notes on pages 7 to 12 form part of these financial statements.

Page 5

The Yen Ming Deh Charitable Foundation

Balance sheet

As at 31 December 2024

	Notes	2024	2023
		£	£
Fixed assets
Investments	5	932,328	876,323
Investmentproperty	6	-	2,885,000
		932,328	3,761,323
Currentassets
Debtors		1,067	1,067
Cash atbank		3,769,183	896,200
		3,770,250	897,267
Current liabilities
Creditors: amounts fallingduewithin oneyear	7	(705,448)	(355,262)
Net current assets		3,064,802	542,005
Total assets less current liabilities		3,997,130	4,303,328
Non-current liabilities
Creditors: amounts falling aftermore than one	8	-	(350,000)
year
Netassets		3,997,130	3,953,328
Fund	9
Expendable endowment:		3,064,802	3,077,005
Unrestricted funds		932,328	876,323
		3,997,130	3,953,328

The financial statements were approved by the Trustees on by:

and signed on its behalf

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7
] 4 . 4 ih ’
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Dr Adeline Yen Mah

The notes on pages 7 to 12 form part of these financial statements.

Page 6

The Yen Ming Deh Charitable Foundation

Notes to the financial statements For the year ended 31 December 2024

iL. Accounting policies

L1 Basis of accounting

The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at their market value. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (second edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Yen Ming Deh Charitable Foundation constitutes a public benefit entity as defined by FRS 102.

• 1.2 Incoming resources Investment income is stated on an accruals basis.

Donations are accounted for in the period in which the charity is entitled to receipt and include any associated gift aid.

• 13 Resources expended

Expenditure is included on an accruals basis.

Grants awarded are charged in full against income when the offer is conveyed to the beneficiary, except in those cases where the offer is conditional and therefore recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment but not accrued as an expense.

• 1.4 Governance costs

Governance costs comprise all costs involving the public accountability of the charity and costs related with statutory requirements.

1.5 Funds Unrestricted funds represent the balance of income from all sources after deduction of grants made and other necessary expenditure.

Expendable endowment funds are funds where the donor intended the assets to be held for the long term to generate an income to be spent to support the charity's beneficiaries. The capital and income can be spent at the Trustees’ absolute discretion.

Page 7

The Yen Ming Deh Charitable Foundation

Notes to the financial statements

For the year ended 31 December 2024

1.6 Taxation

• The Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.

17 Investments

Investments are held at open market value wherea reliable valuation can be obtained. Where this is not possible investments will be held at cost.

• 1.8 Investment property

Property held for income generation or capital appreciation rather than to carry out charitable activities is included in the balance sheet at fair value. The valuation is considered by the trustees annually and professional advice is sought where the Trustees are of the opinion that there has been a material change to the valuation.

1.9 Going concern

The Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Zs Donations received

All donations received to date have been from the Founders.

The original substantial donations from the Founders were treated as an expendable endowment, creating a stable capital base from which future donations could be made.

During the current year the Founders have continued to contribute to the Foundation. However, these smaller amounts are treated as income and are available for immediate application to charitable activities.

Page 8

The Yen Ming Deh Charitable Foundation

Notes to the financial statements (continued) For the year ended 31 December 2024

3. Costs of raising funds

Costs of raising funds represent the costs of managing the charity’s investments, including the investment property.

4, Charitable activities

		2024	2023
		£	£
	Grants paid
	Ora Choir (previously Vocal Futures)	2,000	4,000
	Royal Marsden Hospital	-	2,000
	Queens College (Cambridge University)	-	910,000
		2,000	916,000
	Supportcosts
	Independent examination	5,886	5,262
	Legal and professional fees	5,556	6,021
		13,142	927,283
5;	Investments
		2024	2023
		£	£
	Marketvalue at 1 January	876,323	844,598
	Unrealised gains on revaluation	56,005	31,725
	Marketvalue at31 December	932,328	876,323
	Historicalcostat31December	2	2

On 23 July 2013 the charity received a gift of the whole of the share capital of an unquoted company, Watergold Company Limited, to hold as an investment. The investment has been valued in line with the company’s reported net assets as at 30 June 2024. Consolidated accounts are not prepared as the Foundation does not control the company.

Page 9

The Yen Ming Deh Charitable Foundation

Notes to the financial statements (continued) For the year ended 31 December 2024

6. Investment property

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||||||| |---|---|---|---|---|---| |2024|2023| |£|£| |Market value|at|1|January|2,885,000|1,042,421| |Disposal|proceeds|(2,922,623)|-| |Gain|on|disposal|37,663|.| |Gain|on|revaluation|-|1,842,579| |Market value|at 31|December|-|2,885,000| |Historical|cost at|31|December|-|1,042,421|

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On 23 July 2015 a property was transferred from Watergold Company Limited into the direct ownership of the Foundation.

During 2023, the trustees confirmed their intention to sell the property and invited Chatterton Rees, estate agents to inspect the property to provide an up to date market appraisal. The property was sold during the year ended 31 December 2024.

Te Creditors: amounts falling due within one year

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||||| |---|---|---|---| |2024|2023| |£|£| |Accruals|5,448|5,262| |Grants|payable|700,000|350,000| |705,448|355,262|

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8. Creditors: amounts falling after more than one year

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||||||| |---|---|---|---|---|---| |2024|2023| |£|£| |Grants|payable within|2-5|years|-|-|

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Page 10

The Yen Ming Deh Charitable Foundation

Notes to the financial statements (continued) For the year ended 31 December 2024

9,	Analysis ofnetassetsbetweenfunds
	2024	Unrestricted fund	Expendable endowment fund	Totalat31 December 2024
		£	£	£
	Investments	932,328	-	932,328
	Current assets	705,448	3,064,802	3,770,250
	Current liabilities	(705,448)	-	(705,448)
	Non-current liabilities	-	-	-
	Net assets	932,328	3,064,802	3,997,130
	2023	Unrestricted fund	Expendable endowment fund	Totalat31 December 2023
		£	£	£
	Investments Currentassets	876,323 705,262	2,885,000 192,005	3,761,323 897,267
	Current liabilities	(355,262)	-	(355,262)
	Non-currentliabilities	(350,000)		(350,000)
	Netassets	876,323	3,077,005	3,953,328

The charity has an expendable endowment fund. This represents donations of cash and other assets that the donors intend to create a stable base that creates income for the long term future of the charity. However, the Trustees have the power to spend this capital at their absolute discretion and consequently this fund is classed as an expendable endowment fund. Where the payments from the general fund are in excess of the income in any year a transfer will be made from the endowment fund to cover the shortfall.

10. Staff costs and Trustee expenses

The Foundation has no employees.

During the period no payments were made to any Trustee for their services. Trustee expenses of £Enil were paid on behalf of Trustees in respect of travel (2023 - Enil).

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The Yen Ming Deh Charitable Foundation

Notes to the financial statements (continued) For the year ended 31 December 2024

11. Comparative information
		Unrestricted	Expendable	Total
		Funds	endowment	funds
			Fund	yearended
				2023
		£	£	£
Income and endowments from:
Donations and legacies	2	716	-	716
Investments		13,057	-	13,057
Total		13,773	.	13,773
Expenditure on:
Raising funds	3	-	46,688	46,688
Charitable activities	4	927,283	=	927,283
Total		927,283	46,688	973,971
Netgains/(losses) on	5	31,725	-	31,725
investments
Gain/(loss) on the revaluation of	6	-	1,842,579	1,842,579
investment property
Net(expenditure) /income		(881,785)	1,795,891	914,106
Transfersbetween funds	9	913,510	(913,510)	-
Netmovementin funds		31,725	882,381	914,106
Balances broughtforward		844,598	2,194,624	3,039,222
Balances carried forward at
31December2023	9	876,323	3,077,005	3,953,328

Page 12