Charity number: 1187265 W. WING YIP AND BROTHERS FOUNDATION FINANCIAL STATEMENTS YEAR ENDED 31ST JULY 2025
W. WING YIP AND BROTHERS FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES Ms. J. Loynton B.1. Ylp A.S.Y.W. Yip J.R. Bates E. Yap Resigned 10 April 2025 D.S.S.W. Ylp S, Munputkul CHARITY REGISTRATION NUMBER 1187265 PRINCIPAL OFFICE 375 Nechells Park Road Nechells Blrmingham B7 5NT Independent Examiner Peter Smith FCCA, FCA. JW Hlnks LLP Chartered Accountsnts 19 Highfield Road Edgbaston Birmlngham B15 3BH BANKERS Barclays Bank PLC PO Box 5960 I Snowhill Snow Hill Queensway Bimiingham BX3 2BB
W. WING YIP AND BROTHERS FOUNDATION TRUSTEES, ANNUAL REPORT The trustees present their report and the financial statements for the year ended 31st July 2025. Legal and administrative information set out on page I forms part of thls report. The Foundation is a registered charity, number 1187265, and is a charitable incorporated organisation governed by its constitution dated 8 January 2020. Prlor to the reglstration 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 charity subsequently closed. The objects of the charity are the relief of poverty, sickness and old age, and the advancement of education and religions. The flnanclal statements have been prepared In accordance with the accounting policies set out in note I to the accounts and comply wlth the charity's constltution, the Charities Act 2011 and Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charitles preparing their flnanclal 5tstements In accordance with the Financial Reporting Standard appllcable in the UK and Republlc of Ireland (FRS 102) and UK Generally Accepted Practice. ORGANISATION The first trustees appolnted by the sponsor under the terms of the Trust Deed were W. Wlng Y5p and his 0 brothers (family tru5tee5) and two non-family trustees. On a vacancy occurring, a new trustee may be appointed by the remaining trustees. The number of trustees may be increased at the discretion of the trustees to include the descendants of the first named famlly trustees (or such other family members as the Famlly Trustees shall from time to tlme declde) provided that the number of family trustees does not exceed ten persons. There must always be a majority of Family Trustees, a minimum of three trustees includlng one non-family trustee and a maximum of e5ve trustees. The trustees who have held offlce throughout the year are Ilsted on page l. As reported in previous years, the Foundation has been Incorporated Into a Charitable Incorporated Organisation (CIO). The Incorporation was used as an opportunlty to review and update the governing documentstion to reflect a more current constitutlon and thls has been achieved for the CIO. REVIEW OF AcrIvrrIES, FUTURE STRATEGY AND PUBLIC BENEFIT The objects of the charity are as stated above, and the trustees have achieved these objects by: financing bursaries to students and specific educational grants making donations to community welfare projects making donations to medical research and the rellef of suffering
W. WING YIP AND BROTHERS FOUNDATION TRUSTEES, ANNUAL REPORT (CONTINUED) GRANT-MAKING POLICY In addition, grants and donations are awarded to educatlonal Institutlons In the UK. All these bursaries and grants made a contribution to the fees and living expenses of the students concerned to enable them to complete their studies. The educational grants are the maln focus of the charity, but donations are also made to charities who are engaged in community welfare, and medlcal research and care for the sick although the charity does not make grants of a religious nature, All these donations enable the recipient bodies to contlnue and improve the services offered to those In need and in this way are of public benefit. The trustees confirm that they have referred to the Charity Commission's guldance on publlc benefit when reviewing the Foundatlon's a5m and objective, in planning future activities and setting the grant making pollcy for the year. The level of achlevement of the charlvs objectlves Is monltored by the recelpt of reports from the unlverslties, schools, community bodles, medlcal charlties and other recipients confirming how the donations have enabled them to continue or Improve thelr services. The Foundatlon does not fund-raise. It Is entlrely rellant on income from Its Investments, whlch consist of freehold propety leased to slttlng tenants, income from quoted Investments and Interest received whlch remalned constant In the last year in line with Interest rates. Towards the end of the financlal year surplus liquid resources were deposited with a platform whlch, it is hoped, wlll provide a better rate of return together wlth the flexibility requlred by the Trustees. The vacant unlts reported In last year's accounts have once agaln been let and, going forwards, the property should be fully let. The collectton of rents Is now up to date. As also reported last year, the Trustees have now resolved to keep the propety rather than sell It and relnvest the proceeds In other assets, Whllst it Is unllkely thls decision will change In the foreseeable future, the Trustees will maintain a revlew of all Its assets and make declsions based on the prevailing circumstances at the time. The trustees have the power to Invest In such assets a5 they see flt. As reported in prevlous years, the Trustees had agreed as a basic to make awards to up to four students at Loughborough Universlty for the duration of their degree course. In 2022123, this was increased to five students, an Increase over the normal annual number as, unfortunately, students previously supported had dropped out. Last year the Trustees agreed that for 2023124 six students would be offered support rather than the usual four and for the current year 2024125 have also agreed to offer support for six students. The Trustees intend to continue their Grant Making Policy that the Foundation will no¢ as a general rule, support very large charitable applicants, projects and travel undertaken by Indlviduals or religiou5 organisations. Instead, it will focus on worthwhile, smaller charities and applicants where the support will make a real dlfference.
W. WING YIP AND BROTHERS FOUNDATION TRUSTEES, ANNUAL REPORT (CONTINUED) FINANCIAL REVIEW Review of Financial Activities The ststement of financial activities is shown on page 7. During the year the trustees made grants totslllng £86,755 (2024: £50,000). Details of all grants made are shown on pages 11 and 12. As a result of the requirements of the Charities SORP to account for grants awarded in the year in which the pledge is made rather than the year in which the grant is pald the amount of grants shown in the accounts can show significant fluctuations from year to year. The net decrease In funds for the year was £5,089 including £17,905 deficit on revaluation of Investments (2024.. surplus £61,950 after £12,105 surplus on revaluation of investments). RESERVES POLICY The trustees conslder that the level of free reserves, which are those funds not invested in fixed assets, should be approxlmately three months of expended resources which over the last years equates to £40,000. At the year-end retalned free reserves were £511,300 (2024: £498,484) as a result of prevlously accumulating funds to acquire additional property to provide Income to enable the charity to Increase its grants and donatlons, The Trustees continue to review this pollcyi together wlth the posslble changes of the property, and formulate an Integrated Investment, reserves and grant maklng pollcy golng forwards. Total reserves, belng free reserves plus fijnds invested In fixed assets, at the year-end were £1,947,392 (2024,. £1,952,481). RISK MANAGEMENT The trustees have assessed the major rlsks to whlch the charlty Is exposed In relaOn to the operatlon and finances of the trust. The maln rlsk Is the loss of Income from propety arlslng from tenants vacatlng thelr unlts or falllng to meet thelr flnanclal commltments. Thls rlsk Is managed by the use of the propety department of a Wing Yip group company to manage the propety and ensure that it is well-maintained and rental payments are monitored so that any potential problems are detected and remedled at an early stage, The trustees are satisfied that this and other systems of internal control a In place to mitigate exposure to rlsks.
W. WING YIP AND BROTHERS FOUNDATION TRUSTEES. ANNUAL REPORT (CONTINUED) As stated above under Organisation, the trustees have now incorporated The Foundation as a Charitable Incorporated Organisation (CIO) which also forms part of their risk mitigating policy. They are also considering the disposal of the propety which would substantially reduce the income risk to The Foundation and thereby provide certainty of the amounts available for future grant making. STATEMENT OF TRUSTEES, RESPONSIBILrrIES The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce). The law applicable to charities in England and Wales requires the trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that perlod. In preparlng these financlal statements, the trustees are required to.. select suitsble accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make Judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financlal statements; prepare the financial statements on the going concern basls unless It Is Inapproprlate to presume that the charity will continue in operation. The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the SORP (FRS 102). They are also responsible for safeguarding the assets of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other Irregularities. Approved by the Board of Trustees on 12 March 2026 and signed on its behalf by'.- A.S.Y.W. Yip TRUSTEES J. R. Bates, FCA, DChA
W. WING YIP AND BROTHERS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF W. WING YIP AND BROTHERS FOUNDATION Independent Examlnerfs Report to the Trustees of W. Wing Yip and Brothers Foundation I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 July 2025. Responsibilities and Basis of Report As the charitys Trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 Cthe 2011 Act,). I report In respect of my examination of the charlty's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the appllcable Dlrectlons glven by the Charity Commission under section 145(5)(b) of the 2011 Art. Independent Examiner's Statement I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examlnation glving me cause to belleve that in any materlal respect.. accounting records were not kept In respect of the charlty 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 applicable requirements concerning the form and content of flnancial statements set out in the Charities (Accounts and Reports) Regulations 2008 otherthan any requirement that the accounts give a'true and fair, view which is not a matter consldered as part of an Independent examlnation. I have no concerns and have come across no other matters in connection with the examinatlon to which attention should be drawn in this report in order to enable a proper understanding of the financlal statements to be reached. Peter Smith FCCA, FCA. JW Hinks LLP Chartered Accountants 19 Highfield Road Edgbaston Birmingham B15 3BH 12 March 2026
W. WING YIP AND BROTHERS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2025 Unrestricted funds 2025 2024 Notes INCOME AND EXPENDITURE INCOME Investment income: Rents receivable Bank interest receivable Dividends received Dilapidations 102,881 13,738 2,646 96,230 13,832 3,092 16,500 TOTAL INCOME 119,265 129,654 EXPENDITURE Expenditure on charitable activities.. Educatton Community welfare Medical research and relief of suffering 56,769 28,186 1,800 28,000 9,000 13,000 86,755 50,000 Cost of raising funds Investment management costs other costs 13,814 5,880 22,837 6,972 19,694 29,809 TOTAL EXPENDITURE 106,449 79,809 Unrealised (deficit) / gain on investments (17,905) 12,105 NET INCOME (5,089) 61,950 Balance brought forward 1,952,481 1,890,531 BALANCE CARRIED FORWARD 1,947,392 1,952,481 All of the above transactions relate to unrestrirted funds. There are no recognised gains or resources other than the net movement in funds.
W. WING YIP AND BROTHERS FOUNDATION BALANCE SHEET AS AT 31ST JULY 2025 Notes 2025 2024 FIXED ASSETS Investments 1,436,092 1,453,997 CURRENT ASSETS Debtors Cash at bank 8,839 122,410 503,355 22,538 86,355 500,000 current account investment account 634,604 608,893 CURRENT LIABILITIES Amounts falling due within one year 123,304 110,409 NET CURRENT ASSETS 511,300 498,484 NET ASSETS 1,947,392 1,952,481 UNRESTRIcfED FUNDS 1,947,392 1,952,481 Approved by the Board of Trustees on 12 March 2026 and signed on its behalf by: ) A.S.Y.W. Yip TRUSTEES J. R. BATES, FCA, DChA
W. WING YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2025 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General information and basis of preparation W. Wing Yip and Brothers Foundation Is a charltable incorporated organisation reg15tered in England and Wales. The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at fair value, In preparing the financial statements the charlty follows best practice as laid down in the Statement of Recommended Practice "Accounting and Reporting by Charltles" (SORP). The financial statements have been prepared in accordance wlth applicable UK Accounting Standards (FRS 102) and the Charities Act 2011. The flnancial statements have been prepared to give a "true and falrf, vlew and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view" This departure has Involved following the SORP rather than the Accounting and Reporting by Charltles: Statement of Recommended Practice effective from l April 2005 whlch has since been withdrawn. The charity constitutes a publlc beneflt entity as deflned by FRS 102 and the trustees consider that there are no materlal uncertainties about Its ability to contlnue as a going concern. The slgnificant accounting pollcles applied In the preparation of these financial statements are set out below. These policies have been conslstently applied to all years presented unless othemlse stated. b) Income Investment income Includes rents receivable which are accounted for in the period to which the charity is entitled, the amount can be measured reliably.
W. NG YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2025 10 Expenditure Costs are included on an accruals basis when there is a legal or constructive obligation to make payments to third parties, settlement is probable, and the obligation can be measured reliably. Grants payable are charged in the year in which the offer is conveyed to the reciplent except in those cases where the offer is not binding or is dependent on the occurrence of another event. d) Fixed asset Investments Investments are stated in the financial statements at market value, whlch the trustees consider equate to a fair value and is arrived at as follows: Freehold property based upon the reasonable fair estimate of the trustees and subject to perlodlc professional valuation. closing mid-market value at the balance sheet date. Quoted Investments Debtors and credltors Debtors and creditors wlth no stated interest rate and recelvable payable wlthln one year are recorded at transactlon price. Funds All funds are unrestricted and may be used by the trustees for any purpose in furtherance of the charitable objectives. g) Judgements and key sources of estimation uncertainty There are no judgements (apart from those involving estimates) that have been made in the process of applying the accounting policies that have a slgnificant effect on amounts recognised in the financial statements. There are no other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. h) Cashflow Statement The charity has taken advantage of the exemption in SORP not to produce a cash flow statement.
W. WING YIP AND BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sr JULY 2025 11 TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION None of the trustees receives any remuneration, other benefits or expenses frorn the charity. There are no employees of the charlty and therefore no individuals earning more than £60,000 per annum. GRANTS 2025 2024 Overseas Chlnese Associatlon School Blmilngham Chlnese School Loughborough Universlty Metroland Cultures Llmlted 3,000 3,000 4,000 21,000 52,769 1,000 56,769 28,000 Al Birmingham Chinese Festival Committee The St Matthews Community Hall Wolverhampton Youth Zone The Birmingham Hippodrome Theat Trust Crackerjacks Childrens Trust Brent Chinese Association Sundry Donations to Community Events 2,000 2,800 700 2,000 10,000 186 6,000 8,000 5,500 28,186 9,000
W. WING YIP AND BROTHERS FOUNDATION 12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31STJULY 2025 GRANTS PAID (continued) 2025 2024 Medical Research and Relief Make Them Smile Community Safe CIC Chinese Community Health and Wellbelng Service 1,000 800 1,000 12,000 1,800 13,000 Total grants paid 86,755 50,000 INVESTMENT MANAGEMENT COSTS 2025 2024 Legal and professional charges Agents, management fees and other charges Vacant propety costs Marketing property 8,160 5,654 7,054 368 12,725 2,690 13,814 22,837
W. WING YIP AND BROTHERS FOUNDATION 13 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2025 OTHER COSTS 2025 2024 Independent Examlnatlon fee (govemance) Bank charges Insurance Legal and professional fees 2,400 269 3,211 2,400 117 3,380 1,075 5,880 6,972 UNREALISED GAINS/(LOSSES) ON INVESTMENTS 2025 2024 Gain / (Loss) on revaluation of quoted investments (17,905) 12,105 Unrealised loss on Investments (17,905) 12,105 INVESTMENTS FREEHOLD PROPERTY 2025 2024 Fair value at beginnlng and end of year 1,400,000 1,400,000 QUOTED INVESTMENTS Fair value at beginning of year Addition Gain / (Loss) on revaluatlon 53,997 41,892 (17,905) 12,105 Falr value at end of year 36,092 53,997 TOTAL FIXED ASSETS 1,436,092 1,453,997 The above assets are all Sn the UK.
W. WING YIP AND BROTHERS FOUNDATION 14 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31STJULY 2025 INVESTMENTS (continued) The freehold propety was revalued on 16 July 2022 by an external valuer, Mr Robert Taylor, BSC, MRCIS of Stephens McBride in accordance with the requirements of RICS Valuation Professional Standards 2020. The valuation was on the basis of market value. The valuers opinion of market value was derived using recent comparable market transactions on arm's length terms. The trustees belleve thls valuatlon represents a fair value for inclusion in the financial statements, The quoted Investments are stated at fair value being the quoted price at the year end. DEBTORS 2025 2024 Rents recelvable Prepayments Other debtrirs 15 3,500 5,324 10,133 11,405 1,000 8,839 22,538 CREDITORS 2025 2024 Amounts falling due within one year: Grants payable Income received in advance Accruals other creditors 93,000 20,314 3,502 6,488 87,000 15,738 3,502 4,169 123,304 110,409
W. WING YIP AND BROTHERS FOUNDATION 15 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2025 io. RELATED PARTYTRANSACTIONS During the year there were no related party transactions.