Charity registration number.. 290398 Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Annual Report and Financial Statements for the Year Ended 31 March 2023 DSK Partners LLP Chartered Certified Accountsnls D S House 306 High Street Croydon Surrey CRO 1NG
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Contents (continued) Referen and Administrative Details Trustees. Report 2107 Slalemenl of Trustees, Responsibilities Independent Examinerfs Report Slalemenl of Financial Activities 10 10 11 Balan Sheet 12 Notes lo the Financial Slalemenls 131021 Detailed Slalemenl of Financial Activities 221024
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Reference and Administrative Details Chaimian W Y A Chan, Treasurer Trustees R O Demming YHELing W Y A Chan, Treasurer Revd Dr S M Wells C Norman, (resigned on 01.08.2023} Cmdr N A B Anson, OBE EMYKwong Patron The Most Revd Dr Paul Kwong Archbishop Emeritus S Wethered Honorary Legal Advisor Honorary Chaplain Key Personnel Revd E Lau Vacant since September 2022 Centre Coordinator M Wong G To and R Tsang Charity Rggistralion Number Administrator Safeguarding OffirS 290398 Registered Charitable Incorporated Organisation number.. CE018858 Website www.bhmwa.com Email enquiry@bhmwa.com 020 7766 1141 Phone Princlpal Offlce 6 St Martin's Pla London WC2N 4JJ Indepgndgnt Examingr DSK Partners LLP Chartered Certified Accountants D S House 306 High Street Croydon Surrey CRO 1NG Bankers Barclays Bank PIC 27 Regent Street PO Box 11345 London W12 8GG Page 1
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Trustees. Report The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2023. The Council Members, who are trustees of the charity for the purposes of the Charities Act 2011, present their report with the financial slalemenls of the charity for the year ended 31 sl March 2023. The Council Members have adopted the provisions of Accounting and Reporting by Charib"es.' Statement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. MISSION AND VALUES Al Bishop Ho Ming Wah Association & Community Centre Ithe Association), our mission is lo enhance and improve the quality of life of all residents, particularly the Chinese community, in London through support, influence, information and enrichment. Our values are built on our history and the compassionate commitment of the Association's supporters. We are open to all, whatever their personal faith, ethnic or CLJltural background. We believe in providing a holistic approach, caring for the whole person". body, mind and spirit, with compassionate and relevant care for those in need. OUR WORK We provide community services in three main areas.. To provide support to people who live with significant disadvantage, and those who feel marginalised by language 8nd cultural barriers in the community, . To present a broad range of activities for the enjoyment and promotion of staying active and healthy,. To offer opportunities for a diverse community to gel involved in arts and cultural enrichment activities, promoting social cohesion and inlegralion. A LOOK BACK AT 2023 Membershi Associate Members enjoy the facilities of and the activities ran by the Association for free or al preferential rates. As of 31 sl March 2023. the number of Associate Members reached 1.135. Those who were aged 60 and above accounted for 89% 12022 89Okl. The gender ratio remained unchanged from last year.. female 77% and male 23°/.. The ethnicity mix ratio stayed the same with Chinese being the large51 group at 84%. 2022 Annuol 6erKrul Meetirg. feb 23 Christmas porty. Dec 22 Page 2
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Trustees. Report (continued) mm From August 2022, the opening time of the Community Centre has been extended to a three4ay week {from 11 am lo 4pm on Tuesdays, Thursdays and Fridays). Special events or irregular activities were also organised on some non-opening days including Saturdays, where resour$ permilled. We might have 8ttra¢led a higher number of new Associate Members joining in 2023 than last year, bul we still experienced a lower rate of returning membership than anlicipaled. In the 12 months to 31st March 2023, the average attendan al the Centre was about 40Qh of the pre-COVID level lcomparing lo that of 2022 at 25%). The take-up rate of online activities has remained low Sin ils illpIlOn in 2022. For those who came, the Community Centre has provided a safe environment for socialising, keeping fit and healthy, learning new skills, and finding new ways to integrate into society whilst retaining one's culture. Besides progressively bringing back activities that were previously popular among members, we have developed new ones lo cater for the changing needs of new members and returnees. Here are the highlights of the work we carried out in the 12 months to 31st March 2023. The Healthy Living Programme promotes the importance of slaying active and keeping fit, in particular for senior people. Lunch Club facililales people lo socialise over a delicious Chinese-style meal in a relaxed setting. In 2023, 11 served 820 freshly cooked lunches al the Centre over 44 sessions. Tai Chi has consistently been the most popular exercise class among members. A totsl of 96 classes was run with an average of 15 allending the basic form practice and 5 in the advanced form. Health QiGong is an online exercise class intrOdUd in August 2022 to attract people who can't travel lo the Cenlre. A lolal of 22 classes was run in 2023. Health Talks are given by professionals on a variety of topics ranging from heallh-relaled conditions and illnesses to 3¢sSIbl11ty of public resources. A lolal of 15 online tslks was held. Nature Walks - Two day trips were organised in the summer lo lake keen walkers lo snIC walking trails. Mid-Autumn celebration Sep 22 A out to The Friors.-Tul 22 Chintse calligraphy cla£s Oct 22 Page 3
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Trustees. Report (continued) The Education and Culture Programme promotes learning and enrichment with special interests in Chinese art and culture. ital Skills Trainin aims lo help people lo become more confident in using digital devi$ through the provision of tsilored training in a stress-free setting. In 2023, we completed a totsl of 9 training sessions and 4 requests of IT support. Chinese Calli h leaches different traditional techniques of writing using brush and ink. Started in August 2022, a total of 29 classes was run at the Cenlre. Chinese Paintin is an online class focusing on the techniques lo compose and draw in different themes of flowers and birds. A lolal of 23 classes was run. Chinese Mandarin runs mainly as an online class but attendance al the Centre is also welcomed. A total of 39 classes was run. Chat-afler-lunch provides a facilitated discussion forum on different topics, covering current affairs, history and culture and other subjects of popular inleresls. Three forums were held in online format. Children's Pro ramme organised two 'Cook & Draw, events in the summer aiming al families with primary school Children. The Social Connection Programme aims to address current and most pressing social needs of the Chinese community. Pastoral Care support and Translation Servi have been in high demand especially post-COVID. In 2023, we helped to resohie 30 requests of pastoral care and 34 requests of translation. Befriending service aims to tackle the problem of loneliness and isolation among older Chinese people living in London. 11 has taken 8 while lo resume home visits bec8use of Concerns about the continuing spread of COVID. Only 7 home visits were made in the year. Livin in the UK is a new progr3mme designed specifically for people who have recently moved lo the UK from Hong Kong. 11 aims lo support individuals and families lo successfully integrate Into their new communities. The Work & Culture series ran a total of 5 interactive online workshops offering guidance and IIp5 in finding employment and creating business opportunities. Cook & drow doy. Aug 22 TCM Health Talk. May 23 Our omazing staf f and volunteers Page 4
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Trustees. Report (continued) Fin vi After years of working under the pressure of financial conslrainls posl-COVID, we fad a new challenge of high inflation and ils consequences on charity income and operating costs. Total income in 2023 came lo £49,206 12022 - £50,724). Donations had dropped slightly from last year, lolalling £16,191 12022 £17.8301. We received no income from grants 12022 £15,275). Income generated from charitsble activities was £16,276, reflecting an increasing activity level12022 £9,139). As a means to generate new source of income, £10,996 was raised through hiring out of the space during unoccupied times. The sale of investment units has resulted in a lower return on investments al £5.743 {2022 - £8,480). Total operating expenditure in 2023 increased by 35% 10 £75,55012022 £55,837). Stsff cost went down slightly to £35,010 because of the agreement of a reduced staff structure after the end of COVID furlough {2022 £37,425). The sharp increase in premises costs lo £26,214 was a direct result of the alarmingly high energy prIS and also the removal of license fee waiver from April 2022 12022 £10,257). The direct costs of charitable activity were £10.39212022 £6,256). Office and governance costs remained minimal. We ended this year with an operating deficit of £26,344, before unrealised loss on investment of £11,609. On the balance sheet, total funds decreased by £38,013 10 £381,359 as a131 March 2023 as a result of the combined loss in operation and decreased value in Investment holdings. The Association was In the fortunate position of having an unrestricted reserve in the fonr of investments. In 2023 investments were held in a mix of funds that can be realised almost daily". UK equities fund1150kl and global equities fund 185D/.I. A disposal of some investment units during the year was necessary to raise £10,000 for cash flow requirements. It is the policy of the Council to maintain unrestricted funds at a level which will provide sufficient funds to cover the normal operating costs of the Community Centre for nine months and Sny emergency expenditure should it arise. The Investments Fund is a designated fund for placing unrestricted funds in short lo medium term investments. The objective is lo maintain the purchasing power of the investment while providing the ability to make withdrawals equivalent lo 4°A lo 5°k per annum. Assets should be readily available lo meet unanlicipaled cash flow requirements. PLANS FOR THE FUTURE For the last three years we have been working on the premise that the Community Centre would by now return lo a pre-COVID activity level. 11 has become clear that is not going lo happen soon - the issues of declining service demand associated with aging membership have long emerged before the COVID cIosLJre. Good financial management has helped keeping the operational deficit to a manageable level in the past three years. However, the challenges posed by a mix of post-COVID impacts and the st-of-living crisis have exposed the Association's financial strain to a new high level. The operation plan will become untenable before long rf we persist with the slalus quo. Page 5
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Trustees. Report (continued) Council Members have agreed that we should act on this opportunity lo Iransfomi the Association, stsrting from slrenglhening the charity governan and leadership. We will need lo recruit some additional members with the skills and experience lo build a strategic plan for growing the organisalion into a bigger. more dynamic charity. We may have to seek external professional guidance lo help us put together a robust fundraising strategy covering the next 5 years. We are Committed lo provide a safe space lo those in need lo socialise, meet friends, engage in health and wellbeing activities, and learn new skills. We will develop more reSoUrS lo extend practical support lo the vulnerable and isolated members of the community, and also by listening attentively to them with understanding and empathy. Our recent work with the new arrivals from Hong Kong has given us the inspiration lo deepen activity among Chinese diaspora in London. We will have to rely more heavily on volunteers when it comes to the Association's resilien and ability to thrive in the uncertain limes ahead. The challenge for us will be how to sucsSfUllY grow the volunteers pool by attracting and motivating people of diverse background across different age groups. The Association's strong profile in the Chinese community in London puts us in a good position to fa¢ililale networks of like-minded people who want lo bring about meaningful social change. Flexibility will be crucial to welcome volunteers as well as to allow a mix of collaboration models to work. STRUCTURE, GOVERNANCE AND MANAGEMENT The Association is a Charitable Incorporated Organisation registered with the Charity Commission, first registered as a limited company charity on 5th August 1984. 11 is governed by the Charitable Incorporated Organisalion constitution approved on 17th November 2018, replacing the Articles of Association dated 11th November 2017. Anyone over the age of 18 can become a voting member of the Association, and there are currently 82 voting members. ointment of New Council Members New Council Members are elected by the voting members attending the Annual General Meeting and serve for a period of three years. If a Council Member had been nominated, elected and appointed by Council al Its meeting lo fill a vacancy, the Council Member so appointed shall retire and be re-elected al the next following Annual General Meeting. Any person who retires as a Council Member by rotation or by giving noti to the Association is eligible for re-election. anisation The Council, which must al least have five members bul not exceeding 12, administers the Association. Council Members normally meet quarterly and there are sub<ommittees overseeing finance, service development and governance matters. Supported by a small team of staff, the Chair of the Council manages the day-to-day operation of the Association. The Chair has delegated authority. within terms of delegation approved by the Council, for operstional matters including fin8n, employment and service delivery. None of the Council Members receive remuneration or other benefit from their work with the Association. In 2022-23 no relaled-party transactions were reported. Page 6
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Trustees. Report (continued) In conduding regular reviews of the risks that the Association fa$, the Council ensures that appropriate actions are taken to miligale risks. They are satisfied that policies, systems and procedures are established to provide a reasonable assurance against the principal risks identified in the review. Insurance cover is in place and the financial sustsinability of the Association is closely monitored. Any issues and concerns with health & safety and safeguarding matters are dealt with promptly, in line with our policies. Our budgets, forecasts and work plans have taken into account the opportunities and challenges the Association faces against the backdrop of financial uncertainties. The Council will monitor closely the high-impact, high-probabilily risks ensuring appropriate actions are taken promptly lo mitigate them. STATEMENT OF PUBLIC BENEFIT Council Members have paid due regard to the guidance on public benefit produced by the Charity Commission and are confident that the work of the Association meets all the criteria for public benefit. THANK YOU In November 2022 the Association celebrated 35 years of community service. We value this opportunity lo look back al our history and lo appreciate the ¢ompassionale commitment of our amazing supporters. We would like to thank all those who contributed their lime and effort, especially those of you who very generously responded to our appeals for financial support in difficult times. Your unfailing support ensures that we can move forward in building a stronger community, bringing positive change lo those in need. The annual report was approved by the Iruslees of the charity on by: 1111012023 and signed on ils behalf WYAChan Chairman and Iruslee Page 7
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) ststement of Trustees. Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Acwunting Stsndards (United Kingdom Generally Accepted Accounting Practi) and applicable law and regulations. The law applicable to charities requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the Incoming resources and application of resources of the charity for that period. In preparing these financial slalemenls, the trustees are required lo.. select suitable ac¢ounling FX)licies and then apply them consistently", observe the methods and principles in the Charities SORP", make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls", and prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charities IAccounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking ressonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial slalemenls may differ from legislation in other jurisdictions. Approved by the trustees of the charity on 1111012023 and signed on its behalf by.. WYAChan Chairman and Iruslee Page 8
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Independent Examiner's Report to the trustees of Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) I report to the Iruslees on my examination of the accounts of Bishop Ho Ming Wah Association and Community Centre IUnincorFX)raled Charity account) for the year ended 31 March 2023. Responsibilities and basis of report As the charity trustees of Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Acl'l. I report in respect of my examination of the Bishop Ho Ming Wah Association and Community Centre {Unincorporated Charity accounll's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I h8ve followed 811 the 8pplicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statgment I have completed my examination. I confimi that no material matters have come lo my allenlion in connects'on with the examination giving me cause lo believe that in any material respect.. 1. accounting records were not kept in respect of Bishop Ho Ming Wah Association and Community Centre Iunincorporaled Charity account) as required by section 130 of the Act", or 2. the accounts do not accord with those records,. or 3. the aOLInIS do not comply with the aOUntIng requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Romit Basu FCA Chartered Certified Accountsnls DSK Partners LLP D S House 306 High Street Croydon Surrey CR01NG Date.. 1111012023 Page 9
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Statement of Financial Activities for the Year Ended 31 March 2023 Unrestricted funds Designated General Total 2023 Note Income and Endowments from: Donations and legacies Charitable activrties Investment income Other Income 16,191 16,276 16,191 16,276 5,743 10,996 5,743 10,996 Total Income 5,743 43,463 49,206 Expenditurg on: Raising funds Charitable activrties 11,3341 173,2661 11,3341 174,2161 19501 Total Expenditure Gainsllosses on investment assets 19501 111,6661 174,6001 131 175,5501 111,6691 Net expenditure Gross transfers between funds 16,8731 134,3501 131,1401 34,350 138,0131 Net movement in funds 141,2231 3,210 138,0131 Rgconcilialion of funds Total funds brought forward 355,114 64,258 419,372 Total funds carried forward 13 313,891 67,468 381,359 The notes on pages 13 to 21 form an integral part of these financial ststements. Page 10
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Statement of Financial Activities for the Year Ended 31 March 2023 (continued) Unrestricted funds Designated General Total 2022 Note Income and Endowments from: Donations and legacies Charitable activrties Investment income Other Income 17,830 9,139 17,830 9,139 8,480 15,275 8,480 15,275 Total Income 8,480 42,244 50,724 Expenditurg on: Raising funds Charitable activrties 14511 154,7501 14511 155,3861 16361 Total Expenditure Gainsllosses on inveslrnent assets 16361 30,388 155,2011 1511 155,8371 30,337 Net Incomellexpenditurel 38,232 113,0081 25,224 Net movement in fLJnds 38,232 113,0081 25,224 Reconciliation of funds Total funds brought forward 316,882 77,266 394,148 Total funds Carried forward 13 355,114 64,258 419,372 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2022 is shown in note 13. The notes on pages 13 to 21 form an integral part of these financial ststements. Page11
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) (Registration number: 290398} Balance Sheet as at 31 March 2023 2023 2022 Note Flxed assets Tangible assets Investments 812 378,337 356,668 356,671 379,149 Current assets Debtors Cash at bank and in hand 10 4,223 26,683 1,310 52,566 30,906 53,876 Creditors: Amounts falling due within one yaar 12 16,2181 113,6531 Net current assets 24,688 40.223 Net a88ets 381,359 419,372 Funds of the charity: Unrestricted income funds Unrestricted funds 381,359 419,372 Total funds 13 381,359 419,372 The financial statements on pages 10 10 21 were approved by the trustees, and authorised for issue on ..1.11.lQl.292.3.. and signed on their beha by.. WYAChan Chairman and trustee The notes on pages 13 to 21 form an integral part of these financial ststements. Page 12
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Notes to the Financial Ststements for the Year Ended 31 March 2023 1 Accounting policies Statement of compliance The financial staternenls have been prepared in accordance with the second edition of the Charities Slalemenl of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation Bishop Ho Ming Wah Association and Community Centre Iunincorporaled Charity account) meets the definition of a public benefit entity under FRS 102. The accounts Ifinancial slatementsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise ststed in the relevant nolelsl to these accounts. Going concern The Iruslees consider that there are no material UnrtaInlieS about the charity's ability lo continue as a going concern. Incomo and endowmonts Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the chaiity has enlitlemenl to the income, il Is probable that the income will be received and the amount can be measured with sufficient reliability. Donations and legacies Donations and legacies are recognised on a re1vable basis when reIpt Is probable and the amount can be reliably measured. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement Is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs to that Category. Where costs cannot be directly allribuled to particular headings they have been allocated on a basis consislenl with the use of resources, with central staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Page 13
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Notes to the Financial Ststements for the Year Ended 31 March 2023 (continued Charltable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Govemance costs These include the costs allributable lo the charity's compliance with constilulional and slalulory requirements. including audit, strategic management and Iruslees meetings and reimbursed expenses. Taxatlon The charity is wnsidered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finan Act 2010 and therefore il meets the definition of 8 charitable company for UK corporstion tax purposes. Accordingly. the charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitsble purposes. Tangible fixed assets Individual fixed assets costing £1.00 or more are initially recorded al cost, less any subsequent accumulated depreciation and subsequent accumulated impainrent losses. Depreciation and amortisation Depreciation is provided on tsngible fixed assets so as lo write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Fixtures & Fittings Office Equipment Computer Equipment Depreciation method and ralg 25% Straight line 250k Slraighl line 250h Slraighl line Fixed asset investments Fixed asset Investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the differen bebNeen sales proceeds and their market value al the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Ststement of Financial Activities based on the market value at the year end. Page 14
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Notes to the Financial Ststements for the Year Ended 31 March 2023 (continued Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction pri. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able lo collect all amounts due according lo the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other 5hort-term highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Borrowings Inleresl-bearing borrowings are initially recorded al fair value, nel of transa¢lion costs. Inlerest-bearing borrowings are subsequently carried at amortised cost, with the difference beeen the proceeds, nel of transaction costs, and the amount due on redemption being recognised as a charge lo the Ststemenl of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classrfied as current Iiabililies unless the charity has an unconditional right lo defer settlement of the liability for at least Iwelve months after the reporting date. Fund Structure Unrestricted income funds are general funds that are available for use al the Iruslees discretion in furtheran of the objectives of the charity. Designated funds are unrestrided funds sel 8side for specific purposes al the diserelion of the Iruslees. Financial instruments Classlficatlon Financial assets and financial liabilities are re¢ognised when the charity becomes a party to the contractLJal provisions of the instrument. Financi81 li8bililies snd equity instruments are classified according to the substsnce of the conlraclual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of ils liabilities. Page 15
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Notes to the Financial Ststements for the Year Ended 31 March 2023 (continued Investments Investments in non-convertible preference shares and non-pullable ordinary or preferen shares (where shares are publicly traded or their fair value is reliably measurable) are measured al fair value through profil or loss. Where fair value cannot be measured reliably, investments are measured al cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by referen to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 2 In¢omo from donations and 1oga¢ioS Unrestricted funds G&neral Total 2023 Total 2022 Donations and legacies., Donations from individuals 16,191 16,191 17,830 16,191 16,191 17,830 Page 16
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Notes to the Financial Ststements for the Year Ended 31 March 2023 (continued Income from donations comprise gifts and grants from individual and corporate donorfs, trusts and foundations. 2023 2022 Bishop R O Hall Legacy Fund LTL Lam 500 500 1,000 655 1,200 Margaret Leslie William Lee 500 600 Sl Pauls College Teresa & Sandra Ng Florentine & Charles Li 5,000 500 1,000 5,000 Mr & Mrs Philip Kan Alastair Anson 10,000 1,000 800 In memory of Lina Other donations 3,036 2,730 Total £16.191 £17.830 The charity benefits greatly from the involvement of its many volunteers. The economic contribution of general volunteers 15 not recognised in the accounts. 3 Investment income Unrestricted funds De8ignated Totsl 2023 Total 2022 Other investment income 5,743 5,743 8,480 Page 17
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Notes to the Financial Ststements for the Year Ended 31 March 2023 (continued 4 Analysis of governance and support costs Goveman¢e costs Unrestricted funds General Total 2023 Total 2022 Independent examiner fees Examination of the financial statements Other governance costs 930 508 930 508 930 517 1,438 1,438 1,447 5 Staff costs The aggregate payroll costs were as follows.. 2023 2022 Staff costs during the year were: Wages and salaries Social security cos15 Pension costs 32,037 2,012 961 34,133 2,268 1,024 35,010 37,425 The monthly average number of persons lincluding senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows.. 2023 No 2022 No Average number of employees No employee received emoluments of more than £60,000 during the year 6 Independent examlnerfs remuneratlon 2023 2022 Examination of the financial statements 930 930 Page 18
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Notes to the Financial Ststements for the Year Ended 31 March 2023 (continued 7 Taxation The charity is a registered charity and is therefore exempl from laxalion. 8 Tangible fixgd a$$ets Furniture and equipment Total Cost Al 1 April 2022 62,538 82,538 Al 31 March 2023 62,538 62,538 Depreciation Al 1 April 2022 Charge for the year 61,726 809 61,726 809 Al 31 March 2023 62,535 62,535 Ngt book valu9 Al 31 March 2023 Al 31 March 2022 812 812 9 Flxed asset Investments Other investments Listed investments Unlistad investments Total Cost or Valuatlon Al 1 April 2022 Revaluation Disposals 200 131 378,137 111,666) 110,0001 378.337 111.6691 110,0001 Al 31 March 2023 197 356,471 356,668 Net book value Al 31 March 2023 197 356,471 356.668 Al 31 March 2022 200 378,137 378,337 Page 19
Bishop Ho Ming Wah Association and Community Centre (Unincorporated Charity account) Notes to the Financial Ststements for the Year Ended 31 March 2023 (continued The market values of the principal investments at 31 March 2023 were as follows.. 2023 2022 Barclays plc Shares Blackrock Charities UK Equity Fund Vanguard FTSE Global Fund Vanguard ESG Developed World Fund 197 200 53,246 197,683 105,542 53,820 215,167 109,150 Total 356.668 378,337 10 Debtors 2023 2022 Other debtors 4,223 1.310 11 Cash and cash equivalents 2023 2022 Cash on hand Cash at bank 80 26,603 73 52,493 26,683 52,566 12 Creditors.. amounts falling due within one year 2023 2022 Accruals 6,218 13,653 Page 20
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