REGISTERED CHARITY NUMBER: 295620
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2021
for
Waltham Forest Chinese Association
P and Co (Partners) LLP 18 Ensign Street London E1 8PA
Waltham Forest Chinese Association
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 9 |
| Detailed Statement of Financial Activities | 10 |
Waltham Forest Chinese Association
Report of the Trustees for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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 2015).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
295620
Principal address
18 Ensign Street London E1 8PA
Trustees
K S Man S K Leung
Independent Examiner
P and Co (Partners) LLP 18 Ensign Street London E1 8PA
Approved by order of the board of trustees on 31/12/2021 and signed on its behalf by:
.......................................................................... Trustee
Page 1
Independent Examiner's Report to the Trustees of Waltham Forest Chinese Association
Independent examiner's report to the trustees of Waltham Forest Chinese Association
I report to the charity trustees on my examination of the accounts of Waltham Forest Chinese Association (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters 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 Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable 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 to enable a proper understanding of the accounts to be reached.
P & Co LLP Chartered Accountants P and Co (Partners) LLP 18 Ensign Street London E1 8PA
Date: 05/01/2021
Page 2
Waltham Forest Chinese Association
Statement of Financial Activities for the Year Ended 31 March 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 73,523 EXPENDITURE ON Other 40,175 NET INCOME 33,348 RECONCILIATION OF FUNDS Total funds brought forward 140,765 TOTAL FUNDS CARRIED FORWARD 174,113 |
2020 Total funds £ 61,730 60,854 876 139,889 140,765 |
|---|---|
The notes form part of these financial statements
Page 3
Waltham Forest Chinese Association
Balance Sheet 31 March 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 882 CURRENT ASSETS Stocks 6 50 Debtors 7 180 Cash at bank 175,678 175,908 CREDITORS Amounts falling due within one year 8 (2,677) NET CURRENT ASSETS 173,231 TOTAL ASSETS LESS CURRENT LIABILITIES 174,113 NET ASSETS 174,113 FUNDS 9 Unrestricted funds 174,113 TOTAL FUNDS 174,113 |
2020 Total funds £ 1,176 50 180 140,770 141,000 (1,411) 139,589 140,765 140,765 140,765 140,765 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31/12/2021 and were signed on its behalf by:
............................................. Trustee
The notes form part of these financial statements
Page 4
Waltham Forest Chinese Association
Notes to the Financial Statements for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 5
Waltham Forest Chinese Association
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Tutors Staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Other NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 2020 26 26 1 1 27 27 Unrestricted fund £ 61,730 60,854 876 139,889 140,765 |
|---|---|
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Page 6
Waltham Forest Chinese Association
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 5. TANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 6. STOCKS Finished goods 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors |
Fixtures and fittings £ 4,711 3,535 294 3,829 882 1,176 2021 2020 £ £ 50 50 2021 2020 £ £ 180 180 2021 2020 £ £ (1) 1 2,678 1,410 2,677 1,411 |
|---|---|
Page 7
Waltham Forest Chinese Association
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
9. MOVEMENT IN FUNDS
| At 1.4.20 £ Unrestricted funds General fund 140,765 TOTAL FUNDS 140,765 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 73,523 TOTAL FUNDS 73,523 Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund 139,889 TOTAL FUNDS 139,889 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 61,730 TOTAL FUNDS 61,730 |
Net movement At in funds 31.3.21 £ £ 33,348 174,113 33,348 174,113 Resources Movement expended in funds £ £ (40,175) 33,348 (40,175) 33,348 Net movement At in funds 31.3.20 £ £ 876 140,765 876 140,765 Resources Movement expended in funds £ £ (60,854) 876 (60,854) 876 |
|---|---|
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Waltham Forest Chinese Association
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.19 £ 139,889 139,889 |
Net movement in funds £ 34,224 34,224 |
At 31.3.21 £ 174,113 174,113 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 135,253 | (101,029) | 34,224 |
| TOTAL FUNDS | 135,253 | (101,029) | 34,224 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 9
Waltham Forest Chinese Association
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 March 2021 | ||
| 2021 | 2020 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 73,523 | 61,730 |
| Total incoming resources | 73,523 | 61,730 |
| EXPENDITURE | ||
| Support costs | ||
| Other | ||
| Wages | 8,950 | 8,400 |
| Voluntary Worker Expenses | 24,540 | 22,981 |
| Rates and water | (831) | 18,897 |
| Insurance | 1,062 | 1,031 |
| Telephone | 559 | 300 |
| Postage and stationery | 3,797 | 6,037 |
| Sundries | 394 | 1,406 |
| Depreciation of tangible fixed assets | 294 | 392 |
| 38,765 | 59,444 | |
| Governance costs | ||
| Accountancy and legal fees | 1,410 | 1,410 |
| Total resources expended | 40,175 | 60,854 |
| Net income | 33,348 | 876 |
This page does not form part of the statutory financial statements
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