REGISTERED CHARITY NUMBER: 295620
Report of the Trustees and Financial Statements for the Year Ended 31 March 2023
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 2023
| 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 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 Li
Independent Examiner
P and Co (Partners) LLP 18 Ensign Street London E1 8PA
Approved by order of the board of trustees on 07/12/2023 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 2023.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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: 08/12/2023
Page 2
Waltham Forest Chinese Association
Statement of Financial Activities for the Year Ended 31 March 2023
INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Other NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Total funds £ 67,580 56,641 10,939 170,534 181,473 |
2022 Total funds £ 57,549 61,128 (3,579) 174,113 170,534 |
|---|---|---|
The notes form part of these financial statements
Page 3
Waltham Forest Chinese Association
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Tangible assets 5 CURRENT ASSETS Stocks 6 Cash at bank 7 Debtors 8 CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds 10 TOTAL FUNDS |
2023 Total funds £ 496 50 182,307 30 182,387 (1,410) 180,977 181,473 181,473 181,473 181,473 |
2022 Total funds £ 662 50 172,161 338 172,549 (2,677) 169,872 170,534 170,534 170,534 170,534 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 07/12/2023 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 2023
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:
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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
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The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)
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• 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 2023
2. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
3. EMPLOYEES
The average monthly number of employees during the year was as follows:
| Tutors Staff No employees received emoluments in excess of £60,000 per annum. 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 |
2023 2022 26 26 1 1 27 27 Unrestricted funds £ 57,549 61,128 -3,579 174,113 170,534 |
|---|---|
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 2023
| 5. TANGIBLE FIXED ASSETS COST At 1 April 2022 and 31 March 2023 DEPRECIATION At 1 April 2022 Charge for year At 31 March 2023 NET BOOK VALUE At 1 April 2022 At 31 March 2023 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 4,049 166 4,215 662 496 2023 2022 £ £ 50 50 2023 2022 £ £ 182,307 172,161 2023 2022 £ £ 30 338 2023 2022 £ £ 1,410 2,677 1,410 2,677 |
|---|---|
Page 7
Waltham Forest Chinese Association
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
10. MOVEMENT IN FUNDS
| At 1.4.22 £ Unrestricted funds General funds 170,534 TOTAL FUNDS 170,534 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General funds 67,580 TOTAL FUNDS 67,580 Comparatives for movement in funds At 1.4.21 £ Unrestricted funds General funds 174,113 TOTAL FUNDS 174,113 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General funds 57,549 TOTAL FUNDS 57,549 |
Net movement At in funds 31.3.23 £ £ 10,939 181,473 10,939 181,473 Resources Movement expended in funds £ £ (56,641) 10,939 (56,641) 10,939 Net movement At in funds 31.3.22 £ £ (3,579) 170,534 (3,579) 170,534 Resources Movement expended in funds £ £ (61,128) (3,579) (61,128) (3,579) |
|---|---|
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Waltham Forest Chinese Association
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 9
Waltham Forest Chinese Association
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 March 2023 | ||
| 2023 | 2022 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 67,580 | 57,549 |
| Total incoming resources | 67,580 | 57,549 |
| EXPENDITURE | ||
| Support costs | ||
| Other | ||
| Wages | 8,136 | 10,972 |
| Voluntary Worker Expenses | 28,109 | 26,876 |
| Rates and water | 13,806 | 16,044 |
| Telephone | 300 | 300 |
| Postage and stationery | 2,508 | 2,046 |
| Sundries | 2,026 | 3,260 |
| Depreciation of tangible fixed assets | 166 | 220 |
| Bad Debt Expense | 180 | - |
| 55,231 | 59,718 | |
| Governance costs | ||
| Accountancy and legal fees | 1,410 | 1,410 |
| Total resources expended | 56,641 | 61,128 |
| Net income | 10,939 | (3,579) |
This page does not form part of the statutory financial statements
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