Charity registration number 1175444
Company registration number CE011908 (England and Wales)
CHINESE IN WALES ASSOCIATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
CHINESE IN WALES ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs Xuehua Au-Yeung Dr Ching-Yi Chen Mrss Xinya Li Ms Yen Yen Lai Mr Christopher Evans Professor Uzo Iwobi CBE Dr Yan Wu Jennifer Ken Yan Lam
(Resigned 30 September 2021) (Appointed 22 October 2021) (Appointed 30 January 2022) (Appointed 30 January 2022) (Appointed 30 January 2022)
Charity number 1175444 Company number CE011908 Registered office 2nd Floor, Arts Wing Swansea Grand Theatre Singleton Street Swansea SA1 3QJ Independent examiner Butterfield Morgan Limited Druslyn House De La Beche Street Swansea SA1 3HJ
CHINESE IN WALES ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 15 |
CHINESE IN WALES ASSOCIATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their annual report and financial statements for the year ended 31 March 2022.
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 Charities Act 2011 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 trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIWA should undertake.
Purposes:
CIWA’s purposes as set out in the objects contained in its constitution are to promote social inclusion for the public benefit by working with people in Wales who are socially excluded on the grounds of their ethnic origin, age, disability, ill health, poverty and other personal circumstances, in particular members of the Chinese community, to relieve the needs of such people and assist them to integrate into society, in particular by:
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Promoting community cohesion, both within the ethnic Chinese community and the wider community.
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Delivering to and representing the Chinese community including disabled people, children and young people as well as elderly people, in planning and service delivery to ensure their greater well-being.
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Supporting members of the ethnic Chinese community facing disadvantages to address the inequalities that they face to participate fully in society.
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Promoting both Chinese and Welsh cultures and heritage.
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Having due regard to the provisions of the Equality Act.
Public benefit:
When reviewing its objectives and aims, reference is made to the guidance contained in the Charity Commission's general guidance on public benefit, the trustees consider in detail how planned activities contribute to the aims and objectives set out in the organisation's constitution.
Summary of principle activities:
CIWA is a community-led grassroots association. CIWA has its head office in Swansea. Since its establishment, CIWA has gone from strength to strength and has become the first contact point for residents with Chinese heritage in Wales.
We have been developing services to meet the changing needs of the Chinese communities in Wales. We meet our charitable objectives by providing core services including language services alongside advice, advocacy, an information service and case referral. We also organise social, cultural and educational activities and participate in the promotion of a diverse, multi-cultural society. We offer wellbeing services including multilingual counselling service, physical and social activities. CIWA facilitates several social groups including Autism Support Group, Elderly Group, Parents Group, Youth group, After School Club and Sports Club.
We provide volunteering opportunities for community members to give back and help the charity support the communities. We also offer student internships and paid work placements to help young people gain employability skills and work experience.
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CHINESE IN WALES ASSOCIATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
ACHIEVEMENTS AND PERFORMANCE
Year in review:
COVID has remained the key issue for the duration of 2021-2022. We continually maintained a high level of infection control in all the activities we delivered. In line with Welsh Government and local health boards’ up to date guidance and restrictions, CIWA’s face-to-face activities were still very limited. CIWA’s head office was for essential appointments only and all staff and volunteers have been adopting a hybrid approach to deliver our services.
With our outstanding support to the ethnic Chinese residents in Wales, CIWA is being recognised for the value of our existence by a number of external sources and successfully applied for funding to retain our core services and develop new projects to meet the community’s changing needs. We have highlighted the key funded projects and funders below.
Information and Advocacy Services
CIWA has been continually running the “ Stand Up For You” Project. This is a two-year advocacy project funded by The National Lottery Community Fund People and Places’ Medium grants , started in October 2019 and concluded successfully on 1st October 2021. The advocacy service is continued with the funding from the Postcode Community Trust for one more year and we are seeking for further funding to retain this project to meet the ongoing needs. In the reported period, there have been 578 instances of advocacy recorded, with 345 unique clients. The team started to resume in-person support on a booking-only basis and followed the guidance of the Welsh Government to ensure safety of staff and clients. We continually promoted the latest COVID guidance and vaccination. To increasing awareness of the challenges faced and make our voices heard in many contexts, we also continued to speak up for the community on a regional and national level.
With new funding from Moondance Foundation, CIWA successfully retained our “ Benefit Advice ” Project for further one year to give direct support for the Chinese community members who were struggling with their financial circumstances, associated with poor mental health.
We also received a small fund from Comic Relief Global Majority Fund to provide advocacy and counselling sessions for people who experienced Hate crime.
Wellbeing Services
Older People Wellbeing: With new funding from NHS Charities Together , CIWA successfully extended the “ You Matter ” project which aimed to promote positive mental health and wellbeing of ethnic Chinese people focusing on older people and people facing mental health issues. We offered regular social and physical activities and provided online counselling sessions. In line with the further easing of COVID restrictions, CIWA gradually tried to organise small-scale face-to-face activities in order to reduce isolation and loneliness when facing ongoing COVID. We successfully applied for the Winter of Wellbeing Grant from Swansea Council to run a Crochet workshop and a Calligraphy Workshop. We were also awarded a small grant from West Glamorgan Partnership Transformation to organise a 2022 Chinese New Year lunch gathering event for the older people who did not have opportunities to reunite with their family due to travel restrictions during the pandemic. In addition, we successfully applied for the Volunteering Wales Grant Scheme from WCVA to run a 9-month pilot project “ Be kind Befriending” which further developed our Volunteer programme and recruited volunteers to befriend the elderly.
Children and young people: In response to the dramatic impact of COVID on children and young people’s mental health, we successfully applied for Children’s Mental Health Funding from West Glamorgan Partnership Transformation Fund to run “ Care For Our Children ” Project to provide social and physical activities to promote positive mental wellbeing, and counselling sessions for any youth members who face mental health problems.
Workplace wellbeing: In order to support the community coping with the pandemic, our team including our trustees, key volunteers and paid staff have been working tirelessly to provide services to meet the increasing needs. Due to the overloaded responsibilities and workload, plus we have expanded our paid staff members from 5 to 9, the whole team needs more support to encourage a better team spirit. We successfully applied the Voluntary Service Recovery Fund from WCVA and ran a six-month project to empower the current team members through bespoke training, coaching and counselling sessions.
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CHINESE IN WALES ASSOCIATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Chinese Autism Support
This programme was set up to provide support to meet the needs of ethnic Chinese residents who are touched by autism and related conditions. Our vision is to encourage more and more Chinese people to speak out, work together to understand the condition of autism, and embrace difference while eradicating cultural stigma.
With the great track record of supporting the autistic children, we secured our largest 5-year funding from The National Lottery Community Fund People and Places’ Large grants to retain and expand the “Find Me ” project which aims to provide a comprehensive advocacy service to the families with autistic children to have fair access in local services, especially education and health services, and to empower the parent carers to have a better understanding of how to support their children. In the first year of the project, we had 58 families registered with us and had 47 cases of oneto-one bespoke advocacy help. Gradually, once COVID-19 restrictions eased, we supplemented our online offerings with a range of activities for carers based in Swansea to provide respite from their caregiving roles. In addition, we provided monthly workshops for parent carers to gain more knowledge and enable them to be more empowered to advocate for themselves and for their children.
Furthermore, we also secured 3-year funding from the BBC Children In Need Large Grant to run the “ Allow Me ” project from June 2021. It aims to organise regular therapeutic and outdoor activities to autistic children and their siblings, such as horse riding, surfing, cycling, hang on arts and day trips.
We received a small fund from FAW Trust PAWB Fund to support a couple of young talented footballers from the autistic children group to reach their full potential in developing their football skills.
We successfully applied for a small fund from The Screwfix Foundation to offer practical support to families with autistic children by having small improvements around their homes. 16 rooms were painted and two outdoor spaces’ safety were improved for our autistic families.
FINANCIAL REVIEW
Financial position
CIWA’s total income for 2021/22 was £290,912. The restricted income was £279,160, which is about 96% of total income. The total expenditure was £255,089 of which wages and salaries accounted for £153,523. (61%). Total funds carried forward on 31st March 2022 was £63,853. The total unrestricted funds at the end of the year represent the Charity's free reserves and amounted to £28,391.
The principal funding sources for the year were The National Lottery Community Fund, BBC Children In Need, Moondance Foundation, Postcode Community Trust, Global Majority Fund, The Screwfix Foundation, West Glamorgan Partnership Transformation Fund, NHS Charities Together, WCVA and Swansea Council.
As a Charitable Incorporated Organisation (CIO) with gross income of over £250,000 during the financial year, the financial accounting method has changed from cash basis accounting to accrual basis accounting in accordance with the SORP.
Going concern
Having considered budgets for the next twelve months, the trustees are confident that the charity will continue to meet its liabilities as they fall due for the foreseeable future and consider that there are no material uncertainties about CIWA's ability to continue as a going concern. It is therefore considered appropriate by the Trustees to prepare the financial statements on a going concern basis.
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CHINESE IN WALES ASSOCIATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in income, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The reserves policy will be reviewed on an annual basis for this purpose.
Plans for future periods
The trustees believe that the available assets of the charity are sufficient to meet ongoing items of expenditure and obligations not yet met. Due to the rising cost-of-living and lasting effects of COVID-19, the trustees will make sure the charity continues to fundraise to retain and develop much needed services to support the Chinese communities in Wales. CIWA will continually build and improve workplace culture and resilience to support staff, trustees and key volunteers’ wellbeing. CIWA will enhance the staff members’ fundraising skills and empower them to expand their work to reach out more beneficiaries. CIWA will continually endeavour to grow its reserves for sustainability by encouraging more donations and applying for more funding to enhance the organisation’s capacity and strengthen the management team. At the time of writing this report, the chair for the reporting period has stepped down, and an interim chair was appointed by the Board of Trustees on 1[st] April 2022. The board has then recruited an interim Chief Executive Officer to ensure the sustainability and further development of the charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
CIWA is a Charitable Incorporated Organisation registered with the Charity Commission on 30th October 2017. The charity was established under the Charity Commission model constitution: Constitution of a Charitable Incorporated Organisation whose only voting members are its charity trustees.
Organisational structure:
The charity trustees are responsible for the general control and management of the charity and may for that purpose exercise all the powers of the charity. The trustees give their time freely and receive no remuneration or other financial benefits.
The trustees meet quarterly or whenever deemed necessary and responsible for the strategic direction and policy of the charity. The day-to-day management of the activities and projects are delegated to the staff team.
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: Mrs Xuehua Au-Yeung
Dr Ching-Yi Chen Mrs Xinya Li Mr Christopher Evans (Appointed 22 October 2021) Professor Uzo Iwobi OBE (Appointed 30 January 2022) Dr Yan Wu (Appointed 30 January 2022) Jennifer Ken Yan Lam (Appointed 30 January 2022) Ms Yen Yen Lai (Resigned 30 September 2021)
Recruitment and appointment of trustees
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. The existing trustees are responsible for the recruitment of new trustees.
In selecting individuals for appointment as charity trustees, the charity trustees must have the skills, knowledge and experience needed for the effective administration of the charity. Potential trustees are invited to attend trustees' meetings as observers and are given more details of the charity's aims and activities and, if all agree, they are then proposed as new trustees at the subsequent trustees' meeting. All appointed trustees are required to have an enhanced DBS check.
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CHINESE IN WALES ASSOCIATION
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Qualifying third party indemnity provisions
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud or error. The trustees have the responsibility to manage risk to sustain the charity and ensure that all its activities are risk assessed before they are carried out. Systems and procedures have been established to mitigate the risks the charity faces. Most significant is the external risk to funding which has led to the development of a strategic plan which will allow diversification of funding and activities. Internal control of risk is minimised by the implementation of procedures for authorisation of all transactions and projects. All relevant policies are regularly reviewed periodically to ensure that they meet the needs of the charity.
The trustees report was approved by the Board of Trustees.
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Signed by Mrs Xuehua Au-Yeung, Chair for the reporting period.
17/02/2023 Date: .............................................
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CHINESE IN WALES ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHINESE IN WALESASSOCIATION I report lo the trustees on my examination of the finanryal statements of Chinese Fn leS Associati¢)n (the CIWAI for the yfrar ended 31 Marth 2022. Responslbllitles and basls of rnport As the Iruslees of the CIWA laMJ also its directors for the purposes of Company lawl you are responsible for the preparab'on of the financial statements in accordan th the requirements of the Companies Act 20[6 Ilhe 2006 Having satisfied myself that the financial slalemenls of the CIWA are not required lo be audited under Part 16 of the 20Q6 Act and are eligible for independent examination. I rewrt in reset of my examination of the CIWA'S financial slalemenls carried out under section 145 of the Charibès Aet 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directtons given by the Charity Commission under section 14515llb} of the 2011 Act. Independent examlngrfs Statement Since the CIWA'S gross income exceeded £250.000 your examiner must be o member of a body listed in sectton 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of the Association of Chartered Cerb'thed Accountants. which is one ofth8 listed bodies. I have completed my examinalion. I confim that rto matter5 have come to my attention in Connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the CIWA as required by section 386 of the 2006 Act., ¢X the financial statements do not accord wlh those records", or the financial statements do not compty wth the accounting requirements of section 132 of the Act 2011 other than any requirement that the accounts give a true and fair view which is not a matteT Gonsidered as part of an independent examination.. or the finan¢ial statements have not been prepared in accordance wtth the methods and principles of the Slalement of Recommended Practice for accounting arTrd reporting by tharities applicable to charities preparing their antS in accordan wth the Financial Repo"nY Standard 8pplicable in the UK aMI Republic of Ireland (FRS 1021. I have no concerns and have com8 across no other matters in connection with the examination to which attention should be drawn in this report in order lo enabk a proper understanding of the financtal statements lo be reached. Mr. Matthew Woolway FCCA Butterfield Morgan Llmlted Druslyn House De La Beche Street Swansea SA13HJ -Page6-
CHINESE IN WALES ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Unrestrlcted Restrlcted funds funds 2022 2022 Total 2022 Nots$ Donations and legacies Charitable activities Investments 3,309 8.442 3,309 287,602 279,160 Total Incomg 11,752 279,160 290,912 Raising fun(Is 690 Charitsble activities 254.398 254,399 Total expendlture 691 254,398 255,089 Net Income for the ygarl Net movement In funds 11.061 24.762 35,823 Fund balances at 1 April 2021 17.330 10.700 28,030 Fund balances al 31 Marth 2022 28.391 35.462 63,853 The statement of financial activities includes all gains and losses recojnised in the year. All Income and expenditure derive from conttnuing actiwties. The stal8m8nt of financial activities also comleS Wbth the requirements for an incc4ne and 8xpendiluTe account under the Companies Aet 2006. -Page7-
CHINESE IN WALES ASSOCIATION BALANCE SHEET ASAT31 MARCH 2022 2022 Notes FSxed assels Tangible assets 10 12,017 Current assets Debtors Cash al bank and in hand 11 4.745 128.747 133,492 {12,9501 Credltors: amounts falllng due within one year 12 Nel wrrenl assets 120,542 Total assets le$5 current Ilabllllles 132,559 Deferrgd ineome 13 (68,7061 Income funds Restricted funds Unreslllcted fur$ 35,462 28,391 83.853 The company is elllilled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for Ihe year ended 31 March 2022. The directors acknowledge their responsibilities for compfwng with the requirements of the Companies Act 2006 with respect to accounling recoid5 and the preparalK)n of financial statements. Tho members have not required the companyto obtain an audit of its finaniial stslemenls forthe year in question in aCCordare with sectKJn 476. These financial statements have been prepared in xeordance with the provisions applicable lo wmpanies subject to the small companies regime. 1710212023 The financial slalemellls were approved by the Trustees on ............ Trustee Company registratlon number CE011908 Page8-
CHINESE IN WALES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 A¢countlng policies Charlty Information Chinese in Wales Association is a charitale Incorp)rated Organisation registered Charity COMMIOn. The regislered Offi is 2nd Fkxx. Arts lthng, Swansea Grand Theatre. Singleton Street, Swansea, SA1 OJD. 1.1 Accounting conventlon The financial statements have been prepad in accordance with the charty's govetning document, the charh.es Act 2011, the CompaniesAcl 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP 'ACntIng and Reporting by Charities.. Statement of Recommended PractiL% applicabfe to dmrilies preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 JanLFary 20191. The CIWA is a Public Benefit Enb"ty as defined by FRS 102. The financial statements are prepared in sterling, whith is the fUtiOnal currency of the UK. Monetary amounts in these financial statements are rounded to Ihe nèarest £. The ffnancial slalemenls have been prepared under the hislorteal Cost convention, Imodified to includè the revaluation of freehold pioperties and lo indude investment Firoperties and certain financial instruments at fair valuel. The prinapal acctyjnts.ry poliaes adopted are set out below. These financial statements f¢x the year ended 31 Mah 2022 are the first financial statements of Chinese in Wales Association wepared in aordanCe wrth FRS 102, The Financial Reporting Standard applicabla in the UK and Republic of Ireland. The dale of transib'on to FRS 102 was 1 April 2021. An explanation of how transition to FRS 102 has affected the reported financk31 position and financial performan is givw in note 1.9. The reported finanL¥al p¥)tIon and financ1 performance for the previous period are not affected by the transition to FRS 102. 1.2 Golng concern At the lime of approviro the finallcAal statements, the trustees have o 0$onable expectatton that the CIWA has adequate resources lo continue in operational eSEe{ lor the foreseeable future. Thus the Iruslees continue lo adopt the going coneem bas15 of accounting in preparing the financial statements. 1.3 Charitable lunds Unrestricted ILtnds are availabLg for use at the discret of the trustees in furtherance of their charitable objectives. Restricted fund5 are subiect to specffic condth.ons by donors as lo how Ihay may be used. The purposes and uses of th8 restricted funds are sel out in the notes to the financial stalemenls. Endowment funds are s'eCt lo speafic cormlitions by donors that the capital must be maintained by the CIWA. 1.4 Income Inwme is recognised when the CIWA is legally enlffjed lo it after any perfomance ndItIonS have been met, the amounts can be measured reliabty. and it is that income wll be received. Cash donations are recognised on rec8ipI. Other donations are regnised once the CIWA has been ndified of the donation, unless perforMaTr conditir)ns iequire deferral of the amount. Income lax recoverable in relation to donations received under Gift th"d or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or oiherw5e rf Ihe CIWA has been notified of an impending distributn, the amount is known, and receipt is expected. If the amount is not known, the legacy 15 Irealed as a conlingenl asset. Page9-
CHINESE IN WALES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accountlng policies (Continued) 1.5 Expendlture Expenditure is recognlsed once ther8 is a legal or constructive oNigation to transfer economi¢ benefit to a third party. il is probable that a transfer of economic benefits wll be required in settlement. and the amount of the obligation can be measured rdiabty. Expendfture is classified by aclivrty. The costs of each activity are made up of the lotsl of diwl costs and shared costs, including support costs invoTed in undertaking each activity. Direct costs allribulable to a single activity are allocated diredy to that aclNity. Shared costs which contribute lo more than one adivily arKS support costs whith are nol attributable lo a single activtty are apportioned between those activilies on a basis consistent wlh the use of resources. Central stsff Costs are alkjcaled on the basis of time spent, and depreciation tharges are allocated on the portion of Ihe assel's use. 1.6 Tangible flxed assets Tangible fixed assets ale initially measured at cost and subsequentty measured al cost or v81u&tion, net of depreeialion arKi any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residu31 values over their useful lives on the following bases.. Pl8nt and equipment 18% reducing balance method The gain or loss allng on the disposal of an asset is detemined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financrdl activit¢es. 1.7 ImpalTmènt of flxed assets At each reporting end dale, the CIWA reviews the carrying amounts ol ils langibte assets lo determine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists, the recoverable amount of the asset is esh"mated in order to determim the extent of the impairment loss (rf any). 1.8 Cash and cash eqvlvalents Cash and cash equivalents include cash in hand, deposÈts held at call vdlh banks. other short-temi liquid investments with OTiginal matuleS of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowrvJs in current liab¢lities. 1.9 Flnancial instrurnents The CIWA has elected lo apply the pro*iOn$ of Section 11 '8asic Financial Instruments, and Section 12 'other Finanryal Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the CIWA'S balance sheet when CIWA becomes party lo the contractual provisions of th8 inslrumenl. Financial assets and liabilities are offset, with the net amovn15 presented in the financial stalemenls, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a nel basis rx to realise the asset and setue the liatxlrty simultaneousty. Baslc flnanclalassets Basic financial assets, which indude deblors and cash and bank balances, are initially rneasud ai Ifansaction price induding Iransaebon cosls and are subsequently carried al amortised cost using the effeet(ve interest method unless the arrangement constilules a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortssed. Page 10-
CHINESE IN WALES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontlnuedl Basic financial liabilities Basic financial liabilities, including uedilors and bank loans are initially Tecognised at transKlion price unless the arrangement nStituteS a ffinancing transaction. where the debt instrumenl is measured at the present value of the future payments discounted at a market rate ol interesl. Financial liabilities classified as payable within one year are not amortised. Debt Instruments are subsequenuy carried at am¢)rb"sed cost using the effective interest rale method. Trade creditors are obligations lo pay for gt)ods or servIS that have been acquired in the ordinary course of operations frorn supplieis. Amounts payable are classffied as current Iiabililies rf payment is due within one year or less. If not, they are presented as nOn-Irrernt liaknlilies. Trade creditors are recognised initially at Ir8nsadion pricg and subsequently measurefj al am0sed cost using the effecttve interest method. Derecognition of financlal11?bllliies Fin8nci81 liabilities are deregnIsed whèn the CIWA'S cLinlractual oblTrgatsons expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unLtsed holiday entillernent is reC3nIsed in the period in which the empjoyee's services are received. Termination neffts are recognised immediatdy as an expense vthen the CIWA is demonstrably comrnitted lo terminate the employment of an wnployee or lo prowde termination benefits. CTitical account5ng estlmates and Judg8monts In the application of the CIWA'S accounkn.ng tdicies, the trustees are required to make judgements, estimales and assumptions about the carrying amount of assels ané liaiylrties that are nol readily apparent from other sourcos. Th8 8Stimates and associated assumptions 8re based on historical expefience and other factors that are considered to be rdevant. Actual resuKs may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision aflects (lY that period, or in the period of the revision and future periods wh8ro th8 r8vision affects both Current and fulure periods. Donations and 1gga¢les Unrestricted funds 2022 Don*ions and gifts 3,309 Page 11
CHINESE IN WALES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Charftable actlvltles Unrestrlcted Restricted funds funds 2022 2022 Totsl 2022 Other Grants BBC Children In Need NHS Charities Together Poslcode Community & W8St Glamorgan Regional Integrated Fund Sw8nsea Council The Moondance Foundation The National Lottery WCVA 23,253 29,904 26,484 25,083 29,904 26,484 23,636 17,096 8,447 111,758 36,752 23,636 17.098 8,447 111,758 38.752 277,330 277,330 Investments Unrestricted funds 2022 Interest receivable Ralslng funds Unrestrfct•d funds 2022 raisin other ndraiSing costs 690 690 -Pagg12-
CHINESE IN WALES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Charltable actlvltles 2022 staff costs Depreciation and impairment Cost of activities In5uran¢e Telephone Rent Marketing Training & coaching Office supplies Professional fees Computer expenses Sundries Subscriptions Accountancy fee 153,523 3,137 64,381 1,116 1,065 4,000 1,846 20.56CI 1.019 1.596 240 192 780 254,399 254,399 Analysls by fund Un¥eslricted funds Restricted funds 254,398 254,399 Trust8es None of the Iruslees Irx any persons connected swth them) reVed any remuneration or benefits from the CIWA during the year. Employees The average monthly number of empl¢)yees during Ihe year was". 2022 Number Employment costs 2022 Wages and salaries 153,523 Page 13-
CHINESE IN WALES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Employees {Contlnu8d) There were no employees whose annual remuneration was more than £60,000. 10 Tangible fixed assets Plant and eoulpment Cost At 1 April 2021 Additions 11,666 S,034 At 31 March 2022 17,700 Depreclatlon and Impalrmgnt Al 1 April 2021 Depreciabon charged in the year 2,548 3,137 At 31 March 2022 5,683 Carrylng amount At 31 March 2022 12,017 11 Debtors 2022 Amounts falling du• wlthln on8 year. Trade debtors Other debtors 3,044 1,701 4,745 12 Credltor8: amounts falllng due wlthln one year 2022 Trade creditors Olher creditors Accruals and deferred income 311 11,859 780 12.950 13 Deferred Income Deferred income is includ8d in the financial statements as follows.. Page14-
CHINESE IN WALES ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 13 D¢ferred Ineome (Contlnuedl 2022 Deferred illcome ss. as induded on the face of balan sheet 68,706 14 Related party trartsactlons There were no disdosable related party tranwlions during the year. Page IS-