REGISTERED COIVIPANY NUIWIBER: 09198457 (England an(1 Ivales) REGISTERED CHARITY NUNIBER: 1173510 REPORT OF THE TRUSTEES AND FINAN'CIAL STATEMENTS FOR THE YEAR ENDED 30 SEIYfEMBER 2024 FOR TIAN YU ASSOCIATION INTERNATIONAL Agnon LLP Chartered Certified ACCOUntltS & Sialutory Auditors Kelvin14ouse Kelvin Way Craivley West Sussex RH109WE
TIAN I'U ASSOCIATION INTERNATIONAL CONTENTS OF THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 30 September 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement Notes to tlie Financial Statements 10 to 15
TIAY YU ASSOCIATION INTERNATIONAL (REGISTERED NUMBER: 09198457) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 September 2024 Tlie IruslLCS Iilio arc also dirLclors of Ilic Chic rity for Ilie purposLS of the Cump(uiiLs Act 2006, prcscnt their retX)rt with Ilic fil1]Lial slalLIIILiils of IliL Lharily l-or IhL N;car cndcd 30 Scpicmbcr 2024. The trustces have adopted the provisions of Accounting ]d RLtX)rting by Charilies: Stalemcnt of RLcommended l)ractice applicable to charilics preparing their accounls in accordance Iviih tlie FIn]lial Reporting Standard applicablL in the UK and Republic of Ireland (FRS 102) (clTeciive l January 2019). STII4TEGIC REPORT STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by ils govLniing document, a deed of trust, and CA)nstitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. REFERENCE AND ADMINISTII4TIVE DETAILS Registered Company number 09198457 (England and Wales) Registered Charity number 1173510 Registered office 49 Natsl Road Cambridge CBI 3NY Trustees Dr G Chen Software Engineer Professor L Shao University Professor R Shu Tcm Doctor X Wang Director Company Secretary Auditors Agnon LLP Chartered Certifid Accountsnts & Statutory Auditors Kelvin House Kelvin Way Crawley West Sussex RH109WE STATEMENT OF TRUSTEES, RESPONSIBILITIFS The trustees (who are also the directors of Tian Yu Association International for the purposes of company laiv) are responsible for preparing the Report of the Trustees and the financial slatements in accordance with applicable laiv and United Kingdom AccA)unting Standards (United Kingdom Generally Accepted Accounting Practice). Page I
TIAN I'U ASSOClIlTION' IYTERNATIONAL (REGISTERED NUMBER: 09198457) REPORT OF THE TRUSTEES FOR TIIE YEAR ENDED 30 September2024 STATENIENT OF TRUSTEES, RESPONSIBILITIES- continued Companl laiv rcquirLS Ihc trustces to prcparc linancial statements for each financial year which give a truc and fair view ol Ilic slatL of alTairs of thL charitable company and of the incoming resources and application of resources, including the inconiL and expLndilurc, of the charitable company for thal PLriod. In prcparing those financial statements, the trustees are rcqiiircd to SLlecl suilablL accounting policics and diLn appl), IhLni consistcntly; observe the methods and principles in the Charitv SORP. make judgements and eslimatcs Ihat are reasonable and prudcnl; prepare the financial statemLnts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records ,hICh disclose Ivith reasonable accuracy at any time the financial posilion of the charitsble company and to enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable rnpanY and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aivare: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have tak.en all stLPS that they ought to have taken to make themselves aivare of any relevant audit information and to establish that the auditors are aware ofthat inforniation. AUDITORS The auditors, Agnon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees: incorporating a strategic reporL approved by order of the board of trustees, as the company directors, on I I September 2025 and signed on the board's behalf by: X Tang- Trustee Page 2
REPORT OF THE IN'DEPENDF.NT AUDITORS TO TIIE TRUSTEES OF TIAN YU ASSOCIATION INTERNATIONAL Opinion We hai'e audited the Iinincic21 slaiLniciils of 'i'icl1I Yu Associalioii IiilLfiic21ional (tlic 'charitcihlc company,) for the ycar endLd 30 SCpiLni[r 2024 IiliiLlI L()Iiiprisc IIIL %ialciiiciit ol. I,ini< ncial Aclivilics: Ihc Ilalance ShccL IhL Cash Flow SialLIIILnl and notLS lo Ilie fiiiancial %lalLiiiciII.s: iiicliidiiig a suiiiinar), of significant aLcounling policics. The financial rcportino tramcii'ork t111t lilcs I)LLll cqppIiLd iii IIILir prcparalioii is applicablc laiv and Unitcd Kingdom Accounting Siandards (ljnitcd Kiiiod()m Gcncrally Acccpicd Accoiinling l)raclice). In our opinion Ihc fin2cncial stc2lLiiicnls: give a Irue and fair Iiiciv ot" Ihe state of Ihc cliaritable company's aflairs as at 30 SeptemlK"r 2024 and of its inLx)ming rcsourLLs wid applicalion ofrcsources: includiiig ils inconie atid Lxpendilurc, for the year thLn endLd; hai'e bccn propcrlN' prcparcd iii accord2( lice Ii'iih Ljnitcd Kingdom Gcncrally Accepted Accunting Practice; and havc bcen prLpared in accordance ,]lh the requiremenls of" tlic Companies Act 2006. Basis for opinion le conducled our audit in accA)rdance Iviili Inlemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our respoiisibilitlLS undcr tliose stsndards arL further described in tlie Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in aC{)rdance with the ethical requiremenls that are relei'anl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and I'e have fulfilled our other eiliical rcsponsibililies in accordance with Iliese requirements. We believe that the audit evidence Ive have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, Ive have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial sL2tements is appropriate. Based on the work we have perfomied, li'e have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve monihs from Ivhen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The trustees are responsible for the other inforniation. The other information comprises the inforniation included in the Annual ReporL other than the financial statements and our RetX)rt of the Independent Auditors thereon. Our opinion on the financial statenients does not cover the other inforniation and, except to the extent othernvise explicitly stated in our report, we do not express any forni of assurance conclusion ther)n. In connection with our audit of the financial ststements, our responsibility IS to read the other infom]ation an(L in doing so, consider wheiher the other information is materially inconsistent with the financial statements or our knoivledge obtained in the audit or oiherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detem]ine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the inforniation given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or the charitable company has not kept adequate accounting records; or the financial statements are not in agreement with the acLx)unting records and retums; or we have not received all the information and explanations we require for our audit. Page 3
Ilkl)()RT 01," I IIE IN'I)LI)LNDEN"r AIIDITOIIS'I'O I'IIE'fRUSTEES OF TltlN I U IlSSOCIAI'I()N INTLRNATIONAL Responsibilities of trustces As cxplclillLd IiiorL lull), iii IIIL SialLIIILiII ul;'fruslLLS' RLsponsibililiLs. IIIL IruslLLS (Iihu dfL (Ilso thc dircctors of the Lliarilablc coiiip,111)' for Ilic piirposLS Ot" conipc2n); laii,) arc rLsponsiblc for Ilic prcparation of thc financial statements and for l)cing saiisliLd Iliai IhLlI gii'c 2( triic and lair I'iciv, and for sucli intcrnal control as the trustces detcrmine is nccessary to cnablL IIIL pfLpa110n of fiiiancial statcmenis Ihal are tree Irom material misstatcmcnt, whethcr due to fraud or error. In prcparing Ilic liiiaiicial slalLIIILiils. Ilic Iruslees arc rLsponsiblc for assessing the cliaritablc company's ability to continue as a going conccrn, disclosing; as applicablL, IiiaiiLrs rLlalLd lo going conccrn and using the going concern basis of acLY)uniing unlLSS Ihe truslCCS either inlend to liquidalc the charitablc companv or to cease operalions, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appoinied as audilors undLr Seciion 144 of Ilic Charilies Act 2011 and report in accA)rdance with the Act and relevant re£ulations made or hal'ing effect thereunder. Our objLclives are 10 obtain reasonable assurancc about Ivhether the financial slalLments as a whole are free from material misstatemenL Ivhether due to fraud or error, and to issue a Report of thc Independent Auditors that includes our opinion. Reasonable assurance is a high Icvel of assurance: but is not a guarantee that an audit conducted in accordance with ISAS (UK) Ivill alivays detect a material misstalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to Ivhich our procedures are capable of detecting irregularities, including fraud is detailed below: Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laivs and regulations described as having a direct effect on the financial statements; Enquiring of managemenL the Audit & Risk Committee in-house and external legal counsel concerning actual and potential litigation and claims; - Perfonning analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - Reading minutes of meetings of those charged Ivith governance; - Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-re)gnIL10n of tax provisions; and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accA)unting estimates are indicative of apotential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the nonnal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at ¥vww.frc.org.uWauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 4
REPORT OF THE INDEPENDENT AIIDITORS TO THETRUSTEES OF TIAN YU ASSOCIATION INTERNATIONAL Use of our report This rcport is niadc solLl>' lo Ihe charitablc compan) s trustees: as a body: in accordance wilh Part 4 of the Charities (Accounls and Reports) Regulalions 2008. Our audit Ivork has been undertaken so Ihat we miglit slale to the charitable company's Iruslees tliose malters Ive are required to slalc to them in an audilors, report and for no other purtx)se. To the fullesl extent pennillcd by laiv, li'e do not accepi or assume responsibility to an)'onc oihcr than the charitable company Id thL charilable company's trustLLS as a body, for our audil Ivork, for Iliis report, or for the opinions we have fom]ed. Agnon Agnon LLP Chartered Certified Accountants & Statutory Auditors Eligible to act as an auditor in terms of Seclion1212 of the Companies Act 2006 Kelvin House Kelvin Way Crawley West Sussex RHIO 9WE I I September 2025 Page 5
TIAN YU ASSOCIATION INTERNATIONAL STATEMENT OF FINANCIAL AcfiviTIES FOR T14E YEAR ENDED 30 September 2024 30.9.24 Unrestricted fund 30.9.23 Total funds Noies INCOME AND ENDOWMENTS FROM Donations and Icgacies 34,485 12,132 Other trading actii'ities 6,771,793 3,457,233 Total 6,806,278 3,469,365 EXPENDITURE ON Raising funds 6,668,158 3,023,614 Other 93,194 434,729 Total 6,761 J52 3,458,343 NET INCOME 44,926 11,022 RECONCILIATION OF FUNDS Total funds brought forward 305,897 294,875 TOTAL FUNDS CARRIED FORWARD 350,823 305,897 The notes forni part of these financial statements Page 6
TI,4Y I'U ASSOCIATION INTERNATIONAL (REGISTERED NUMBER: 09198457) BALANCE SHEET 30 September 2024 30.9.24 Unrestricted fund 30.9.23 Total funds Noles CURRENT ASSETS Debiors Cash at bank 10 291,155 368,054 428,816 183,685 659,209 612,501 CREDITORS Amounts falling due wiihin one year (308J86) (306,604) NET CURRENT ASSETS 350,823 305.897 TOTAL ASSETS LESS CURRENT LIABILITIES 350,823 305,897 NET ASSETSI(LIABILITIES) 350,823 305,897 FUNDS Unrestricted funds 13 350,823 305,897 TOTAL FUNDS 350,823 305,897 The charitable company is enlitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024. The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accA)unting records that comply with Sections 386 and 387 of the Companies Act ?006 and preparing financial statements which give a true and fair view of the state of afTairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financi statements, so far as applicable to the charitable company. (b) These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. The financial statements were approved by the Board of Trustees and authorised for issue on I I September 2025 and were signed on its behalf by: X Wang- Trustee The notes fonn part of these financial statements Page 7
TIAN, I'U ASSOCIATION INTERNATIONAL CASII FLOW STATEMENT FOR THE I'EAR ENDED 30 September 2024 30.9.24 30.9.23 Notes Cash flows from operating activities Casli generated from opcraiions 184,099 (412.857) Nel cash provided b)'l(used in) operaling aciivities 184,099 (412,857) Cash flows from financing activities Neiv loans in year Loan repavments in )'ear 38,746 (27,193) Net cash (used in)Iprovided by financing aclivities (27,193) 38,746 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 156,906 (374,111) 175,436 549,547 Cash and cash equivalents at the end of the reporting period 332J42 175,436 The notes fomi part of these financial siaiLments Page 8
TIAN YU ASSOCIATION INTERNATIONAL NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 September 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 30.9.24 30.9.23 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges DecreaseJ(increase) in debtors Increase in creditors 44,926 11,022 146 (426,327) 2,302 137,661 1512 Net cash provided byl(used in) operations 184,099 (412,857) ANALYSIS OF CASH AND CASH EQUIVALENTS 30.9.24 30.9.23 Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one y&qr 368,054 (35,712) 183,685 (8,249) Total cash and cash equivalents 332J42 175,436 ANALYSIS OF CHANGFS IN NET (DEBT)/FUNDS At 1.10.23 Cash flow At 30.9.24 Net cash C&sh at bank Bank overdraft 183,685 (8249) 184J69 (27,463) 368,054 (35,712) 175,436 156,906 332J42 Debt Debts falling due within l year (296,051) 27,193 (268,858) (296,051) 27,193 (268,858) Total (120,615) 184,099 63,484 The notes form part ofthese financial statLmeiits PagL 9
TIAN YU ASSOCIATION INTERNATIONAL NOTES TO T14E FINANCIAL SI'ATEMENTS FOR THE YEAR ENDED 30 September 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial Stslements of tlie charitable company, which is a public benefit entily undcr FRS 102, have been prepared in aceA)rdance with the Charilies SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Praciice applicable to charities preparing their accounts in acLx)rdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as Ihere is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all ¢A)st related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Taxation The charity is exempt from cortx)ration t&x on its charitable activities. Fund accounting Unrestricted funds can be used in ac(x)rdance with the charitsble objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purtx)ses within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restrlcted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the fmancial statements. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. DONATIONS AND LEGACIES 30.9.24 30.9.23 Donations Gift aid 33,105 lJ80 6,087 6,045 34,485 12,132 Page 10 continued...
TIAN YLI ASSOCIATION INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 September 2024 OTHER TRADING ACTIVITIES 30.9.24 30.9.23 Fundraising ei'ents Tuilion fee Merchandise sales 6,682,109 440 89,244 3,344,995 10,307 101.931 6,771,793 3.457,233 RAISING FUNDS Raising donations and legacies 30.9.24 30.9.23 Direct costs 6,562,725 164.457 Other trading activities 30.9.24 30.9.23 Purchases Fund raising events Exhibition cosls Hall hire 105,433 728 758,149 2,069.630 30,650 105,433 2,859,157 Aggregate amounts 6,668,158 3,023,614 SUPPORT COSTS Management Finance Other Totals Other resources expended 12,494 766 11,802 25,062 NET INCOMEJ(EXPENDITURE) Net incomel(expenditure) is stated after Chargin(Crediting). 30.9.24 30.9.23 Depreciation - owned assets Other operating leases 146 9,470 P(Ige I I continued...
TIAN YU ASSOCIATION INTERYATIONAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 September2024 TRUSTEES, REMUNEII4TION AND BENEFITS Tliere Ivere no trustees, remuneralion or other bcncfits for the year ended 30 September 2024 nor for the year ended 30 Septcmber 2023. Trustees, expenses There were no truslees, expLnses paid for the year ended 30 Septcmbcr 2024 nor for thL year ended 30 September 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 12,132 Other trading activilies 3.457,233 Total 3,469,36i EXPENDITURE ON Raising funds 3,023,614 Other 434,729 Totsl 3,458,343 NET INCOME 11,022 RECONCILIATION OF FUNDS Total funds brought forward 294,875 TOTAL FUNDS CARRIED FORWARD 305,897 TANGIBLE FIXED ASSETS Fixtures fittings COST At l October 2023 and 30 September 2024 357 DEPRECIATION At I October 2023 and 30 September 2024 357 NET BOOKVALUE At 30 Seplember 2024 At 30 September 2023 Page 12 continued...
TIAN YU ASSOCIATION INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 September 2024 10. DEBTORS: AMOUNTS FALLING DUEWITHIN ONE I'EAR 30.9.24 30.9.23 Oiher debiors VAT Prepaymenls and accrued income 6,246 62,570 360,000 11,155 280,000 291,155 428,816 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.9.24 30.9.23 Bank loans and overdrafts (see note12) Other loans (see nole12) Trade creditors Oiher creditors 35,712 268,858 (i) 3,817 8,249 296,051 2,304 308J86 306,604 12. LOANS An analysis of the maturity of loans is given beloiv: 30.9.24 30.9.23 Amounts falling due within one year on demand: Bank" overdrafts Other loans 35,712 268,858 8,249 296,051 304570 304,300 13. MOVEMEwf IN FUNDS Net movement in funds At 1.10.23 At 30.9.24 Unrestricted funds General fund 305,897 44,926 350,823 TOTAL FUNDS 305,897 44,926 350,823 Net movement in funds, included in the above are as follows: IncA)ming resources Resources expended Movement in funds Unrestricted funds General fund 6,806,278 (6,761 J52) 44,926 TOTAL FUNDS 6,806,278 (6,761,352) 44,926 PagL13 continued..
TIAN I'U ASSOCIATION INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 September 2024 MOVEMENT IN FUNDS- continued 13. Comparatives for movement in funds Net movement in funds At 1.10.22 At 30.9.23 Unrestricted funds General fund 294,87) 11,022 305,897 TOTAL FUNDS 294,875 11,022 305,897 Comparative nei movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 3,469,365 (3,458,343) 11,022 TOTAL FUNDS 3,469,365 (3,4i8,343) 11,022 A current year12 months and prior year12 months CA)mbined position is as follows: Net movement in funds At 1.10.22 At 30.9.24 Unrestricted funds General fund 294,875 55,948 350,823 TOTAL FUNDS 294,875 55,948 350,823 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 10,275,643 (10,219,695) 55,948 TOTAL FUNDS 10,275,643 (10,219,695) 55,948 Page14 continued...
TIAN I'U ASSOCIATION INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 September 2024 14. RELATED PARTY DISCLOSURES There Ii'ere no related party transactions for the Vear ended 30 September 2024. Pag?L15