Chartty number: 1187265 W. NG YIP AND BROThERS FOUNDATION FINANCIAL STATEMEiwrs YEAR ENDED 31ST JULY 2024
W. WING YIP AND BROTHERS FOUNDATION LEGAL AND ADMINisfRATXVE INFORMATION TRUSTEES Ms. l. Loynton BJ. Ylp A.S.Y.W. Ylp J.R. Bates E. Yap D.S.S.W. Ylp S. Munpud(ul CHARITY REGisfRATXON NUMBER 1187265 PIUNCIPAL OFFICE 375 Nechells Park Road Nechells Birmlngham B7 5Kr Independent Examlner Peter Smlth FCCA, FCA. JW Hlnks LLP Chartered Accountants 19 Highfield Road Edgbaston Blrrningham B15 3BH BANKERS Barclays Bank PLC PO Box 5960 I Snowhill Snow Hlll Queensway Bimilngham BX3 2BB
. W. WING YIP AND BROThERS FOUNDATION TRUSTEES. ANNUAL REPORT The trustees present their report and the financlal statements for the year ended 31st July 2024. Legal and administrative informatlon set out on page I fomis part of thls rem. The Foundation is a registered charity, number 1187265, and is a charltable incorporated organisation govemed by Its constittjtlon dated 8 January 2020. Prior to the registration as a CIO the charity operated as an unincorporated charity (number 326999). The Transfer of assets took place on 2 February 2021 and the old charlty subsequently closed. The objects of the charity are the relief of povty, sickness old age, and the advancement of educatlon and rellglons. The financlal statements have been prepared In accordan with the acCounng policles set out In note I to the accounts and comply with the charitls constltutlon, the Charlties Att 2011 and Accountlng and Reportlng by Charlties: Ststement of Recommended Prattice applicable to charltle5 preparing their financial ststements in accordan wlth the Flnanaal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) and UK Generally Accepted Practke. ORGANISATION The first trustees appolnted by the sponsor under the tenns of the Trust Deed were W. Wlng Ylp and his brothers (famlly tnjstees) and non-family trLJStees. On a vacancy occurrfng, a new trustee may be appointed by the rernalnlng trustees. The number of trustees may be increased at the dlscretion of the trustees to Include the descendants of the first named family trustees (or such other famlly members as the Famlly Trustees shall from tlme to tlme decide) provided that the number of family trustees does not exceed ten persons. There must always be a majorfty of Famlly Trustees, a mlnlmum of three trustee5 Including one rn-faMIlY trustee and a maxlmurn of e1ve The trustees who have held Off throughout the year are listed on page l. As reported In prevlous years, the Foundation has been Incorporated Into a Charltable Incorporatej Organisaticn (CIO). Following delays due to varfous reasons, not least the COV]D Pandemic, the transfer of the remalnlng assets was finally completed durlng the year. The Incorp)ratlon was also used as an opportunlty to review and update the governlng (loaJmentstk)n to reflect a more current constitution and this has been athieved for the CIO. REVIEW OF AcfivITIES, FUTURE STRATEGY AND PUBUC BENEFrr The objects of the charity are as stated above, and the trustees have achleved these objects by: financing bursarles to sbjdents and speclfic educatlonal grants making donation5 to community welfare projects making donations to medical research and the relief of suffering
W. NG YIPAND BROTHERS FOUNDATION TRUSTEES. ANNUAL REPORT (coKfiNUED) GRANf.MAKING POUCY In addfcioni grants and donations are awarded to educational institutions in the U All these bUarieS and grants made a contribution to the fee5 and living experses of the Stnts concemed to enable them to complete their studies. The educatlonal grants are the main focus of the charty, but donattons are also made to charftles who are engaged In community welfare, and medical research and care for the sid< although the charity does not make grants of a religlous nature. All these donations enable the reciplent tx)dies to continue and improve the services offered to those In need and in this way are of public benefit. The tru5tee5 confirm that they have referred to the Charlty Commlssion'5 gUIdan on publlc benefft when VIeWIng the Foundation'5 alm and objectwe, in planning future actlvities and Setting the grant maklng p)Ilcy for the year. The level of athlevement of the tharlty s objectives Is monltored by the receipt of reports from the untvetsltles, schools, communlty bodies, medlcal tharitles and other CipIents confimiing how the donations have enabled them to continue improve their servIs. The Foundatlon does not fund-ra15e. It15 entlrely reliant on Income from Its investnents, whlch conslst of freehold property leased to slttlng tenants, income from quoted Investments and Interest re1Ve which has Increased in the last year in Ilne wth InteSt rate increases. During last year the propety was fully let. The collectlon of rents, whlch had been problematlc durlng the Gbbal Pandenlc and the subsequent period, has impnjved during the year and is now largely up to date. Slnce the year end two leases have expired and the tenants departed, the vacant unlts are actively being marketsd and the Trustees are confldent they wlll be occupied in the near futsjre. As reported last year, whilst the Trustees have been satisfied historically with the return achieved by the property, they felt the interests of The Foundatlon would be better served by dlsposlng of It and investing the prod$ in assets Whe there Is greater certalnty of reIVIng the Income. Havlng obtslrEd a valuatlon last year the property was marketed and an offer accepted at the year end. However, completion was not achieved by the appointed date and the Trustees have subsequently decided to tske it off the market whllst they revrew the sltuatlon. The trustees have the power to invest in such assets as they see frt. As reported in prevlous years, the Trustees had agreed to make awards to up to four 5ttJdents at Loughbcmugh Unlverslty fcf the duratlon of their degree course. Last year, thi5 was increased to five students, an Increase over the normal annual number as, unfortunately, students prevlousiy 5UPPOrted had dropped out. Thls year the Trustees agreed that for 2023124 slx students would be offed support rather than the usual four. Chinese Community Health and Wellbeing sery1 was supported this year wlth a donation of £12,000 (2023 £12,000) whlch Is an organisatyon whose obj'ects are Close aligned with those of The Fiwndatlon, The Trustees Intend to contlnue thelr Grant Making Policy that the Foundation wlll not, as a generBI rule, support very large charitable applicants, projects and travel undertaken by Indlvidua15 or rellglous organisatlon5. Instead, it will f¢Jcus on worthwhile, smaller charities and applicants where the support wlll make a real dIfferen.
' W. WING YIP AND BROTHERS FOUNDATION TRUSTEES. ANNUAL REPORT (CONTINUED) As previously reported, the Trustees are mindful that the Foundatlon has conslderable reseNes and have now intrOdUd a system whereby all applications are recorded, drculated and then properly considered at Trustee meetings so that the overall level of grants belng made tuM to an appropriate level. As also reported prevlously, they continue endeavouring to identify a major project to celebrate the 50th Anniversary of the Wing Yip Business. The COVID 19 Pandemlc delayed progress with this, and any potentlal major projert will be considered in conjwction with the possib disposal of the property. FINANCIAL REVIEW Review of Flnancial Activltles The statement of flnandal actfvlues Is shown on page 7. During the year the tsstees made grants totslllng £50,000 (2023: £97,500). Detalls of all grants made are shown on pages 11 and 12. a result of the requlrernents of the Charltles SORP to account for grants awarded In the year In which the pledge is Made rather than the year in whlch the grant Is pald the amount of grants shown In the accounts can show significant fluctuatlons from year to year. The net increase in funds for the year was £61,806 Includlng £11,961 surplus on revaluatlon of Investments (2023: £6,365 after £4,400 deflclt on revaluatlon of investrnents). RESERVES POLICY The trustees consider that the level of free reserves, which are those funds not Invested In fNed assets, should be approXImate three months of expended resour$ which over the last years equates to £40,000. At the yearnd retained free reserves were £498,484 (2023: £448,639) as resu of previously accumulatlng fund5 to acqulre additlonal property to provlde Income to enable the charlty to Increase ts grants and donations. The Trustees now intend to review this policy, together wlth the possible disposal of the property, and formulate an integrated Investment, reserves and grant making policy going forwards. Total reserves, being free reserves plus funds Invested In flxed a55ets, at the year-end were £1,952,481 (2023, £1,890,531). RISK MANAGEMEKr The trustees have assesd the major rlsks to whlch the charfty is expo*d in relatlon to the operation and finantrs of the trust. The main risk is ts loss of incorne from property arising fr¢Jn tenants vacatlng their units or failing to meet thelr flnanclal commitments. This rk bs managed by the use of the property department of a Wing Yip group company to manage the property and ensu that it s well-maintsined and rental payments are Monitored so that any potentlal problems a detected and remedled at an early stage. The trteeS are satisfied that this and other systems of internal control are In place to mitigate exposure to risks.
W. WING YIP AND BROTHERS FOUNDATION TRUSTEES. ANNUAL REPORT (CONTINUED) As stated above under Organisation, the trLSStees have rKJW incorporated The Ftyjndation as Charltsble Incorporated Organlsation (CIO) which also forns part of their risk mitigating policy. They are also considering the disposal of ts propetty which would substantially reduce the income risk to The Foundation and thereby provide rtaInty of the amounts available for future grant making. STATEMENT OF TRusfEES' RESPONSIBILITIES The tNstees are responsible for preparing the Trustees, Report and the financial ststements in accordance with applicable law and United Kingdom Accountlng Standards (Unlted Klngdom Generally Accepted Accounting Practice). The law appllcable to charlties In England and Wales requires the trustees to prepare flnanclal statements for each financial year which give a true and falr vlew of the state of affairs of the charity and of the Incoming resources and application of resources of the charity for that peric*J. In preparing these financlal Statements, the trustee5 are required to: select sultable accounting polides and then apply them Consintly1 observe the methods and principles in the Charitles SORP; make judgements and estlmates that are reasonable and prudent; stste whether applicable accountr'ng standards have been followed, subject to any matertal departures disclosed and explained in the financial statements,, prepare the financial staternents on the going conrn basls unless It is inappropriate to presume that the charity will contlnue In operation. The trustees are responslble for keeplng accountlng records that disclose wlth asonable accuracy at any time the financial p051tion of the charity and enable them to ensure that the financial ststements comply wlth the SORP (FRS 102). They are also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularleS. Approved by the Board of Trustees on 19 March 2025 and signed on Its behalf by:" A.S.Y.W. Ylp TRUSTEES J. R. Bates, FC4, DChA
' W. WING YIP AND BROTHERS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF W. WING YIP AND BROTHERS FOUNDATION Independent Examiner'5 Report to the Trustees of W. Wing Yip and Brothers Foundation I report to the charity Trustees on my examinatlon of the accounts of the charfty for the year ended 31 July 2024. Responsibilltles and Basls of Report As the chartty s TnBtees you are SpOnSIble for the preparation of the tlnancial statements in accordanTr wlth the requlrements of the Charities Act 2011 Cthe 2011 Act?. I report In respect of my examlnatlon of the charlty's accounts carrled out under sectlon 145 of the 2011 Act and in carrying out my examlnatlon I have followed all the applicable Dlrettlons glven by the Charity Commission under sectlon 145(5)(b) of the 2011 Act. Independent Examlnérf$ Ststement I have completed my examination. I can ccnfirm that no materlal matters have come to my attentlon in connection wlth the examination giving me cause to believe that In any materlal accountfng records were not kept In respect of the charfty as requlred by section 130 of the Act; or the accounts do not accord wlth those records. or the accounts do not comply with the appllcabie requlrements concernSng the form and content of flnanclal statements set out In the Charftles (Accounts and Reports) Regulations 2008 other than any requlrement that the accounts glve a 'true and falrf vlew which is not a matter considered as part of an Independent examinatlon. I have no concerns and have come across no other matters in connettion wlth the examlnatlon to whlch attentlon should be drawn In thls report In order to enable a proper understanding of the financlal statements to be reached. Peter Smith Fc FC JW Hinks LLP Chartered Accountants 19 Highfleld Road Edgbaston Blrmlngham B15 3BH 11 March 2025
W. NG YIP AND BROTHERS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2024 Unrestricted funds 2024 2023 Notes INCOME AND EXPENDITURE INCOME Investment Sncome: Rents receivable 8ank Interest receivable Dividends recelved Dilapidations receipts 96,230 13,832 3,092 16,500 118,875 1,271 3,375 TOTAL INCOME 129,654 123,521 EXPENDITURE Expendlture on charltsble attlvltles: Educatlon Comrnunty welfare Medlcal research and lIef of sufferfng 28,000 9,000 13,000 66,000 14,500 17,000 50,000 97,500 Cost of ralsing funds Investment management costs Other costs 22,837 6,972 8,595 6,661 29,809 15,256 TOTAL EXPENDITURE 79,809 112,756 Unreallsed galn/(deflclt) on investhents 12,105 (4,400) NET INCOME 61,950 6,365 Ban brought forward 1,890,531 1,884,166 BALANCE CARRIED FORWARD 1,952,481 1,890,531 A51 of the above transactlons relate to unrestrlcted funds. There are no recognlsed galns or sOurceS other than the net movement In funds.
.W. WING YIP AND BROTHERS FOUNDATION BALANCE SHEEr AS AT 31ST JULY 2024 Notes 2024 2023 xeD ASSETS Investments 1,453,997 1,441,892 CURRENT ASSErs Debtors Cash at bank 22,538 86,355 500,000 17,961 170,320 400,000 current account Investment account 608,893 588,281 CURRE14T UABILITIES Amounts falllng due wlthln one year 110,409 139,642 NEf CURRENT ASSETS 498,484 448,639 NET ASSErs 1,952,481 1,890,531 UNRESTRIcfED FUNDS 1,952,481 1,890,531 Approved by the Board of Trustees on 19 March 2025 and signed on Its behalf by: A.S.Y.W. Yip TRusfEES J. R. Bates, FCA, DChA
W. WING YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sr JULY 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Informatlon and basis of preparation W. Wing Yip and Brothers Foundation is a charitable incorporated oryanlsatlon registered In England and Wales. The financlal statemerrts are prepared under the hlstorlcal cost convention as modifled by the incluslon of investments at fair value. In preparing the financial statements the charlty follows test wactlce as lald down in the Statement of Recommended Prattlce 'Accounting and Reportlng by Charfties" (SORP). The flnanclal statements have been prepared in accordance wlth applicable UK Accounting Standards (FRS 102) and the Chariues Act 2011. The charfty constitutes a public benefrt entlty as deflned by FRS 102 and the trustee5 consider that there are no materfal untrrtalntles about Its ablllty to continue as a golng concem. The significant accountlng polides applied In the preparatlon of these financial statsments are set out below. These wllcles have been conslstendy applied to all years presented unless othe[Se stated. b) Income Investment income includes rents r1Vable which are accounted for in the perlod to whlch the charlty Is entitled, the amount can be measured lIably. Expendlture Costs are Included on an accruals basls when there is a legal or constructive obligation to make payments to third parties, sethement Is probable, and the obllgatlon can be measured rellably. Grants payable are charged In the year In whlch the offer Is conveyed to the CipIent expt In those cases where the offer Is not bindlng or Is dependent on the occurren of another event.
' W. WING YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31STJULY 2024 10 d) Flxed assot investments Investments are stated in the financial statements at market dIUe, which the trustees consider equate to a falr value and is arrived at a5 follows: based upon the reasonable fair estirnate of the trustees and subjett to periodrc professional valuation. closing mid-market value at the balan sheet date. Freehold property Quoted Investments Debtors and credltors Debtors and creditors wlth no ststed Interest rate and recelvable payable wlthin one year are recorded at transaction price. Funds All funds are unStrIcted and may be.used ty trE trustees for any purpose In fUrtherar of the charltsble objectlves. g) Judgements and key sources of estlmatlon uncertalnty There are no Judgements (apart from those Involvlng estlmates) that have been made Sn the process of applylng the accountlng policles that have a significant effect on amounts rectynised in the financial statements. There are no other key sources of estIMaOn unrtainty at the portIng date that have a slgnlflcant risk of causlng a material adjustment to the carrylng amounts of assets and Ilabilitles within the next financial year, h) Cashflow Ststement The tharty has taken advantage of the exemption in SORP not to produ a cash flow statemenL
W. WING YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 11 TRUSTEES AND Iy MANAGEMENT PERSONNEL REMUNERATION None of the trustees reiVeS any remuneratlon, other benefits or expenses from the charfty. The are no employee5 of the charity and therefore no 1nd1v1dlS earnlng more than £60,(HX) per annum. GRANTS 2024 2023 Overseas Chlnese Assoaation School Blrmlngham Chlnese School Brent Chlnese Association Sch1 Loughborough Llnivers 3,000 4,000 6,000 3,000 3,000 54,000 21,000 28,000 66,000 Birmingham Chinese Festival Commlttee The St Matthews Community Hall Wolverhampton Youth Zone Youth on the Move The Resplte Association ChIldn$ Liver Dlsease Cltywlde Mentorlng Sundry Donatlons to Communlty Events 2,800 700 4,000 1,000 1,000 1,000 1,000 6,500 5,500 9,000 14,500
. W. WING YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31STJULY 2024 12 GRANTS PAID (continued) 2024 2023 edl rch Make Them Smlle Home from Hospltal chIne Communty Health and Wellbelng Servlce I00 5,000 12,000 12,000 13,000 17,000 Totsl grants pald 50,000 97,51M) INVESTMENf MANAGEMENT COSTS 2024 2023 Legal and professlonal charges Agents, management fees and other charges Vacant property costs Marl(eting propety 7,054 368 12,725 2,690 3,800 4,79S 22,837 8,595
W. WING YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL StATEMENTS FOR THE YEAR ENDED 31ST JULY 2023 .13 OTHER COSTS 2024 2023 Independent Examlnatlon fee (governan) Bank charges Insurance Legal and professlonal fees 2,400 117 3,380 1,075 2,400 3,459 706 6,972 6,66L UNREAUSED GAXNSI(LOSSES) ON INVEsfMENTS 2024 2023 Gain l (Loss) on revaluation of quoted investments 12,105 (4,400) Unrealised loss on Investments 12,105 (4,400) ZNVESTMENTS FREEHOLD PROPERTY 2024 2023 Falr value at beglnnlng and end of year 1,400,000 1,400,000 QUOTED INVEsfMENTS Falr Val at beglnnlng of year Addltjon Galn l (Loss) on revaluatlon 41,892 46,234 58 (4,400) 12,105 Falr value at end of year 53,997 41,892 TOTAL FIXED ASSETS 1,453,997 1,441,892 The above assets are all in the UK.
. W. WING YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31ST JULY 2024 14 INVESTMENTS (contlnued) The freehold proFerty was revalued on 16 July 2022 by an external valuer, Mr Robert Taylor, BSC, MRCtS of Stephens McBride in accordan wlth the requlrements of RICS Valuation Professlonal Stsndards 2020. The valuatlon was on the basis of market value. The valuerfs oplnion of market val was derived usSng recent comparable market transactions on am's length temis. The trustees believe thls valuatlon represents a falr value for Induslon In the finandal statements. The quoted Investments are stated at falr value belng the quoted price at year erKI. DEBTORS 2024 2023 Rents 1Vable Prepayments other debtors 10,133 11,405 1,000 10,303 4,593 3,065 22,538 17,961 CREDrroRS 2024 2023 Amounts falllng due wlthln one year: Grants payable Income received In advance Accruals Other CredOrS 87,000 15,738 3,502 4,169 IIL,000 19,917 3,502 5,223 110,409 139,642
W. NG YIP AND BROTHERS FOUNDATION 15 NOTES TO THE FINANCXAL sfATEMENTS FOR THEYEAR ENDED 31STJULY 2024 10. RELATED PARTY TRANSAcfIoNS Durlng the year there were no related party trdnsactlon5.