**REGISTERED CHARITY NUMBER: 295620** ## **Report of the Trustees and** **Financial Statements for the Year Ended 31 March 2022** **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 2022** ||**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 2022** The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 10/01/2023 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 2022. ## **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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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: 10/01/2023 Page 2 **Waltham Forest Chinese Association** ## **Statement of Financial Activities for the Year Ended 31 March 2022** |2022
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
57,549
**EXPENDITURE ON**
Other
61,129
**NET INCOME**
(3,580)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
174,113
**TOTAL FUNDS CARRIED FORWARD**
170,533|2021
Total
funds
£
73,523
40,175
33,348
140,765
174,113| |---|---| The notes form part of these financial statements Page 3 ## **Waltham Forest Chinese Association** ## **Balance Sheet 31 March 2022** |2022
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
5
661
**CURRENT ASSETS**
Stocks
6
50
Cash at bank
7
172,161
Debtors
8
338
172,549
**CREDITORS**
Amounts falling due within one year
(2,677)
**NET CURRENT ASSETS**
169,872
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
170,534
**NET ASSETS**
170,534
**FUNDS**
Unrestricted funds
170,534
**TOTAL FUNDS**
170,534|2021
Total
funds
£
882
50
175,678
180
175,908
(2,677)
173,231
174,113
174,113
174,113
174,113| |---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 10/01/2023 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 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with: - The Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 - The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) - • The Charities Act 2011 The charity constitutes a public benefit entity as defined by FRS 102. ## **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. Furniture, Fixtures & Equipment – 25% on reducing balance ## **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 2022** ## **2. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021. ## **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**|2022
2021
26
26
1
1
27
27
Unrestricted
fund
£
73,523
40,175
33,348
140,765
174,113| |---|---| ## **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 2022** |**5.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 April 2021 and 31 March 2022
**DEPRECIATION**
At 1 April 2021
Charge for year
At 31 March 2022
**NET BOOK VALUE**
At 1 April 2021
At 31 March 2022
**6.**
**STOCKS**
Finished goods
**7.**
**CASH AT BANK**
Cash at bank
**8.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors|Fixtures
and
fittings
£
4,711
3,829
220
4,049
882
661
2022
2021
£
£
50
50
2022
2021
£
£
172,161
175,678
2022
2021
£
£
338
180
2022
2021
£
£
2,677
2,677
2,677
2,677| |---|---| ||| Page 7 **Waltham Forest Chinese Association** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022** ## **10. MOVEMENT IN FUNDS** ||At 1 April|Net movement|At 31 March| |---|---|---|---| ||2021|in funds|2022| ||£|£|£| |**Unrestricted funds**|||| |General fund|174,113|(3,580)|170,533| |**TOTAL FUNDS**|174,113|(3,580)|170,533| |Net movement in funds, included in the above are as follows:|||| ||Incoming|
Resources|Movement| ||resources|
expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|57,549|(61,129)|(3,580)| |**TOTAL FUNDS**|57,549|(61,129)|(3,580)| |**Comparatives for movement in funds**|||| ||At 1 April|Net movement|At 31 March| ||2021|in funds|2022| ||£|£|£| |**Unrestricted funds**|||| |General fund|140,765|33,348|174,113| |**TOTAL FUNDS**|140,765|33,348|174,113| |Comparative net movement in funds, included in the above are as follows:|||| ||Incoming|
Resources|Movement| ||resources|
expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|73,523|(40,175)|33,348| |**TOTAL FUNDS**|73,523|(40,175)|33,348| Page 8 **Waltham Forest Chinese Association** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2022** ## **11. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2022. Page 9 **Waltham Forest Chinese Association** |**Detailed Statement of Financial Activities**||| |---|---|---| |**for the Year Ended 31 March 2022**||| ||2022|2021| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|57,549|73,523| |**Total incoming resources**|57,549|73,523| |**EXPENDITURE**||| |**Support costs**||| |**Other**||| |Wages|10,972|8,950| |Voluntary Worker Expenses|26,876|24,540| |Rates and water|16,044|(831)| |Insurance|0|1,062| |Telephone|300|559| |Postage and stationery|2,046|3,797| |Sundries|3,261|394| |Depreciation of tangible fixed assets|220|294| ||59,719|38,765| |**Governance costs**||| |Accountancy and legal fees|1,410|1,410| |Total resources expended|61,129|40,175| |**Net income**|(3,580)|33,348| This page does not form part of the statutory financial statements Page 10