Charity Registration No: 1152357
Company Registration No:069031Z2 (England and Wales)
ThE MUBAN EDUCATIONAL TRUST
TRUSTEES. REPORT AND uNAUD￿ED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2023
BCIELYLR•
1Y12r2W23
COMPANIES HOUSE
02

THE MUBAN EDUCATIONAL TRUST
LEGAL AND ADMINISTRATION INFORMATION
DIRECTORS
Weimin He
Christer von der Burg
Rebecca von dw Burg
EIi72beth Reid
Frances Wood
SECRETARY
Ms Haiyao Zheng
COMPANY NUMBER
06903122
1152357
PRINCIPAL ADDRESS
Unit 5 Ashburton Centre
276 CoTlis Road
London
SW15 3AY
REGISTERED OFFICE
Unit 5 Ashburton Centre
276 Cortis Road
London
SW15 3AY
tNDEPENDENT EXAMINERS
Goldwins Ltd
75 Maygrove Road
West Hamp5tead
London NW6 2EG

THE MUBAN EDUCATIONAL TRUST
CONTENTS
Trustees. Report
Independent cxaminer's report
Statement of financial activities
Balance sheet
Notes to the accounts
7-10

THE MUBAN EDUCA TIONAL TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MAY 2023
The trustees present their report and accounts for the year to 31 May 2023.
The finan¢ial ststem¢nts h4v¢ b¢M pr¢pwed in a¢￿d4￿Ce with Ac¢owiting and Reporting by Charities..
Ststement of R¢commended PrJ¢ticc applicable to charili¢s pr¢F>aTing their accounts in accordance with th¢
Financial Reporting St#ndJrd applicabl¢ in the UK and R¢publi¢ of Ireland (FRS102- effective l January
2015- (Ch4Tities SORP FRS 102) and the Companie5 Aci 2￿6.
The Seeret*ry'$ St*tem*Dt
The Secretary. Athnini5trator and DiTectOTS have met on two occasions during this reporting pertod.
SlguifJc*wt events lu tbe Tru5t'$ programme within the reportiDg period:
- th¢ Twst has continued the work of its major travelling exhibition LM Xun's Legary." Prinlmaking ¥
Modern China. The exhibition was shown at The Orientsl Museum and the Brunei Gallery. SOAS in the
previous year. li was moved to Bath Museum of Asian Art IMEAA) from October 2022 to June 2023
and retitled"Revolu¢ioffj Propogdnd4 Art.. PrintiFU￿￿% in Mé)d*rn China"
Over 70 prints were exhibited at the MEAA. The ¢xhibition explores artistic tmids. political movements
and technical developments in modern Chinese printmaking. The works presented marked several
si￿lficant anniversaries in China's modern history. including the May Fourth Movement (1919). the
founding of the Chinese Communist Party (1921). and Lu Xun's seminal prinknaking class. whi¢h
syinbolised the origin of the Modern Wocxlcut Movement
Included in the exhtbition. and for the first tim¢ ever being shown in the UK, were ¢i£ht prints and some
blocks from a portfolio of 18 contemporary Chinese prints. commissioned by the MET from 50rn¢ of
China's most accomplish¢d young printmakers tod8y. Th￿¢ prints represent # milesione in the modern
revival of the relief print in China and in the developmeni of the nation's ¢ontemporary PTintmakin8
pra¢ti¢¢.
- Th¢ Trust 4tt¢ndtd imdon Original PTint Fair (LOPFI at Somerset House 30 March-2 April this year,
showc&sing works from both Muban Portfolios. LOPF is the longesl nmning art fair in London, founded
in 1985 at the Royal Academy of Arts. comes io Somerset Hou5¢ for its 38th edition. The Fair is a
celebration of printhiakin£ in all its fornJ$. spanning six centUTies from the 15th century works of Diirer
and his contemporaries to that of emerging ¢ont¢mporary artists. Highlight5 include WOTk by Rembrandt,
Picasso. Matiss¢. Ho¢kn¢y. Fffud. Warhol, Rcgo and Emin. Internationally Tenowned print dealers and
publish¢rs offer vi$itOTS an oppoJThthity to explore aDd buy works by some of the world's greatest masters,
alongside new work by coni¢mporary artisis thavs hot off th¢ Press. It was a great privileg¢ foT the MEr
to be part of LOPF.
Signifi￿nt •chivemeDts performaDce withln the reporting perlod:
- the Trnst continues to promote an awareness in the UK of CAmtempor8ry Chinese printmaking.
- SI￿]riCant time and resources were put into organisinB "Revolmlion. Propagand4 Art.. Printmaking in
Modern China" at MEAA. li has achieved Ereatpublicity aDdgrtat awareness ofthe subj¢ct matt¢r. A Series
on-line and in person le¢ft￿¢S w¢rE aTranged. These included talks by Mary Ginsberg, ChTiSter von der Burg,
David Barker. Frances Wood, Anne Farr¢r and Haiyao Zheng.
- significant time and energy were put into preparation and attending the IA)ndon Original Print Fair. As it
was the most important print fair in the world. attending the art fair has brought MET international
recognition.

THE MUBAN EDUCATIONAL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
Principal activity
The company's objects remain to protect. conserve. maintain and develop the Trnst's collection of
Chinese woodblock printed sheet prints and books in as many ways as possible and to continue to
offer for sale copies ofthe Portfolio (published 2003) to provide income lo enable thoseobjects not&1
above to be realised.
Results
The end of year overnll rcserves balancc was £426,185 (2022: £492.659).
The members of the Board of the Company during the yur were:
Haiyao Zheng (Sec)
Chn'ster von der Burg
Weimin He
Rebe¢¢a von der Burg
Elizabeth Reid
Frances Wc
The company 15 limited by guarantee and each member's liability is limited to £10.
All members of the company are m¢mber5 of the Board of Management and. for ihe pury)oses
of the Companies ACL members of th¢ Board aff deerned to be directors of the company.
Reserve5 Policy
Thc charity's reserves policy is to create sutricicnt rcservcs to cnable th¢ charity to continue its
activities and scrviccs at a meaningful level, should there be a drop in income. As all income is
derived from voluntary donations. the trustccs miew this position on a regular basis.
Public Benefits
The trnstees are aware of the Charity Commission guidance on public benefit reporting as set out in
Section 17 Charities Aci 2011. The trustees believe that the charity achieves a public benefit by
providing these services as detsiled earlier in this reFX)rt.

THE MUBAN EDUCATIONAL TRiI
TRUSTEES. REPORT (COPMNUED)
FOR THE YEAR ENDED 31 MAY 2023
St4t¢ment •f trustt¢s' r¢spofj$ibdities
Tr th&stees (wkn atE alwdirrcrorsof Thc Muball Educ￿10￿￿1 Trust foi tht putposcs ofo)mpaDy l&w}uc
re$ponsible forprtpaTin8theTnJstees'ReporilincoTPOrntin8thedittctor5'TEPOrt}4rbJth¢ finlncia13tateTh￿D
iDllCCQtdancc witb applicabk ￿w1ndU￿1te4fj K￿￿d0￿ a¢c•wJiIn8St￿dard5.in(]Uth.D￿FIDaDCialRtpOrtitis
S¢and*d 102 The F￿ancItY1 R•xJrtuy applicable ￿ rhe UK and Re￿bIle ollre14yid Wftittd
Lgdom Getser*Jly AetsrAul A¢aym1ill8Prn￿Iry).
Company law r¢quirtsthetSUS*cswprepare ftt*n¢illlsthtem¢otsforex&6n*fftcialyearwbichyve?IrueaDd
f4irviewof the Slate of aff¥itsof the cbaritsble ts)mpèny the i￿OMe81￿¢xP¢ndI(y￿ of the eh*i¢able
tompany forthar p¢ii(*J. ltt pryiti8 fillaDrial stsl¢lll¢OlS. awe ty:
'seltth yjiublc accounttn8 pIici¢5 •od thtsi wlythem ux¥i5kndT."
observe th¢ m¢thoth ￿ prin¢iptestD the Clwi&¢S SCIRP..
"make J￿J￿neD(s*Nd •¢rounbTh¥ estimates that ar¢ r¢asofi•bk•Nd
stsre wlLedKf *ppliGHbl¢ UK A¢¢ow•DgStstyJ&dsthave follow¢￿ uy mawi•ldepurwcs
disclostsl aDd ¢Kpl*itt¢d in the 6nDDEial swea￿ts, 4ThJ
th¢ fmallciat si•temMts the 80ing b&sis wk55 it is iDapwtsNi* W Prtsum¢ thDt thE
haritsble etynpthy will cJJntinue ÈD busiDe
Th¢ trus*es ate respoDsibk for m•i4wbnin8 4¢¢OUts¢ubB records whicb di5cio¥c with re•sooable
acCuT￿Y ai any timg the fi)wKial of the ¢hariiabie ￿Y •od enable to en5UTe thai thc
financi•l 5Elltcments comply with the Comparlies Act 2(K)6. Thry are 0150 re5ponsiblefor safe8u*diog tb¢
assets of th¢ ch¥rir#bk eorupaDy athl heoc¢ for thkill8 rt•SDllabk #¢ps for •od dueclion of
atyj other iW"ties.
Jtt so far gs wtresaY¢ •war<
.th¢r¢ K8 Dtsreternt •udit Ofwli￿ th¢¢h•ritaN¢ ¢ompArLy¥a￿1iorS attd
.th¢trwEeeshaVeTaktn￿j steps thaLtheyou8biioh#vetsk¢n iom•kc theJJtsefveS*w￿0f loy￿1¢y￿tW￿Il
ofwnarion al￿ ￿ es¢ablish th¥¢ th¢ audiiotsve awat¢of th•t infvrTnattoo.
Th¢ Irt￿1￿ art respottsible for th¢ •Dd iol¢8n'ty of th¢ CO￿￿￿te alld fIll•M¢i￿ ioforn)iik)n
inrluded on the cbarioblecompaD￿5 L¢8ishtion in thc United ￿￿ZdOw80ve￿Un8 theprtparatiott
and disse4#inaiioo of fvwLc¥I S*TCmthts may diff¢r k8is]•liott in othcr jurisdidion
On btlolf of the board of Inth¢s
41fv-
Haiyao Zheng

THE MUBAN EDUCATIONAL TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MUBAN
EDUCATIONAL TRUST
I report on the charity tr￿￿e¢S on my examination of the accounts of the Company for the year
ended 31 May 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law)
you are Tesponsible for the prepardtion of the accounts in accordance with the requirements of the
Companies Act 2006 ('the 2006 Act.).
Having satj5fied myself that ihe accowits of thc Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011
('the 2011 Act.). In earrying out my examination I have followed the DiTections given by the Charlty
Commission under section 145{5) (b) of the 2011 ACL
Indepexdent examiner's statemenl
J have ¢omplet¢d my examination. I confinn that no matters have come to my attention in
connection with the examination giving me cause lo believe:
accounting Tecords were not kept in respect of the Company as required by section
386 of the 2006 Act. or
2. the accounts do not accord with those records. OT
3. the accounts 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 malteT considered as part of an independent examination. or
4. the accounts have not been prepared in a￿OrdanCe with the method5 and principles
of the Statcmcnt of Recommended Practice for accounting and reporting by
charities applicable to charities Pr￿aring their a￿untS 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
accounts to be rcached.
Anthony Epton BA FCA CTA FCIE
Goldwins
Chartered ac¢ountants
75 Maygrove Road
West Hampstead
London NW6 2EG

THE MUBAN EDUCATIONAL TRUST
STATEMENT OF FINANCIAL AcrtvmES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY ZOZ3
Nole
2023
2022
Unrtstritted
Unrestricted
FuAd$
Funds
Intome'from
Donations
Charitsble activities
Rental income
3.688
29.979
7.671
5.322
34.647
Total Income
41.338
39.969
enditure on
Raising funds
Charitsbl¢ activities
125.048
133.155
Totsl expenditsre
125,048
133.155
Net (expenditurey income for the year before net
GaiBsI{losses} on investmeDts
(83,710)
(93,186)
Net (10sses)/ gains on investments
17.636
37.679
Net (¢xpendi¢urey incom¢ for Ibe yeaT
(66.074)
{55.507)
Total funds brought forward
492.659
548.166
Tot21 fund$ ¢arri¢d fornrd
426.585
492.659
The stalement of financial activities also complies with the rquirements for an income and
expenditure account under the Companies Act 2006.

THE MUBAN EDUCATIONAL TRUST
BALANCE SHEET
AS AT31 MAY 2023
2•23
21122
Flxed Assets
TaThgible &8s¢
390,666
483.030
39).666
483,030
Currtxt Assets
C¥h * bank aod in Iw
35.919
35.919
9,629
9.629
Credfjtors: f•lllng dut *llhl#
Net ¢￿Vr¢￿t •5sets
.35.919
TrAal assets It¥ c•rremt liabliilio
426.585
492.659
Inwme funds
UNes¢ridcd Funds
426J85
492.659
426,585
492.659
The company iseniiiled to1￿¢￿¢MptI0ll fromtheatiditrtquirem¢Dicontasned in 5ectioD477of Ihe
Comp8niesAci 2006. fortheyeatendtd31 May 2023. Nomemberofthe compaDy has dep051ted a
DotiK pursuani w 5eciio# 476. w¥irin8ao 8udÈl of accounts.
The directors xknowlcdge ibeir respthtsibilities for ehsuring thc compaDy keep5 4ccountin8
r¢¢ords which ￿MplyW1thSection 386of the Acrandpreparingateounts whk¢h giv¢ty truthr￿ fayr
,* view ofihe stale of aff3its of the company at 31 May 2023 and of lis result for th¢ ¢lld￿ in
'a¢¢ordanct wlth 5ec¢ion 394 and395.8ThJoth¢rwi5e¢thhplywith thE￿ireMentsoftt￿ Attrelating
10 atcounts, so far as applicable to the company.
IHvebeeoprrpa￿￿¥￿￿¢Cwlth th¢sFcial pmvisioos rtts¢ingw
withiTh Part 15 of the CompJDics Act 2￿.
Th¢ ¥¢outsts W¢[¢ approN%d by the Board ￿ .. .....
2EJ&tk
FIAiy*o Zheng
S¢¢rot¥ry
C•mpaayRegistra¢ioD No: 06903121

THE MUBAN EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR EIYDED 31 MAY 2023
a) Basls of proparatlon
The financial statements have been prepared in accordance with Accounting and Reporting by Charities:
Ststement of Recommended Practice applicable to charities preparing their accounts I￿ accordance with
the Finan¢i31 Reporting Standard applicable in the UK and Republic of IrelaDd (FRS 102 - effective I
January 2015) - (Charities SORP FRS 102) aod the Companies Act 2006.
The charitable company meets the definition of a public benefit entity under FRS 102. Assets and
liabilities are initially recogniscd at historical cost or transaction valu¢ unless otherwise stated in th¢
relevant accounting policy OT no*.
b) Re¢¢)nclllatlon T*tth pvevlousty Generally Accepted AccountSng Pract1￿ (GAAP)
In preparing the accounts, th¢ trustees have considered wh¢th¢r in applying the a￿o￿nting policies
required by FRS 102 and the ChaTities SORP FRS 102 a restatement of comparative items was required.
cl Golng con¢ern
The trust¢es consider that the￿ are no material un¢vlainti¢s about the charilable company's ability to
continue as a going concern. The trustees do not ￿nsider that there are any sources of estimation
uncertainty at the reporting date that have a significant risk of ¢ausing a mat¢rial adjuslm¢nt trj the
rying amounts of assets and liabilities within the next reFK)rting peri(Ml.
d) Incom
Income is recognised when the charity has entitlement to the fvnds. any perfornianc¢ conditions attached
to the income have been meL it is PTobable that the income will Ix received and that the amount can be
me&sur¢d reliably.
Fund xcountlng
UnT¢stricted fund5 are available to 5peDd QD a¢tivitie5 that furth¢r any of th¢ puryx)ses of charity.
Exp•ndlture and irr•cov•rnbl¢ VAT
Exp¢ndityre is recognised once th￿ is a legal OT consttwctive obligation to make 8 payment to a third
party, it is probable that settlement will be required and the amowit of th¢ obligation Can b¢ m¢asured
reliably. Expenditure is classified under the following activity headings..
Expendifvre on charitable %tiviti¢s includes the ￿sts of activities undertaken to further thie purposes
of the charity and their associated support costs.
g) Cash al bank and In h•nd
Cash at bank and cash in hand includes cash and short terni highly liquid investments with a short
maturity of three months or less frorn the dat¢ of acquisition or opening of the deposit or similar
account.

THE MUBAN EDUCATIONAL TRU
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
Analyses of eipenditsre
2023
2022
Cost of Raising Funds
Charitable *etivities
Professional S¢TViC¢S
Artists
Rent and rates
Project costs
Security costs
Books and print outs
Repairs
Marketing
Travelling
Postsge
Telephone and internet
Sundry
Ind¢pend¢nt examination
Bank charges
D¢pre¢iation
51.894
4,167
29,625
9.341
996
19.350
1.382
896
1.256
3.157
.539
35,994
34,784
11.872
24,867
716
16.512
1.133
1.283
1.158
1.514
930
634
1,134
144
480
1,200
85
125.048
133.155
Total expenditur¢
125.048
133.155
Computer
Equipment
Cost
At l June 2022
Additions
1.412
At 31 May 2023
1.412
Depreciation
At l June 2022
Charge for th¢ year
1,412
At 31 Miy 2023
.412
Nel book value
At 31 May 2023
Ai 31 May 2022

THE MUBAN EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
IMv¢stments
2023
2022
Inv¢stmeots at f•tr v•lut:
Ltsted Investment ￿n￿8
390,666
483.030
390.666
483,030
Movement..
Market valu¢ at th¢ start of the yeJr
Additions at ¢ost
Disposals at carrying value
Net 80inl(loss) on revaluation
483.030
515,351
(I i 0,000)
17.636
(70.000}
37.679
Markd value at th¢ ¢Dd of the year
390,666
483,030
Creditors: amounts falling due within One year
2023
2022
Accruals
Analysls of net assets between fvnds
General
Designated
Restricted
Totsl
Fixed assets
Net current
assets
Net assets at the end of
the year
390,666
390,666
35.919
39.519
426.585
426.S85

THE MUBAN EDUCATIONAL TRUST
NOTES TO THE ACCOUNTS (coNfINUED)
FOR THE YEAR ENDED 31 MAY 2023
StatT costs and key management personnel
There were no employees in the year (2022: none). There wer¢ no employee benefits
paynents to key management personnel in the year (2022.. Nxl).
Emoluments of lh¢ trust¢es
Trustees did not receive remuneration during the year (2022: Nil). The trustees were not
reimbursed for expenses during the year (2022.. Nil).
Related party tr4DsactioDs
There were no related paty transactions in the year.
io-